Chase accounts have no minimum opening deposit
You do not need any money to open a Chase checking or savings account. Chase does not require a minimum deposit to start an account — you can walk into a branch or open one online with zero dollars, and deposit money later.
However, some Chase accounts do have a minimum balance requirement to avoid a monthly fee. This is different from an opening deposit. A minimum balance is the amount you must keep in the account each month to avoid being charged. If your balance drops below that number, Chase charges you a fee — usually between $12 and $25 per month, depending on the account type.
The account you choose determines whether you face a monthly fee and what that fee is. Some Chase accounts have no minimum balance at all, while others require you to keep money in the account to stay fee-free.
Key Takeaways
- Chase does not require any money to open a checking or savings account — you can open one with a zero balance.
- Monthly fees explore only if your account balance falls below the minimum requirement for that specific account type.
- Chase Total Checking has no minimum balance requirement and no monthly fee if you meet one straightforward condition.
- Premium accounts like Chase Premier Plus Checking require higher minimum balances — often $15,000 or more — to avoid monthly fees.
- You can avoid monthly fees by choosing an account with no minimum balance or by using direct deposit or digital banking features.
Chase checking accounts and their balance requirements
Chase offers several checking accounts, and each one has different rules about minimum balance. Chase Total Checking is the most common account for everyday banking. It has no minimum balance requirement and no monthly service fee — but only if you set up direct deposit, make at least one debit card purchase per month, or maintain a balance of at least $500. If you do none of those things, Chase charges $12 per month.
Chase Premier Plus Checking is designed for people who keep larger amounts of money in their account. It requires a minimum balance of $15,000 to avoid a $25 monthly fee. This account comes with extra features like higher interest rates and waived fees for certain services, but those features only matter if you have the money to keep there.
Chase find Checking is for people who are new to banking or rebuilding their banking history. It has no minimum balance and no monthly fee, but it does not come with a debit card — you use it mainly for direct deposit and bill payments.
Chase savings accounts and their balance requirements
Chase Savings is the basic savings account. It has no minimum opening deposit and no monthly fee. However, federal rules limit how many times you can withdraw money from a savings account per month — usually six times. If you exceed that limit, Chase may charge a fee or convert your account to a checking account.
Chase High Yield Savings works the same way as regular Chase Savings but pays a higher interest rate on the money you keep there. It also has no minimum balance and no monthly fee. The interest rate changes based on what the Federal Reserve does with interest rates, so the amount you earn will go up and down.
Both savings accounts are designed to hold money you are not spending right now. If you need to move money in and out frequently, a checking account is a better choice.
What documents you need to bring or provide
To open any Chase account, you need to prove who you are. Chase requires a government-issued photo ID — a driver's license, passport, or state ID card. If you are opening an account online, you will upload a photo of your ID instead of showing it in person.
You will also need to provide your Social Security number. Chase uses this to check your banking history and to report account activity to the IRS for tax purposes. If you do not have a Social Security number, you can open an account using an Individual Taxpayer Identification Number (ITIN), though some Chase branches may not offer this option — call ahead to ask.
If you are opening an account in person at a branch, bring your ID and be ready to give your Social Security number verbally. If you are opening online, you will type in your information and upload a photo of your ID. The process usually takes 10 to 15 minutes.
Opening an account online versus in a branch
You can open a Chase account either way, and the requirements are the same — no minimum deposit, just your ID and Social Security number. Online is faster if you already have a Chase username and password from a previous account. If you are a new customer, opening online takes about 15 minutes and you can start using your account the same day.
Opening in a branch takes longer — usually 30 to 45 minutes — because a banker will walk you through the account options and answer questions. This is helpful if you are not sure which account type fits your situation. A banker can also help you set up direct deposit right away if your employer is ready to send your paycheck to your new account.
Both methods are free. Chase does not charge you to open an account, whether you do it online or in person.
How to avoid monthly fees after you open
The easiest way to avoid fees is to choose an account with no minimum balance requirement. Chase find Checking and Chase Savings both have zero minimum balance and zero monthly fees, no matter what you do.
If you want Chase Total Checking — which includes a debit card and more features — you can avoid the $12 monthly fee by doing just one of these things: set up direct deposit, make at least one purchase with your debit card each month, or keep at least $500 in the account. Most people find direct deposit the easiest option because it happens automatically once you set it up.
If you are interested in a premium account like Chase Premier Plus Checking, you need to keep $15,000 in the account to avoid the $25 monthly fee. If you cannot keep that much money there, this account will cost you money rather than save it.
What happens if your balance drops below the minimum
If you have an account with a minimum balance requirement and your balance falls below it, Chase charges a monthly fee. For Chase Total Checking, that fee is $12. For Chase Premier Plus Checking, it is $25. The fee is deducted from your account automatically on a set date each month, usually near the end of the billing cycle.
If your account balance is very low when the fee is charged, the fee itself might cause your account to go negative — meaning you owe Chase money. If that happens, Chase may charge an overdraft fee on top of the monthly fee. This can add up quickly, so it is important to keep track of your balance and know what your account's minimum requirement is.
You can check your account balance anytime using the Chase mobile app, the Chase website, or by calling Chase customer service. If you see your balance dropping close to the minimum, you can transfer money in from another account or make a deposit at a Chase ATM or branch.
Frequently Asked Questions
Do I need to deposit money the same day I open my account?
No. You can open the account with zero dollars and deposit money whenever you are ready. However, if your account has a minimum balance requirement and you do not meet it, you will be charged a monthly fee starting the next billing cycle.
Can I open a Chase account if I have had banking problems before?
Yes. Chase find Checking is designed for people who are new to banking or have had issues with previous accounts. It has no minimum balance and no monthly fee. However, Chase will still check your banking history using ChexSystems, a system that tracks closed accounts and overdrafts. If you have serious issues, Chase may decline to open an account for you.
What if I want to open an account but do not have a Social Security number?
You can use an Individual Taxpayer Identification Number (ITIN) instead. Not all Chase branches offer this option, so call your local branch first to confirm they can open an account with an ITIN before you visit.
Is there a fee to open a Chase account?
No. Opening a Chase account is free, whether you do it online or in a branch. You only pay fees if your account has a minimum balance requirement and your balance falls below it.
Can I change my account type after I open it?
Yes. You can call Chase or visit a branch to switch to a different account type. This is useful if you opened Chase Total Checking but realize you cannot meet the requirements to avoid the monthly fee — you can switch to Chase Savings or Chase find Checking instead.