How Much Money You Need to Open a Chase Bank Account

Chase does not require a minimum deposit to open most checking and savings accounts

You can open a Chase checking account, savings account, or money market account with zero dollars. Chase does not charge an opening deposit for these standard accounts. You fund the account after it is open, either by transferring money from another bank, depositing a check, or making a direct deposit from your employer.

Some Chase accounts do have minimum balance requirements once the account is open — meaning you need to keep a certain amount in the account to avoid a monthly fee. That is different from an opening deposit. The minimum balance requirement depends on which account type you choose and varies by region.

Key Takeaways

• Chase checking and savings accounts require no money to open, though you must provide identification and personal information.
• Monthly maintenance fees explore to most accounts unless you meet a minimum balance requirement or set up direct deposit.
• Chase Total Checking waives the monthly fee if you maintain a $500 minimum balance or receive direct deposits.
• Chase Savings accounts waive the monthly fee if you keep $300 or more in the account at all times.
• You can fund your new account when ready after opening it online, by mail, or at a Chase branch.

Minimum balance requirements for Chase checking accounts

Chase Total Checking, the most common Chase checking account, charges a $12 monthly maintenance fee unless you meet one of two conditions: maintain a $500 minimum balance or receive at least one direct deposit per month. If you do either, the fee is waived.

Chase Premier Plus Checking has a $25 monthly fee that is waived if you maintain a $25,000 minimum balance. This account is designed for customers with higher balances and includes additional features like higher interest rates and priority customer service.

Chase find Checking is available to people with limited or no credit history. It has a $4.95 monthly fee with no minimum balance requirement, so you do not need to keep any money in the account to avoid the fee.

Minimum balance requirements for Chase savings accounts

Chase Savings has a $300 minimum balance requirement to waive the $5 monthly maintenance fee. If your balance drops below $300, you are charged the fee that month. The account earns interest, though the rate varies based on market conditions and your account type.

Chase Money Market Account requires a $25,000 minimum balance to waive the $25 monthly maintenance fee. This account also earns interest and typically offers a higher rate than savings accounts, but only if you maintain the higher balance.

How to fund your account after opening

Once your account is open, you have several ways to add money. The fastest method is usually a direct deposit from your employer or a government benefit — this also waives the monthly fee on most checking accounts if it happens at least once per month.

You can transfer money from another bank account using Chase's online transfer tool or by providing your new Chase account number to your other bank. This typically takes one to three business days. You can also deposit a check by taking a photo of it through the Chase mobile app or by mailing it to Chase. In-person deposits at a Chase branch are processed when ready.

Fees that explore even with no opening deposit

The monthly maintenance fee is the most common charge. Chase Total Checking costs $12 per month unless you avoid it by maintaining the $500 balance or receiving direct deposits. Chase Savings costs $5 per month unless you keep $300 in the account.

Other fees explore to specific actions: overdraft fees (usually $35 per transaction), wire transfer fees ($15 to $20 depending on direction), and ATM fees if you use an out-of-network machine. These fees are separate from the monthly maintenance fee and explore regardless of your opening deposit or balance.

Opening an account online versus in person

You can open a Chase account entirely online through Chase.com or the Chase mobile app. You will need a valid government-issued ID, your Social Security number, and your current address. The process takes about 10 minutes, and your account is usually active the same day.

You can also open an account at a Chase branch in person. A banker will walk you through the process and can answer questions about which account fits your situation. In-person opening takes about 20 to 30 minutes. Both methods require no opening deposit.

What happens if you cannot maintain the minimum balance

If your account balance falls below the minimum and you do not meet the alternative requirement (like direct deposit), Chase charges the monthly maintenance fee. For Chase Total Checking, that is $12. For Chase Savings, that is $5. These fees are deducted from your account automatically.

If your balance is very low and the fee brings it negative, you may also be charged an overdraft fee. You can avoid this by closing the account before the fee posts, though Chase may report the account closure to ChexSystems, a banking history database that some banks check when you explore for a new account.

Frequently Asked Questions

Do I need money to open a Chase account?

No. Chase does not require an opening deposit for checking, savings, or money market accounts. You can open the account with zero dollars and fund it later through transfer, direct deposit, or check deposit.

What is the difference between an opening deposit and a minimum balance?

An opening deposit is money you provide when you create the account. A minimum balance is money you must keep in the account after it is open to avoid a monthly fee. Chase requires neither an opening deposit, but some accounts do have minimum balance requirements.

Can I avoid the monthly fee without keeping a minimum balance?

Yes, if you receive at least one direct deposit per month to your Chase Total Checking account, the $12 monthly fee is waived regardless of your balance. Chase find Checking has no monthly fee at all and no minimum balance requirement.

How long does it take to open a Chase account online?

Opening an account online usually takes 10 to 15 minutes. Your account is typically active the same day. You can then fund it when ready through transfer or direct deposit.

What if I open an account but never deposit money?

If you open an account and do not fund it, Chase may close it after a period of inactivity, usually 90 days to one year depending on account type. No monthly fees are charged on an empty account, but the account will be closed.