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Timothy R
By: timothy-ronaldson
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Can I Open a Bank Account With No Money? Here’s How to Do It

Stop wondering, “can I open a bank account with no money?” You need to know that it’s more possible than ever to do it without having to leave your house in this day and age!

In this blog post, we’ll tell you everything you need to know about it. We’ll also list the requirements to see what you need to have on hand before you get started. So whether you’re looking for a new checking, a saving account, or want to find out more about the process, keep reading!

Table of Contents
1. Why open an online bank account?
2. Can you open a bank account online with no money?
3. Requirements to open a bank account online
4. How to open a bank account online with no money
5. Where to open for free a checking account?
6. Open a bank account online for free no deposit!
7. FAQs

man searching how can he open a bank account with no money

Why Open an Online Bank Account?

Online banks are becoming more popular every day, and the reasons are vast. First and foremost, they are very convenient. Also, online banks don’t carry the extra costs that traditional banks with branches do, and as a result, they are often able to offer better interest rates than conventional banks.

They are also very convenient, as it is easy to set up a new account with a few clicks and taps on the keyboard. There’s no need to travel to a bank branch to fill out paperwork.

Online banks often offer perks that traditional banks don’t.

But why would someone want to open a bank account with no money?

Well, for example, if you’re an entrepreneur and you’re just starting your business, maybe you don’t have any money yet, but you need to have an account so that when you do start getting customers, you’ll have a place to save your earnings. Or maybe you want to apply for a loan and need a business-exclusive bank account to receive the funds.

Can you Open a Bank Account Online with No Money?

Again, the answer to this question is yes. There are more and more online banks offering this as a service. Why? Because they are fighting with each other to be the best options out there. They want you to pick them and, as a result, they are looking for new and innovative ways to attract customers.

One of the most popular ways to do so is to allow customers to open their accounts online with no money. This means that you won’t need to make any deposit at all when you first open your account.

Of course, you’ll eventually want to deposit money into your account, and the financial institutions that provide these accounts know this. That’s why they are confident that you will ultimately make a deposit.

Online banks don’t have as many costs to incur as traditional banks do, as they don’t have to pay for all the expenses related to the brick-and-mortar branches they run.

That’s why they can offer you the ability to get an account online with no money, while many traditional banks require a minimum deposit amount.

Types of Bank Accounts You Can Open Online for Free

There are several different types of bank accounts you can open for free in the United States.

  • The most common type is a checking account, which allows you to deposit and withdraw money as needed.
  • Savings accounts are another option, which typically pays a higher interest rate than a checking account.
  • You can also open a certificate of deposit (CD), a type of savings account that offers a fixed interest rate for a set period.
  • Some banks also offer free debit cards, which allow you to spend money using your bank account number and PIN.

You can link your debit card to your checking account and use them anywhere that accepts Visa or Mastercard. This makes it easy to access your money when you need it and eliminates the need to carry cash.

Requirements to Open a Bank Account Online

Just because digital financial institutions operate online doesn’t mean they don’t need to verify your basic information.

Just like traditional banks, online banks will require you to provide a list of information for opening an account with no money.

This is especially true of FDIC (insured banks and credit unions) —the only types of financial institutions that you should be considering anyway.

To open your account online, you have to provide:

  • Your legal name
  • Your address
  • The financial information that will allow you to transfer money to the account
  • Your contact information (phone number and email address)
  • Your Social Security Number

This is the most basic information that you should have on hand when you’re going to open a bank account with no money.

While banks don’t require you to deposit any money into your account when you first open it, most online banks will need you to enter the routing or account number that you’d like to link to your account so that they can verify it’s an open account that you own.

Once you complete this, you’ll be able to transfer money freely to your new online bank account whenever you wish.

Keep reading: What are ACH transfers and how they work?

Are There Any Free Online Banks That Don’t Need SSN?

