First of all nothing will happen at open circuit voltage. No redox reaction will take place. It will take place only when you apply potential. In anodic direction, after 1 V water oxidation will occur and O2 gas will liberate. Similary, in cathodic direction water reduction will take place and H2 gas evolves, provided the electrolyte is deaerated.
Sujoy Sarkar is correct. If the working and counter electrodes are made up of corroding elements ( such as zinc, magnesium or aluminum nothing should happen. By definition your reference electrodes should be stable. You shall not apply any current to the reference electrode. It is a reference electrode ( and has to have a stable potential) so that it can measure the potential between the working ( or the counter) electrode. Since its potential is stable the changes measured are ascribed to those of the reactions that take place at the other electrode surface.