Chase savings accounts have no minimum balance requirement to open or maintain
Chase does not require you to keep a minimum balance in any of its standard savings accounts. You can open an account with $0 and let it sit empty, or deposit and withdraw money freely without penalty. There is no monthly fee tied to falling below a certain balance, and no interest rate that changes based on how much you have in the account.
The catch is that Chase savings accounts earn very little interest—often less than 0.01% annually on balances under $100,000. If you are looking for a savings account that rewards you for keeping money there, a different bank or a high-yield savings account elsewhere will pay significantly more. But if you simply need a place to park money without worrying about minimums, Chase will not charge you for that.
Key Takeaways
- Chase savings accounts have no minimum balance to open, maintain, or avoid fees.
- You will not be charged a monthly maintenance fee regardless of your balance.
- Interest rates on Chase savings accounts are very low and do not change based on your balance size.
- Some Chase checking accounts do have minimum balance requirements, so confirm which product you are opening before you deposit money.
Which Chase savings products have no minimum balance
Chase offers several savings account types, and all of them have zero minimum balance requirements. The Chase Savings Account (sometimes called the basic savings account) has no minimum to open or maintain. The Chase Premier Savings Account, which is marketed to customers with higher balances, also has no minimum—the name refers to the interest rate tier you may reach if you deposit more money, not a requirement to keep it there.
If you have a Chase checking account, you may also have access to a linked savings account through the same login. That savings account also has no minimum balance requirement. You can move money between the two accounts instantly online or through the Chase app without any penalty or waiting period.
How Chase checking accounts differ on minimums
Chase checking accounts are different. Some checking products do have minimum balance requirements, and some charge monthly fees if you fall below that minimum. The Chase Total Checking account, for example, has no minimum balance and no monthly fee. But the Chase Premier Plus Checking requires you to maintain a $25,000 minimum balance to avoid a $25 monthly fee, or meet other conditions like setting up direct deposit.
If you are opening a Chase account and want to avoid any minimum balance requirement, make sure you are signing up for a savings account or for the Total Checking product. Read the fee schedule before you fund the account, because switching products later takes extra steps.
Interest rates and why minimums do not matter here
Chase savings accounts pay interest on your balance, but the rate is the same whether you have $1 or $100,000 in the account. As of late 2024, Chase savings accounts earn around 0.01% annual percentage yield (APY), which means a $1,000 balance earns roughly $0.10 per year. That rate does not increase if you reach a certain balance threshold.
The Chase Premier Savings Account does offer a slightly higher rate—around 0.015% APY—but again, you do not need to maintain a minimum to receive it. The rate applies to all balances, from $0 upward. If you are comparing savings accounts, the interest rate difference between Chase and other banks matters far more than whether there is a minimum balance, because the interest you earn (or do not earn) will be the same either way.
What happens if your balance drops to zero
If you withdraw all the money from your Chase savings account and leave it empty, nothing happens. The account stays open, you owe no fees, and you can deposit money back in whenever you want. Chase will not close the account for inactivity unless you have not used it for an extended period—typically several years—but even then, the bank will usually send you a notice before taking action.
An empty savings account does take up space in your online banking dashboard, so some people close accounts they no longer use just to keep things tidy. But there is no financial penalty for leaving it open and unused.
How to open a Chase savings account with no money upfront
You can open a Chase savings account online through the Chase website or mobile app without depositing anything. You will need to provide your Social Security number, date of birth, address, and phone number. Chase will run a soft credit check and verify your identity through a third-party service. Once the account is approved, it opens with a $0 balance, and you can fund it later or not at all.
If you prefer to open an account in person, visit a Chase branch with a government-issued ID. The branch banker can open the account the same way—with no initial deposit required. Some branches may ask you to make a small deposit on the spot, but this is not a requirement; if they ask, you can decline and open the account empty.
Comparing Chase to other banks on minimum balances
Most large banks—Bank of America, Wells Fargo, Citibank—also have savings accounts with no minimum balance requirement. The real difference between banks is the interest rate they pay. Online banks like Ally, Marcus, and American Express Personal Savings typically pay 4% to 5% APY on savings accounts with no minimum, which is hundreds of times higher than Chase's rate.
If you are choosing between Chase and another bank purely on the basis of minimums, the decision is a tie. If you are choosing based on interest earned, online banks win by a large margin. Chase makes sense if you already have a checking account there and want to keep everything in one place, or if you value the ability to walk into a physical branch.
Frequently Asked Questions
Can I open a Chase savings account with $0?
Yes. Chase savings accounts have no minimum balance to open. You can create an account online or in a branch without depositing any money, and the account will remain open and fee-free even if it stays empty.
Will Chase close my account if I don't use it?
Chase typically does not close savings accounts for inactivity unless you have not used the account for several years. If the bank does decide to close it, you will receive notice in advance. An empty account costs you nothing to keep open.
Do I need a minimum balance to earn interest on a Chase savings account?
No. The interest rate on Chase savings accounts applies to all balances, including $1. However, the rate is very low—around 0.01% APY—so the interest earned on small balances is minimal.
What is the difference between Chase Total Checking and Chase Premier Plus Checking on minimums?
Chase Total Checking has no minimum balance and no monthly fee. Chase Premier Plus Checking requires a $25,000 minimum balance to avoid a $25 monthly fee, or you can waive the fee by setting up direct deposit of at least $500 per month.
If I have a Chase checking account, does my linked savings account have a minimum?
No. Linked savings accounts have no minimum balance requirement, regardless of which checking account you have. You can move money between them freely without penalty.