Yes, you can add a beneficiary to most Chase accounts, and it takes about 10 minutes

Chase lets you name a beneficiary on checking accounts, savings accounts, and money market accounts. A beneficiary is a person you choose to receive the money in that account if you die. The account passes to them outside of probate — meaning it skips the court process and reaches them faster, usually within weeks rather than months.

You can add or change a beneficiary online through Chase's website, by phone, or in person at a branch. Chase does not charge a fee to set one up. You can name one person, multiple people, or an organization like a charity. If you name more than one beneficiary, you decide whether they split the money equally or in percentages you choose.

This is different from a will or a trust. A beneficiary designation on a bank account overrides what your will says, so if your will leaves the money to one person and your Chase account names another, the beneficiary on the account wins.

Key Takeaways

  • You can add a beneficiary to Chase checking, savings, and money market accounts through online banking, by phone, or at a branch.
  • A beneficiary receives the account balance outside probate when you die, which is faster than money passing through your will.
  • You can name one person, multiple people, or a charity, and you control how the money splits if there are multiple beneficiaries.
  • The beneficiary designation on your Chase account overrides your will, so make sure the person you name is the person you actually want to receive the money.
  • You can change or remove a beneficiary at any time while you are alive.

How to add a beneficiary online through Chase

Log into your Chase account on the website or mobile app. Go to the account you want to add a beneficiary to — checking, savings, or money market. Look for a menu option labeled "Account Settings," "Manage Account," or "Account Details." The exact wording varies depending on which device you are using.

Select "Add Beneficiary" or "Beneficiary Information." Chase will ask for the beneficiary's full legal name, date of birth, and Social Security number or tax ID. If the beneficiary is a charity or organization, you will provide the organization's name and tax ID instead. Enter the percentage or dollar amount that person receives if you name more than one beneficiary. Review the information, confirm it, and submit.

Chase will send you a confirmation email. The beneficiary designation takes effect immediately, though you should keep the confirmation for your records. If you do not see a beneficiary option in your account settings, call Chase at the number on the back of your card — some older account types or business accounts may require a phone call or branch visit.

Adding a beneficiary by phone or at a branch

Call Chase at the customer service number on the back of your debit card. Tell them you want to add a beneficiary to a specific account. They will verify your identity, ask for the beneficiary's full name, date of birth, and Social Security number, and confirm how you want the money split if there are multiple beneficiaries. The call usually takes 5 to 10 minutes.

You can also walk into any Chase branch with your ID and ask to add a beneficiary. A banker will help you fill out the form and submit it on the spot. Bring your account number and the beneficiary's full legal name and date of birth. If you do not have the Social Security number handy, you can provide it later by phone or online.

What happens if you name multiple beneficiaries

If you name two or more beneficiaries, you decide how the account balance splits between them. You can split it equally — for example, 50% to one person and 50% to another — or in any percentages you choose, as long as they add up to 100%. You can also name one primary beneficiary and one or more contingent beneficiaries who receive the money only if the primary beneficiary dies before you do.

Write down who you named and in what percentages. If you die and the account has $50,000 and you named two people at 50% each, they each receive $25,000. Chase will contact the beneficiaries after your death and distribute the money according to your instructions. The process usually takes two to four weeks from the time Chase is notified of your death.

Changing or removing a beneficiary

You can change a beneficiary at any time while you are alive. Log into your Chase account online, go to the account settings, and select the beneficiary option. You will see the current beneficiary listed. Click "Edit" or "Change Beneficiary," enter the new person's information, and submit. The change takes effect immediately.

To remove a beneficiary entirely, follow the same steps but select "Remove Beneficiary" instead of editing. If you remove a beneficiary without naming a new one, the account will pass through your will or to your estate if you do not have a will. This means it goes through probate, which takes longer and may involve court fees.

Beneficiaries and taxes

When a beneficiary inherits a Chase account, they do not owe federal income tax on the balance itself. The money passes to them tax-free. However, if the account has earned interest between the time you died and the time the beneficiary received it, that interest may be taxable income to the beneficiary. Chase will send a 1099-INT form if interest was earned.

If your estate is large enough to owe federal estate tax, the value of the account counts toward that total. This is a rare situation — federal estate tax only applies to estates over $13.61 million in 2024, and that threshold changes each year. If you think your estate might be subject to estate tax, talk to a tax professional or estate attorney before naming a beneficiary.

Beneficiaries versus joint account holders

A beneficiary is not the same as a joint account holder. A joint account holder can access and spend the money right now, while you are alive. A beneficiary cannot touch the account until you die. If you want someone to be able to help you manage money or pay bills while you are alive, you would add them as a joint account holder instead. If you only want them to receive the money after you die, name them as a beneficiary.

You can have both a joint account holder and a beneficiary on the same account. For example, you might add your spouse as a joint account holder so they can pay household bills, and name your adult child as a beneficiary so they receive any remaining balance after both you and your spouse are gone. The joint account holder's rights take priority while both of you are alive.

Frequently Asked Questions

What if I die without naming a beneficiary?

The account passes to your estate and goes through probate. Your will determines who receives it, or if you do not have a will, state law decides. This process takes several months and may involve court costs. Naming a beneficiary avoids probate and gets the money to the person you choose much faster.

Can I name a minor as a beneficiary?

Yes, but the money cannot go directly to them. If the beneficiary is under 18 when you die, Chase will hold the money in trust or require a court-appointed guardian to manage it until the minor turns 18. You can avoid this by naming a trust as the beneficiary instead, which lets you specify an adult trustee to manage the money for the minor.

Does naming a beneficiary affect my will?

The beneficiary designation on your Chase account overrides your will. If your will says your money goes to your sister but your Chase account names your brother as beneficiary, your brother receives the account balance. The rest of your estate still passes according to your will. Make sure your beneficiary designations match your overall plan.

Can my creditors take money from a beneficiary account?

Generally, no. Once you die, the account passes directly to the beneficiary and is not part of your estate, so creditors cannot claim it. However, if you die while owing money and your estate does not have enough to pay the debts, a creditor might challenge the beneficiary designation in court. This is rare, but it is another reason to keep your beneficiary information updated and consistent with your overall estate plan.

What if the beneficiary dies before I do?

If you named a contingent beneficiary, they receive the account instead. If you did not name a contingent beneficiary and the primary beneficiary dies before you, the account passes to your estate and goes through probate. You should review your beneficiary designations every few years and update them if someone dies or your situation changes.