Yes, Chase offers IRAs, but you'll need to go to their investment division, not a branch

Chase Bank does offer Individual Retirement Accounts (IRAs), but not through the regular banking side where you keep your checking account. You open an IRA through Chase Investment Services, which is a separate part of the company that handles stocks, bonds, mutual funds, and retirement accounts. A Chase checking or savings account is not required to open one, though many people who bank there do.

The process starts online at chase.com or by calling Chase Investment Services directly. You'll answer questions about your income, employment status, and investment experience, then fund the account by transferring money from another bank or depositing a check. The whole thing typically takes a few business days to complete.

Key Takeaways

  • Chase offers both Traditional and Roth IRAs through Chase Investment Services, a separate division from retail banking.
  • You can open an account online or by phone without visiting a branch, and you do not need an existing Chase bank account.
  • Chase charges no annual IRA maintenance fee, but you pay commissions or expense ratios on the investments you buy inside the account.
  • The account minimum is typically $0 to $2,500 depending on the investment type you choose, and contribution limits are set by the IRS, not by Chase.

Traditional IRA versus Roth IRA at Chase

Chase lets you choose between a Traditional IRA and a Roth IRA. The difference matters for taxes now and in retirement. With a Traditional IRA, you may deduct your contributions from your taxes in the year you make them, but you pay income tax on the money when you withdraw it in retirement. With a Roth IRA, you contribute after-tax dollars (no deduction now), but withdrawals in retirement are tax-free.

Which one makes sense depends on whether you expect your tax bracket to be higher or lower in retirement, and whether you have earned income this year. Chase's website has a comparison tool, but a tax professional or financial advisor can tell you which fits your situation better. Both have the same annual contribution limit set by the IRS—the limit changes each year, so check the IRS website or ask Chase what it is for the current year.

How to open an IRA account at Chase

Start by going to chase.com and searching for "IRA" or "retirement accounts." You'll land on Chase Investment Services' IRA page. Click the button to open an account online. You'll need your Social Security number, date of birth, employment information, and a valid ID. Chase will ask about your investment experience and risk tolerance—these answers help them suggest account types and investments, though you make the final choice.

After you complete the application, Chase will verify your identity and review your information. This usually takes one to three business days. Once approved, you can fund the account by transferring money from another bank using ACH (which takes three to five business days) or by mailing a check. Some people also roll over money from an old 401(k) or IRA at another institution—Chase can walk you through that process if you ask.

If you prefer to talk to someone, call Chase Investment Services at the number on their website. A representative can walk you through the application over the phone and answer questions about which IRA type and investments fit your goals.

What investments you can hold inside a Chase IRA

Once your IRA is open, you choose what to invest in. Chase offers stocks, bonds, mutual funds, and exchange-traded funds (ETFs). You can also hold cash in the account if you want to wait before investing. The investments you pick determine what you pay in fees—Chase itself charges no annual IRA maintenance fee, but each investment has its own cost.

Mutual funds and ETFs charge expense ratios, which are annual percentages taken from your balance. Individual stocks and bonds may have trading commissions depending on the type. Chase's website shows the fee for each investment before you buy it. If you're not sure where to start, Chase offers target-date funds—these automatically shift from stocks to bonds as you get closer to retirement, and you pick the fund based on the year you plan to retire.

Contribution limits and who can open an IRA at Chase

The IRS sets how much you can contribute to an IRA each year, and that limit applies no matter which bank or brokerage you use. The limit changes annually, so check the IRS website or ask Chase what it is for the current tax year. You can contribute up to that limit across all IRAs you own—if you have an IRA at Chase and another at a different bank, the total across both cannot exceed the annual limit.

To open an IRA at Chase, you must have earned income for the year you're contributing. If you're self-employed or a freelancer, you can open an IRA as long as you have net self-employment income. If you're retired or have no income, you cannot contribute to an IRA, though you can still hold one and let existing money grow. Spouses with no income can open a spousal IRA if their spouse has earned income—Chase can explain how that works.

Fees and costs to know about

Chase charges no annual account maintenance fee for IRAs, which is a straightforward advantage. However, you do pay for the investments inside the account. Mutual funds and ETFs charge expense ratios ranging from under 0.1% per year to over 1%, depending on the fund. Individual stock trades may have commissions. Chase's website displays these costs clearly before you buy.

If you transfer an IRA from another bank to Chase, ask whether Chase charges a transfer fee. Some brokerages charge $50 to $100 to move your account out, though Chase typically does not charge you to receive the transfer. If you withdraw money before age 59½, the IRS charges a 10% penalty on top of income tax, though some exceptions exist—Chase can point you to IRS resources about those exceptions.

Moving money in and out of your Chase IRA

You can add money to your IRA by transferring from another bank account (ACH takes three to five business days), mailing a check, or rolling over money from an old 401(k) or IRA. If you roll over from another retirement account, the money must go directly from that institution to Chase—if it goes to you first, the IRS treats it as a withdrawal and you may owe taxes and penalties. Chase can coordinate this with your old provider.

Withdrawals before age 59½ trigger a 10% IRS penalty plus income tax on the amount withdrawn, with limited exceptions like disability or first-time home purchase. At 59½ or older, you can withdraw without penalty, though you still owe income tax on Traditional IRA withdrawals. Roth IRAs have different rules—you can withdraw contributions (not earnings) at any age without penalty. Starting at age 73, the IRS requires you to take minimum withdrawals each year from Traditional IRAs; Roth IRAs have no required withdrawals during your lifetime.

Frequently Asked Questions

Do I need a Chase checking account to open an IRA there?

No. You can open a Chase IRA without any other Chase account. However, if you already bank at Chase, linking your checking account makes it easier to transfer money into the IRA.

Can I roll over a 401(k) from my job into a Chase IRA?

Yes. You can roll over a 401(k) from a current or former employer into a Chase IRA, but the money must transfer directly from your employer's plan to Chase—it cannot go to you first. Contact Chase Investment Services and they will coordinate with your employer's plan administrator.

What's the minimum amount I need to open a Chase IRA?

Chase typically has no minimum to open the account itself, though some specific investments (like certain mutual funds) may have minimums of $1,000 to $2,500. You can open the account with $0 and add money later.

Does Chase offer financial advice on which IRA type to choose?

Chase offers educational information and tools to compare Traditional and Roth IRAs, but they do not provide personalized financial advice. For advice tailored to your situation, speak with a tax professional, financial advisor, or certified financial planner.

What happens to my Chase IRA if I die?

Your beneficiary inherits the account and can either withdraw the money or keep it invested. The rules for inherited IRAs are complex and depend on whether the beneficiary is a spouse or not. Chase can provide the forms and explain the options, but a tax professional should review your situation.