Chase does not charge a fee to open most checking or savings accounts
Opening a Chase checking or savings account costs nothing. Chase does not charge an account opening fee, and you do not need a minimum deposit to start the account. You can open an account with $0 and add money later, though some account types have monthly maintenance fees if you do not meet certain conditions.
The real cost comes after the account is open — through monthly fees, overdraft charges, or minimum balance requirements. Understanding which accounts have these costs, and how to avoid them, matters more than the opening itself.
Key Takeaways
- Chase charges no fee to open a checking or savings account, and you can open with zero dollars.
- Most Chase checking accounts waive the monthly maintenance fee if you keep a minimum balance or set up direct deposit.
- Overdraft fees, ATM fees outside the Chase network, and low-balance penalties are where costs add up after opening.
- You can open an account online, by phone, or in a branch, and the process takes about 10 minutes.
- Chase offers different account types for different needs — some with no monthly fee at all, others with fees you can avoid by meeting one simple condition.
Monthly maintenance fees depend on the account type and what you do with it
Chase's most common checking account is the Chase Total Checking. It has a $12 monthly maintenance fee, but Chase waives it if you meet any one of these conditions: keep a $500 minimum daily balance, set up direct deposit, or maintain a linked savings account with a $300 minimum balance. Most people who use direct deposit never pay this fee.
Chase also offers Chase Secure Checking, designed for people building credit or new to banking. It has no monthly maintenance fee and no minimum balance requirement. The trade-off is that it does not come with a debit card or overdraft protection — you get a secured card instead, which requires a deposit.
For savings accounts, Chase Savings has a $5 monthly maintenance fee that waives if you keep a $300 minimum balance. Chase High Yield Savings has no monthly fee and no minimum balance, though the interest rate is higher and the account is designed for money you are setting aside rather than spending from.
Overdraft and out-of-network fees are the largest costs after opening
Chase charges $35 per overdraft transaction if you spend more than your balance. The bank allows up to four overdraft fees per day, so a single day of overspending could cost $140. You can turn off overdraft protection to prevent this — the transaction will simply decline instead — but you have to request it.
Using an ATM outside the Chase network costs $3 per withdrawal. Chase has a large ATM network, but if you travel or live far from a branch, this adds up. Some competing banks reimburse out-of-network ATM fees; Chase does not.
Wire transfers, cashier's checks, and stop-payment requests each carry separate fees ranging from $15 to $30. These are not common for most account holders, but they exist if you need them.
How to open an account with no money down
You can open a Chase account online, by phone, or in a branch. Online is fastest — the process takes about 10 minutes and you can fund the account immediately or leave it empty. You will need a Social Security number, a government-issued ID, and a current address.
If you open online, Chase will ask you to verify your identity by answering security questions or uploading a photo of your ID. Once approved, your account number appears immediately and you can set up direct deposit or transfers from another bank. The account is active the same day.
Opening in a branch takes longer but gives you a chance to ask questions. You still need the same documents, and the banker can help you choose between account types based on how you plan to use it.
Comparing Chase accounts to understand which one fits your situation
| Account Type | Monthly Fee | How to Waive It | Minimum Balance |
|---|---|---|---|
| Chase Total Checking | $12 | $500 balance, direct deposit, or linked savings with $300 | None to open |
| Chase Secure Checking | None | N/A | None |
| Chase Savings | $5 | $300 minimum balance | None to open |
| Chase High Yield Savings | None | N/A | None |
If you have direct deposit from an employer or government benefit, Chase Total Checking is free and offers the full feature set — debit card, overdraft protection, and online bill pay. If you do not have direct deposit, Chase High Yield Savings or Secure Checking avoid monthly fees entirely.
New account holders sometimes choose Secure Checking because there is no fee and no minimum balance. The limitation is that you get a secured card (which requires a deposit) instead of a debit card, and you cannot overdraft. For someone just starting out, this is often the right choice.
What happens after you open the account
Once your account is open, you can link it to other banks, set up automatic bill pay, and receive direct deposit. Chase does not charge to transfer money between your own accounts or to move money in from another bank — those transfers are free.
If you want to add a second account, open a credit card, or apply for a loan later, Chase will not charge you to open those either. The fees come from how you use the accounts, not from opening them.
Your first statement arrives 30 to 45 days after opening. It will show any fees charged during that period, your interest earned (if any), and your account activity. Review it carefully to make sure you understand which fees applied and whether you can avoid them going forward.
Frequently Asked Questions
Do I need money to open a Chase account?
No. You can open any Chase checking or savings account with $0 and add money later. Some accounts have minimum balance requirements to waive the monthly fee, but you do not need that balance to open the account itself.
What is the cheapest Chase account to open?
Chase Secure Checking and Chase High Yield Savings both have no monthly fee and no minimum balance. Secure Checking is designed for people building credit, while High Yield Savings is for saving money. Both cost nothing to open and nothing to maintain.
Can I avoid the $12 monthly fee on Chase Total Checking?
Yes. The fee waives if you keep a $500 minimum daily balance, set up direct deposit, or link a savings account with $300 in it. Most people with a job use direct deposit and never pay the fee.
How long does it take to open a Chase account online?
About 10 minutes. You provide your Social Security number, upload an ID, answer security questions, and your account is active the same day. You can start using it immediately if you transfer money in, or leave it empty until you are ready.
Will Chase charge me if I do not use my account?
No. Chase does not charge inactivity fees. You can open an account, leave it empty, and come back to it months or years later without penalty. The monthly maintenance fee only applies if your account is active and you do not meet the waiver conditions.