Chase does not charge a fee to open most of their checking or savings accounts

You can open a Chase checking account, savings account, or both without paying an opening fee. Chase makes money from the accounts you keep open — through overdraft fees if you spend more than you have, monthly maintenance fees on some account types, and interest they earn on the money you deposit. They do not charge you upfront to start.

The account you choose does matter for what you pay later. A basic Chase Total Checking account has no monthly fee if you keep a minimum balance or set up direct deposit. A Chase Premier Plus Checking account costs $25 per month unless you maintain a higher balance. A Chase savings account typically has no monthly fee at all. Before you open, you should know which account type fits your situation so you do not end up paying fees you did not expect.

Key Takeaways

  • Chase Total Checking and most Chase savings accounts have no opening fee and no monthly maintenance fee if you meet basic requirements like direct deposit or a minimum balance.
  • Premium accounts like Chase Premier Plus Checking charge a monthly fee ($25) unless you keep a higher balance in the account.
  • You will need a government-issued ID, Social Security number, and an initial deposit to open an account — the deposit itself is your money, not a fee.
  • Monthly fees kick in only if you do not meet the account's requirements, so understanding the terms before you open prevents surprise charges later.

What you need to bring to open an account

Chase requires a government-issued photo ID (a driver's license, passport, or state ID card), your Social Security number, and an initial deposit. The initial deposit is your own money going into the account — it is not a fee. Most Chase accounts require a minimum opening deposit of $25, though this varies by account type and location.

You can open an account in person at a Chase branch, online through their website, or by phone. Online is fastest if you have a valid ID and can verify your information electronically. In-person takes longer but may be easier if you are new to banking or do not have all your documents ready yet.

Monthly fees and how to avoid them

Chase Total Checking, their most common account, has no monthly fee if you meet one of these conditions: you set up direct deposit of any amount, you keep a $500 minimum balance, or you maintain an average daily balance of $500 in the account. If you do none of these, Chase charges $12 per month.

Chase savings accounts typically have no monthly maintenance fee. However, if you withdraw money from a savings account more than six times in a calendar month, federal rules allow Chase to charge a fee — usually $10 per excess withdrawal. This rule applies to most banks, not just Chase.

Other fees you might encounter: overdraft fees (usually $35 if you spend more than you have), out-of-network ATM fees (usually $2.50 if you use an ATM that is not Chase), and wire transfer fees. None of these are opening fees, but they are costs that can add up if you are not careful.

Different Chase account types and their costs

Chase Total Checking is free with direct deposit, a $500 minimum balance, or a $500 average daily balance. Without these, it costs $12 per month. This is the account most people choose when they are new to banking.

Chase Premier Plus Checking costs $25 per month unless you keep a $25,000 minimum balance or have $25,000 in combined Chase deposits. This account is designed for people who keep larger amounts of money in the bank.

Chase Savings has no monthly fee. Interest rates change based on what the Federal Reserve does, so the amount you earn on your deposit varies. You can open a savings account at the same time as a checking account.

Chase Money Market Account typically requires a higher opening deposit ($2,500 in many locations) and charges a monthly fee ($25) if you do not maintain that balance. This account offers higher interest rates in exchange for keeping more money in the account.

Online versus in-person opening

Opening online through Chase.com is free and usually takes 10 to 15 minutes. You will need a valid ID that you can photograph or scan, your Social Security number, and information about your income and employment. Chase verifies your identity electronically, and you can start using your account the same day in many cases.

Opening in person at a Chase branch is also free. A banker will help you choose the right account, answer questions, and process your paperwork on the spot. This route takes longer — usually 30 minutes to an hour — but is helpful if you have questions or are not comfortable with online banking yet.

What happens if you close your account

Chase does not charge a fee to close an account. You can close it online, by phone, or in person at a branch. If you have a balance remaining, Chase will send you a check or transfer the money to another bank account you provide. There is no penalty for closing early, even if you just opened the account.

Before you close, make sure any automatic payments or direct deposits are set up elsewhere. If a payment tries to go to a closed Chase account, it will be rejected, and you could face late fees from the company you owe money to.

Frequently Asked Questions

Do I have to keep money in the account to avoid fees?

It depends on the account. Chase Total Checking has no fee if you set up direct deposit of any amount, even $1 per paycheck. If you do not have direct deposit, you need to keep either a $500 minimum balance or a $500 average daily balance. If you cannot do either, the account costs $12 per month.

What is the minimum opening deposit?

Most Chase accounts require a $25 minimum opening deposit. Money Market accounts typically require $2,500. This money is yours — it stays in your account and you can spend it whenever you want.

Can I open an account if I do not have a Social Security number?

Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, you will need to contact Chase directly to ask about alternatives, though options are limited.

Will opening a Chase account hurt my credit?

No. Opening a bank account does not affect your credit score. Banks check your banking history through a system called ChexSystems, not your credit report. Having a bank account can actually help you build financial stability.

Can I open an account with someone else's money?

Yes, the opening deposit can come from anyone — a family member, a friend, or your employer. Once the account is open and in your name, only you can withdraw the money unless you set up the account as a joint account with someone else.