Opening a Chase account costs nothing upfront

Chase does not charge a fee to open a checking or savings account. You can walk into a branch, call their phone line, or open an account online without paying an opening fee. The account itself is free to start.

What matters is what happens after you open it. Chase makes money from monthly maintenance fees if your account doesn't meet certain conditions, and from overdraft charges if you spend more than you have. Understanding these costs helps you avoid them.

Key Takeaways

  • Chase charges no fee to open a checking or savings account, but monthly maintenance fees apply if you do not meet balance or deposit requirements.
  • Most Chase checking accounts waive the monthly fee if you keep a minimum balance (usually $500 to $1,500) or set up direct deposit.
  • Overdraft fees run $35 per transaction if you spend more than your balance, and Chase can charge multiple fees in a single day.
  • Savings accounts have lower balance requirements but earn minimal interest, so the real cost is opportunity lost by keeping money there.
  • You will need a government ID, Social Security number, and initial deposit (often $25 minimum) to complete the account opening process.

Monthly maintenance fees and how to avoid them

Chase's most common checking account is the Chase Total Checking. It carries a $12 monthly maintenance fee, but Chase waives it if you meet one of these conditions: keep a $500 minimum daily balance, set up a direct deposit of any amount, or maintain a linked savings account with $300 in it. Most people avoid the fee through direct deposit alone.

The Chase Premier Plus Checking account costs $25 per month and is aimed at customers with higher balances. It waives the fee if you keep $15,000 in the account or link it to a may have access to savings account. Unless you already have that much money sitting in the bank, this account is not worth the cost.

Savings accounts like Chase Savings have a $5 monthly maintenance fee that waives if you keep a $300 minimum balance. The interest rate is very low — often less than 0.01% — so you earn almost nothing on the money you store there. The real cost is that your savings grow slower than they would at an online bank.

Overdraft fees and how they stack up

If you spend more money than you have in your account, Chase charges $35 per overdraft transaction. This is not a one-time fee per day — Chase can charge $35 for each separate purchase or withdrawal that overdrafts your account. On a day when you make five purchases while overdrawn, you could face $175 in fees.

Chase does offer Overdraft Protection, which links your checking account to a savings account or credit line. If you overdraft, Chase pulls money from the linked account instead of charging a fee. This costs nothing to set up, but you need the linked account to exist first. If the linked account runs dry, you are back to overdraft fees.

You can also turn off overdraft coverage entirely through your Chase app or by calling the bank. If you do, transactions that would overdraft your account simply decline instead — no fee, but also no purchase. This is the safest option if you struggle to track your balance.

What you need to bring or provide to open an account

Chase requires a government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit. The minimum deposit is usually $25, though some promotions require more. You can fund the account with a debit card, transfer from another bank, or cash if you open in person at a branch.

If you open online, Chase will verify your identity through their system — you do not mail anything in. The process typically takes a few minutes. If you open at a branch, bring your ID and Social Security number, and a banker will walk you through it.

Chase will also run a ChexSystems check, which is a banking history report. If you have unpaid overdrafts or closed accounts with negative balances at other banks, Chase may deny your application. This is separate from your credit score — it only looks at your banking history, not your credit history.

Comparing Chase to other banks

Chase's $12 monthly fee is higher than many online banks, which often charge nothing at all. Banks like Ally, Charles Schwab, and Discover have no monthly maintenance fees and no minimum balance requirements. The trade-off is that Chase has physical branches in most cities, while online banks do not.

If you need to deposit cash, access a teller, or prefer in-person banking, Chase's fee may be worth it to you. If you rarely visit a branch and can manage your account online, an online bank will cost you less over time. Many people keep both — a Chase account for deposits and withdrawals, and an online account for savings.

Interest rates and what your money actually earns

Chase savings accounts earn interest, but the rate is very low. As of recent months, Chase Savings earns less than 0.01% annually on most balances. On $1,000, that is less than 10 cents per year. Online banks often pay 4% to 5% on savings accounts, meaning $1,000 would earn $40 to $50 per year instead.

Chase checking accounts do not earn interest at all. Your money sits there earning nothing, which is normal for checking accounts across the industry. The real cost of keeping money in a Chase account is the interest you do not earn by keeping it elsewhere.

If you have money you will not need for several months, moving it to a high-yield savings account at an online bank costs nothing and earns significantly more. You can keep a small balance in Chase for daily spending and move the rest to earn interest.

Fees beyond the monthly charge

Chase charges for several services beyond the monthly maintenance fee. A wire transfer costs $15 to $20 depending on whether it is domestic or international. Stopping payment on a check costs $30. Requesting a paper statement costs $2 per month. Closing an account within 90 days of opening it may result in a $25 early closure fee on some account types.

ATM withdrawals at Chase machines are free if you use your Chase debit card. Withdrawals at other banks' ATMs cost $3 each. If you travel or live far from a Chase branch, these fees add up. Online banks often reimburse ATM fees or belong to networks with thousands of free ATMs.

Frequently Asked Questions

Do I need a minimum deposit to open a Chase account?

Yes, Chase requires an initial deposit of at least $25 for most accounts, though some promotional offers may require more. You can fund it with a debit card, transfer from another bank, or cash at a branch. The deposit counts toward your account balance immediately.

What happens if I cannot maintain the minimum balance?

If your account balance falls below the minimum and you have not set up direct deposit or a linked savings account, Chase charges the monthly maintenance fee. For Chase Total Checking, that is $12 per month. You can avoid the fee by setting up direct deposit of any amount, even $1 per paycheck.

Can I open a Chase account online, or do I have to go to a branch?

You can open most Chase accounts online through their website or mobile app. Chase will verify your identity electronically using information from your ID and Social Security number. The process takes a few minutes, and your account is usually ready to use the same day.

What is the difference between Chase checking and savings accounts?

Checking accounts are for frequent spending and have no limit on withdrawals. Savings accounts are meant for storing money and earn a small amount of interest, though Chase's rate is very low. Checking has higher monthly fees ($12) but waives them with direct deposit; savings has lower fees ($5) but requires a $300 balance to waive them.

Will opening a Chase account hurt my credit score?

No. Chase checks your banking history through ChexSystems, not your credit score. Opening a bank account does not appear on your credit report and does not affect your credit score. Chase may deny the account if you have unpaid overdrafts at other banks, but that is a banking history issue, not a credit issue.