Yes, Chase offers multiple savings account options for different banking needs
Chase Bank offers several savings account products, each with different features, minimum balances, and interest rates. The main options are Chase Savings, Chase Premier Savings, and Chase Secure Savings. Which account makes sense for you depends on how much you plan to keep in savings, how often you withdraw money, and whether you want to link it to a checking account for easier transfers.
All Chase savings accounts are FDIC insured up to $250,000, meaning your money is protected if the bank fails. You can open an account online, by phone, or in a branch. Most accounts require no monthly fee if you meet a minimum balance or set up direct deposit, though the specific requirements vary by account type.
Key Takeaways
- Chase Savings is the basic option with no monthly fee if you maintain a $300 minimum balance or have a linked Chase checking account.
- Chase Premier Savings requires a higher minimum balance ($10,000 to $25,000 depending on your state) but pays a higher interest rate.
- Interest rates on Chase savings accounts change over time and vary by account type; you can check current rates on Chase's website or by calling 1-800-935-9935.
- You can withdraw money from a Chase savings account up to six times per month without penalty, though transfers beyond that may incur a fee.
Chase Savings: The basic account with low barriers to entry
Chase Savings is Chase's standard savings account. It has no monthly maintenance fee as long as you keep a $300 minimum balance or link it to a Chase checking account. If your balance drops below $300 and you don't have a linked checking account, you'll pay $5 per month.
This account earns interest, though the rate is typically lower than what you'd find at online-only banks. The rate changes based on Federal Reserve decisions and market conditions. You can check the current rate by visiting chase.com, calling the number above, or asking at a branch.
Chase Savings works well if you already have a Chase checking account and want a simple place to set aside money without worrying about minimum balance requirements. Transfers between your Chase checking and savings accounts are free and instant online or through the mobile app.
Chase Premier Savings: Higher rates for larger balances
Chase Premier Savings is designed for customers who maintain higher account balances. The minimum balance requirement varies by state—typically between $10,000 and $25,000—and the interest rate is higher than Chase Savings. Like Chase Savings, there is no monthly fee if you meet the minimum balance.
This account makes sense if you have a substantial emergency fund or are saving for a specific goal and want to earn more interest on that money. The higher rate reflects the larger balance you're committing to keep in the account. If your balance falls below the minimum, you'll pay a monthly fee (usually $25), so this account requires discipline to avoid charges.
Chase Secure Savings: Building credit while you save
Chase Secure Savings is a specialized account paired with a secured credit card. You deposit money into the savings account, and that deposit becomes your credit limit on the card. This structure helps people build or rebuild credit history while earning interest on their savings.
The minimum deposit is typically $500, and you earn interest on the full amount. The interest rate is generally lower than other Chase savings accounts. This account is most useful if you're working to establish credit and want to do so while keeping your savings intact and earning a small return.
Interest rates and how they change
Chase savings accounts earn interest, but the rates are not fixed—they move up and down based on what the Federal Reserve does with its benchmark interest rate. When the Fed raises rates, banks typically raise savings rates. When the Fed cuts rates, savings rates fall. Chase may also adjust rates independently based on market competition and business decisions.
You won't see the same rates advertised on Chase's website as you would at online banks like Ally or Marcus, because Chase operates physical branches and has higher operating costs. That trade-off means you pay for convenience and access to in-person service through lower interest earnings.
Check the current rate for your specific account type on chase.com under the Savings Accounts section, or call 1-800-935-9935. Rates can change without notice, so if earning interest is your main goal, compare Chase's rates to online alternatives before opening an account.
Withdrawal limits and how they work
Federal rules allow you to withdraw money from a savings account up to six times per month without penalty. This includes transfers to other accounts, checks written against the savings account, and debit card withdrawals. The six-withdrawal limit applies across all your Chase savings accounts combined.
If you exceed six withdrawals in a month, Chase may charge a fee (typically $10 per excess withdrawal) or convert your account to a checking account. Some customers don't hit this limit because they use savings as a true savings vehicle—money that sits and grows rather than money they tap frequently.
If you need to withdraw money more than six times per month, a checking account is a better fit. Chase checking accounts have no withdrawal limits, though some types require a minimum balance or direct deposit to avoid monthly fees.
How to open a Chase savings account
You can open a Chase savings account online at chase.com, by phone at 1-800-935-9935, or in person at any Chase branch. Online applications usually take 10 to 15 minutes. You'll need a valid government ID, Social Security number, and an initial deposit (usually $25 minimum, though some accounts require more).
If you already have a Chase checking account, opening a savings account is faster because Chase already has your information on file. You can often link the accounts immediately and start transferring money between them the same day.
New customers without an existing Chase account will go through a standard verification process. Chase may ask for proof of address and will check your banking history through ChexSystems, a database that tracks checking and savings account activity. This check doesn't hurt your credit score.
Frequently Asked Questions
What's the difference between Chase Savings and Chase Premier Savings?
Chase Premier Savings requires a higher minimum balance ($10,000 to $25,000 depending on your state) and pays a higher interest rate. Chase Savings requires only a $300 minimum balance or a linked checking account. Choose Premier Savings if you have a large balance and want to earn more interest; choose regular Savings if you're building an emergency fund or prefer lower barriers to entry.
Can I have multiple Chase savings accounts?
Yes, you can open multiple savings accounts at Chase. However, the six-withdrawal limit per month applies to all your savings accounts combined, not per account. If you need frequent access to money, a checking account is better suited than multiple savings accounts.
How much interest will I earn?
Interest rates vary by account type and change frequently based on Federal Reserve decisions. Check chase.com or call 1-800-935-9935 for current rates. Chase rates are typically lower than online-only banks because you're paying for branch access and customer service through reduced interest earnings.
What happens if my balance drops below the minimum?
For Chase Savings, if your balance falls below $300 and you don't have a linked checking account, you'll pay a $5 monthly fee. For Chase Premier Savings, falling below the minimum triggers a $25 monthly fee. You can avoid fees by maintaining the minimum balance or by linking a checking account (for Chase Savings only).
Is my money safe in a Chase savings account?
Yes. All Chase savings accounts are FDIC insured up to $250,000 per account owner. This means if Chase fails, the federal government guarantees your deposits up to that limit. If you have more than $250,000 to save, you can open multiple accounts or spread money across different banks to stay fully protected.