Chase checking and savings accounts have no minimum opening deposit
You can open a Chase checking or savings account with $0. Chase does not require you to deposit any money upfront to create the account. Once the account is open, you can deposit money whenever you want—or leave it empty if you choose.
The confusion usually comes from minimum balance requirements, which are different from opening deposits. Some Chase accounts charge a monthly fee if your balance falls below a certain amount, but that fee only kicks in after the account exists. You do not need to meet any balance to open the account itself.
Key Takeaways
- Chase checking and savings accounts require no money to open—you can start with a $0 balance.
- Some accounts charge a monthly fee if your balance drops below a set amount, but this happens after you open the account, not before.
- You can waive monthly fees on most Chase accounts by setting up direct deposit or maintaining a minimum balance.
- You will need a government ID, Social Security number, and proof of address to open any Chase account, regardless of how much money you bring.
Monthly fees and how to avoid them
Chase's most common checking account is the Chase Total Checking. It has a $12 monthly fee, but you can waive it by doing one of these: setting up direct deposit, maintaining a $500 minimum balance, or keeping $500 in linked savings. If none of those apply to you, you pay the $12 each month.
Chase also offers Chase Secure Banking, which has no monthly fee and no minimum balance. This account is designed for people building credit or with banking history issues. It comes with a debit card and online access, just like other Chase accounts.
If you want to avoid fees entirely and do not may have access to for Secure Banking, the $500 minimum balance is usually the easiest path. That money stays yours—it is not a deposit you lose. You just have to keep it in the account.
What you actually need to bring to open an account
Chase requires a government-issued photo ID, your Social Security number, and proof of your current address. The address proof can be a utility bill, lease, or recent bank statement. You do not need to bring cash or a check.
You can open an account online, by phone, or in person at a Chase branch. Online is fastest—it usually takes a few minutes. In-person takes about 15 minutes. By phone, expect 20 to 30 minutes.
If you open online, Chase will verify your identity using information from your credit file. If something does not match, they may ask you to visit a branch or call to complete the process.
Savings accounts and money market accounts
Chase savings accounts also have no opening deposit requirement. The Chase Savings Account has a $25 minimum balance to avoid a $5 monthly fee. Like checking, you can waive the fee by maintaining that balance or by linking it to a checking account with direct deposit.
Chase also offers a Money Market Account, which pays higher interest but has a $25,000 minimum balance. This is not an account for someone just starting out—it is for people with substantial savings who want better interest rates.
Opening an account online versus in person
Opening online is faster and requires no trip to a branch. You upload photos of your ID, enter your information, and the account opens within minutes. You can start using it the same day through the Chase app or website.
Opening in person at a branch takes longer but can be helpful if you have questions or if your online application gets flagged. A banker can walk you through the process and explain fee waivers specific to your situation. Bring your ID, Social Security number, and proof of address.
If you open online and something goes wrong—Chase cannot verify your identity, for example—they will tell you to visit a branch. This usually happens within a few days of your application.
What happens after you open the account
Once your account is open, Chase will mail you a debit card within 7 to 10 business days. You can use your account online or through the app immediately, even before the card arrives. You can transfer money in from another bank, deposit checks through the mobile app, or visit a Chase branch to deposit cash.
If you set up direct deposit, your employer's paycheck will land in the account automatically. This also waives the monthly fee on most Chase checking accounts, so it is worth setting up if your employer offers it.
Frequently Asked Questions
Do I need to deposit money when I open the account?
No. You can open a Chase account with $0 and deposit money later. Chase does not require any opening deposit for checking or savings accounts.
What is the difference between an opening deposit and a minimum balance?
An opening deposit is money you bring when you create the account—Chase does not require one. A minimum balance is money you must keep in the account after it is open to avoid a monthly fee. These are separate things.
Can I open an account if I do not have a Social Security number?
No. Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. This is a federal banking requirement, not a Chase policy.
How long does it take to open a Chase account?
Online applications usually complete in minutes. In-person at a branch takes about 15 minutes. By phone, expect 20 to 30 minutes. Your debit card arrives by mail within 7 to 10 business days, but you can use the account immediately.
What if I cannot maintain the minimum balance?
If you cannot keep $500 in checking or $25 in savings, you will pay the monthly fee—$12 for checking, $5 for savings. Chase Secure Banking has no minimum balance and no monthly fee, so that is an option if fees are a problem.