What you need to open a Chase savings account

Chase lets you open a savings account online, by phone, or in person at a branch. You will need a valid government-issued photo ID, your Social Security number, and an initial deposit—usually a minimum of $0 to $25 depending on the account type, though some accounts require more. If you are opening online, you can fund the account immediately from a bank account you already have.

Chase offers several savings account types: the basic Chase Savings, Chase Premier Savings (which requires a higher opening deposit and balance), and Chase Sapphire Savings (linked to their premium checking product). Each has different minimum balance requirements and interest rates. The account you choose depends on how much you plan to keep in savings and whether you want to link it to a checking account.

You do not need to be a current Chase customer to open a savings account. If you already bank with Chase, opening a second savings account takes about five minutes online.

Key Takeaways

  • You can open a Chase savings account online in about 10 minutes using your ID, Social Security number, and an initial deposit from another bank account.
  • Chase offers three main savings account types with different minimum balances and interest rates; choose based on how much you plan to save.
  • If you open online, your account is usually active the same day, and you can begin depositing and withdrawing money immediately.
  • Monthly maintenance fees apply to some accounts if you fall below the minimum balance, so confirm the fee structure for the account type you choose.

Opening an account online

Go to chase.com and select "Open an Account" or "Savings" from the homepage. You will be asked to choose which type of savings account you want. Chase will then ask for your personal information: full name, date of birth, address, phone number, email, and Social Security number. Have your ID ready to verify your identity—Chase uses a digital verification process that may ask you to photograph your ID or answer security questions.

Next, you will link a funding source. This is a bank account you already have at another bank (or at Chase, if you are opening a second account). Enter the routing number and account number from that account, and choose how much to deposit. Chase will verify the account by making two small test deposits—usually $0.01 and $0.02—which appear in your other bank account within one to two business days. You confirm the amounts in the Chase app or online to complete verification.

Once verified, your Chase savings account is active. You can transfer money, set up automatic deposits, and begin earning interest immediately. You will receive a debit card in the mail within 7 to 10 business days if your account type includes one, though you can withdraw money online or at a Chase ATM before it arrives.

Opening an account at a Chase branch

Visit any Chase branch with your photo ID, Social Security number, and initial deposit. Bring a checkbook or bank statement from another account if you want to fund the account by transfer; otherwise, you can deposit cash or a check in person. A Chase banker will walk you through the account setup, answer questions about which account type fits your needs, and complete the paperwork.

In-branch accounts are usually active the same day. You will receive temporary access to your account number before you leave, and a debit card will arrive by mail. This route works well if you prefer to speak with someone or if you want to deposit cash immediately without waiting for a transfer to clear.

Opening an account by phone

Call Chase at 1-800-935-9935 to open a savings account over the phone. A representative will verify your identity, collect your personal information, and help you choose an account type. You will still need to provide an initial deposit by linking a bank account or arranging a transfer from another Chase account you hold.

Phone-based accounts take slightly longer to activate because Chase must mail you verification documents and a debit card. Your account is usually active within one to three business days, but you may not have full access until you receive and activate your card.

Minimum deposits and account fees

Chase Savings requires a $0 minimum opening deposit but charges a $5 monthly maintenance fee if your balance falls below $500. Chase Premier Savings requires a $10,000 minimum opening deposit and charges $25 per month if you drop below that balance. Chase Sapphire Savings requires a $4,500 minimum opening deposit and waives the monthly fee if you maintain that balance or link it to a Sapphire Checking account.

Interest rates vary by account type and change based on market conditions. Check chase.com for current rates before you open, as they differ from the rates advertised for new accounts. Some accounts offer higher rates if you set up automatic monthly deposits or maintain a linked checking account.

If you close your account within 90 days of opening it, Chase may charge an early closure fee of $25. This fee applies only if you initiated the closure, not if Chase closed the account due to inactivity or fraud.

What happens after you open your account

Once your account is active, you can transfer money in and out using the Chase mobile app, online banking, or by visiting a branch. You can also set up direct deposit from your employer or automatic transfers from another account. Transfers between your Chase accounts are instant; transfers to accounts at other banks take one to three business days using ACH (Automated Clearing House).

Your savings account earns interest monthly, which is deposited into your account. The amount depends on the current interest rate and your account balance. You can view your interest earnings in the transaction history or on your monthly statement.

If you need to add money later, you can deposit checks using mobile check deposit (photograph the front and back in the app), transfer from another account, or deposit cash at a Chase ATM or branch. Withdrawals are free and unlimited, though federal law once limited savings account withdrawals to six per month—that rule was suspended, but some banks still enforce limits during certain conditions.

Frequently Asked Questions

How long does it take for my Chase savings account to be active?

Online accounts are usually active the same day you open them. In-branch accounts are active immediately. Phone-based accounts may take one to three business days. You can begin using your account as soon as it is active, though transfers from other banks take one to three additional business days to clear.

Can I open a Chase savings account if I do not have a checking account?

Yes. You do not need a Chase checking account or any existing Chase account to open a savings account. You only need a valid ID, Social Security number, and an initial deposit from any bank account you hold.

What is the difference between Chase Savings and Chase Premier Savings?

Chase Premier Savings requires a higher opening deposit ($10,000 vs. $0) and charges a higher monthly fee ($25 vs. $5) if you fall below the minimum balance. It typically offers a slightly higher interest rate. Choose Premier Savings only if you plan to keep at least $10,000 in the account consistently.

Can I change my account type after I open it?

Yes. You can convert your account to a different savings account type by contacting Chase online, by phone, or at a branch. There is no fee to switch, though you may need to meet the minimum balance requirement of the new account type.

What if I do not have an initial deposit ready right now?

You can open an account online or at a branch with $0 if you choose Chase Savings. You can then deposit money whenever you are ready. Some promotions require a deposit within a certain timeframe, so check the terms when you open.