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 start using it immediately. However, some specialty accounts do have minimums, and fees apply if you do not meet certain conditions each month.
The catch is not the opening deposit—it is what happens after. If you do not keep a minimum balance or set up direct deposit, Chase charges a monthly maintenance fee. For Total Checking, that fee is $12 per month unless you meet one of the waiver conditions. For savings accounts, the fee structure depends on the specific product.
Before you open an account, understand which fees apply to you and whether you can avoid them. The difference between opening free and paying $12 every month for a year is $144.
Key Takeaways
- Chase checking and savings accounts have no minimum opening deposit, but monthly maintenance fees kick in if you do not meet balance or direct deposit requirements.
- Chase Total Checking charges $12 per month unless you maintain a $500 minimum balance, set up direct deposit, or link a Chase credit card.
- Chase Savings accounts charge $5 per month unless you keep $300 minimum balance or link an may be able to access Chase checking account.
- Money Market accounts require $25,000 minimum balance to avoid a $25 monthly fee, making them impractical for most new account holders.
- You can waive fees by meeting one condition—you do not have to do all of them.
Chase Total Checking: The most common account and its fee waiver options
Chase Total Checking is the standard checking account most people open. There is no minimum to start, but the $12 monthly maintenance fee applies unless you meet at least one of these conditions: maintain a $500 minimum daily balance, set up direct deposit of any amount, or link an may be able to access Chase credit card to the account.
Direct deposit is the easiest waiver for most people. If your employer or a government program (Social Security, unemployment, tax refund) deposits money into your Chase account, the fee disappears. You do not need a large deposit—even $1 counts. If you do not receive direct deposits, keeping $500 in the account at all times waives the fee, though that money is then unavailable for spending.
The credit card link option requires you to already have a Chase credit card or to open one. If you do, linking it to your checking account waives the fee. This is useful if you already carry a Chase card, but it should not be your reason to open one.
Chase Savings: Lower balance requirement, but fewer waiver options
Chase Savings has no opening minimum and charges a $5 monthly maintenance fee. You can waive it by maintaining a $300 minimum daily balance or by linking an may be able to access Chase checking account to it. Unlike checking, direct deposit does not waive the savings fee.
The $300 balance requirement is lower than checking, but it still ties up money. Linking a checking account is often easier—if you already have Chase Total Checking and waived its fee through direct deposit, your savings account fee disappears automatically.
Chase Savings also limits you to six withdrawals per month (a federal rule that applies to most savings accounts). If you need to withdraw more frequently, you will face a $10 fee per excess withdrawal. This makes it better for money you are setting aside rather than money you access regularly.
Chase Money Market: High minimum, high fees, not for new account holders
Chase Money Market accounts require a $25,000 minimum balance to avoid a $25 monthly maintenance fee. This account is designed for people with substantial savings who want slightly higher interest rates. If you are opening your first Chase account, this is not the right product.
If you fall below $25,000, the $25 monthly fee applies until you restore the balance. At that rate, you lose $300 per year just to keep the account open. The interest rate benefit does not offset that cost for most people.
How to avoid fees when you open your account
Before you go to the bank or open an account online, decide which fee waiver works for you. If your employer or a government program deposits money into your account, you are done—direct deposit waives fees on checking and you can add savings without worry. If you do not receive direct deposits, you have two options: keep $500 in checking and $300 in savings at all times, or open a Chase credit card and link it.
The easiest path for most people is direct deposit. If you do not have it, the $500 checking balance is the next simplest option. Avoid the Money Market account unless you genuinely have $25,000 to set aside.
When you open online or in branch, the bank will ask you to choose your fee waiver method. Tell them which one applies to you. If you change jobs or your direct deposit stops, contact Chase and switch to a different waiver method before the fee hits your account.
What happens if you do not meet the waiver conditions
If you open an account and do not set up direct deposit, keep the minimum balance, or link a credit card, the monthly fee begins the next billing cycle. For checking, that is $12. For savings, that is $5. These fees come out of your account balance automatically.
If your account balance drops below zero because of fees, Chase will charge overdraft fees on top of the maintenance fee. This can spiral quickly. If you realize you cannot meet a waiver condition, contact Chase and ask to close the account before the first fee posts. You can reopen later when you have direct deposit or the balance to maintain.
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 deposit money later. However, if you do not meet a fee waiver condition within the first month, the maintenance fee will be charged and deducted from your account.
Does direct deposit have to be from my job?
No. Direct deposit from Social Security, unemployment benefits, tax refunds, or any other regular deposit counts. Even a one-time direct deposit from another bank counts to waive the fee, though you would need to set it up again each month if it is not recurring.
What if I link my Chase credit card but then close it?
The fee waiver ends when the credit card is closed. Your checking account will start charging the $12 monthly fee unless you switch to a different waiver method (direct deposit or $500 balance) before the next billing cycle.
Can I have multiple Chase checking accounts to avoid fees?
Yes, you can open more than one checking account. However, each account is subject to the same $12 monthly maintenance fee unless it meets a waiver condition. Opening multiple accounts does not reduce fees—it multiplies them if you do not meet the waiver for each one.
Do I need a minimum balance to keep the account open long-term?
No. Once the account is open, you can let the balance drop to $0 without the account being closed, as long as you meet a fee waiver condition. If you do not meet any waiver and the balance stays at $0, the monthly fee will be charged and your account will go negative.