Chase checking accounts have no minimum balance requirement to open or maintain
You do not need to keep a certain amount of money in a Chase checking account to keep it open. Chase does not charge a monthly fee for most of their checking accounts, and they do not require you to maintain a minimum balance to avoid that fee. This is true whether you open an account in person at a branch or online.
However, the account you choose matters. Chase offers several checking products, and the rules differ slightly between them. The most common account for people new to banking is the Chase Total Checking account, which has no minimum balance and no monthly maintenance fee.
Key Takeaways
- Chase Total Checking has no minimum balance requirement and no monthly fee, making it the simplest option for most people.
- Other Chase checking accounts like Chase Premier Plus Checking do have minimum balance requirements, so the account type you choose matters.
- Even if you fall below a minimum balance on accounts that have one, Chase will not close your account — they will charge a monthly fee instead.
- You can avoid monthly fees on premium accounts by maintaining the required balance or by setting up direct deposit.
The difference between Chase checking accounts
Chase offers three main checking accounts for personal use. Chase Total Checking is designed for everyday banking and has no minimum balance. Chase Premier Plus Checking requires you to maintain a minimum balance of $15,000 or set up direct deposit to avoid a $25 monthly fee. Chase find Checking is for people building or rebuilding credit and also has no minimum balance requirement.
If you are new to banking or do not have a large amount of money to deposit, Chase Total Checking is the right choice. It gives you a debit card, online banking, and access to Chase's ATM network without any balance requirement hanging over your account.
What happens if you drop below the minimum on accounts that have one
If you open a Chase Premier Plus Checking account and your balance falls below $15,000, Chase will charge you a $25 monthly maintenance fee. The account stays open — Chase does not close accounts for falling below the minimum. The fee straightforward appears on your statement each month until your balance goes back above $15,000 or you set up direct deposit.
Direct deposit is a way to have money sent automatically into your account from your employer or another source. If you set up direct deposit on a Premier Plus account, the $25 fee goes away even if your balance is lower than $15,000. This is one reason some people choose that account — they get extra features and perks in exchange for either keeping the balance high or having their paycheck deposited directly.
How to avoid fees on any Chase checking account
The simplest way to avoid fees is to open Chase Total Checking, which has no fees and no balance requirement. You can deposit as little as $25 to open it, and you never have to worry about a minimum.
If you want the extra features of a premium account like Chase Premier Plus Checking, you have two paths. You can keep your balance at or above $15,000, or you can set up direct deposit from your employer. Many people do both — they keep some money in the account and also have their paycheck deposited there automatically. This gives them a safety net in case their balance dips below the minimum in a given month.
Minimum balance requirements across different banks
Chase is not unusual in this. Most large banks offer at least one checking account with no minimum balance requirement. Banks like Bank of America, Wells Fargo, and Citibank all have no-minimum options alongside premium accounts that do require a balance.
The reason banks offer both is that they make money from the fees on premium accounts and from the interest they earn on the money you keep deposited. If you do not have much money to deposit, a no-minimum account costs them less, so they offer it at no fee. If you have more money, they offer premium accounts with perks like higher interest rates or fee waivers, hoping you will keep a large balance with them.
How to open a Chase checking account with no minimum
You can open Chase Total Checking online or at a Chase branch. Online, you will need a valid government ID, your Social Security number, and an initial deposit (as little as $25). The process takes about 10 minutes, and your account is usually ready to use the same day.
At a branch, bring the same documents and be prepared to show them to a banker. They will help you choose the right account, answer questions, and set up your debit card on the spot. You can start using your account when ready, though it may take a few business days for your debit card to arrive in the mail if you do not get it in person.
Frequently Asked Questions
Can I switch from a Chase account with a minimum to one without?
Yes. You can close your current account and open Chase Total Checking, or you can ask a banker to convert your existing account to Total Checking. Conversion is usually faster and simpler than closing and reopening. Call the number on the back of your debit card or visit a branch to ask.
What if I do not have $25 to open an account?
Contact Chase directly to ask about options. Some banks waive the initial deposit requirement in certain situations, though this varies by location and by the banker you speak with. A branch banker has more flexibility than an online process.
Does Chase charge fees for other things, like overdrafts?
Yes. Chase charges an overdraft fee if you spend more money than you have in your account. This is separate from the monthly maintenance fee. Chase Total Checking has no monthly fee, but overdraft fees still explore if you go negative. You can turn off overdraft protection to prevent this.
Do I earn interest on my checking account balance?
Chase Total Checking does not pay interest on your balance. If you want to earn interest, you would need to open a savings account or a money market account. Chase offers both, and interest rates vary based on how much you deposit and current market conditions.