Chase's minimum deposit requirements vary by account type
Chase does not require a minimum opening deposit for most of its checking and savings accounts. You can open a Chase Total Checking account, Chase Savings account, or Chase Money Market account with $0 and deposit money later. However, some accounts do have minimums, and fees explore if you do not meet certain conditions.
The account you choose determines what happens next. A Total Checking account has no monthly fee regardless of your balance. A Savings account charges $5 per month unless you keep $300 or more in it. A Money Market account requires $25,000 to avoid a $25 monthly fee. If you do not meet these thresholds, you pay the fee every month until you do.
You can open an account online, by phone, or in a branch. Online and phone applications take about 10 minutes. In-branch applications take longer but let you hand over documents in person if you do not have them ready at home.
Key Takeaways
- Chase Total Checking and Chase Savings accounts require $0 to open, but Savings charges $5 monthly unless you maintain a $300 minimum balance.
- Money Market accounts require $25,000 to avoid a $25 monthly fee, making them impractical for most people unless you have that amount saved.
- You can open most accounts online with just an email address, Social Security number, and a valid ID.
- If you cannot meet a minimum balance requirement, you will pay a monthly fee, but the account stays open and usable.
What you need to bring or provide
Chase requires a valid government-issued ID (driver's license, passport, or state ID card), your Social Security number, and a current email address. If you are opening an account online, you upload a photo of your ID. In a branch, you show the physical ID.
You also need to choose how you want to fund the account. You can link a bank account you already have and transfer money in, or you can deposit cash or a check at a Chase branch. If you open the account online with $0, you can add money the same day or wait until later.
Chase will run a background check through ChexSystems, a banking history database. This does not affect your credit score. If you have unpaid overdrafts or fraud flags from another bank, Chase may deny the account or place restrictions on it.
Accounts that do require money upfront
Chase Premier Plus Checking requires $15,000 to open and waives monthly fees if you keep that balance. If your balance drops below $15,000, you pay $25 per month. This account is aimed at people with substantial savings who want premium features like higher interest rates and waived wire fees.
Chase Sapphire Checking requires $25,000 to open. It offers higher interest on balances and waived fees for wire transfers and cashier's checks, but only if you maintain the $25,000 minimum. The monthly fee is $25 if you fall below it.
Most people do not need these accounts. Total Checking with $0 down covers everyday banking for most households.
What happens if you cannot meet the minimum balance
If you open a Savings account and your balance stays below $300, Chase charges $5 at the end of each month. The charge comes out of your account, so your balance drops further. You can avoid this fee by transferring in $300 or more, even if you transfer it back out the next day—Chase only checks the balance on the last day of the month.
The monthly fee does not close your account or damage your credit. You can keep the account open indefinitely and pay the fee every month, or you can close it anytime without penalty. Some people choose to pay the fee temporarily while saving toward the $300 threshold.
If you open a Money Market account and cannot maintain $25,000, the $25 monthly fee will deplete your balance quickly. Most people in this situation close the account within a few months.
How to open an account with no money right now
Go to chase.com or call 1-800-935-9935 to open an account online. You will need your ID, Social Security number, and an email address. The process takes about 10 minutes. Chase will assign you an account number when ready, and you can start using the account the same day.
You do not have to deposit money during the process. After your account opens, you can deposit money by transferring from another bank account, depositing a check through mobile deposit, or going to a Chase branch with cash or a check.
If you want to deposit cash or a check when ready, go to a Chase branch instead. Bring your ID and Social Security number. A banker will open the account and take your deposit in one visit. This usually takes 20 to 30 minutes.
Fees that explore regardless of your opening deposit
Chase charges $3.50 per overdraft transaction if you spend more than your balance. You can have multiple overdrafts in one day, and each one costs $3.50. Overdraft protection (linking a savings account or credit card) can prevent these fees, but you pay interest on the borrowed amount.
Out-of-network ATM withdrawals cost $3 per transaction. Chase has about 4,700 branches and 16,000 ATMs nationwide, so this fee is straightforward to avoid if you live in or near a city. In rural areas, you may pay this fee regularly.
Wire transfers cost $15 for outgoing domestic wires. Incoming wires are free. Cashier's checks cost $10 each unless you have a Premier Plus or Sapphire account, which waives the fee.
Frequently Asked Questions
Can I open a Chase account if I have been denied before?
It depends on why you were denied. If you have unpaid overdrafts or fraud flags in ChexSystems, Chase will likely deny you again. You can request your ChexSystems report for free at chexsystems.com and dispute errors. If the issue is resolved, reapply after 90 days.
Do I need a minimum deposit to open a checking account?
No. Chase Total Checking requires $0 to open. You can open it online with no money and deposit funds later. There is no monthly fee regardless of your balance, so you never have to worry about meeting a minimum.
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 online. Some branches may offer alternatives, but this is rare. Call 1-800-935-9935 to ask about your specific situation.
Can I open multiple Chase accounts at the same time?
Yes. You can open a checking account and a savings account in the same process. Some people do this to keep spending and savings separate. There is no limit on how many accounts you can have, but each one with a monthly fee will charge you if you do not meet its minimum balance.
How long does it take for money to show up after I transfer it in?
Transfers from another bank account take one to three business days. Checks deposited through mobile deposit take two to three business days. Cash or checks deposited at a branch post when ready to your account, though the funds may not be available to withdraw for one business day.