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 zero opening fee. Chase does not require a minimum deposit to start the account, though some accounts have minimum balance requirements once the account is open — and those minimums vary by account type.

The cost to open is free. The cost to keep it open depends on which account you choose and whether you meet the bank's conditions to waive monthly fees. A Chase Total Checking account, for example, has a $12 monthly service fee, but Chase waives it if you maintain a $500 minimum daily balance, set up direct deposit, or use your Chase debit card 10 times per statement period.

Key Takeaways

  • Opening a Chase checking or savings account costs nothing — there is no process fee or opening deposit required.
  • Monthly maintenance fees range from $0 to $12 depending on the account type, but most can be waived by meeting one of several conditions.
  • Some accounts, like Chase Premier Plus Checking, require a higher minimum balance ($25,000) but offer more features and fee waivers.
  • You can open an account online, by phone, or in a Chase branch — the method does not affect the opening cost.

Monthly fees and how to avoid them

Chase's most common account, Total Checking, charges $12 per month. You can waive this fee by doing any one of these: keeping $500 in your account every day of the statement period, setting up a direct deposit of any amount, or swiping your Chase debit card 10 times in a month. Most people find the direct deposit route easiest if they receive a paycheck.

Chase Savings accounts charge $5 per month unless you keep a $300 minimum balance. Chase High Yield Savings has no monthly fee at all, which is why it has become the default savings choice for many customers.

If you want premium features — like higher interest rates, travel credits, or concierge services — Chase offers Premier Plus Checking and Premier Savings. These accounts require a $25,000 minimum balance but waive all monthly fees and often include perks like fee reimbursement for ATM withdrawals outside the Chase network.

How to open an account and what you will need

You can open a Chase account online, by phone, or in person at a branch. Online is fastest — the process takes about 10 minutes. You will need a valid government ID, your Social Security number, and a current address. Chase will run a soft credit check (which does not affect your credit score) and verify your identity.

If you open online, you can fund the account when ready with a transfer from another bank, or you can leave it empty and fund it later. There is no important date to make your first deposit. If you open in a branch, a banker can walk you through the account options and answer questions about which account fits your situation.

Accounts that have no monthly fee

Chase High Yield Savings is the only standard Chase savings account with no monthly maintenance fee and no minimum balance requirement. It also earns interest, which makes it useful if you are saving money rather than just keeping it in a checking account.

For checking, you have to meet one of the fee-waiver conditions to avoid the $12 monthly charge on Total Checking. There is no Chase checking account that has zero monthly fee with zero conditions — the trade-off is built into their pricing model.

What happens if you cannot meet the minimum balance

If you open Total Checking but cannot keep $500 in the account, do not set up direct deposit, and do not use your debit card 10 times a month, Chase will charge you $12 each month. This fee stacks — it does not reset or disappear if you miss one month. Over a year, that is $144.

If the $12 fee is a problem for you, consider Chase High Yield Savings instead. It has no monthly fee and no minimum balance. You can also use it alongside a checking account at another bank if you want to avoid Chase's checking fees entirely.

Special accounts for students and young people

Chase offers a student checking account with no monthly fee and no minimum balance. It is available to customers under 25 and converts to a regular Total Checking account once you turn 25. The student account has the same debit card and online banking as a regular account — the only difference is the fee structure.

If you are under 25, opening the student account costs nothing and has no monthly fee. Once you turn 25, you will need to meet one of the fee-waiver conditions on the converted Total Checking account, or you will start paying the $12 monthly fee.

Frequently Asked Questions

Do I need money to open a Chase account?

No. Chase does not require an opening deposit or minimum deposit to create the account. You can open it with a zero balance and fund it whenever you want. However, some accounts have minimum balance requirements to waive monthly fees — that is different from an opening requirement.

Can I open a Chase account online without going to a branch?

Yes. You can open most Chase accounts entirely online using their website or mobile app. The process takes about 10 minutes and requires your ID, Social Security number, and address. You do not have to visit a branch.

What if I want to close my account right after opening it?

You can close a Chase account at any time with no penalty. There is no early closure fee. If you have already paid a monthly fee, Chase will not refund it, but closing itself costs nothing.

Do I have to choose between checking and savings, or can I open both?

You can open both at the same time. Many people open a checking account for everyday spending and a savings account for money they want to set aside. Each account has its own fee structure and minimum balance requirements.

Will opening a Chase account hurt my credit score?

No. Chase runs a soft credit check when you open an account, which does not appear on your credit report and does not lower your score. Hard inquiries (the kind that affect your score) only happen when you explore for credit like a loan or credit card.