Chase does not charge a monthly fee to open or maintain most of its savings accounts, but you will pay fees if you fall below the minimum balance or make too many withdrawals in a statement period.
Chase offers several savings products, and the fee structure depends on which one you choose. The most common account—Chase Savings—has no monthly maintenance fee. However, if your balance drops below $300, you will pay $5 per month. Chase also charges $10 for each withdrawal or transfer beyond six per statement period, though this limit is less common now than it was before 2020.
Other Chase savings products have different rules. Chase Premier Savings requires a $10,000 minimum balance to avoid a $25 monthly fee. Chase Youth Savings (for under-18 account holders) has no monthly fee and no minimum balance requirement. If you are considering a Chase savings account, the fee you pay—or do not pay—depends entirely on how you use it.
Key Takeaways
- Chase Savings has no monthly fee if you keep at least $300 in the account; below that, you pay $5 per month.
- Chase Premier Savings charges $25 per month unless you maintain a $10,000 minimum balance.
- Chase Youth Savings has no monthly fee and no minimum balance, making it free for minors.
- Excess withdrawal fees ($10 per transaction over six per period) apply to most Chase savings accounts but are rarely enforced in practice.
- You can avoid all fees by choosing the right account type for your balance and keeping the minimum if required.
How Chase Savings fees work at different balance levels
Chase Savings is designed to be low-cost for people who keep money in the account. If your balance stays at $300 or higher, there is no monthly charge. This threshold is straightforward: Chase checks your balance at the end of each statement period, and if it is $300 or more, you owe nothing.
If your balance falls below $300 at any point during the statement period, Chase charges $5 for that month. This is not a one-time charge—it happens every month your balance dips below the threshold. For someone with irregular deposits or frequent withdrawals, this can add up to $60 per year.
The $300 minimum is lower than many competitors, which makes Chase Savings competitive for people with modest savings. However, if you are building an emergency fund and expect your balance to fluctuate, you should plan to keep a small cushion above $300 to avoid the fee.
Chase Premier Savings and higher-tier accounts
Chase Premier Savings is a different product aimed at customers with larger balances. It requires a $10,000 minimum balance to waive the $25 monthly maintenance fee. If your balance falls below $10,000 at any point during the statement period, you pay the full $25 fee that month.
This account is not worth opening unless you have at least $10,000 to deposit and plan to keep it there. The fee structure is designed to encourage customers with substantial savings to consolidate their money with Chase. If you have less than $10,000, stick with Chase Savings instead.
Chase also offers other savings products through its investment and wealth management divisions, but those typically have higher minimum balances and different fee structures. For most people, Chase Savings or Chase Youth Savings will be the right choice.
Withdrawal limits and excess transaction fees
Chase Savings accounts technically allow six withdrawals or transfers per statement period before charging $10 for each additional transaction. This rule comes from federal banking regulations that used to apply to all savings accounts, though the regulation was suspended in 2020 and has not been fully reinstated.
In practice, Chase rarely enforces this fee anymore. You can make more than six withdrawals per month without being charged, and many customers do so without consequence. However, the fee remains in Chase's terms and conditions, so it is technically possible to be charged if you make an unusually high number of withdrawals.
If you need to withdraw money frequently, a checking account is a better choice than a savings account. Checking accounts have no withdrawal limits and are designed for regular transactions. You can use both—a checking account for daily spending and a savings account for money you want to set aside.
Ways to avoid Chase savings fees entirely
The simplest way to avoid fees is to choose the right account and maintain the minimum balance. For most people, that means opening Chase Savings and keeping at least $300 in it at all times. If you can do that, you will never pay a monthly fee.
If you have a child under 18, Chase Youth Savings is free with no minimum balance. There is no monthly fee, no withdrawal limit fee, and no catch. This account is genuinely free and can be a good way to teach a young person about saving.
Another option is to link your savings account to a Chase checking account and set up automatic transfers. Many people find it easier to maintain a minimum balance when money moves automatically. You can transfer $25 or $50 per paycheck into savings and let it accumulate without thinking about it.
What happens if you do not maintain the minimum balance
If your Chase Savings balance falls below $300, the $5 fee is charged automatically at the end of the statement period. The fee is deducted from your account, which can push your balance even lower. If you are close to the minimum, a single withdrawal can trigger the fee.
There is no grace period or warning before the fee is charged. Chase does not notify you that you are about to fall below the minimum. You have to monitor your balance yourself or set up a low-balance alert through the Chase mobile app or website.
If you are charged a fee by mistake—for example, if a deposit was delayed and your balance temporarily dipped—you can contact Chase customer service and ask for a refund. Chase sometimes reverses one or two fees as a courtesy, especially if you have been a customer for a long time. There is no may provide, but it is worth asking.
Comparing Chase Savings to other banks
Chase Savings is competitive on fees but not on interest rates. The interest rate on Chase Savings is typically lower than what online banks and credit unions offer. If earning interest is your priority, you may find better rates elsewhere, though you might pay higher fees or have higher minimum balances.
The trade-off is convenience. Chase has physical branches in most states, so you can deposit cash or speak to someone in person. Online banks have higher rates but no branches. Credit unions often have low fees and decent rates but may have membership requirements or limited locations.
If you already have a Chase checking account, keeping your savings at Chase is simple because you can transfer money between accounts instantly and for free. The $300 minimum and $5 monthly fee are reasonable costs for that convenience, especially if you do not have a large balance to move around.
Frequently Asked Questions
Can I get the $5 fee waived if I go below $300 for one day?
Chase charges the fee if your balance is below $300 at any point during the statement period, not just at the end. However, if you are charged in error or it is your first time, customer service may reverse it. Call Chase at the number on your card and explain the situation.
Does Chase charge a fee to open a savings account?
No. There is no fee to open a Chase Savings account, and no minimum deposit required to start. You can open one online or at a branch with as little as $1.
What is the difference between Chase Savings and Chase Premier Savings?
Chase Savings has a $300 minimum balance and a $5 monthly fee if you fall below it. Chase Premier Savings has a $10,000 minimum and a $25 monthly fee. Premier Savings is only worth opening if you have at least $10,000 to deposit and want to keep it there.
Will I be charged for making too many withdrawals?
Chase's terms allow $10 per excess withdrawal, but this fee is rarely enforced in practice. You can make more than six withdrawals per month without being charged in most cases. If frequent withdrawals are important to you, use a checking account instead.
Is Chase Youth Savings really free?
Yes. Chase Youth Savings has no monthly fee, no minimum balance, and no withdrawal limits. It is free for account holders under 18 and is a good option for teaching young people about saving.