Chase does not charge a monthly maintenance fee on most savings accounts

Chase's standard savings account, called the Chase Savings Account, has no monthly fee. You can open one, keep money in it, and never pay a maintenance charge regardless of your balance. The same is true for Chase's high-yield savings product, the Chase Savings Maximizer Account, which also carries no monthly fee.

However, Chase does charge fees in specific situations: if you exceed six withdrawals or transfers per month, you pay $10 per excess transaction. This limit applies to most savings accounts at most banks and is set by federal regulation, though the regulation itself was suspended in 2020. Chase chose to keep the limit in place. If you make seven withdrawals in a month, you owe $10. If you make ten, you owe $40.

Chase also charges a $25 fee if your account falls below the minimum balance required to open it. For the Chase Savings Account, that minimum is $0 — meaning there is no balance requirement and no fee for staying below it. For the Chase Savings Maximizer Account, the minimum to open is also $0, so again, no fee applies.

Key Takeaways

  • Chase does not charge a monthly maintenance fee on either the Chase Savings Account or the Chase Savings Maximizer Account.
  • You will pay $10 for each withdrawal or transfer beyond six per month, a limit set by federal rule that Chase still enforces.
  • Neither account has a minimum balance requirement, so you cannot be charged for keeping a low or zero balance.
  • The Chase Savings Maximizer Account pays a higher interest rate than the standard Chase Savings Account, but both have the same fee structure.

When you will pay the excess transaction fee

The six-transaction limit counts withdrawals and transfers out of your savings account. It does not count deposits into the account. So if you move money into savings ten times and out once, you have made one transaction and owe nothing.

Transfers between your own Chase accounts count toward the limit. A transfer from your Chase savings to your Chase checking counts as one transaction. A transfer to another bank also counts as one. ATM withdrawals count. Debit card withdrawals count. Checks written against the savings account count. Phone transfers count.

Once you hit seven transactions in a calendar month, Chase charges $10 for each one after that. The month resets on the first day of the next calendar month, so a transaction on June 30 and one on July 1 are in different months and both count toward their respective limits.

How to avoid the excess transaction fee

The simplest approach is to treat your savings account as a holding place, not a spending account. Move money in, leave it there, and use your checking account for regular transfers and withdrawals. Most people stay well under six transactions per month this way.

If you need to move money out of savings frequently, ask Chase to waive the fee. Some customers report success calling the customer service number on the back of their card and explaining their situation, especially if they have been a customer for a long time or maintain a high balance. Chase is not required to waive it, but the fee is not automatic — it is charged only if you exceed the limit.

Another option is to use Chase's checking account instead of savings for money you access regularly. Checking accounts have no transaction limits. You can write unlimited checks, make unlimited transfers, and withdraw as many times as you want without paying a fee.

The difference between Chase Savings Account and Chase Savings Maximizer Account

Both accounts have no monthly fee and no minimum balance requirement. The main difference is the interest rate. The Chase Savings Maximizer Account pays a higher rate, which changes based on market conditions. As of now, rates vary, so check Chase's website or call 1-800-935-9935 to see the current rates on both accounts.

The Savings Maximizer Account also has a tiered structure: you earn a higher rate on balances above a certain threshold, which Chase adjusts over time. The standard Chase Savings Account pays the same rate on all balances. If you keep a large amount in savings, the Maximizer account will earn you more money.

Both accounts allow you to open online in minutes. Both let you link to external bank accounts for transfers. Both are FDIC-insured up to $250,000 per account holder per bank.

What happens if you close your 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 you have money in the account, Chase will send it to you by check or transfer it to another account you specify. There is no penalty for closing early.

If you close the account and reopen it later, you start fresh with a new six-transaction limit each month. Chase does not penalize you for the history of the old account.

Fees you might encounter with linked accounts

Your savings account itself has no monthly fee, but if you link it to a Chase checking account, the checking account may have a fee. The Chase Total Checking account has no monthly fee. The Chase Premier Plus Checking account charges $25 per month unless you meet certain balance or deposit requirements. Make sure you know which checking account you have if you are being charged a monthly fee — it is the checking account, not the savings account, that is costing you money.

If you use an ATM outside the Chase network, you may pay a fee charged by that ATM's owner. Chase does not charge you for out-of-network ATM use, but the other bank does. Chase has over 16,000 ATMs nationwide, so you can usually find a Chase ATM for free.

Frequently Asked Questions

Can I get the excess transaction fee waived if I go over six times?

Chase does not automatically waive the fee, but you can call customer service and ask. Some customers report success, especially if they have maintained a good account history or high balance. There is no harm in calling to request a waiver, but Chase is under no obligation to grant it.

Does the six-transaction limit apply to deposits?

No. Only withdrawals and transfers out of the account count toward the limit. You can deposit money as many times as you want without triggering the fee.

What if I transfer money between my own Chase accounts?

Transfers between your own Chase accounts count toward the six-transaction limit. A transfer from Chase savings to Chase checking counts as one transaction and uses up one of your six.

Is there a minimum balance I need to keep in a Chase savings account?

No. Both the Chase Savings Account and Chase Savings Maximizer Account have a $0 minimum balance. You will not be charged a fee for keeping a low or zero balance.

Do I pay interest on money in a Chase savings account?

Yes. Both accounts pay interest, though the rate changes based on market conditions. The Savings Maximizer Account typically pays a higher rate than the standard Savings Account. Check Chase's website for current rates.