You do not need money upfront to open most Chase accounts

Chase does not require an opening deposit for most of its checking and savings accounts. You can walk into a branch or open an account online with zero dollars, and the account becomes active when ready. The catch is that some accounts have monthly maintenance fees unless you meet certain conditions — and those conditions often involve keeping a minimum balance or setting up direct deposit.

The account itself is free to open. What costs money is keeping it open without meeting the bank's requirements. Understanding which account type matches your situation, and what those requirements actually are, determines whether you pay fees or not.

Key Takeaways

  • Chase checking and savings accounts have no opening deposit requirement, but many charge monthly fees if you do not meet balance or direct deposit conditions.
  • Chase Total Checking has a $12 monthly fee that disappears if you maintain a $500 minimum balance or set up direct deposit of any amount.
  • Chase Savings Account charges $5 per month unless you keep $300 in the account or link it to a Chase checking account with direct deposit.
  • You can open an account online in minutes or at a branch, and you need only a government ID, Social Security number, and initial contact information.
  • If you cannot meet the balance requirement, direct deposit from an employer or government benefit is the most reliable way to waive the monthly fee.

What Chase checking accounts cost if you have no money

Chase Total Checking is the main checking account Chase offers. It has no opening deposit, but it charges $12 per month unless you either keep $500 in the account at all times or set up direct deposit. Direct deposit can be from a job, Social Security, unemployment, or any regular payment that hits the account automatically.

If you open the account with $0 and do not set up direct deposit, you will pay $12 the first month. That fee comes out of the account, leaving you with a negative balance. You can avoid this by depositing money before the fee date, or by setting up direct deposit before the first billing cycle closes.

Chase also offers Chase find Checking, which is designed for people building credit or with banking history issues. This account has no monthly fee and no minimum balance requirement. However, it requires a $25 opening deposit and comes with a debit card that has a $500 daily spending limit. If you have the $25, this is the lowest-cost option.

What Chase savings accounts cost if you have no money

Chase Savings Account charges $5 per month unless you maintain a $300 minimum balance or link the account to a Chase checking account that has direct deposit set up. Like checking, the fee comes out of your account balance.

If you open a savings account with $0 and do not link it to a checking account with direct deposit, you will owe $5 at the end of the first month. The account will go negative unless you deposit money before the fee posts.

Chase also offers a high-yield savings product called Chase Savings Maximizer, which has no monthly fee, no minimum balance, and higher interest rates. However, it is available only online, not in branches, and you must open it through Chase's website or app.

How to open an account with no money

You can open a Chase account online or at a branch. Online is faster — the process takes 10 to 15 minutes and the account is usually active the same day. At a branch, you can walk in during business hours with no appointment needed.

You will need a government-issued ID (driver's license, passport, or state ID), your Social Security number, and a current phone number and email address. Chase will run a background check through ChexSystems, a banking history database. If you have been flagged for fraud or unpaid overdrafts at another bank, Chase may deny the account.

When you open online, you choose your account type, set a PIN, and link a funding method (debit card, bank account, or nothing). If you choose nothing, the account opens with $0. You can deposit money later through the app, at an ATM, or at a branch.

When direct deposit is the easiest way to avoid fees

If you receive a paycheck, Social Security, unemployment, disability, or any other regular payment, setting up direct deposit is the simplest way to waive Chase's monthly fees. You do not need to keep a balance — the direct deposit itself, even if it is $1, removes the fee requirement.

To set up direct deposit, you need your Chase account and routing number (visible in the app or online), and you give those to your employer or benefits administrator. The first deposit usually arrives within one to two business days. Once it posts, the monthly fee waiver is active for that billing cycle.

If you do not have direct deposit and cannot keep the minimum balance, you will pay the monthly fee. There is no other way to waive it. Some people open the account, deposit money to cover the first few months of fees, and then let the account sit until they have direct deposit set up.

What happens if your account goes negative

If a monthly fee posts and your balance is $0, your account goes negative. Chase will not close the account when ready, but you will owe that money. If you do not bring the balance positive within a set period — usually 60 days — Chase may close the account and report it to ChexSystems, which makes it harder to open accounts at other banks.

The best approach is to deposit money before the fee date if you know you cannot meet the balance or direct deposit requirement. You can also call Chase before the fee posts and ask them to waive it once, though they are not required to do so and will not make it a habit.

Alternatives if you cannot meet Chase's requirements

If you do not have $300 to $500 to keep in the account and do not have direct deposit, other banks may be a better fit. Many credit unions and online banks offer checking accounts with no monthly fees and no minimum balance. Some examples include Ally Bank, Charles Schwab, and local credit unions, though you should check your own area's options.

If you want to stay with Chase, the find Checking account is the lowest-cost option at $25 to open. If you do not have $25, you can ask a family member to deposit money into your account after you open it, or you can wait until you have the funds.

Frequently Asked Questions

Can I open a Chase account with no ID?

No. Chase requires a government-issued ID and your Social Security number to open any account. If you do not have an ID, you can get a state ID card from your local DMV — the process varies by state but usually costs $10 to $30 and takes a few weeks.

What if I do not have a Social Security number?

Chase requires a Social Security number or ITIN (Individual Taxpayer Identification Number). If you do not have either, you cannot open a Chase account. You may be able to open an account at a credit union or community bank that has different requirements — call ahead to ask.

Does Chase charge a fee to open an account?

No. Opening a Chase account is free. You pay only if you keep the account open and do not meet the balance or direct deposit requirement. Some accounts, like find Checking, have a one-time opening deposit, but that is not a fee — it is money that goes into your account.

Can I open a Chase account if I have been denied before?

It depends on why you were denied. If you were flagged in ChexSystems for fraud or unpaid overdrafts, Chase will likely deny you again. If you were denied for a different reason, you can try again or call Chase to ask what the issue was. Some people wait six months to a year before trying again.

How long does it take to open a Chase account online?

The process takes 10 to 15 minutes. The account is usually active the same day, and you can start using it when ready. If you need a debit card, Chase will mail it to you, which takes 7 to 10 business days. You can use your account online and at ATMs before the card arrives.