Chase accounts have no required opening deposit
You do not need to put any money into a Chase account when you open it. Chase does not charge an opening deposit for checking or savings accounts. You can walk into a branch, open an account with zero dollars, and leave with a debit card and account number.
What matters instead is what happens after you open the account. Chase charges monthly maintenance fees on most accounts unless you meet certain conditions — usually a minimum balance or a regular direct deposit. If you do not meet those conditions, the fee typically runs $12 per month for a checking account.
The account itself costs nothing to start. The cost comes from keeping it open without meeting the fee waiver requirements.
Key Takeaways
- Chase checking and savings accounts require no money to open, but most charge a $12 monthly fee unless you maintain a minimum balance or set up direct deposit.
- The minimum balance to waive the fee varies by account type — usually $500 to $1,500 for checking accounts.
- Direct deposit from an employer or government benefit counts as a fee waiver on most Chase accounts, regardless of the deposit amount.
- You can open an account online, by phone, or in a branch, and you do not need to fund it on the day you open it.
Monthly fees and how to avoid them
Chase's most common checking account is the Chase Total Checking. It charges $12 per month unless you meet one of these conditions: maintain a $500 minimum daily balance, set up a direct deposit of any amount, or maintain a linked savings account with a $300 minimum balance.
Chase also offers the Chase find Checking account, designed for people building credit or with banking history issues. This account has a $25 monthly fee, but it waives if you maintain a $500 minimum balance or set up direct deposit.
Savings accounts work the same way. Chase Savings charges $5 per month unless you keep $300 in the account or link it to a checking account that meets its own fee waiver. If you have direct deposit set up on a checking account, that often covers the savings account fee as well.
The fee waiver is automatic — you do not have to ask for it. Chase tracks your balance or direct deposit activity and removes the charge if you may have access to.
What you actually need to bring or provide
To open an account, you need a government-issued ID (driver's license, passport, or state ID card) and a Social Security number. If you open in person, bring the ID. If you open online or by phone, you will enter your Social Security number and answer identity verification questions.
You do not need a deposit. You do not need an existing Chase account. You do not need a minimum credit score — Chase does not run a credit check to open a checking or savings account.
If you want to fund the account on the day you open it, you can bring a check, transfer money from another bank account, or deposit cash at a Chase ATM or branch. But none of that is required to complete the opening process.
Opening online versus in a branch
Chase lets you open most accounts online without visiting a branch. The process takes about 10 minutes. You enter your personal information, choose your account type, verify your identity, and you are done. Your account number appears when ready, and you can set up direct deposit or transfers right away.
Opening in a branch takes longer — usually 20 to 30 minutes — but a banker can answer questions and help you set up additional services like bill pay or linked accounts. Some people prefer this if they plan to deposit cash or have questions about which account fits their situation.
You can also open by phone by calling Chase at 1-800-935-9935. A representative will walk you through the same process as the online process.
Whichever method you choose, you will receive a debit card in the mail within 7 to 10 business days. You can use your account number to set up direct deposit or transfers before the card arrives.
Minimum balance requirements by account type
| Account Type | Monthly Fee | Balance to Waive Fee | Direct Deposit Waives Fee |
|---|---|---|---|
| Chase Total Checking | $12 | $500 minimum daily balance | Yes, any amount |
| Chase find Checking | $25 | $500 minimum daily balance | Yes, any amount |
| Chase Savings | $5 | $300 minimum daily balance | Yes, if linked checking has direct deposit |
| Chase Money Market Account | $25 | $25,000 minimum daily balance | No |
The balance requirement is a daily minimum, not an average. If your balance drops below the threshold on any single day, the fee applies that month. If you have direct deposit set up, the balance does not matter — the fee waives automatically.
What happens if you cannot meet the minimum balance
If you cannot maintain the minimum balance and do not have direct deposit, you will pay the monthly fee. This is not a penalty — it is how Chase structures its accounts. The fee appears on your statement each month you do not meet the waiver condition.
You can close the account at any time without penalty. There is no early closure fee or waiting period. If you decide Chase is not the right fit, you can move your money to another bank.
Some people keep a Chase account specifically for direct deposit and use another bank for savings. Others use the account only when they have money to deposit and close it when they do not. There is no lock-in.
Frequently Asked Questions
Can I open a Chase account with no money and no direct deposit?
Yes, you can open the account with zero dollars. You will pay the monthly fee ($12 for checking, $5 for savings) unless you later deposit enough to meet the minimum balance or set up direct deposit. The account is yours to use however you want.
Does direct deposit have to be from my job?
No. Direct deposit from an employer, government benefit (Social Security, unemployment, tax refund), or pension counts. Any recurring deposit from an outside source that hits your account automatically waives the fee.
What if I open an account and then never use it?
Chase will charge the monthly fee each month until you close the account or meet a fee waiver condition. If the account sits inactive with a zero balance, the fee still applies. You can close it online, by phone, or in a branch at any time.
Can I open more than one Chase account?
Yes. You can have multiple checking accounts, multiple savings accounts, or both. Each account has its own fee structure and minimum balance requirement. Some people open separate accounts for different purposes — one for bills, one for savings, one for a specific goal.
Do I need a Chase credit card to open a checking account?
No. Checking and savings accounts are separate from credit cards. You do not need any existing relationship with Chase to open a deposit account.