Chase savings accounts have monthly maintenance fees, but you can waive them
Chase charges a monthly maintenance fee on most of its savings accounts, but the fee disappears if you meet one simple requirement: keep a minimum balance. For Chase Savings, that minimum is $300. For Chase Premier Savings, it's $10,000. If your balance drops below the threshold, Chase charges $5 per month on the regular savings account and $25 per month on the Premier account.
The fee hits your account on the same day each month, usually around the 10th. If you're below the minimum when that date arrives, the charge goes through automatically. You won't get a warning first.
There's one other way to avoid the fee: set up a direct deposit of at least $500 per month into the account. If you do that, the monthly maintenance fee is waived regardless of your balance. This option matters most if you're using the savings account as a holding place for paychecks before moving money elsewhere.
Key Takeaways
- Chase Savings charges $5 per month if your balance falls below $300; Chase Premier Savings charges $25 per month below $10,000.
- You can waive the fee by maintaining the minimum balance or by setting up a direct deposit of at least $500 per month.
- The monthly fee is charged automatically on a set date each month, with no advance notice.
- Other Chase savings products, like the Chase High Yield Savings Account, have no monthly maintenance fee at all.
Other fees that can hit your Chase savings account
Beyond the monthly maintenance fee, Chase charges for specific actions. An overdraft fee of $35 applies if you withdraw more money than you have in the account. This can happen if you link your savings account to a debit card or if you transfer money out without checking your balance first.
If you request a paper statement instead of using online banking, Chase charges $2 per statement. Most people avoid this by staying digital.
Closing your account within 90 days of opening it triggers a $25 early closure fee. This rule exists to discourage people from opening accounts just to collect promotional bonuses and then closing them immediately.
Which Chase savings accounts have no monthly fee
Chase offers one savings product with zero monthly maintenance fees: the Chase High Yield Savings Account. It has no minimum balance requirement and no monthly charge. The tradeoff is that the interest rate is typically lower than what you'd earn in a money market account or certificate of deposit elsewhere, though rates change frequently.
If you're primarily interested in earning interest on savings rather than using the account as a holding place, the High Yield Savings Account eliminates the fee problem entirely. You still pay overdraft fees if you overspend, but you won't face a monthly charge just for having the account open.
How to check if you're being charged a fee
Log into your Chase account online or through the mobile app and look at your recent transactions. Monthly maintenance fees appear as a line item, usually labeled "Monthly Service Fee" or "Maintenance Fee." They typically post around the 10th of each month.
If you see a fee you didn't expect, you can call Chase at the number on the back of your debit card or visit a branch. If you've been charged a fee but your balance was above the minimum, Chase will often reverse one or two charges if you ask. They're less likely to reverse fees if it's a pattern, so the best move is to prevent the charge in the first place by keeping your balance up or setting up direct deposit.
Comparing Chase savings to other banks
Many online banks—including Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings—offer savings accounts with no monthly maintenance fee and no minimum balance. They also typically pay higher interest rates than Chase, though the difference varies month to month.
If you're keeping a small balance and not using direct deposit, you'll pay $5 per month at Chase ($60 per year) for a regular savings account. That same money at an online bank with higher interest and no fee would earn you more. The math shifts if you're already a Chase customer with direct deposit or if you like having a physical branch nearby.
What happens if a fee pushes your account negative
If your balance is close to the minimum and the monthly maintenance fee posts, your account can go negative. Once that happens, Chase charges the $35 overdraft fee on top of the maintenance fee. You now owe $40 (or $60 if you have Premier Savings) and your account is in the red.
Chase gives you a grace period of a few business days to deposit money and bring the account positive before additional overdraft fees kick in. But if the account stays negative, overdraft fees can stack up quickly—one for each transaction that posts while you're in the red.
The best protection is to keep a small buffer above the minimum balance, even if it's just $50. That way, if you forget about the fee or miscalculate your balance, you won't slip into overdraft.
How to avoid fees going forward
Pick one strategy and stick with it. If you want to keep money at Chase, the easiest path is to maintain the $300 minimum balance on a regular savings account. That's a low bar for most people. Set a phone reminder for the 10th of each month to check your balance, or set up a transfer from checking to savings on the 5th of each month to make sure you stay above the line.
If you can't reliably keep $300 in the account, set up direct deposit instead. Even if you're only depositing $500 per month temporarily, that waives the fee for as long as the deposits continue. Once the direct deposit stops, the fee returns unless your balance is above $300.
If neither option works for you, the Chase High Yield Savings Account removes the fee problem entirely. You sacrifice a bit on interest, but you gain simplicity and the certainty that no monthly charge will surprise you.
Frequently Asked Questions
Can Chase reverse a monthly maintenance fee if I ask?
Chase will often reverse one or two fees if you call and ask, especially if it's your first time being charged. They're more likely to help if you've been a customer for a while or if you have other accounts with them. If you've been charged repeatedly, they're unlikely to reverse it—the better move is to prevent future fees by meeting the balance requirement or setting up direct deposit.
Does the $300 minimum balance have to stay in savings, or can I move it to checking?
The minimum balance must stay in the savings account itself. If you transfer the money to checking or withdraw it, your savings balance drops and the fee applies. The balance is checked on the date the fee posts, usually around the 10th of the month.
What if I close my Chase savings account and reopen it later?
If you close the account and reopen it within a short time, Chase may flag it as an attempt to avoid fees or chase bonuses. The $25 early closure fee applies if you close within 90 days of opening. If you reopen after that window, you're treated as a new customer, but Chase keeps records and may decline to waive fees if they see a pattern.
Do I pay the monthly fee even if I never use the account?
Yes. As long as the account is open and your balance is below the minimum (and you don't have direct deposit set up), the $5 or $25 monthly fee posts every month, even if you never make a transaction. The fee applies simply because the account exists.
Is the interest rate higher if I avoid the monthly fee?
No. The interest rate is the same whether you pay the fee or waive it. The fee is purely a maintenance charge; it doesn't affect how much interest you earn on your balance. Interest rates at Chase change based on Federal Reserve decisions, not on your account status.