Can I open my bank account with zero balance?
Some banks may allow you to open a checking account with no deposit, while others may require a small initial deposit. Even if there are no minimum deposit or balance requirements, there may be fees associated with the account. Read the fine print carefully and find out about any fees or charges before signing up.
A few banks don't require an opening deposit to create a checking or savings account. Most of these banks are online only, so you won't find any of the big traditional names (like Chase or Bank of America) here. However, not all banks that don't require a starting deposit are created equally.
Through internet banking, Vyom App and branch. No minimum balance requirement as account can be opened with Zero balance. Cash Withdrawal (self) at non base branches is allowed up to Rs.25000/- No such limit for Cash Withdrawal at Base Branch.
| Account | Forbes Advisor Rating | Learn More CTA text |
|---|---|---|
| Discover® Cashback Debit Checking | 5.0 | Learn More |
| SoFi Checking and Savings Account | 4.6 | Learn More |
| nbkc bank Everything Account | 4.6 | Learn More |
| Connexus Credit Union Xtraordinary Checking | 4.6 | Learn More |
Accounts with a zero balance will continue to be charged applicable fees (like the monthly service fee) until you request to close your account.
A minimum initial deposit: While you can find bank accounts with no minimum deposit requirement, most banks and credit unions require you to deposit a certain amount to open a bank account.
The primary reasons people can't open a bank account are negative items on a ChexSystems or Early Warning Services report, errors on the reports or bad credit.
- IDFC FIRST Bank Pratham Savings Account.
- Equitas Selfe Savings Account.
- Axis Bank PRIME Savings Account.
- Indus Delite Savings Account (IndusInd Bank)
- Kotak 811 Full KYC Account (Kotak Mahindra Bank)
- Jupiter Savings Bank Account.
- SBI Savings Bank Deposit Account.
No Minimum Balance
As the name of the account implies, this is a zero-balance account. Therefore, you don't have to maintain a minimum balance. Consequently, there is no penalty in the case of zero balance. This is the main allure for customers when opening this type of account.
Start saving with a Basic Deposit Account
You can open an account with just Php100 and a Barangay Certificate.
What bank gives you $200 to open an account?
TD Bank: Open a TD Signature Savings or TD Simple Savings account and earn $200 when you deposit at least $10,000 from outside of TD Bank within 20 days and then maintain that balance for 90 days.
All transactions and deposits in the account can be done free of charge, but charges will be levied under certain conditions. You have to make sure that your balance does not exceed Rs 50,000 or that the total credit in the account remains within Rs 1,00,000 or below it in a year.
IDBI Bank Basic Savings Account Features and Benefits
Get an ATM cum Debit Card (free of cost) and cheque book on request.
| BANK | BONUS AMOUNT | MONTHLY MAINTENANCE FEE |
|---|---|---|
| PNC BANK | $100 | $7.00 |
| SOFI | $50 | $0.00 |
| TD BANK | $200 | $15.00 |
| WELLS FARGO | $300 | $10.00 |
- A U.S. government-issued photo ID.
- Personal information, such as Social Security number, date of birth, and U.S. residential address.
- Funds for a deposit (some banks do not require this)
If you don't use your account for a long period of time the bank or building society may declare it dormant, but the length of time before this happens will vary between institutions. It could be as little as 12 months for a current account, three years for a savings account, or in some cases up to 15 years.
Why can't I open a bank account? A bank can deny your request to open an account because of past accounts that were closed due to negative balances, a history of overdrafts or problems verifying your identity. If you're unable to open a bank account, here are some tips on what to do next.
Negative information such as overdrawn accounts, nonsufficient funds, unpaid fees or having your account closed may prompt a bank to deny your checking account application, but you won't get dinged for having less-than-stellar credit.
Chime Second Chance Banking
Chime is an online-only fintech company that offers banking services through The Bancorp Bank, N.A. or Stride Bank, N.A. Its Second Chance Banking option boasts no monthly fees and no credit or ChexSystems check.
Some of the disadvantages of a zero balance account include limited features, lower interest rates, higher transaction fees, limited customer support, and difficulty in receiving payments.
Can I open a bank account online without going to the bank?
You can apply for most checking accounts online if you're 18 or older by going to the bank's website and filling out the application. The application will ask for basic information about yourself as well as submitting some documents for verification.
A zero balance account (ZBA) is exactly what it sounds like: a checking account in which a balance of $0 is maintained. When funds are needed in the ZBA, the exact amount of money required is automatically transferred from a central or master account. Similarly, deposits are swept into the master account daily.
| Bank | Name of zero-balance savings account | Interest rate |
|---|---|---|
| IDFC Bank | Pratham–savings account (BSBDA) | Up to 6.75% |
| RBL Bank | Digital Savings Account | 7.00% |
| Kotak Mahindra Bank | 811 | 3.50% |
| Standard Chartered Bank | Basic Banking Account | 2.75% |
Here's a quick look at the features of Chase checking accounts: fees, minimum balance requirements and more. Monthly fee: $12; to waive, meet a minimum balance requirement of $1,500 at the beginning of each day or have at least $500 in monthly direct deposits or keep at least $5,000 across Chase accounts.
In most cases, you do not need money to open a Chase account as no minimum opening deposit is required to complete the account application process for standard Chase checking accounts. However, if you don't maintain a minimum balance, you may find you pay a monthly fee. More on that, in the table below.
