Chase's minimum deposit requirements vary by account type
Chase does not require a minimum opening deposit for most of its checking and savings accounts. You can open a Chase Total Checking account, Chase Savings account, or Chase Money Market account with $0 and begin using it immediately. However, some specialty accounts and products do have opening deposit minimums, and maintaining certain balances can affect whether you pay monthly fees.
The account type you choose determines what you actually need to bring to the bank. A standard checking account requires nothing upfront. A money market account also requires nothing to open, though it may require a higher balance to avoid a monthly fee. If you want a certificate of deposit (CD), Chase requires a minimum of $1,000 to open one, but that is a savings product you fund intentionally, not a checking account.
Key Takeaways
- Chase checking and savings accounts have no minimum opening deposit — you can open with $0.
- Money market accounts and CDs do have minimums: money market accounts charge a monthly fee if your balance drops below a certain threshold, and CDs require $1,000 to open.
- Monthly maintenance fees apply to most accounts if you do not meet balance or direct deposit requirements, so the real cost is not the opening deposit but the ongoing fee.
- You can waive monthly fees by setting up direct deposit, maintaining a minimum balance, or linking accounts, depending on the account type.
What happens if you cannot meet the balance requirement
If you open a Chase checking account with $0 and never deposit anything, the account remains open and free. Chase will not close it or charge you for inactivity. However, if you open an account that carries a monthly maintenance fee and your balance falls below the threshold to waive that fee, you will be charged.
Chase Total Checking has a $12 monthly maintenance fee, but you can waive it by setting up direct deposit of any amount, maintaining a $500 minimum balance, or linking it to another Chase account. Chase Savings has a $5 monthly maintenance fee that you can waive by maintaining $300 or setting up direct deposit. If you cannot meet these thresholds, the fee will be deducted from your account each month.
Opening deposit versus ongoing balance requirements
The opening deposit and the balance requirement are two different things. You need $0 to open a Chase checking account, but if you want to avoid the monthly fee, you need to either receive direct deposits or keep $500 in the account at all times. Many people confuse these two requirements and think they need to bring money to the bank on day one.
If you are opening an account specifically to receive paychecks via direct deposit, you do not need to worry about the balance requirement at all — the direct deposit itself waives the fee. If you are opening an account to save money gradually, you can start with nothing and build the balance over time, as long as you are willing to pay the $5 monthly fee on savings or $12 on checking until you reach the threshold.
What you actually need to bring to open an account
You do not need money, but you do need identification. Chase requires a government-issued photo ID (driver's license, passport, or state ID) and your Social Security number. If you are opening an account online, you will need to verify your identity through Chase's digital process, which usually involves answering security questions or uploading a photo of your ID.
If you are opening an account in person at a Chase branch, bring your ID and be prepared to provide your Social Security number. You will also need to choose a username and password for online banking. If you want to link the account to an existing Chase account or set up direct deposit immediately, have that information ready, but it is not required on the day you open the account.
How opening deposit minimums work for specialty products
Chase CDs require a $1,000 minimum opening deposit. This is money you are intentionally setting aside for a fixed period — typically three months to five years — in exchange for a may provide interest rate. You cannot withdraw the money before the term ends without paying a penalty, so this is not an account for everyday spending.
Chase Money Market accounts have no opening deposit minimum, but they charge a $25 monthly maintenance fee if your balance falls below $2,500. This account type combines features of checking and savings: you can write checks and make transfers, but you earn interest on the balance. If you maintain $2,500 or set up direct deposit, the fee is waived.
Fees that apply even if you meet the opening deposit
Even if you open an account with money, fees can still apply if you do not meet ongoing requirements. Chase charges overdraft fees ($35 per transaction) if you spend more than your balance, non-Chase ATM fees ($2.50 per withdrawal outside the Chase network), and wire transfer fees ($15 for outgoing domestic wires). These are separate from monthly maintenance fees and apply regardless of your opening deposit.
Some fees are avoidable: you can avoid overdraft fees by opting out of overdraft protection, avoid ATM fees by using Chase's network, and avoid wire fees by using ACH transfers instead. Monthly maintenance fees are the only ones that depend on your opening deposit or balance, and even those can be waived through direct deposit or account linking.
Frequently Asked Questions
Can I open a Chase account with no money at all?
Yes. Chase checking and savings accounts have no minimum opening deposit. You can open with $0 and start using the account immediately. You will pay a monthly fee if you do not meet the balance or direct deposit requirement, but you are not required to bring money on the day you open the account.
What is the difference between the opening deposit and the balance requirement?
The opening deposit is what you bring to the bank on day one — Chase requires $0 for most accounts. The balance requirement is the amount you must keep in the account to avoid a monthly fee. For Chase Total Checking, that is $500. These are separate things, and you can open with $0 and build the balance later.
Do I have to pay the monthly fee if I cannot maintain the balance?
Yes, unless you waive it another way. If your balance falls below $500 on Chase Total Checking and you do not have direct deposit set up, you will be charged $12 per month. However, you can waive the fee by setting up direct deposit of any amount, even a small paycheck or transfer from another account.
What if I want to open a CD — do I need $1,000 upfront?
Yes. CDs require a $1,000 minimum opening deposit. This is money you commit to leaving in the account for a set term, usually three months to five years. You cannot withdraw it early without paying a penalty, so only open a CD if you have $1,000 you do not need to access.
Can I open an account online without going to a branch?
Yes. Chase allows you to open checking and savings accounts online. You will need a government-issued photo ID and your Social Security number. Chase will verify your identity digitally, and you can complete the entire process from your computer or phone without visiting a branch.