Chase does not charge a fee to open a checking or savings account

Opening a checking or savings account at Chase costs nothing upfront. There is no account opening fee, no setup charge, and no minimum deposit required to create the account itself. You can walk into a branch, call 1-800-935-9935, or go online to chase.com and open an account at no cost.

What matters is what happens after you open it. Chase makes money from monthly maintenance fees if your account falls below certain thresholds, from overdraft fees if you spend more than you have, and from interest on loans. Understanding which accounts have which fees, and how to avoid them, is what actually determines your cost.

Key Takeaways

  • Chase charges no fee to open a checking or savings account, and no minimum deposit is required at account creation.
  • Most Chase checking accounts charge a $12 monthly service fee unless you meet one of several conditions: direct deposit, a minimum balance, or linked savings account with a minimum balance.
  • Chase savings accounts have no monthly fee but pay very low interest rates, typically well below 0.01% annual percentage yield.
  • Overdraft fees, out-of-network ATM fees, and wire transfer fees are separate charges that apply only if you use those services.
  • The total cost of your account depends on how you use it, not on opening it.

Monthly maintenance fees and how to avoid them

Chase's most common checking account is the Chase Total Checking account, which carries a $12 monthly service fee. You can waive this fee in three ways: set up a direct deposit of any amount, maintain a minimum daily balance of $1,500, or link a Chase savings account with a minimum daily balance of $300.

If you receive a paycheck by direct deposit, the fee disappears automatically. If you do not, you need to keep either $1,500 in checking or $300 in a linked savings account at all times. Many people choose the savings account route because $300 is easier to maintain than $1,500, and the savings account itself has no monthly fee.

Chase also offers the Chase Secure Banking account, which has no monthly fee and no minimum balance requirement. This account is designed for people who have had banking problems in the past or who want to avoid overdraft fees entirely. It does not come with a debit card or overdraft protection, so you cannot spend money you do not have.

Overdraft fees and other transaction charges

If you spend more money than you have in your account, Chase charges an overdraft fee of $35 per transaction. This fee applies each time a transaction pushes your balance negative, so a single day of overspending can result in multiple $35 charges. You can opt out of overdraft protection, which means transactions will simply be declined instead of going through and triggering a fee.

Other charges that may apply depending on how you use your account include: $2.50 for each out-of-network ATM withdrawal (using an ATM that is not Chase-owned), $15 for a wire transfer sent domestically, and $25 for a wire transfer sent internationally. Cashier's checks and money orders cost $10 each. These are not monthly fees — they only appear if you use these services.

Savings accounts and interest rates

Chase savings accounts have no monthly maintenance fee and no minimum balance requirement. You can open one at the same time as your checking account, at no additional cost. The trade-off is that Chase savings accounts pay very low interest rates, typically between 0.01% and 0.05% annual percentage yield depending on the account type and current market conditions.

This means if you keep $1,000 in a Chase savings account for a year, you might earn between $0.10 and $0.50 in interest. Online banks and credit unions often pay 10 to 50 times more. If you are saving money and want interest to work in your favor, a Chase savings account is useful mainly for meeting the minimum balance requirement to waive checking fees, not for earning meaningful returns.

How to open an account without visiting a branch

You can open a Chase account online at chase.com without going to a branch. The process takes about 10 minutes and requires a Social Security number, a government-issued ID, and a current address. You will need to fund the account with an initial deposit, though Chase does not require a minimum amount — even $1 will open the account.

You can also open an account by phone at 1-800-935-9935 or in person at any Chase branch. If you open online or by phone, a debit card will be mailed to you within 7 to 10 business days. In-branch openings sometimes issue a debit card on the spot, though this varies by location.

Student and senior accounts with different fee structures

Chase offers a Chase College Checking account for students under 25 with no monthly service fee and no minimum balance. This account waives the $12 fee automatically as long as you remain a student. Once you turn 25 or graduate, the account converts to a standard Chase Total Checking account and the monthly fee applies unless you meet one of the waiver conditions.

Chase also offers accounts for customers age 65 and older, though fee structures vary by state and branch. Contact your local Chase branch or call 1-800-935-9935 to ask about senior accounts in your area, as these programs are not uniformly available nationwide.

What happens if you close your account shortly after opening

Chase does not charge a fee to close an account. You can open an account, use it for a week, and close it without penalty. However, if you close the account within 90 days of opening it, Chase may flag your account and report it to ChexSystems, a banking history database. This can make it harder to open accounts at other banks for up to five years.

If you are testing whether Chase works for you, use the account for at least a few months before closing it. If you need to close it quickly, contact Chase customer service and explain your situation — they sometimes make exceptions to the 90-day rule.

Frequently Asked Questions

Do I need a minimum deposit to open a Chase account?

No. Chase does not require a minimum deposit to open an account. You can open with $1 or any amount you choose. However, if you want to avoid the $12 monthly checking fee, you will need to either set up direct deposit, maintain $1,500 in checking, or maintain $300 in a linked savings account.

What is the difference between Chase Total Checking and Chase Secure Banking?

Chase Total Checking charges $12 per month unless you meet a waiver condition, but it includes a debit card, overdraft protection, and ATM access. Chase Secure Banking has no monthly fee and no minimum balance, but it does not include overdraft protection or a debit card. Choose Secure Banking if you want to avoid overdraft fees entirely.

Can I avoid all fees by opening a Chase savings account instead of checking?

Yes, Chase savings accounts have no monthly fee and no minimum balance. However, you cannot use a savings account to pay bills or make everyday purchases the way you use checking. Most people open both: a checking account for spending and a savings account to meet the minimum balance requirement that waives the checking fee.

How long does it take to access my money after I open an account online?

If you fund your account with a transfer from another bank account, the money typically appears within one to three business days. If you deposit a check by mobile app, it takes three to five business days. Your debit card arrives by mail in seven to ten business days, though you can use your account online or by phone before the card arrives.

Will opening a Chase account hurt my credit score?

No. Opening a bank account does not affect your credit score. Chase may check ChexSystems, a banking history database, but this is not a credit check and does not appear on your credit report. Your credit score is only affected by credit products like loans and credit cards.