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, or Chase Premier Plus Checking with zero dollars and add money later. However, some accounts do have minimum balance requirements once the account is open — meaning you need to keep a certain amount in the account to avoid monthly fees or to earn interest.
The account type you choose determines what you actually need to have on hand. A checking account meant for everyday spending works differently from a savings account designed to hold money and earn interest. Chase also offers premium accounts that come with higher balance requirements and more features.
Key Takeaways
- Most Chase checking and savings accounts require zero dollars to open, but some accounts charge a monthly fee if your balance falls below a certain level.
- Chase Total Checking has no monthly fee and no minimum balance requirement, making it the lowest-barrier option.
- Chase Premier Plus Checking requires you to maintain a $15,000 combined balance across your accounts to avoid a $25 monthly fee.
- You will need a government-issued ID, Social Security number, and initial contact information to open any account, regardless of deposit amount.
- If you cannot meet a minimum balance requirement, you can switch to a different account type or pay the monthly fee rather than close the account.
Checking accounts with no opening deposit or monthly fee
Chase Total Checking is the most straightforward option if you want to avoid any financial barrier. You can open it with zero dollars, and there is no monthly maintenance fee no matter how low your balance goes. This account includes a debit card, online banking, and the ability to make transfers and pay bills online.
Chase also offers Chase Student Checking for people under 24, which has the same zero-deposit, no-fee structure. If you are opening an account for a minor, Chase offers Chase First Banking, which requires a parent or guardian to co-own the account and also has no opening deposit requirement.
Accounts with minimum balance requirements
Chase Premier Plus Checking requires you to maintain a combined balance of $15,000 across all your Chase accounts to avoid a $25 monthly fee. This account is designed for people who keep larger amounts of money in the bank and want premium features like higher interest rates on deposits and waived fees on certain services. You do not need $15,000 to open it — only to keep the fee waived once it is open.
Chase Savings accounts have no monthly fee and no minimum balance requirement. However, if you want to earn a higher interest rate through Chase Premier Savings, you will need to maintain a $10,000 minimum balance. If your balance drops below that, you still earn interest, but at a lower rate.
Money Market accounts at Chase typically require a $2,500 opening deposit and a $2,500 minimum balance to avoid monthly fees. These accounts offer higher interest rates than standard savings accounts but come with limits on how many withdrawals you can make per month.
What you need to bring to open an account
Regardless of which account you choose, Chase will ask for the same basic information. You need a government-issued photo ID (driver's license, passport, or state ID card), your Social Security number, and a current mailing address. You will also need to provide a phone number and email address.
If you are opening an account online, Chase will verify your identity using information from your credit report and other databases. If you are opening an account in a branch, bring your ID and be prepared to answer questions about your employment and the source of funds you plan to deposit. You do not need to have money with you at the time — you can complete the entire process and fund the account later.
How to open an account with no money upfront
You can open a Chase Total Checking account online through Chase.com, through the Chase mobile app, or by visiting a branch in person. The online process takes about 10 minutes and does not require you to have any funds available. You will create a username and password, set up security questions, and choose how you want to receive statements.
Once your account is open, you can fund it by transferring money from another bank account, depositing a check through mobile deposit, or visiting a branch to make a cash deposit. You can also have your employer deposit your paycheck directly into the account. There is no time limit to make your first deposit — you can open the account and add money whenever you are ready.
What happens if you cannot maintain a minimum balance
If you open an account with a minimum balance requirement and your balance drops below that threshold, Chase will charge you a monthly fee. For Premier Plus Checking, that fee is $25 per month. For Money Market accounts, the fee is typically $25 per month as well. These fees are charged automatically on a set date each month.
You have options if you cannot maintain the balance. You can switch to a different account type with no minimum requirement — Chase allows you to change account types online or by calling customer service. You can also simply accept the monthly fee and keep the account open. Some people choose to pay the fee because they value the features or interest rates that come with the premium account.
Opening a joint account or account for someone else
If you want to open a joint account with another person, both account holders need to provide their ID and Social Security number. Chase will verify both identities before the account opens. Joint accounts have the same deposit and balance requirements as individual accounts — no opening deposit for most checking accounts, but minimum balances for some savings and money market products.
If you are opening an account for a minor, one parent or guardian must be the primary account holder and co-own the account with the child. The adult provides their ID and Social Security number; the minor does not need a Social Security number for Chase First Banking, though Chase will ask for one if available. These accounts have no opening deposit requirement.
Frequently Asked Questions
Can I open a Chase account with no money and no fees?
Yes. Chase Total Checking has no opening deposit requirement and no monthly maintenance fee regardless of your balance. You can open it online or in a branch and fund it whenever you choose.
What is the minimum balance to avoid fees on a savings account?
Chase Savings has no minimum balance and no monthly fee. Chase Premier Savings requires a $10,000 minimum balance to earn the higher interest rate, but you will not be charged a fee if your balance drops below that — you will simply earn a lower rate.
Do I need to bring cash or a check to open an account?
No. You can open an account with zero dollars and fund it later by transfer, direct deposit, mobile check deposit, or in-branch cash deposit. You only need your ID, Social Security number, and contact information.
What if I open an account and then close it within a few months?
Chase does not charge a penalty for closing an account early. However, if you close an account that had a monthly fee and your balance was below the minimum, you may owe that final month's fee before the account closes.
Can I change my account type if I cannot maintain the minimum balance?
Yes. You can switch to a different account type online, through the app, or by calling Chase customer service. Switching is free and takes a few minutes.