Chase does not charge an upfront fee to open most checking or savings accounts
You can open a Chase checking or savings account with no opening fee. Chase makes money from the accounts through monthly maintenance fees (if your balance or direct deposits fall below certain thresholds), overdraft fees, and interest on loans — not from charging you to start.
The real cost question is whether you will pay a monthly fee once the account is open. That depends on which account type 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 maintain a $500 minimum balance, set up direct deposit, or keep a linked savings account with at least $300 in it.
You do need to bring an initial deposit when you open the account in person, or fund it when ready if you open online. Chase does not specify a minimum opening deposit amount on its website, but most people deposit at least $25 to $100 to avoid triggering overdraft fees on the first transaction.
Key Takeaways
- Chase charges no fee to open a checking or savings account, but most accounts carry a monthly maintenance fee unless you meet specific conditions.
- The monthly fee for Chase Total Checking is $12, but it disappears if you maintain a $500 minimum balance, set up direct deposit, or link a savings account with $300.
- You will need an initial deposit to fund the account when you open it, though Chase does not publish a minimum amount.
- Different Chase account types have different fee structures and waiver conditions, so the cost depends on which account you choose.
Monthly fees vary by account type
Chase offers several checking and savings products, each with its own fee structure. Chase Total Checking costs $12 per month but the fee waives if you meet one of three conditions: keep a $500 minimum daily balance, set up direct deposit of any amount, or maintain a linked Chase savings account with at least $300. Chase find Checking, designed for people building credit, costs $4.95 per month with no waiver options.
Chase savings accounts also carry monthly fees. Chase Savings costs $5 per month unless you maintain a $300 minimum balance. Chase Money Market Account costs $25 per month unless you keep a $2,500 minimum balance. These are the standard fees as of now, but Chase changes its fee structure periodically, so confirm the current terms on the Chase website or by calling 1-800-935-9935 before you open.
If you are under 18, Chase find Student Checking has no monthly fee. If you are 65 or older, Chase offers Chase Bank Checking for Seniors with no monthly maintenance fee. These accounts are designed for specific groups and have different features and limits than the standard accounts.
How to open an account and what you will need
You can open a Chase account online, by phone, or in person at a Chase branch. Online is the fastest route — you can complete the process in 10 to 15 minutes from your computer or phone. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit method (a debit card, bank account, or cash if you go to a branch).
If you open online, Chase will ask for your name, address, date of birth, and employment status. You will choose which account type you want and fund it when ready using a debit card or by transferring money from another bank account. Chase will verify your identity during the process, which usually takes a few minutes.
If you open in person at a branch, bring your ID and Social Security number, and be ready to make your initial deposit. The banker will walk you through the account options and help you choose based on your expected balance and deposit habits. In-person opening takes 20 to 30 minutes.
Overdraft fees and other costs to watch for
Opening the account is free, but overdraft fees are not. If you spend more than you have in your account, Chase charges $35 per overdraft transaction. This fee can stack — if you make five transactions that overdraw your account on the same day, you pay $35 five times. Chase does offer overdraft protection, which links your checking account to a savings account or credit line and transfers money automatically if you overdraw, but that service has its own terms.
Chase also charges fees for certain services: $3 per out-of-network ATM withdrawal (though Chase has a large ATM network), $15 for a wire transfer sent domestically, and $25 for a wire transfer sent internationally. These are not opening costs, but they are real expenses if you use those services regularly.
If you close your account within 90 days of opening it, Chase may charge a $25 early closure fee. This is rare and applies only if you open and close very quickly, but it is worth knowing if you are testing the account.
How Chase compares to other banks on opening costs
Most major banks — Bank of America, Wells Fargo, Citibank — also charge no upfront fee to open a checking account. The difference is in the monthly maintenance fees and the conditions to waive them. Bank of America's Checking Account costs $12 per month but waives the fee with a $1,500 minimum balance or direct deposit. Wells Fargo's Everyday Checking costs $10 per month and waives with a $500 minimum balance or direct deposit.
Some online banks like Ally, Charles Schwab, and Discover have no monthly fees at all, which makes them cheaper than Chase if you cannot meet Chase's waiver conditions. However, online banks have no physical branches, so if you need to deposit cash or speak to someone in person, Chase may be worth the monthly fee.
Credit unions often have lower fees than Chase, but you must be a member of the credit union to open an account, and membership usually requires living or working in a specific area or belonging to a particular employer or organization.
What happens after you open the account
Once your account is open, you will receive a debit card in the mail within 7 to 10 business days. You can use your online banking login to access your account when ready and set up bill pay, transfers, and alerts. If you set up direct deposit, your employer can start depositing your paycheck within one or two pay cycles.
Chase will send you monthly statements either by mail or email, depending on what you choose during setup. You can view your balance and transaction history anytime through the Chase mobile app or website. If you need to add a second person to the account (a joint account holder), you can do that online or at a branch, though Chase may require that person to verify their identity in person.
Your first monthly fee (if applicable) will post 30 days after you open the account. If you set up a waiver condition — like direct deposit — before that date, the fee will not charge. If you do not meet any waiver condition and do not want to pay the monthly fee, you can close the account before the 30-day mark to avoid it, though you will still need to withdraw or transfer any remaining balance.
Frequently Asked Questions
Do I need a minimum deposit to open a Chase account?
Chase does not publish a specific minimum opening deposit, but you must fund the account when you open it. Most people deposit $25 to $100 to avoid overdraft fees on early transactions. You can fund it with a debit card, transfer from another bank, or cash if you open in person at a branch.
Can I avoid the monthly fee?
Yes, for most Chase accounts. Chase Total Checking waives its $12 monthly fee if you keep a $500 minimum balance, set up direct deposit, or maintain a linked savings account with $300. Other account types have different waiver conditions. Check the specific account terms before you open to see which condition is easiest for you to meet.
What if I do not meet the waiver conditions?
You will be charged the monthly maintenance fee. For Chase Total Checking, that is $12 per month. You can close the account anytime without penalty (unless you close within 90 days of opening, which triggers a $25 early closure fee), or you can switch to a different Chase account type with lower fees or easier waiver conditions.
How long does it take to open an account online?
Online account opening usually takes 10 to 15 minutes. You will need your ID, Social Security number, and an initial deposit method. Your account will be active when ready, though your debit card will arrive by mail in 7 to 10 business days. You can use your online login to access the account right away.
Are there fees for using Chase ATMs?
No. Chase does not charge a fee to use any Chase ATM. If you use an ATM that is not owned by Chase, you will be charged $3 per withdrawal. Chase has thousands of ATMs nationwide, so you can usually find one nearby without paying a fee.