Chase does not charge a fee to open most of its checking and savings accounts
You can open a Chase checking or savings account with no opening fee. Chase makes money from the accounts later — through overdraft fees, monthly maintenance charges on certain accounts, or interest they earn on the money you deposit — not by charging you to start.
The real cost question is whether your account will charge you a monthly fee once it is open. That depends on which account you choose and whether you meet the bank's conditions to waive the fee. A Chase Total Checking account, for example, costs $12 per month unless you keep a minimum balance or set up direct deposit.
Key Takeaways
- Opening a Chase checking or savings account has no upfront fee, but some accounts charge a monthly maintenance fee after the account is open.
- Monthly fees range from $0 to $12 depending on the account type, and most can be waived if you meet conditions like direct deposit or a minimum balance.
- Chase Student Checking and Chase find Banking have no monthly fees and no minimum balance requirements.
- You will need a government ID, Social Security number, and initial deposit (usually $25 or more) to open an account in person or online.
- The account you choose should match how you plan to use it — frequent transfers, direct deposit, or international travel all have different account options.
Monthly fees and how to avoid them
Chase's most common account, Chase Total Checking, charges $12 per month. You can waive this fee in three ways: keep a minimum daily balance of $500, set up direct deposit of any amount, or maintain an average daily balance of $1,500. If you do none of these, you pay the $12.
Chase find Banking has no monthly fee and no minimum balance. This account is designed for people building credit or returning to banking after a gap. It comes with a debit card and online banking, but does not offer a checkbook and limits you to six withdrawals per month.
Chase Student Checking also has no monthly fee if you are under 24 and a full-time student. Once you turn 24 or stop being a full-time student, it converts to Chase Total Checking and the $12 monthly fee applies unless you meet one of the waiver conditions.
Savings accounts like Chase Savings have a $5 monthly fee that you can waive by keeping a $300 minimum balance or setting up a transfer of at least $25 per month from another account.
What you need to bring or provide
To open an account, you will need a government-issued photo ID (driver's license, passport, or state ID card), your Social Security number, and an initial deposit. Chase usually requires a minimum opening deposit of $25 for checking accounts and $25 for savings accounts, though this can vary.
You can open an account online, by phone, or in a Chase branch. Online is fastest — you can complete it in 10 to 15 minutes if you have your documents ready. If you open online, you will need to verify your identity through their system, which usually means answering security questions based on your credit history.
If you open in a branch, bring your ID and Social Security number in person. A banker will walk you through the account options and help you choose which type fits your needs. You can fund the account with a debit card, transfer from another bank, or a check on the spot.
Different account types and their costs
Chase offers several account types, each with different monthly fees and waiver conditions. The table below shows the main options and what you need to do to avoid paying a monthly fee.
| Account Type | Monthly Fee | How to Waive | Best For |
|---|---|---|---|
| Chase Total Checking | $12 | $500 minimum balance, direct deposit, or $1,500 average balance | Regular checking with full features |
| Chase find Banking | $0 | No fee to waive | Building or rebuilding credit |
| Chase Student Checking | $0 (until age 24) | No fee while student status qualifies | Full-time students under 24 |
| Chase Savings | $5 | $300 minimum balance or $25 monthly transfer | Saving money with interest |
| Chase Money Market Account | $25 | $10,000 minimum balance | Larger savings with higher interest |
Most people choose between Total Checking and find Banking. Total Checking gives you a full checkbook, unlimited transfers, and access to all Chase features. find Banking is simpler and has no fees, but limits you to six withdrawals per month and does not include checks.
Hidden costs beyond the monthly fee
Chase charges fees for things that happen after you open the account. An overdraft fee (when you spend more than you have) costs $35 per transaction. If you use an out-of-network ATM, Chase charges $3, though the other bank's ATM may charge an additional fee.
Wire transfers cost $15 for domestic transfers and $45 for international ones. Stopping a check costs $30. Closing an account within 90 days of opening it may result in a $25 early closure fee, though this varies by account type.
These are not automatic charges — they only happen if you do those specific things. But they are worth knowing about when you decide whether Chase is the right bank for you. If you plan to wire money frequently or use out-of-network ATMs often, these costs add up.
When Chase accounts might cost more than other banks
Chase's $12 monthly fee on Total Checking is higher than some online banks charge. Banks like Ally, Charles Schwab, and Discover offer checking accounts with no monthly fee and no minimum balance. If you cannot meet Chase's waiver conditions, you might save money elsewhere.
However, Chase has branches and ATMs in most cities, which matters if you need to deposit cash, get a cashier's check, or talk to someone in person. Online banks have no branches. That convenience costs money — the $12 monthly fee is partly what you pay for access to physical locations.
If you rarely visit a branch and can meet one of the waiver conditions (especially direct deposit), Chase Total Checking becomes free and may be worth it for the branch access. If you cannot meet the conditions and do not need branches, an online bank might be cheaper.
Frequently Asked Questions
Do I need a minimum balance to open a Chase account?
No. You need an initial deposit to fund the account (usually $25), but that is not a minimum balance you have to keep. A minimum balance is different — it is an amount you must maintain after opening to avoid a monthly fee. Chase Total Checking requires $500 minimum balance to waive the $12 fee, but you do not need that to open it.
Can I open a Chase account online if I do not have a Chase branch near me?
Yes. You can open any Chase account online and use it entirely through their website, mobile app, and ATMs. You will not be able to deposit cash at a branch, but you can deposit checks through the mobile app and transfer money from other banks. If you need to deposit cash, you would need to visit a branch or use a different bank.
What happens if I cannot meet the minimum balance to waive the fee?
You will be charged the monthly fee ($12 for Total Checking, $5 for Savings). The fee comes out of your account automatically each month. If you think you cannot keep the balance, consider Chase find Banking or a Student Checking account instead, both of which have no monthly fees.
Is there a fee if I close my account right after opening it?
Chase charges a $25 early closure fee if you close an account within 90 days of opening it. This applies to most account types. If you are unsure whether you want the account, wait at least 90 days before closing it, or call Chase to ask whether the fee applies to your specific account.
Can I open a Chase account by phone?
Yes. You can call Chase at 1-800-935-9935 to open an account over the phone. You will need your ID, Social Security number, and initial deposit information ready. Phone opening takes about 15 to 20 minutes. Online is usually faster, but phone works if you prefer to talk to someone.