Chase has no account opening fee, but the minimum deposit to open varies by account type
Chase does not charge you to open a checking or savings account. However, most Chase accounts require a minimum opening deposit — the amount of money you must put in when you create the account. The size of that deposit depends on which account you choose.
For a basic Chase Total Checking account, the minimum opening deposit is $0. You can open it with no money down. For a Chase Premier Plus Checking account (their premium option), the minimum opening deposit is $25. For most Chase savings accounts, including Chase Savings and Chase Premier Savings, the minimum opening deposit is also $0.
If you open an account online, you will need a valid government ID, a Social Security number, and a way to fund the account — either a debit card, another bank account, or a wire transfer. You can also open an account in person at a Chase branch.
Key Takeaways
- Chase Total Checking has a $0 minimum opening deposit, so you can open it without putting any money in.
- Chase Premier Plus Checking requires a $25 minimum opening deposit at the time you open the account.
- Most Chase savings accounts also have a $0 minimum opening deposit.
- You will need a government ID, Social Security number, and a funding method to open an account online.
- Monthly maintenance fees vary by account type and can be waived if you meet certain balance or direct deposit requirements.
Monthly fees are separate from opening costs
The opening deposit is not the same as a monthly maintenance fee. Chase charges a monthly fee on some accounts, but not others. Chase Total Checking has a $12 monthly maintenance fee, but you can waive it by maintaining a $500 minimum daily balance, setting up direct deposit, or keeping a linked savings account with at least $500 in it.
Chase Savings has a $5 monthly maintenance fee, waived if you keep a $300 minimum daily balance. Chase Premier Plus Checking charges $25 per month, waived only if you maintain a $75,000 combined balance across Chase accounts or have a Chase mortgage or investment account.
If you do not meet the waiver requirements, the monthly fee will be deducted from your account every month. These fees are separate from the opening deposit and are ongoing costs, not one-time charges.
How to fund your account when you open it
When you open a Chase account online, you must provide a funding source — the way you will put money into the account to meet the minimum deposit (if there is one). Chase accepts several methods: a debit card from another bank, a checking or savings account at another bank (using your routing and account numbers), or a wire transfer.
If you are opening an account in person at a branch, you can also bring cash or a check. The funding happens immediately or within one business day, depending on the method. If you use a debit card or bank account transfer, the money usually appears the same day. A wire transfer typically takes one business day.
You do not have to use the same funding method to make future deposits. Once the account is open, you can deposit money by direct deposit, mobile check deposit, ATM deposit, or in-branch deposit.
Differences between Chase account types and their opening deposits
| Account Type | Minimum Opening Deposit | Monthly Fee | Fee Waiver Options |
|---|---|---|---|
| Chase Total Checking | $0 | $12 | $500 minimum balance, direct deposit, or linked savings with $500 |
| Chase Premier Plus Checking | $25 | $25 | $75,000 combined balance or Chase mortgage/investment account |
| Chase Savings | $0 | $5 | $300 minimum daily balance |
| Chase Premier Savings | $0 | $25 | $75,000 combined balance |
What happens if you cannot meet the minimum opening deposit
If you want to open a Chase account but do not have the opening deposit amount, your only option is Chase Total Checking, which has a $0 minimum. You can open it with no money in the account and add funds later. This is the most accessible Chase account for someone starting with no balance.
Once the account is open, you will owe the $12 monthly maintenance fee unless you meet one of the waiver requirements. If you cannot maintain a $500 balance, set up direct deposit, or link a savings account with $500, the fee will be charged each month. Plan for this cost before opening the account.
Opening an account online versus in person
Opening a Chase account online takes about 10 minutes and can be done from your phone or computer. You will need your Social Security number, a government ID (driver's license, passport, or state ID), and a funding source. The account is usually active the same day, though some features may take one business day to become available.
Opening in person at a Chase branch takes longer — typically 20 to 30 minutes — but you can bring cash or a check as your funding source, which some people find easier. You will still need your ID and Social Security number. The account is active immediately after you leave the branch.
Both methods are free. Chase does not charge more or less depending on how you open the account. The only difference is speed and the funding methods available to you at that moment.
Frequently Asked Questions
Can I open a Chase account with $0 and no direct deposit?
Yes, you can open Chase Total Checking with $0. However, you will owe the $12 monthly maintenance fee unless you meet a waiver requirement. If you cannot maintain a $500 balance or set up direct deposit, the fee will be charged every month.
What if I do not have a government ID?
Chase requires a valid government ID to open an account, whether online or in person. Acceptable IDs include a driver's license, passport, or state ID. If you do not have one, you cannot open a Chase account online. You may be able to open in person at a branch with alternative documentation, but you should call ahead to ask.
Can I open multiple Chase accounts at the same time?
Yes, you can open a checking account and a savings account at the same time. This can help you waive fees — for example, opening a linked savings account with $500 waives the $12 fee on Chase Total Checking. There is no limit to the number of accounts you can have, but each account with a monthly fee will charge separately if you do not meet the waiver requirements.
Is the opening deposit the same as the first deposit?
Yes. The opening deposit is the money you put into the account when you create it. For accounts with a $0 minimum, you do not have to make a deposit at all. For Chase Premier Plus Checking, you must deposit at least $25 at the time you open it.
What if I want to close my account right after opening it?
You can close a Chase account at any time with no penalty. If you opened it with a deposit and close it within a few days, Chase will not charge you a monthly fee. However, if you close it after the first full month, you will owe that month's maintenance fee unless you met a waiver requirement during that period.