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

Opening a checking or savings account at Chase costs nothing. There is no account opening fee, no setup charge, and no deposit requirement to create the account itself. You can walk into a branch or open one online without paying to start.

What matters is what happens after you open it. Chase charges monthly maintenance fees on some accounts, and those fees depend on which account type you choose and whether you meet certain conditions to waive them. The account itself is free; the ongoing cost is what you need to understand before you decide which one to open.

Key Takeaways

  • Chase charges no fee to open a checking or savings account, but some accounts have monthly maintenance fees once they are open.
  • Chase Total Checking has a $12 monthly fee that disappears if you keep a $500 minimum balance or set up direct deposit.
  • Chase Savings has a $5 monthly fee that waives if you maintain a $300 minimum balance or link it to a may have access to checking account.
  • You can open an account online in minutes or at a branch, and you need a government ID, Social Security number, and initial deposit (which can be as small as $25 for some accounts).
  • If you cannot meet balance requirements, Chase Student Checking and some other account types have no monthly fees at all.

Monthly fees and how to avoid them

Chase Total Checking, the most common checking account, carries a $12 monthly maintenance fee. You can eliminate this fee in three ways: keep a $500 minimum daily balance, set up direct deposit of any amount, or maintain an average daily balance of $1,500. Most people use direct deposit because it requires no ongoing balance management.

Chase Savings has a $5 monthly maintenance fee. This waives if you keep a $300 minimum daily balance, link the savings account to a may have access to Chase checking account, or maintain an average daily balance of $300. The linked account option is the easiest for most people because the balance requirement is lower and you do not have to monitor two separate accounts.

Chase also offers Chase Student Checking, which has no monthly fee if you are under 25 and a student. Once you turn 25 or are no longer a student, it converts to Chase Total Checking and the $12 fee applies unless you meet one of the waiver conditions.

What you need to open an account

To open a Chase account online or in person, bring a government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit. The minimum deposit varies: Chase Total Checking typically requires $25, though this can change by location and promotion. Some accounts may require more.

If you open online, you can fund the account with a debit card, transfer from another bank, or mobile check deposit. If you open in a branch, you can pay cash or use a debit card. You do not need to have an existing Chase account or be a current customer.

Opening online takes about 10 minutes. Opening in a branch usually takes 15 to 30 minutes depending on how busy the location is. Both methods activate the account immediately, though transfers from other banks may take one to three business days to show up.

Differences between checking and savings accounts at Chase

Chase Total Checking is designed for frequent transactions. It comes with a debit card, online bill pay, mobile banking, and unlimited transfers and withdrawals. The $12 monthly fee applies unless you meet a waiver condition. This is the account most people open if they need a place to receive paychecks and pay bills.

Chase Savings is designed to hold money separate from spending. It has a lower monthly fee ($5) but limits you to six withdrawals per month (a federal rule that applies to most savings accounts). Transfers between your own Chase accounts do not count against this limit. If you need to move money frequently, a checking account is better.

Chase also offers money market accounts, which combine features of both and typically have higher monthly fees. For most people, a checking account paired with a savings account covers what they need.

Other costs you might encounter

Opening the account is free, but using it can generate other charges. Chase charges $3 for each out-of-network ATM withdrawal (ATMs owned by other banks). If you use Chase ATMs, which are widespread, there is no charge. Chase also charges $35 for a returned check and $35 for an overdraft, though you can turn off overdraft protection to prevent overdrafts from going through.

Wire transfers cost $15 to $20 depending on whether they are domestic or international. Cashier's checks cost $10. These are optional services you only pay for if you use them. The core account—checking, savings, debit card, online banking—costs nothing if you avoid the monthly maintenance fee.

How to compare Chase accounts before opening

Before you open, decide which waiver condition you can meet. If you receive a paycheck by direct deposit, Chase Total Checking is free and the best choice. If you do not have direct deposit but can keep $500 in the account, it still works. If neither applies, look at Chase Student Checking (if you may have access to) or ask about other account types at your local branch.

For savings, the $5 fee is small, but if you want to avoid it, linking to a checking account is the easiest path. You do not need to keep money in the checking account; the link alone waives the fee.

Chase's website shows current promotions, which sometimes offer bonus cash for opening an account and meeting deposit requirements. These bonuses are separate from the account fee and can offset the cost of opening if you were planning to open anyway.

Frequently Asked Questions

Can I open a Chase account without a Social Security number?

No. Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you do not have one, you cannot open a Chase account. Some banks offer accounts for people without a Social Security number, but Chase does not.

What happens if I cannot keep the minimum balance?

The monthly fee charges to your account each month. If your account balance is low, the fee can push you into overdraft. You can close the account at any time without penalty, or you can switch to a different Chase account type that has no monthly fee if one exists for your situation.

Do I have to open in person or can I do it online?

You can open online or in a branch. Online is faster and available 24/7. In-branch opening lets you ask questions and get help on the spot. Both methods are free and activate immediately.

Is there a fee to close a Chase account?

No. Chase does not charge to close an account. You can close it online, by phone, or in person. If you have a negative balance when you close, you owe that amount, but there is no separate closing fee.

Can I open multiple Chase accounts at the same time?

Yes. Many people open a checking account and a savings account together. You can open them both online in one session or open them separately. Each account has its own monthly fee structure, so you need to meet the waiver conditions for each one.