Yes, Chase offers several savings account options
Chase offers three main savings accounts: the Chase Savings Account (their basic option), the Chase Premier Savings Account (for customers with higher balances), and the Chase Youth Savings Account (for minors). Each has different minimum balance requirements, interest rates, and monthly fees. You can open any of them online, by phone, or in a Chase branch.
The basic Chase Savings Account has no minimum opening deposit and no monthly service fee if you maintain a $300 minimum daily balance. If your balance drops below $300, you pay $5 per month. Interest rates on all Chase savings accounts change based on the Federal Reserve's rate decisions and vary by region, so you should check the current rate before opening.
Chase also offers money market accounts and certificates of deposit (CDs) if you want different savings structures. Money market accounts typically pay higher interest but may have higher minimum balances. CDs lock your money for a set term (3 months to 5 years) in exchange for a may provide rate.
Key Takeaways
- Chase Savings Account requires a $300 minimum daily balance to avoid a $5 monthly fee, with no minimum to open.
- Chase Premier Savings Account is designed for customers with larger balances and offers higher interest rates but requires a higher minimum.
- Interest rates on Chase savings accounts vary by region and change when the Federal Reserve adjusts its rates.
- You can open a savings account online, by phone, or in person at any Chase branch.
- Chase also offers money market accounts and CDs if you want different ways to save.
How Chase Savings Account interest rates work
Chase savings accounts earn interest, but the rate is typically lower than what you would find at online banks or credit unions. The rate Chase pays depends on two things: the Federal Reserve's benchmark rate and your region. Chase publishes different rates for different parts of the country, so a customer in New York might earn a different rate than one in California.
Interest compounds daily and is credited to your account monthly. This means you earn interest on your interest, though the effect is small at current rates. You can see your current rate and annual percentage yield (APY) on your account details page in Chase's mobile app or online banking portal.
If you want to compare: online banks like Ally, Marcus, and Discover typically offer higher savings rates than Chase because they have lower overhead costs. Credit unions sometimes offer competitive rates to their members. If maximizing interest is your main goal, a high-yield savings account elsewhere may work better for you.
Monthly fees and how to avoid them
The Chase Savings Account charges $5 per month if your daily balance falls below $300. This fee applies every month you stay below the threshold, so it can add up quickly. The easiest way to avoid it is to keep at least $300 in the account at all times.
If you have a Chase checking account, you can link the two and transfer money between them instantly through the Chase app or website. Many customers use their checking account as their main account and keep $300 in savings just to avoid the fee.
The Chase Premier Savings Account has a higher minimum balance requirement (varies by region, typically $10,000 to $25,000) but no monthly fee as long as you maintain it. If you have that much to save, this account may be worth considering because you avoid fees entirely and earn a slightly higher interest rate.
Opening a Chase savings account
You can open a Chase Savings Account online in about 10 minutes if you already have a Chase checking account. You will need your Social Security number, date of birth, and current address. Chase will verify your identity using information from your existing account.
If you do not have a Chase checking account, you can still open a savings account online, but the process takes longer because Chase needs to verify your identity more thoroughly. You may be asked to provide a government-issued ID or answer security questions based on your credit history.
You can also open an account in person at any Chase branch. Bring a government-issued ID and proof of address (a recent utility bill or lease works). If you are opening an account for a minor, a parent or guardian must be present and provide their ID as well.
Chase Youth Savings Account for minors
Chase offers a Youth Savings Account for customers under 18. A parent or guardian must open it and be the account owner, but the minor can use a debit card and access the account through the Chase app. There is no monthly fee regardless of balance, and the account earns interest at the same rate as the regular Chase Savings Account.
The account comes with parental controls, so the adult can set spending limits and receive notifications when the minor makes a purchase. When the minor turns 18, the account automatically converts to a regular Chase Savings Account.
Chase savings versus Chase checking
A Chase Savings Account and a Chase Checking Account serve different purposes. Checking accounts are designed for frequent transactions—paying bills, getting cash at ATMs, making purchases with a debit card. Savings accounts are designed to hold money you are not spending regularly and earn interest on it.
Chase checking accounts have different fee structures and minimum balance requirements than savings accounts. Some Chase checking accounts have no monthly fee at all, while others charge $12 per month if you do not maintain a minimum balance. You can have both a checking and savings account at Chase, and many customers do.
If you are trying to decide which account to open first, start with checking if you need a debit card and a place to deposit paychecks. Open savings once you have money you want to set aside and earn interest on.
Alternatives to Chase savings accounts
If Chase's interest rates or fees do not work for you, other banks and credit unions offer different terms. Online banks like Ally, Marcus, and Discover typically pay higher interest rates on savings accounts because they have lower operating costs. Credit unions often offer competitive rates to members and may have lower or no monthly fees.
High-yield savings accounts at online banks currently pay significantly more interest than Chase, though rates change frequently. The trade-off is that online banks do not have physical branches, so deposits and withdrawals happen by transfer or mail.
If you value having a physical branch location and a full range of banking services, Chase may still be the right choice even if the interest rate is lower. If you are primarily interested in earning the highest interest possible on your savings, comparing rates at online banks is worth your time.
Frequently Asked Questions
Can I have multiple Chase savings accounts?
Yes. You can open more than one savings account at Chase if you want to organize your money into separate buckets—for example, one for an emergency fund and one for a vacation. Each account has its own minimum balance requirement and fee structure, so you would need to maintain the $300 minimum in each account to avoid fees.
What happens if my balance drops below $300?
Chase charges a $5 monthly maintenance fee if your daily balance falls below $300 at any point during the month. The fee is deducted from your account automatically. If your balance stays below $300 for multiple months, you will be charged $5 each month.
Can I withdraw money from my Chase savings account anytime?
Yes, you can withdraw money from a Chase Savings Account anytime without penalty. There are no withdrawal limits or waiting periods. You can withdraw in person at a branch, through an ATM, or by transferring money to another account online.
Does Chase offer joint savings accounts?
Yes. Two people can open a joint savings account at Chase, and both owners have full access to the account and can make deposits and withdrawals. You will both need to provide ID and sign the account opening documents, either online or in person at a branch.
How is my money protected if Chase fails?
Chase is a member of the Federal Deposit Insurance Corporation (FDIC). This means deposits up to $250,000 per account owner are protected by the federal government. If you have a joint account, each owner's share is insured up to $250,000 separately, so a joint account with two owners is protected up to $500,000 total.