Chase savings accounts have no monthly minimum balance requirement

Chase does not require you to keep a minimum balance in any of its standard savings accounts. You can open an account, deposit money, withdraw it all, and keep a zero balance without penalty or account closure. This applies to Chase's main consumer savings products: Chase Savings, Chase Premier Savings, and Chase Sapphire Savings.

However, the account type you choose and the actions you take can affect what you earn and what you pay. Some accounts have higher interest rates if you maintain certain balances, and all Chase savings accounts limit how many withdrawals you can make per month before fees kick in.

Key Takeaways

  • Chase Savings, Chase Premier Savings, and Chase Sapphire Savings have no minimum balance requirement to open or maintain the account.
  • Interest rates on Chase savings accounts vary by account type and current balance, but you earn interest on any amount you hold, even if it is one dollar.
  • All Chase savings accounts limit you to six withdrawals per month; the seventh and beyond cost $10 each.
  • Chase does not close accounts for low or zero balances, but you may want to move money elsewhere if you are not using the account.

How interest rates work without a minimum balance

Chase Savings and Chase Premier Savings pay the same interest rate on all balances, regardless of how much you have. Chase Sapphire Savings pays a higher rate, but again, there is no minimum balance threshold—you earn that rate on every dollar from day one.

Interest rates change based on the Federal Reserve's actions and market conditions, not on your balance. Chase publishes current rates on its website and updates them when they change. If you want to compare what you would earn, multiply your balance by the annual percentage yield (APY) and divide by 12 to see the monthly interest.

Withdrawal limits and fees that do apply

While there is no minimum balance, Chase does enforce a withdrawal limit. You can make up to six withdrawals or transfers out of your savings account per month at no cost. This includes transfers to other accounts, payments to third parties, and ATM withdrawals.

The seventh withdrawal in a calendar month costs $10. Each additional withdrawal after that also costs $10. This limit resets on the first day of each month. Deposits and transfers in do not count against the limit, and ATM deposits do not count either.

If you regularly need more than six withdrawals per month, a checking account may be a better fit, since checking accounts typically have no withdrawal limits.

When Chase might close a savings account

Chase will not close your account simply because the balance is zero or very low. However, Chase does close accounts for other reasons: repeated overdrafts on a linked checking account, suspected fraud, or violation of the account agreement.

If your account sits inactive for a long time—typically two years or more with no deposits, withdrawals, or transfers—Chase may close it and send any remaining balance to your address on file. This is rare, but it can happen. If you are not using the account, moving the money to a more active account is simpler than waiting.

How to open a Chase savings account with no minimum

You can open a Chase Savings account online, by phone, or in a branch. Online applications take about 10 minutes. You will need your Social Security number, a government-issued ID, and an initial deposit—which can be as small as $1.

If you already have a Chase checking account, linking a new savings account is faster. Chase will verify your identity using information it already has on file. If you are new to Chase, the bank will run a ChexSystems check (a banking history report) and may ask for additional information.

Comparing Chase savings to other banks

Chase's interest rates on savings accounts are typically lower than those offered by online banks or credit unions. As of the most recent data, Chase Savings and Chase Premier Savings pay rates well below 1% APY, while some online banks pay 4% or higher on savings accounts with no minimum balance.

If you are keeping money in savings for the long term and want to maximize interest, comparing rates across banks makes sense. If you value the convenience of a Chase branch or want to keep all your accounts in one place, the lower rate may be worth the trade-off.

What happens if you go below zero

If you overdraw your savings account—meaning you try to withdraw more than you have—Chase will decline the transaction or charge an overdraft fee, depending on the circumstances. Savings accounts are not designed for overdrafts the way checking accounts are.

If you link your savings account to a checking account and your checking account overdrafts, Chase may transfer funds from savings to cover it. This counts as a withdrawal and may trigger the six-withdrawal limit. If you are worried about overdrafts, keep your savings account separate from your checking account or do not link them.

Frequently Asked Questions

Can I have multiple Chase savings accounts?

Yes. You can open more than one savings account at Chase. Each account has its own withdrawal limit of six per month, so opening a second account does not give you more total withdrawals—it gives you six more per account. This strategy only makes sense if you are hitting the withdrawal limit regularly.

Do I lose interest if my balance drops below a certain amount?

No. Chase pays the same interest rate on all balances in the same account type, whether you have $1 or $100,000. There is no threshold below which you earn less interest.

What counts as a withdrawal for the six-per-month limit?

Transfers to another bank account, transfers to a Chase checking account, payments to third parties, and ATM withdrawals all count. Deposits, transfers in, and interest deposits do not count. Phone and online transfers count the same as in-branch withdrawals.

If I close my Chase savings account, can I reopen it later?

Yes, you can open a new savings account at Chase at any time. If you closed the account in good standing, there is no waiting period. If the account was closed due to fraud or policy violation, Chase may not let you open a new account for a period of time.

Does Chase charge a monthly maintenance fee on savings accounts?

Chase does not charge a monthly maintenance fee on Chase Savings, Chase Premier Savings, or Chase Sapphire Savings. The only fees are the $10 charge for withdrawals beyond six per month and potential overdraft fees if you try to withdraw more than your balance.