Yes, you can open a second savings account at Chase, but the bank limits how many you can hold and charges a monthly fee on most savings accounts
Chase allows you to open multiple savings accounts in your own name. There is no hard cap on the number of accounts you can hold, but each one incurs a monthly maintenance fee unless you meet specific balance or deposit requirements. The fee is currently $5 per month for most Chase savings products, though this varies by account type and can be waived if you maintain a minimum balance or set up direct deposits.
The main reason to open a second savings account is to separate money by purpose — one for emergencies, one for a vacation, one for a down payment. Each account gets its own routing and account number, so transfers between them take one to two business days if you move money through external channels, though internal Chase transfers are usually instant.
Before you open a second account, check whether the fee waiver on your first account still applies. If you drop below the minimum balance requirement to waive fees on your original account while funding a new one, you could end up paying $10 per month across both accounts instead of zero.
Key Takeaways
- Chase does not prevent you from opening a second savings account, but each account charges a $5 monthly maintenance fee unless you maintain a minimum balance or receive direct deposits.
- You can transfer money between your own Chase savings accounts instantly through the mobile app or online banking, but transfers to external banks take one to two business days.
- Opening a second account may cause you to fall below the minimum balance threshold on your first account, triggering fees on both accounts.
- Chase savings accounts are separate from checking accounts, so opening a second savings account does not affect how many checking accounts you can hold.
How Chase counts accounts and applies fees
Chase tracks each savings account separately for fee purposes. The $5 monthly maintenance fee applies to each account unless you meet one of two conditions: maintain a minimum balance (typically $300 to $500, depending on the specific savings product) or receive at least one direct deposit per month into that account.
If you have $1,000 in your first savings account and open a second with $100, you will pay $5 on the second account but not the first, assuming no direct deposits. If you then transfer $600 from the first account to pay a bill, your first account drops to $400 and may still clear the minimum — but if it drops below $300, you will owe $5 on both accounts that month.
The direct deposit waiver is often easier to maintain than the balance requirement. If your employer or a regular payment source can send even one deposit per month to either account, that account's fee is waived. You do not need a large deposit — even $1 counts.
Moving money between your Chase savings accounts
Transfers between two savings accounts you own at Chase are free and instant when you use Chase's online banking or mobile app. You will see the money move within seconds, and both accounts update immediately. This is different from transferring to an external bank, which takes one to two business days.
You can set up recurring transfers if you want to move a fixed amount on a schedule — for example, $100 every payday into a vacation fund. These recurring transfers are also free and instant. You can cancel or modify them anytime through your Chase account settings.
If you need to move money out of Chase to another bank, that transfer uses the ACH network and takes one to two business days. Chase does not charge a fee for outgoing ACH transfers from savings accounts, but some receiving banks may charge a fee on their end.
When a second savings account makes sense financially
A second savings account is worth the $5 monthly fee only if you are actually using it for a specific goal and the fee does not outweigh your benefit. If you are saving $50 per month for a vacation, a $5 fee means you are losing 10 percent of your savings to the bank. If you are saving $500 per month, the fee is only 1 percent of your deposits.
The fee becomes free if you can meet the minimum balance or direct deposit requirement. If you have $300 sitting in the account and are not touching it, the fee is waived. If you are moving money in and out constantly, the direct deposit route is more reliable — set up one small recurring transfer from your checking account or employer and the fee disappears.
Consider whether you actually need a separate account or whether you could use a different tool. Some people use sub-savings accounts (sometimes called "buckets" or "pockets") within a single savings account to track different goals without paying multiple fees. Chase does not offer this feature, but other banks do. If you only need to separate money mentally, a spreadsheet or a note in your phone might be enough.
Linking a second savings account to your checking account
When you open a second savings account at Chase, it is automatically linked to your existing Chase checking account (if you have one). You can transfer money between them instantly and for free through online banking or the mobile app. You do not need to do anything special to set up the link.
You can also link the second savings account to external banks if you want to move money out of Chase. This requires you to verify the external account by depositing small amounts or confirming your bank routing number. Once verified, transfers to that external account take one to two business days and are free from Chase's side.
If you have multiple checking accounts at Chase, you can link your new savings account to any of them. The savings account itself does not care which checking account it is paired with — you can move money between any of your Chase accounts instantly.
Avoiding duplicate fees and account clutter
The biggest mistake people make is opening multiple savings accounts and forgetting about them. Each account that falls below the minimum balance gets charged $5 per month, and those fees add up quickly. If you open three savings accounts and let two of them sit dormant below $300, you are paying $10 per month for accounts you are not using.
Before opening a second account, decide what it is for and how you will keep the balance above the minimum or set up a direct deposit. If you cannot commit to either, the fee will erode your savings. Write down the account number and purpose somewhere you will remember it, or set a phone reminder to check the balance once a month.
If you already have multiple savings accounts at Chase and some are costing you money, you can close the ones you do not need. Closing an account is free and takes a few minutes through online banking or by calling Chase. Any balance in the account will be transferred to your checking account or another savings account you specify.
Chase savings account types and their fee structures
Chase offers several savings products, and the fee structure varies slightly by product. The standard Chase Savings Account charges $5 per month unless you maintain $300 or receive a direct deposit. The Chase Premier Savings Account has a higher minimum balance requirement (usually $10,000 or more) but may offer a slightly higher interest rate.
You can mix and match account types. You might open a standard savings account for everyday goals and a Premier account if you have a large sum you want to keep separate. Each account is treated independently for fee purposes, so you need to meet the minimum or direct deposit requirement on each one.
Interest rates on Chase savings accounts are typically low compared to online banks, but they change frequently. Check Chase's website or call their customer service line for current rates before opening a second account, especially if earning interest is part of your reason for separating the money.
Frequently Asked Questions
Does opening a second savings account hurt my credit score?
No. Opening a savings account does not involve a credit check and does not appear on your credit report. Chase may do a soft pull of your banking history to verify your identity, but this does not affect your credit score. Only credit products like loans and credit cards trigger hard inquiries that can lower your score.
Can I open a second savings account online, or do I have to go to a branch?
You can open a second savings account entirely online through Chase's website or mobile app. You do not need to visit a branch. The process takes about 10 minutes and requires your Social Security number, address, and identification. The account is usually active within one business day.
What happens if I close my first savings account but keep the second one?
You can close your first account without affecting the second. Any balance in the closed account will be transferred to another account you specify (usually your checking account). The second savings account continues to operate normally and will still charge the $5 monthly fee unless you meet the minimum balance or direct deposit requirement.
Can I have a second savings account in someone else's name at Chase?
No. Each account must be in your own name or as a joint account with someone else. You cannot open an account in another person's name unless they are present and sign the account agreement. If you want to save money for someone else, you can open a joint account where both of you have access, or keep the money in your own account.
Do I need a second checking account to open a second savings account?
No. Your second savings account can be linked to the same checking account as your first savings account. You do not need multiple checking accounts to have multiple savings accounts. All your Chase accounts can be managed from a single login.