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 the account — you can open one with zero dollars and add 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 need to 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 $15 per month, depending on the account type.

The good news: Chase offers accounts with no minimum balance requirement at all. If you choose one of those, you will never be charged a monthly fee, no matter how low your balance goes.

Key Takeaways

  • You can open any Chase checking or savings account with $0 — there is no minimum opening deposit required.
  • Some Chase accounts charge a monthly fee if your balance falls below a certain amount, while others have no minimum balance requirement.
  • Chase's no-fee accounts include Chase find Banking and Chase Total Checking, both of which have zero minimum balance.
  • If you link accounts or set up direct deposit, you may unlock fee waivers on accounts that normally charge them.
  • You will need a government ID and Social Security number to open an account, but no initial money.

Which Chase accounts have no monthly fees

Chase find Banking is designed for people new to banking or rebuilding their banking history. It has no minimum balance requirement and no monthly fee. You get a debit card and online access. The main limitation is that you cannot write checks with this account, and there is a limit on how many transactions you can make per month.

Chase Total Checking is a standard checking account with no monthly fee if you meet one of these conditions: keep a $500 minimum balance, set up direct deposit of your paycheck, or maintain a linked Chase savings account with $500 in it. If you do none of those things, the monthly fee is $12. However, many people may have access to for the direct deposit waiver, which costs nothing.

Chase Savings has no monthly fee and no minimum balance. You earn a small amount of interest on the money you keep there, though the rate is low. This account is useful if you want a separate place to save without worrying about fees.

Accounts that do charge monthly fees

Chase offers premium accounts aimed at people with larger balances or higher income. Chase Premier Plus Checking charges $25 per month unless you keep a $25,000 minimum balance or have $100,000 across linked Chase accounts. Chase Sapphire Banking charges $30 per month and requires a $20,000 minimum balance to waive the fee.

These accounts are not designed for someone opening with no money. They are built for people who already have significant savings and want extra features like higher interest rates or priority customer service. If you are opening your first account or have a small balance, stick with Chase find Banking or Chase Total Checking.

What you actually need to bring to open an account

You need a valid government-issued photo ID — a driver's license, passport, or state ID card. You also need your Social Security number. Chase will verify both before opening the account.

You can open an account online, on the phone, or in person at a Chase branch. Online is usually fastest. You will not need to bring any money with you, and you will not be asked to make a deposit before the account is active.

If you open in person at a branch, bring your ID and have your Social Security number ready. If you open online, you will upload a photo of your ID and type in your information. Either way, the account opens when ready or within one business day.

How to avoid monthly fees once your account is open

If you open Chase Total Checking, the easiest way to avoid the $12 monthly fee is to set up direct deposit. This means your employer or a government benefit (like Social Security) deposits your paycheck directly into the account. You do not have to keep any balance — even if you spend every dollar, there is no fee as long as direct deposit is active.

If you do not have direct deposit, you can keep a $500 minimum balance instead. Or you can open a linked Chase Savings account and keep $500 there. Any of these three options waives the fee.

For Chase find Banking, there is no monthly fee under any circumstance. You straightforward open it and use it. This makes it the simplest choice if you are unsure whether you will meet a minimum balance or set up direct deposit.

What happens if you cannot maintain the minimum balance

If you open an account that has a minimum balance requirement and your balance drops below it, Chase charges you a monthly fee. The fee appears on your statement and is deducted from your account automatically.

You can avoid this by switching to an account with no minimum balance requirement. Chase allows you to change account types at any time, usually through online banking or by calling customer service. There is no penalty for switching. If you have already been charged a fee, you can sometimes ask Chase to reverse one or two fees if this is your first time, but this is not may provide.

The simplest approach: if you are not sure you can maintain a balance, open Chase find Banking from the start. It has no minimum and no fee, so you will never face this problem.

Frequently Asked Questions

Do I need to deposit money on the day I open the account?

No. You can open the account with $0 and deposit money whenever you want. Many people open online and then transfer money from another bank the next day, or wait until their first paycheck arrives.

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

Chase uses ChexSystems, a banking history report, to decide whether to open accounts. If you were denied in the past, you can still open Chase find Banking, which has fewer restrictions. Call Chase or visit a branch to ask which accounts you are may be able to access for.

What if I want to open an account but do not have a Social Security number?

Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN). If you do not have either, you cannot open a Chase account. Some other banks have different rules, so you may want to check with a local credit union or community bank.

Is there a fee to close a Chase account?

No. You can close a Chase account at any time with no penalty. If you have a balance, Chase will send you a check or let you transfer the money out before closing.

Can I open multiple Chase accounts at the same time?

Yes. You can open a checking account and a savings account on the same day. Some people do this to keep spending and saving separate, or to meet the minimum balance requirement on a checking account by linking a savings account.