If you don’t have a Social Security Number, fret not. Still, financial institutions will allow you to open your account online with no money and with an Individual Taxpayer Identification Number (ITIN) instead of an SSN.

Here are some financial institutions that don’t require SSN:

  • Alliant Credit Union
  • TIAA Bank
  • Discover Bank

#CaminoTip
Since the financial institution is online, make sure you have consistent access to the internet, whether that be at your home on a computer or on a mobile device. 

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How to Open a Bank Account Online with No Money

A bank account with no direct opening deposit is rather simple to do. Follow this step-by-step process, and you’ll be enjoying the fruits of having an online bank account.

Find an online bank account that fits your needs

Start with a simple Google search to find places where you can open a bank account online with no money.

Make sure the bank you choose is a reputable financial institution, a legitimate credit union, or a fully insured FDIC bank.

Then, choose the one that has the features you are looking for.

Navigate the website and do some research

Make sure that you read through the site to see if there are any promotions or specials that you can take advantage of and if you need to enter a promo code to do so.

For example, some online banks will give you $20 for free just to open a new account.

Enter all your pertinent information

Follow the steps to open a free bank account online, and type in all the information that the financial institution requires.

Connect another account to your new online bank account

To transfer money into your new online bank account, you’ll need to connect it with another account you own. This can be a checking account from a traditional bank, for example.

Some financial institutions may allow you to connect a third-party app, such as PayPal. Once you enter your information, you may need to verify your account, which may take a few days.

Transfer money into your new online bank account

Even though you are opening a bank account online with no money, you’ll eventually want to transfer money into it so you can start using it.

Once you open had opened your account and verified your external account, transfer some money into your new online bank account so that you can take advantage of all, it has to offer.

How to Open a Checking Account For Free

First things first, to get a free checking account, you’ll need to choose the bank or credit union you want to open an account with.

Once you’ve done that, the next step is to gather the required documents. For most banks, you’ll need your Social Security number and a valid form of ID. You may also need your current address, email address, and phone number.

After you have everything gathered, the next step is to fill out an application. You can do this usually, but some banks may require that you come into a branch to do it.

If you’re filling it out online, make sure you have all of the required information on hand. Once the application is complete, submit it and wait for the bank to approve your new account.

Once it is, you’ll receive a welcome packet in the mail with more information on how to activate your account and start using it.

How to Open a Bank Savings Account For Free

The process for opening a savings account is similar to opening a checking account. The first step is to choose the bank or credit union you want to open an account with.

Gather the required documents, which will be your Social Security number and a valid form of ID for most banks, then fill out an application.

If you’re filling it out online, make sure you have all of the required information on hand and finish your application.

Please enter a valid first name

Please enter a valid last name

Please enter your phone number

Your phone number must be 10 digits

Please enter your email address

Please enter a valid email address

Loan Type
Business loan Personal loan

Please select a loan type

Time in Business
Under 9 months More than 9 months

Please select an option

Please select the box above

Where to Open For Free a Checking Account?

Whether you’re looking for the best free checking accounts in the United States or just want an easy way to keep your finances afloat, these following banks have what it takes.

Chase Bank

Chase Bank offers a simple yet robust service that comes without any strings attached: no monthly fees and low minimum balances don’t affect users’ ability to get back on track after disaster strikes.

Wells Fargo

Wells Fargo provides similar benefits with its lackadaisical requirements-you. You only need to open up papers within 30 days if nothing else stops. Are you from doing so already? And Citibank makes sure everyone has access (literally) by offering unlimited transactions without charge.

Alliant Credit Union

When it’s about getting a free checking account, Alliant Credit Union is the perfect place for those looking to keep their finances in check without worrying about pesky fees. The credit union offers an online checking account with no monthly maintenance fee, making it easy on your wallet and giving you more money when investing or saving!

Bank of America

At the Bank of America, you don’t have to have any money to open a bank account.

