Chase checking accounts have no opening fee
Chase does not charge you to open a checking account. There is no application fee, no setup fee, and no activation cost. You can open an account online, by phone, or in a branch at no charge.
What matters instead is what happens after you open it. Chase checking accounts come with different features and different monthly maintenance fees depending on which type you choose. Some accounts have no monthly fee at all. Others charge $12 or $15 per month unless you meet certain conditions—like keeping a minimum balance or setting up direct deposit.
Key Takeaways
- Opening a Chase checking account costs nothing; there is no fee to create the account.
- Monthly maintenance fees range from $0 to $15 depending on the account type and whether you meet fee-waiver conditions.
- Chase Checking (the basic option) has no monthly fee and no minimum balance requirement.
- Chase Premier Plus Checking charges $15 per month but waives the fee if you maintain a $500 minimum balance or set up direct deposit.
- You can avoid all fees by choosing an account with no monthly maintenance charge or by meeting the waiver requirements.
The three main Chase checking account types and their costs
Chase offers three primary checking accounts for personal use. Chase Checking has no monthly fee, no minimum balance, and no direct deposit requirement. This is the account with zero ongoing costs.
Chase Premier Plus Checking charges $15 per month, but the fee is waived if you keep a $500 minimum daily balance or set up direct deposit to the account. If you do neither, you pay $15 every month.
Chase Sapphire Checking is designed for customers who also have a Chase Sapphire credit card or invest with Chase. It charges $25 per month, but the fee is waived if you maintain a $500 minimum daily balance, set up direct deposit, or have a may have access to investment account with Chase.
If you want to pay nothing, Chase Checking is the straightforward choice. If you want extra features like higher interest rates or priority customer service, you will need to either meet the balance or direct deposit requirement, or pay the monthly fee.
What happens if you do not meet the fee-waiver conditions
If you open Chase Premier Plus Checking but do not keep $500 in the account and do not set up direct deposit, Chase charges you $15 every month. That fee comes out of your account automatically. Over a year, that is $180 in fees alone.
The same applies to Chase Sapphire Checking: if you do not meet any of the three waiver conditions (minimum balance, direct deposit, or may have access to investment account), you pay $25 per month, or $300 per year.
Chase does not refund these fees retroactively. Once the month closes, the charge is final. You can close the account at any time without a penalty, but you cannot recover fees already charged.
Other costs to know about
Opening the account is free, but other services carry charges. Overdraft fees are $35 per transaction if you spend more than your balance. Returned deposit fees are $25 if a check or transfer bounces. Out-of-network ATM withdrawals cost $3 per transaction (though Chase reimburses ATM fees charged by other banks if you use Chase Premier Plus or Sapphire).
Wire transfers, cashier's checks, and stop-payment requests each cost money—typically $15 to $30 depending on the service. These are not automatic charges; you only pay them if you use these services.
International transactions may include a foreign transaction fee of 1% to 3% depending on the account type and the nature of the transaction. Again, you only pay this if you make international transfers or use your debit card abroad.
How to open a Chase checking account with no cost
Go to chase.com and select "Open an account" from the homepage. You will be asked to choose an account type. Select Chase Checking if you want zero monthly fees. You will need your Social Security number, a government-issued ID, and an initial deposit (which can be as little as $25).
The application takes about 10 minutes online. Chase will verify your identity and run a ChexSystems check (a banking history report). If approved, your account opens immediately and you can start using it the same day. You can also open an account by calling 1-800-935-9935 or visiting a Chase branch in person.
Your initial deposit does not have to be large. Chase Checking has no minimum balance requirement, so you can deposit $25 and never add another dollar if you choose. There is no penalty for keeping a low balance.
What to compare if you are choosing between accounts
If you plan to keep at least $500 in the account anyway, Chase Premier Plus Checking might make sense because the $15 monthly fee is waived and you get slightly higher interest rates. If you have a Chase Sapphire credit card or invest with Chase, Sapphire Checking may offer better rewards or perks that offset the $25 fee.
If you do not plan to maintain a high balance and do not have direct deposit, Chase Checking is the only option that costs nothing. Paying $15 or $25 per month for features you do not use is money wasted.
Compare the interest rates on each account type as well. As of now, rates vary and change frequently, so check chase.com for current rates. The difference in interest earned on a small balance is usually minimal, so the monthly fee matters far more than the interest rate for most people.
Frequently Asked Questions
Can I open a Chase checking account online without going to a branch?
Yes. You can open any Chase checking account entirely online at chase.com. The process takes about 10 minutes and you need your Social Security number, a government-issued ID, and an initial deposit. Your account opens the same day.
What is the minimum deposit to open a Chase checking account?
Chase requires an initial deposit of at least $25 to open a checking account. There is no minimum balance requirement after that, so you can let the balance drop to $0 without penalty (though you will still pay monthly fees if your account type charges them).
Do I have to set up direct deposit to avoid the monthly fee?
Only if you choose Chase Premier Plus or Sapphire Checking. Chase Checking has no monthly fee regardless of whether you set up direct deposit. For the other accounts, direct deposit is one way to waive the fee, but maintaining the minimum balance is an alternative.
What happens if I close my Chase checking account right after opening it?
There is no penalty for closing a Chase checking account at any time. You can open it, use it for a day, and close it with no charge. Just make sure your balance is $0 or positive before you close it, or Chase may charge an overdraft fee.
Does Chase charge a fee to transfer money from another bank into my new account?
No. Incoming transfers from other banks are free. You can move money from your old bank to your new Chase account at no cost using ACH transfer or by depositing a check.