Chase does not charge a monthly maintenance fee on most savings accounts, but you can trigger fees through specific actions or account choices.
Chase offers several savings products, and the fee structure depends on which one you open. The Chase Savings Account (their standard product) has no monthly service fee. The Chase Premier Savings account also has no monthly fee. However, Chase does charge fees for specific behaviors: overdrafts on linked checking accounts, excessive withdrawals, and wire transfers. If you fall below the minimum balance requirement on certain accounts or fail to maintain required direct deposits, you may face fees.
The key is understanding which fees apply to your specific account type and what triggers them. Most people with a basic Chase savings account pay nothing monthly, but the account terms can change, so it is worth checking your account online or calling 1-800-935-9935 to confirm your current terms.
Key Takeaways
- Chase Savings Account and Chase Premier Savings have no monthly maintenance fee, though terms can change and vary by state.
- You can be charged $35 per overdraft if your linked checking account goes negative, even if the overdraft protection is tied to savings.
- Withdrawals beyond six per month from a savings account may trigger a fee of $10 per excess withdrawal, though this rule is less common now.
- Wire transfers out of Chase cost $15 domestic and $15 international, charged at the time you send the transfer.
- Some Chase savings accounts require a minimum opening deposit or minimum balance; falling below it may result in a fee, depending on account type.
Monthly maintenance fees and when they do not apply
Chase Savings Account and Chase Premier Savings do not charge a monthly maintenance fee. This is true whether you maintain a $1 balance or $100,000. The account itself costs nothing to hold open month to month.
However, Chase has changed fee structures in the past, and terms vary slightly by state. If you opened your account years ago, the terms that applied then may not be the terms now. Log into your Chase account online, go to the account details or settings section, and look for "Account Terms" or "Pricing Information." You can also call Chase at 1-800-935-9935 and ask a representative to confirm whether your specific account has a monthly fee.
Overdraft fees tied to your savings account
If you link your savings account to a checking account for overdraft protection, Chase charges $35 per overdraft on the checking account. This fee applies when your checking account goes negative and Chase transfers money from savings to cover it—or when the transfer fails and the overdraft stands. The fee is charged to the checking account, not the savings account, but it affects your overall balance.
You can turn off overdraft protection in your Chase account settings online. Without it, transactions that would overdraft your checking account will simply be declined. This prevents the $35 fee but also means your card or check may be rejected at the point of sale.
Withdrawal limits and excess withdrawal fees
Federal rules once capped savings account withdrawals at six per month. Chase enforced this rule and charged $10 for each withdrawal beyond six. Those federal limits were suspended in 2020 and have not been reinstated, so Chase no longer charges excess withdrawal fees on most savings accounts.
However, check your account terms online or call Chase to confirm. Some older accounts or specialty products may still have withdrawal limits in their terms, though Chase rarely enforces them now. If you need to withdraw money frequently, a checking account is a better fit than savings anyway.
Wire transfer fees from your savings account
If you send a wire transfer from your Chase savings account, Chase charges $15 for a domestic wire (within the United States) and $15 for an international wire. This fee is deducted from your account at the time you initiate the transfer. The receiving bank may also charge a fee on their end, but that is separate from Chase's charge.
Wire transfers are permanent and cannot be reversed once sent, so confirm the recipient's account details before you authorize the transfer. If you need to move money to another account you own, a free transfer between your own Chase accounts is faster and safer.
Minimum balance requirements and account-specific fees
Most Chase savings accounts do not have a minimum balance requirement to avoid a fee. However, some specialty accounts (like Chase Premier Savings) may have a minimum opening deposit—typically $25 to $100—but no ongoing minimum balance fee. Check your account terms to see whether a minimum applies to your specific product.
If you are unsure whether your account has a minimum balance requirement, log into Chase online and look at your account details, or call 1-800-935-9935. Knowing this upfront prevents surprises if your balance drops temporarily.
How to check your account terms and current fees
The fastest way to confirm what fees apply to your account is to log into Chase.com or the Chase mobile app, navigate to your savings account, and look for "Account Terms," "Pricing Information," or "Fees." This section lists every fee that can be charged to your account and the conditions that trigger it.
If you cannot find the information online, call Chase at 1-800-935-9935 and ask a representative to read your account terms to you. Have your account number ready. Representatives can also tell you whether your account terms have changed since you opened it and what your current balance is.
Frequently Asked Questions
Does Chase charge to open a savings account?
No. Chase does not charge an opening fee for savings accounts. You may need to make an initial deposit (often $25 or more), but that money goes into your account—it is not a fee. Some accounts have no minimum opening deposit at all.
What happens if I close my Chase savings account?
Chase does not charge a fee to close a savings account. You can close it online, by phone, or in person at a branch. If your account has a balance, Chase will send you a check or transfer the money to another account you specify.
Can Chase charge me a fee without telling me?
No. Chase must disclose all fees in your account terms before you open the account and notify you of any changes to fees before they take effect. If a fee appears on your statement that you do not understand, call Chase to ask what triggered it.
Do I pay a fee if I do not use my savings account?
No. Chase does not charge a fee for inactive accounts. You can leave your savings account open with no activity and pay nothing. However, if your account has been inactive for a very long time (typically years), Chase may close it, though they will return any balance to you.
Is there a fee to transfer money from savings to checking?
No. Transfers between your own Chase accounts (savings to checking or checking to savings) are free and usually complete within one business day. Wire transfers cost $15, but regular transfers do not.