You can simply bring in your Social Security Card and some form of identification, such as a driver’s license or passport. You’ll also need to provide your address and date of birth. Once your account is open, you can deposit money into it at any time.

You can also use your bank account to write checks, pay bills online or by phone, and withdraw cash from ATMs.

The Bank of America also offers a variety of other banking services, such as mortgage loans, credit cards, and investment advice.

Bank of America also has great options if you prefer that banks don’t charge much longer-term interest rates like 12% vs. 2%.

Truist Bank

BB&T or Truist Bank is one of the most trusted banking brands in America, which offers various checking accounts that come free.

For example, suppose you sign up for their “Best Free Checking” account with no minimum balance requirement and only $15 monthly fees after opening it within six months. In that case, there will be no more charges until your first deposit makes its way into withdrawals from this particular bank’s system!

HSBC Bank

At HSBC Bank, you can open an account without having any monthly fees after your first six months! There’s just one catch: If you want more control over how much money goes into this particular wallet, then purchase additional services from them with prices ranging anywhere between $15-25 per year (or less).

PNC Bank

Most banks charge a monthly fee for checking accounts, but PNC Bank offers them for free. How do they manage to do this?

PNC Bank earns money from the interest it charges on loans and mortgages, as well as the fees it charges for services like overdrafts and wire transfers.

It doesn’t need to charge customers for checking accounts, so it doesn’t. This makes PNC Bank a great option for people who are looking for a low-cost banking solution.

Opening a free checking account with PNC Bank is easy. You can either visit a local branch or go online.

You’ll need to provide some personal information, including your name, address, and Social Security number.

You’ll also need to provide proof of identification and your driver’s license number.

Above we’ve listed the best banks that don’t require a deposit to open a free bank account online. Choose the one that suits your needs and fill out the application through their website.

Open a Bank Account Online for Free No Deposit!

There are plenty of places where you can open your account online with no money.

As with any financial decision, you’ll want to make sure you do your research before settling on an online bank.

The online bank you choose must be legitimate —either an established credit union or an FDIC-insured bank— and it offers you all the perks and benefits you desire.

If you’d like to learn more, read: The Best Online Banking Options for Small Businesses

As a small business owner, online banks offer plenty of benefits over traditional banks.

In the same vein, Camino Financial provides a wealth of benefits and resources for small business loans that conventional financial institutions just can’t provide. 

For example, our loans require less information and credit history than traditional banks, and we can get you approved for the funding you need in minutes.

You can begin your process by sending an online application, and you will know where you stand within 24 hours.

At Camino Financial, we don’t leave the business behind. Start your process with us now!

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FAQs on Open Bank Account Online Free

Can I open a bank account online with no money?

Yes, you can do it with no money. However, the bank may require you to deposit a certain amount of money into the account in order to start using it.

Some banks have no minimum deposit requirement, while others may require a minimum $500 or more deposit. Be sure to check with your bank to find out their minimum deposit requirement before opening an account.

What is the easiest bank to open online?

The easiest bank to open online in the U.S. is Capital One 360. They don’t require a minimum deposit, and you can open an account with just your social security number. Plus, they offer a host of free features like online bill pay, check deposits, and mobile banking.

What’s the easiest bank account to open?

There is no “easy” bank account to open since each bank has its own requirements. However, most banks will require the following documents for an individual to open an account:

  • Valid government-issued ID (driver’s license, passport, etc.)
  • Social Security number or Individual Taxpayer Identification Number (ITIN)
  • Proof of address (utility bill, lease agreement, etc.)

Some banks may also require a minimum deposit amount to open an account. So it’s best to contact the bank directly to find out its specific requirements.

Where can I open a bank account online for free?

A few options include Ally, Simple, and Moven.

Each of these banks has no monthly fees and no minimum balance requirements. They also offer features like online and mobile banking, as well as ATM access. So if you’re looking for a basic bank account that doesn’t charge any fees, one of these three banks is a good option.

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