Chase does charge monthly fees on most savings accounts, but you can avoid them
Chase charges a monthly maintenance fee on most of its savings accounts. The amount depends on which account you open. For the Chase Savings Account, the fee is $5 per month. For the Chase Premier Savings Account, it is $25 per month. However, you can eliminate the fee by meeting one simple requirement: keeping a minimum daily balance in the account.
The minimum balance needed to waive the fee varies by account type. For the regular Chase Savings Account, you need to maintain a $300 minimum daily balance. For the Premier Savings Account, the requirement is $10,000. If your balance drops below the threshold on any day during the month, you will be charged the full monthly fee for that statement period.
Chase also offers a high-yield savings account called the Chase Performance Savings Account, which has no monthly maintenance fee at all. This account earns interest at a higher rate than the standard savings account, though the rate changes based on market conditions and is not may provide.
Key Takeaways
- Chase Savings Account charges $5 per month unless you keep a $300 minimum daily balance.
- Chase Premier Savings Account charges $25 per month unless you keep a $10,000 minimum daily balance.
- Chase Performance Savings Account has no monthly maintenance fee and earns a higher interest rate.
- The fee is charged once per statement period if your balance falls below the minimum, even for a single day.
- You can avoid fees by choosing the right account for your savings habits or by maintaining the required balance.
How the minimum balance requirement works
Chase calculates the minimum balance requirement using your daily balance, not your average balance. This means the bank looks at what you had in the account each day of the statement period. If your balance dips below the required amount on even one day, the monthly fee applies to your entire statement cycle.
For example, if you have a Chase Savings Account with a $300 minimum requirement and you maintain $500 in the account all month but withdraw $250 on the 15th, you will be charged the $5 fee. The fee posts to your account a few days after the statement closes, usually around the end of the month.
The statement period typically runs for one calendar month. You can see your statement online through Chase's website or mobile app, which shows the exact dates your statement covers and whether you met the minimum balance requirement.
When Chase waives fees for new accounts
Chase sometimes offers promotional fee waivers for new savings accounts opened during specific periods. These promotions typically waive the monthly maintenance fee for the first few months—often three to six months—regardless of your balance. After the promotional period ends, the regular fee structure takes over.
Promotional offers change frequently and vary by location and account type. You can check Chase's website or ask at a branch to see what current promotions are available. The terms of any promotion are disclosed when you open the account, so you will know exactly when the waiver ends.
Even if you open an account during a promotional period, you should plan ahead for when the fee kicks in. Decide whether you will maintain the minimum balance or switch to a different account type before the promotion expires.
Comparing Chase savings accounts to avoid fees
| Account Type | Monthly Fee | Minimum to Waive Fee | Interest Rate |
|---|---|---|---|
| Chase Savings Account | $5 | $300 daily balance | Variable (currently low) |
| Chase Premier Savings Account | $25 | $10,000 daily balance | Variable (slightly higher) |
| Chase Performance Savings Account | None | None | Variable (highest of the three) |
The Chase Performance Savings Account is the only option with no monthly fee. It also earns the highest interest rate among Chase's savings products, though the rate is not fixed and changes based on Federal Reserve decisions and market conditions. This account is a good choice if you want to avoid fees entirely and earn more on your savings.
If you have a large balance and want premium features, the Premier Savings Account might make sense despite the $25 fee—but only if the higher interest rate and additional perks justify the cost. For most people, the regular Savings Account with a $300 minimum is the most practical option if you want to avoid fees.
What happens if you do not meet the minimum balance
If your balance falls below the required minimum on any day during the statement period, Chase will charge the full monthly fee. The fee is deducted from your account automatically when the statement closes. There is no partial fee or prorated charge—you either meet the minimum or you pay the full amount.
If your account balance is very low when the fee is charged, the fee itself might cause your account to go negative. Chase will then charge an overdraft fee on top of the maintenance fee. This can happen quickly if you are not monitoring your balance closely.
You can set up account alerts through Chase's mobile app or website to notify you when your balance drops below a certain threshold. This gives you a chance to deposit money before the minimum balance requirement is missed.
How to switch accounts if fees are a problem
If you are being charged monthly fees and want to stop, you have two options: maintain the required minimum balance, or switch to a different Chase account. Switching is free and takes just a few minutes through the Chase mobile app or website, or you can visit a branch in person.
When you switch, your existing account remains open unless you close it. You can transfer money between your accounts at any time with no fee. If you decide to close the account with fees, make sure you withdraw or transfer any remaining balance first, then request closure through the app, online, or at a branch.
Keep in mind that closing an account affects your credit history slightly, though the impact is minimal. The account will remain on your credit report for about seven years after closure, but it will not prevent you from opening new accounts elsewhere.
Frequently Asked Questions
Can I get the monthly fee refunded if I did not know about it?
Chase may refund one or two months of fees if you contact customer service and explain that you were unaware of the requirement. This is not may provide, but it is worth asking. Call the number on the back of your debit card or visit a branch to request a refund. If the fee has been charged multiple times, Chase is less likely to refund all of them.
Does the minimum balance have to stay in the savings account, or can I move it to checking?
The minimum balance must stay in the savings account itself. Money in your Chase checking account does not count toward the savings account minimum. If you transfer money out of savings to checking, your savings balance drops and may fall below the required minimum.
What interest rate does Chase pay on savings accounts?
Chase's savings account interest rates are variable and change based on Federal Reserve policy. Rates are currently very low across all three Chase savings products. You can check the current rate on Chase's website or by calling customer service. The rate is not may provide and can decrease at any time.
If I have multiple Chase savings accounts, do I need to meet the minimum in each one?
Yes. Each savings account is treated separately for the purpose of the minimum balance requirement. If you have two Chase Savings Accounts, each one needs a $300 minimum daily balance to avoid the $5 fee. The balances do not combine.
Does a Chase checking account waive the savings account fee?
No. Having a Chase checking account does not waive the savings account monthly fee. The minimum balance requirement applies only to the savings account itself. However, some Chase checking accounts do have their own monthly fees that can be waived by maintaining a minimum balance or setting up direct deposit.