Chase has no account opening fee, but minimum balance requirements vary by account type

Chase does not charge you to open a checking or savings account. There is no application fee, no setup fee, and no activation cost. However, some Chase accounts require you to deposit a minimum amount of money when you open them, and some accounts charge a monthly fee if you fall below a certain balance.

The actual cost depends on which account you choose. A Chase Total Checking account, for example, has no minimum opening deposit and no monthly fee if you maintain a $500 balance or set up direct deposit. If your balance drops below $500 and you have no direct deposit, Chase charges $12 per month. A Chase Premier Plus Checking account requires a $25 minimum opening deposit and charges $25 per month unless you keep $15,000 in the account or meet other conditions.

You can open an account online, by phone, or in a Chase branch. Online and phone applications take about 10 minutes. In-branch applications take longer but let you hand over cash or a check for your opening deposit immediately.

Key Takeaways

  • Chase charges no fee to open a checking or savings account, but some accounts require a minimum opening deposit of $25 or more.
  • Monthly maintenance fees range from $0 to $25 depending on the account type and whether you meet balance or direct deposit requirements.
  • Chase Total Checking has no opening deposit requirement and no monthly fee if you maintain $500 or set up direct deposit.
  • You can avoid monthly fees on most accounts by keeping a minimum balance or arranging direct deposit of your paycheck.

Minimum opening deposits by account type

Chase Total Checking requires no minimum opening deposit. You can open it with $0 and add money later. This account has no monthly fee as long as you keep $500 in it or have direct deposit set up.

Chase Premier Plus Checking requires a $25 minimum opening deposit. The monthly fee is $25 unless you maintain a $15,000 balance, have $15,000 in linked savings, or meet other conditions like setting up direct deposit or maintaining a certain number of debit card transactions per month.

Chase Savings accounts also have no opening deposit requirement. The monthly fee is $5 unless you keep $300 in the account or link it to a may have access to checking account.

Chase Money Market accounts require a $25,000 opening deposit. These accounts pay interest that varies with the Federal Reserve rate, and the monthly fee is $25 unless you maintain the $25,000 minimum.

Monthly fees and how to avoid them

Chase charges monthly maintenance fees on most accounts, but you can waive them by meeting one or more conditions. The most common ways are maintaining a minimum balance, setting up direct deposit, or linking accounts together.

Direct deposit is the easiest route for most people. If your employer deposits your paycheck into your Chase account, the monthly fee disappears on most checking accounts, regardless of your balance. You do not need to receive your full paycheck—even a small automatic transfer counts.

If direct deposit is not an option, keeping a minimum balance works on most accounts. Chase Total Checking waives the $12 fee with a $500 balance. Chase Savings waives the $5 fee with a $300 balance. Premier Plus Checking requires $15,000 to waive the $25 fee, which is steep for most people.

Some accounts also waive fees if you link them to another Chase account or maintain a certain number of debit card transactions per month. Check the specific account terms when you open, because these conditions change.

How to open an account online or by phone

Opening online takes about 10 minutes. Go to Chase.com, click "Open an Account," and choose the account type. You will need your Social Security number, a government-issued ID, your address, and your phone number. Chase will ask you to verify your identity by answering questions about your credit history or by uploading a photo of your ID.

Once your identity is verified, you can fund the account immediately by linking a bank account you already have or by providing a debit card number. If you have no other bank account, you can open the Chase account with $0 and deposit money later in a branch or by mail.

Opening by phone works the same way. Call Chase at 1-800-935-9935 and tell them you want to open an account. A representative will walk you through the identity verification and funding steps. You will need the same documents as the online process.

Both online and phone applications are usually approved within minutes. Your account number and routing number appear on screen or are emailed to you immediately, so you can start using the account right away for direct deposit or transfers.

Opening an account in a Chase branch

Walk into any Chase branch with your government-issued ID and Social Security number. A banker will help you choose an account type and answer questions about fees and minimums. This process takes 20 to 30 minutes because the banker verifies your identity in person and enters your information into the system while you wait.

The advantage of opening in a branch is that you can hand over cash or a check for your opening deposit immediately. If you are opening Chase Total Checking with no opening deposit, this does not matter. If you are opening Premier Plus Checking or a Money Market account, having cash or a check ready means you meet the minimum deposit on the spot.

You will receive your debit card in the mail within 7 to 10 business days. Your account number and routing number are available immediately, so you can set up direct deposit or transfers before the card arrives.

What happens if you do not meet the minimum balance

If your account requires a minimum balance and your balance falls below it, Chase charges the monthly maintenance fee. For example, if you have Chase Total Checking and your balance drops below $500 and you have no direct deposit, you will be charged $12 at the end of the month.

The fee is charged once per month, usually on the last business day of the month. It is deducted from your account balance. If your balance is very low, the fee can overdraw your account, which triggers an overdraft fee on top of the maintenance fee.

You can avoid this by setting up a transfer from another account to bring your balance back above the minimum before the fee posts. Some people set up automatic transfers on the 25th of each month to stay above the threshold. If you consistently cannot maintain the minimum, switching to an account with a lower or no minimum requirement is cheaper than paying monthly fees.

Frequently Asked Questions

Can I open a Chase account without a Social Security number?

No. Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you do not have one, you cannot open a Chase account online or by phone. Some branches may offer alternative options, so call your local branch to ask.

Do I need to deposit money when I open the account?

Not for Chase Total Checking or Chase Savings. Both have no opening deposit requirement. You can open with $0 and add money later. Other accounts like Premier Plus Checking require a $25 minimum, and Money Market accounts require $25,000.

How long does it take to open an account?

Online and phone applications take 10 minutes and are approved immediately. In-branch applications take 20 to 30 minutes. Your account number is available right away, but your debit card arrives in the mail within 7 to 10 business days.

What if I want to close my account later?

Chase charges no fee to close an account. You can close online, by phone, or in a branch. Make sure your balance is $0 or transfer any remaining money out first. If you have a debit card, destroy it or return it to a branch.

Can I open multiple Chase accounts?

Yes. You can open as many checking and savings accounts as you want. Some people open separate accounts for different purposes—one for bills, one for savings, one for a side business. Each account has its own fees and minimums, so plan accordingly.