Chase does not charge a fee to open a second checking account, but you will pay a monthly maintenance fee on whichever accounts you keep open
Opening a second Chase checking account costs nothing upfront. Chase does not charge an account opening fee or a setup fee. However, each checking account you maintain is subject to a monthly maintenance fee — currently $12 per month for most Chase checking products — unless you meet the waiver requirements for that specific account type.
The real cost is not in opening the account; it is in keeping it. If you open a second account and do not meet the fee waiver conditions, you will pay $12 monthly on top of any fee on your first account. Many people open a second account for a specific purpose — a business account, a savings buffer, a joint account with a partner — and then discover they are paying double the monthly cost.
Key Takeaways
- Chase charges no fee to open a second checking account, but each account incurs a $12 monthly maintenance fee unless you waive it.
- You can waive the fee on any Chase checking account by maintaining a $1,500 minimum daily balance or setting up a $500 monthly direct deposit.
- If you do not meet the waiver requirements on your second account, you will pay $144 per year in maintenance fees alone.
- Closing an account you no longer use is free and stops the monthly charge immediately.
How Chase checking account fees work
Chase offers several checking account products, and the maintenance fee applies to all of them: Chase Total Checking, Chase Premier Plus Checking, Chase Sapphire Checking, and others. The $12 monthly fee is standard across these accounts, though some premium accounts may have different fee structures.
You do not pay the fee if you meet one of two conditions: keep a minimum daily balance of $1,500 in the account, or set up a recurring direct deposit of at least $500 per month. Meeting either condition waives the fee for that month. If your balance drops below $1,500 and you have no direct deposit, the $12 fee posts on the statement date.
The fee waiver is per account, not per customer. If you have two checking accounts and only one meets the $1,500 minimum, you will pay the fee on the second account. This is where the cost of a second account becomes real: you need to either maintain $1,500 in each account or have a $500 direct deposit hitting each one.
Why people open second checking accounts and what it costs
Common reasons to open a second account include separating personal and business finances, creating a joint account with a spouse or partner, or maintaining a dedicated account for a specific purpose like saving for a large purchase. Each reason makes sense until you calculate the fee impact.
If you open a second account and do not meet the waiver requirements, the cost is $144 per year on that account alone. Over five years, that is $720 in fees for the privilege of keeping the account open. Many people do not realize this until they see the charge on their statement months later.
The fee applies even if the account sits dormant. If you opened a second account years ago and forgot about it, Chase is still charging $12 monthly unless the account is closed or the balance stays above $1,500.
How to avoid the fee on a second account
The simplest way to avoid paying twice is to keep only one checking account and use savings accounts or sub-savings buckets within Chase for other purposes. Chase allows you to create multiple savings accounts under one login, and savings accounts have different fee structures — some have no monthly fee at all.
If you need a second checking account, meet the waiver requirement on it. If you have a regular paycheck, set up a $500 direct deposit to the second account — even if it is just a portion of your existing paycheck split between accounts. This waives the fee on both accounts. Alternatively, keep $1,500 in the second account at all times, though this ties up money that might earn more elsewhere.
If you already have a second account you are not using, close it. Closing a Chase checking account is free and takes a few minutes online or at a branch. Once closed, the monthly fee stops immediately.
Comparing Chase checking accounts to other banks
Chase is not the only bank that charges a monthly checking account fee. Bank of America charges $12 monthly for its standard checking account (waived with a $1,500 minimum or direct deposit). Wells Fargo charges $10 monthly. However, some online banks like Ally, Charles Schwab, and Discover offer checking accounts with no monthly fee at all, regardless of balance or direct deposit.
If you are considering a second checking account specifically to avoid fees, comparing to a no-fee bank might save you money. You could keep your primary account at Chase and open a second account at an online bank that charges nothing. The trade-off is that online banks have no physical branches, so deposits and withdrawals happen by mail, mobile deposit, or ATM.
What happens if you do not pay the maintenance fee
Chase will charge the $12 fee to your account on the statement date each month. If your balance is too low to cover the fee, your account will go negative. Once an account is negative, Chase may charge an overdraft fee — typically $35 per transaction that posts while the account is overdrawn.
If the account remains negative and you do not bring it current, Chase may eventually close the account and report it to ChexSystems, a banking history database. This can make it harder to open accounts at other banks in the future. The best move is to close the account before it reaches this point, or ensure it meets the fee waiver requirements.
Frequently Asked Questions
Can I waive the fee on a second checking account with a savings account balance?
No. The $1,500 minimum balance must be in the checking account itself to waive the checking account fee. A savings account balance does not count toward the waiver, even if it is linked to the same checking account.
If I close my second checking account, will it hurt my credit?
Closing a checking account does not affect your credit score. Credit scores are based on credit history — loans, credit cards, and payment history — not on checking accounts. Closing a checking account is a routine banking action with no credit impact.
Can I transfer money between my two Chase checking accounts without a fee?
Yes. Transfers between your own Chase accounts are free and usually post within one business day. You can move money between accounts as often as you want without incurring a transfer fee.
What if I set up a direct deposit but it does not hit every month?
The direct deposit must be recurring and hit the account every month to waive the fee. If a month passes without a deposit, the $12 fee will post. Make sure the direct deposit is set up as a regular, ongoing transfer, not a one-time deposit.
Does Chase charge to close a checking account?
No. Closing a Chase checking account is free. You can close it online, by phone, or at a branch. Once closed, the account no longer incurs fees, and any remaining balance is returned to you by check or transferred to another account.