Minimum deposit requirements vary by account type
Chase does not require a minimum deposit to open most of their checking and savings accounts. You can open a Chase Total Checking account, Chase Savings account, or Chase Money Market account with $0 in your pocket. However, some accounts do have opening deposit requirements, and all accounts have monthly fees unless you meet specific conditions to waive them.
The accounts with no opening deposit requirement are the most common ones people use. Chase Total Checking, Chase Savings, and Chase Student Checking all start at zero dollars. What matters more than the opening deposit is whether you can avoid the monthly maintenance fee once the account is open.
Key Takeaways
- Most Chase checking and savings accounts require no money to open, but they charge a monthly fee unless you meet waiver conditions.
- Chase Total Checking waives its $12 monthly fee if you maintain a $500 minimum balance or set up direct deposit.
- Chase Savings waives its $5 monthly fee if you keep $300 in the account or link it to a Chase checking account.
- Some specialty accounts like Chase Premier Plus Checking require $25,000 to open and are designed for customers with higher balances.
- You can open an account online, by phone, or in a branch, and you'll need a government ID and Social Security number.
Monthly fees and how to avoid them
Chase Total Checking charges $12 per month, but you can waive it two ways: keep a minimum daily balance of $500, or set up direct deposit of any amount. Direct deposit is the easier path for most people because it requires no balance at all. If you get paid by your employer or receive regular transfers, that counts.
Chase Savings charges $5 per month unless you maintain a $300 minimum balance or link the account to a Chase checking account. Linking is free and automatic once you set it up, so many people choose that route to avoid the fee entirely.
Chase Money Market accounts charge $25 per month but waive the fee if you keep $2,500 in the account. This account earns interest on your balance, so it works better for people who already have money to deposit.
Accounts that do require an opening deposit
Chase Premier Plus Checking requires $25,000 to open. This account is designed for customers with larger balances and offers benefits like higher interest rates on checking balances, waived fees on certain services, and access to a dedicated banker. If you don't have $25,000 on hand, this account is not an option.
Chase Private Client accounts require even larger deposits and are aimed at customers with substantial wealth. These are not accounts for everyday banking.
What you need to bring or provide
Whether you open an account online, by phone, or in a Chase branch, you will need a government-issued photo ID and your Social Security number. Chase verifies your identity and checks your banking history through ChexSystems, which is a database that tracks checking and savings account behavior across banks.
If you open online or by phone, you'll provide this information electronically. If you open in a branch, bring your ID and be ready to give your Social Security number verbally. The process takes about 10 to 15 minutes.
You do not need to bring a deposit with you. If you want to fund the account immediately, you can transfer money from another bank account, deposit cash at a Chase ATM or branch, or wait for your first direct deposit to arrive.
How to fund your account after opening
Once your account is open, you have several ways to add money. The fastest is a transfer from another bank account you own, which usually clears within one business day. You can also deposit cash at any Chase ATM or walk into a branch and hand cash to a teller.
If you set up direct deposit from your employer or a government benefit, that money will arrive on your regular pay schedule. Mobile check deposit through the Chase app lets you photograph a check and deposit it without visiting a branch.
If you have no money to deposit right now, that is fine—you can open the account and fund it later. Just remember that if you open Chase Total Checking without direct deposit, you need to deposit at least $500 before the first monthly fee hits to avoid the charge.
Accounts for people with no banking history
Chase Student Checking is designed for people under 24 and has no opening deposit requirement and no monthly fee. If you are a student or under 24, this is the easiest account to open. The account converts to Chase Total Checking when you turn 24, at which point the $12 monthly fee applies unless you meet the waiver conditions.
If you have been denied a bank account before or have a negative ChexSystems record, Chase may still open an account for you, but you should call ahead or visit a branch to ask. Some Chase locations are more flexible than others, and speaking to a banker directly can help you understand your options.
Opening your account online versus in person
Opening online is faster and can be done anytime. You provide your ID information, Social Security number, and initial funding details through the Chase website or app. The account is usually ready to use within a few minutes, though transfers from other banks take one business day to clear.
Opening in a branch takes longer but gives you a chance to ask questions and get help setting up direct deposit or linking accounts. If you are uncomfortable with online banking or want to deposit cash immediately, a branch visit makes sense. You can find your nearest Chase branch on their website.
Opening by phone is also an option. Call Chase customer service and a representative will walk you through the process. This works well if you have questions or prefer to talk to a person.
Frequently Asked Questions
Can I open a Chase account with no money at all?
Yes. Most Chase checking and savings accounts require no opening deposit. You can open the account with $0 and fund it later through transfer, direct deposit, or cash deposit. Just be aware that monthly fees will apply unless you meet the waiver conditions.
What happens if I don't meet the minimum balance requirement?
Chase will charge the monthly maintenance fee. For Chase Total Checking, that is $12. For Chase Savings, that is $5. You can avoid the fee by setting up direct deposit, maintaining the required balance, or linking accounts. If you miss a month, you can still waive future fees by meeting the conditions going forward.
Do I need a Social Security number to open a Chase account?
Yes. Chase requires your Social Security number to verify your identity and check your banking history. If you do not have a Social Security number, you may not be able to open an account, though you should contact Chase directly to ask about alternatives.
How long does it take to open a Chase account?
Online or by phone, the process takes 10 to 15 minutes and the account is usually ready immediately. In-branch, it takes about 15 to 20 minutes. Transfers from other banks take one business day to clear, but you can use the account right away.
Can I open multiple Chase accounts at once?
Yes. You can open a checking account and a savings account in the same visit or session. Linking them together waives the savings account fee, so many people open both at the same time for that reason.