Chase does not charge a fee to open most checking or savings accounts
You can open a Chase checking account, savings account, or money market account without paying an opening fee. Chase does not require a minimum deposit to start the account either, though some account types have minimum balance requirements once the account is open.
The cost to you depends on which account you choose and how you use it. Some accounts charge monthly maintenance fees if you do not meet certain conditions—like keeping a minimum balance or setting up direct deposit. Other accounts waive those fees entirely.
Key Takeaways
- Chase charges no fee to open a checking or savings account, and does not require money upfront to create one.
- Monthly maintenance fees range from $0 to $15 depending on the account type and whether you meet the bank's conditions to waive the fee.
- Most Chase checking accounts waive the monthly fee if you maintain a $500 minimum balance or set up direct deposit.
- You can open an account online, by phone, or in a branch, and the process takes about 10 minutes.
- Chase charges overdraft fees ($35 per transaction) and out-of-network ATM fees ($3 per withdrawal) if you use those services.
Monthly maintenance fees by account type
Chase Total Checking has a $12 monthly maintenance fee, but you can waive it by maintaining a $500 minimum daily balance, setting up direct deposit, or keeping a linked savings account with at least $500 in it. If none of those apply, you pay the $12 each month.
Chase Secure Checking has no monthly fee and is designed for people building or rebuilding credit. It requires a $25 minimum opening deposit that goes into a linked savings account, but that is not a fee—it is your own money held as security.
Chase Savings Account charges $5 per month if your balance drops below $300, but the fee is waived if you keep that minimum. Chase Money Market Account charges $25 per month unless you maintain a $2,500 minimum balance.
Chase Premier Plus Checking, available to customers with higher balances, has no monthly maintenance fee and comes with benefits like waived overdraft fees and higher interest rates on linked savings.
How to open an account with no upfront cost
You can open a Chase account online at chase.com, by calling 1-800-935-9935, or by walking into a Chase branch. Online takes about 10 minutes and requires a Social Security number, government ID, and current address. You will need to fund the account with your first deposit, but Chase does not require a minimum amount to open.
If you open online, you can link an existing bank account to transfer money in, or wait until the account is active to deposit by other means. Some people open with $1 just to activate the account, then add money later.
In a branch, a banker can walk you through the same process and answer questions about which account fits your needs. Bring a photo ID and proof of address (a utility bill or lease works).
Fees that appear after you open the account
Chase charges $35 per overdraft transaction if you spend more than your balance. You can opt out of overdraft coverage, which means transactions will be declined instead of charged a fee, but you lose the ability to overdraw.
Out-of-network ATM withdrawals cost $3 per transaction. Chase has thousands of ATMs, so this fee is easy to avoid if you use Chase machines or partner networks.
Wire transfers cost $15 for domestic transfers and $45 for international ones. Cashier's checks are free at most branches. Stop-payment requests on checks cost $30.
If you close the account within 90 days of opening, Chase may charge a $25 early closure fee, though this is not always enforced for new customers.
Comparing Chase accounts side by side
| Account Type | Opening Fee | Monthly Maintenance Fee | How to Waive the Fee |
|---|---|---|---|
| Chase Total Checking | $0 | $12 | $500 minimum balance, direct deposit, or linked savings with $500 |
| Chase Secure Checking | $0 | $0 | No fee to waive |
| Chase Savings Account | $0 | $5 | $300 minimum balance |
| Chase Money Market Account | $0 | $25 | $2,500 minimum balance |
| Chase Premier Plus Checking | $0 | $0 | No fee to waive |
What happens if you cannot maintain the minimum balance
If your account balance drops below the minimum and you do not meet an alternative waiver condition (like direct deposit), Chase charges the monthly maintenance fee. The fee is deducted from your account automatically, which can push you further below the minimum the next month.
You can avoid this by switching to Chase Secure Checking, which has no monthly fee and no minimum balance requirement. The tradeoff is that Secure Checking comes with a linked savings account that holds your $25 security deposit, and the account is designed for people with limited or poor credit history.
If you already have a Chase account and want to lower your costs, call Chase at 1-800-935-9935 and ask about switching to a no-fee account type. You do not have to close the existing account; you can open a new one and keep both.
Frequently Asked Questions
Can I open a Chase account with no money?
You can open an account with $0 and no opening fee, but you will need to fund it with at least some amount to activate it. Many people open with $1 and add more later. Some branches may require a small deposit to complete the process in person.
Do I have to pay the monthly fee right away?
The monthly maintenance fee does not appear until the end of your first full month. If you open on the 15th, you will not see a fee until the end of the following month. This gives you time to set up direct deposit or move money in to meet the minimum balance.
What if I close my account after a few days?
Chase may charge a $25 early closure fee if you close within 90 days, though this is not always enforced for new customers. Call before closing to ask whether the fee applies to your situation. If you opened with a small deposit, you can withdraw it before closing.
Is there a fee to link my Chase account to another bank?
No. Linking accounts for transfers between Chase and another bank is free. External transfers typically take one to three business days. Wire transfers to other banks cost $15 for domestic and $45 for international.
Do student or military accounts have different opening costs?
Chase Student Checking has no monthly maintenance fee and no minimum balance requirement. Military members may have access to special accounts through Chase's military banking program. Check chase.com or call 1-800-935-9935 to see what accounts you may have access to for.