Chase offers savings accounts with no monthly maintenance fee, but the account you choose and how you use it matters

Chase has multiple savings accounts, and whether you pay a monthly fee depends on which one you open. The Chase Savings Account (their standard option) has no monthly maintenance fee. The Chase Premier Savings account also has no monthly fee, but requires a higher opening deposit and balance. Both earn interest, though the rate is low compared to online banks.

The catch is not the account itself—it is what you do with it. Chase will waive fees if you meet certain conditions, but if you do not, some accounts charge $5 to $25 per month. Understanding which account fits your situation and what keeps the fee away is the difference between free and paying every month.

Key Takeaways

  • Chase Savings Account has no monthly maintenance fee and no minimum balance requirement to open.
  • Chase Premier Savings has no monthly fee but requires a $10,000 opening deposit and $10,000 minimum balance to earn the higher interest rate.
  • Both accounts let you link to a Chase checking account and move money between them online at no cost.
  • Interest rates on Chase savings accounts are significantly lower than rates offered by online-only banks, so compare before opening.

Chase Savings Account: the standard option with no fee

The Chase Savings Account is Chase's basic savings product and carries no monthly maintenance fee. You can open it with any deposit amount—there is no minimum. You can also open it online in minutes and link it to an existing Chase checking account if you have one.

This account earns interest, but the rate is set by Chase and changes over time. As of now, the rate is very low—typically well below 1% annually. If you are saving money and want it to grow, this rate will not get you far. Online banks like Marcus, Ally, or Discover often pay 4% or higher on savings accounts, so if earning interest matters to you, compare before you commit.

You can withdraw money from this account up to six times per month without penalty. After six withdrawals, Chase charges $10 per withdrawal. This rule applies to transfers to other banks, transfers to your own checking account, and certain other moves. In-person withdrawals at a Chase branch do not count toward this limit.

Chase Premier Savings: higher balance, higher rate, no fee

Chase Premier Savings is designed for people who keep larger balances. It has no monthly maintenance fee, but it requires a $10,000 opening deposit and a $10,000 minimum balance to earn the advertised interest rate. If your balance falls below $10,000, the interest rate drops to the standard Chase Savings rate.

The interest rate on Premier Savings is higher than the standard account, but still low compared to online banks. Like the standard account, it has the same six-withdrawal limit per month, with a $10 charge for each withdrawal beyond that.

This account makes sense only if you already have $10,000 to deposit and plan to keep it there. If you are building savings or do not have that much on hand, the standard Chase Savings Account is the better choice.

How to avoid fees on either account

Both Chase savings accounts have no monthly maintenance fee, so the main fee risk is the withdrawal limit. To stay fee-free, keep your withdrawals to six per month or fewer. This includes transfers to other banks, transfers to your Chase checking account, and bill payments from savings.

In-person withdrawals at a Chase branch do not count toward the limit, so if you need cash, go to a branch instead of transferring money out. Deposits do not count against the limit—you can deposit as often as you want.

If you regularly need to move money in and out of savings, a Chase savings account may not be the right fit. Some online banks have no withdrawal limits at all, though they may charge fees for other reasons. Think about how often you actually move money before you open the account.

Interest rates and how they compare

Chase Savings Account interest rates are set by Chase and change based on market conditions. Currently, the rate is below 0.5% annually on the standard account and slightly higher on Premier Savings. These rates have been stable for months, but they can move up or down without notice.

To put this in perspective: if you deposit $1,000 in a Chase Savings Account earning 0.01% annually, you would earn about 10 cents per year. The same $1,000 in an online savings account earning 4% would earn $40 per year. Over time, the difference grows.

Chase rates are low because Chase is a brick-and-mortar bank with physical branches, staff, and overhead costs. Online banks have lower costs and pass some of that savings to customers through higher rates. If you are keeping money in savings for more than a few months, the interest rate difference is worth considering.

Opening a Chase savings account online or in branch

You can open a Chase Savings Account online through Chase.com or the Chase mobile app in about 10 minutes. You will need your Social Security number, a government-issued ID, and an initial deposit (any amount works). If you already have a Chase checking account, linking the savings account is automatic.

You can also open an account at a Chase branch in person. Bring your ID and Social Security number. A banker can answer questions about the account and help you set up online access on the spot.

Once the account is open, you can transfer money between your Chase checking and savings accounts instantly online or through the app. You can also set up automatic transfers if you want to move a fixed amount to savings each week or month.

When a Chase savings account makes sense

A Chase Savings Account is useful if you already bank with Chase and want a simple place to keep money separate from your checking account. It is also useful if you need to visit a physical branch regularly—Chase has thousands of branches nationwide, and you can withdraw cash in person without hitting the withdrawal limit.

It is less useful if you are trying to maximize interest earnings, if you move money frequently, or if you do not have a Chase checking account already. In those cases, an online savings account, a credit union savings account, or a different bank might serve you better.

The account is free to open and free to maintain, so there is no penalty for trying it. If you open one and decide it is not right for you, you can close it and move your money elsewhere.

Frequently Asked Questions

Do I need a Chase checking account to open a savings account?

No. You can open a Chase Savings Account without a checking account. However, linking a checking account makes it easier to move money between accounts. If you do not have a Chase checking account, you can still transfer money to and from other banks, but it takes longer.

What happens if my balance drops below $10,000 on Premier Savings?

Your interest rate drops to the standard Chase Savings rate, which is much lower. There is no fee, but you earn less interest. If you plan to keep a balance below $10,000, open the standard Chase Savings Account instead.

Can I withdraw money from a Chase savings account at an ATM?

Yes. You can use any Chase ATM to withdraw cash from your savings account. ATM withdrawals do not count toward your six-withdrawal limit. You can also withdraw cash at a Chase branch in person without it counting against the limit.

How long does it take to transfer money from Chase savings to another bank?

Transfers to another bank typically take one to three business days, depending on the receiving bank. Transfers between your own Chase accounts (checking to savings or vice versa) are instant. Weekend and holiday transfers may take longer.

What is the difference between Chase Savings and a money market account?

Chase Savings is simpler and has no minimum balance. Chase Money Market accounts require higher minimum balances and offer slightly higher interest rates, but charge monthly fees if you fall below the minimum. For most people, the standard Savings Account is the better choice.