The basic steps to open a Chase savings account

You can open a Chase savings account online, by phone, or in person at a branch. Online is fastest — you can complete the whole process in about 10 minutes. You'll need a valid government ID, your Social Security number, and an initial deposit (usually $25 or more, depending on the account type). Chase will verify your identity and check your banking history through ChexSystems, a database that tracks account closures and fraud.

If you open online, Chase will ask for your name, address, date of birth, and employment information. You'll create a username and password for online banking. The account opens immediately, and you can start using it the same day. If you open in a branch, a banker will walk you through the same questions and can answer questions about which savings account fits your situation.

Opening by phone takes longer because a representative has to verify everything verbally, but it's an option if you prefer not to use a computer. Call Chase customer service at 1-800-935-9935 to ask about phone account opening.

Key Takeaways

  • Online account opening takes about 10 minutes and requires a valid ID, Social Security number, and an initial deposit of at least $25.
  • Chase checks your banking history through ChexSystems, so accounts you've closed or fraud issues may affect whether you can open an account.
  • You can fund your new account immediately with a debit card, bank transfer, or by depositing a check through the mobile app.
  • Chase offers multiple savings account types with different interest rates and minimum balance requirements, so compare them before you choose.

What documents and information you need to bring

Have your Social Security number ready — Chase requires it to open any account. Bring or have a photo copy of a valid government ID: a driver's license, passport, state ID card, or military ID all work. If you don't have a government ID, call a branch to ask about alternatives; some branches can work with other forms of ID, but policies vary.

You'll also need proof of your current address if it's different from what's on your ID. A recent utility bill, lease, or mortgage statement works. If you're opening online, you can upload a photo of these documents. In a branch, you can show the originals.

Have your initial deposit ready. You can transfer money from another bank account, use a debit card, or deposit cash in person. If you're opening online and funding with a transfer from another bank, that transfer may take one to three business days to show up in your new Chase account.

Chase savings account types and their differences

Chase offers three main savings accounts: Chase Savings, Chase Premier Savings, and Chase Sapphire Preferred Savings. Each has a different interest rate and minimum balance requirement.

Chase Savings has no minimum balance requirement and no monthly maintenance fee. The interest rate is lower than the other options. This account is good if you're starting out or don't have much to deposit.

Chase Premier Savings requires a $10,000 minimum balance to earn the higher interest rate. If your balance drops below $10,000, you earn a lower rate. There's no monthly fee. This account makes sense if you have at least $10,000 to deposit and want a better return on your money.

Chase Sapphire Preferred Savings requires a $25,000 minimum balance and offers the highest interest rate of the three. It's part of the Sapphire banking package, which includes other perks like fee waivers and higher rates on checking accounts. This account is for people who have significant savings and want to maximize their interest earnings.

Interest rates change frequently and vary by region, so check Chase's website or ask in a branch for current rates before you decide which account to open.

How to fund your account after opening

Once your account is open, you can add money in several ways. The fastest method is a transfer from another bank account you own — this usually takes one to three business days. You can set this up in Chase's online banking portal or mobile app by entering the other bank's routing number and your account number there.

You can also use a debit card to fund the account online, though some banks charge a fee for this. Cash deposits work only if you go to a Chase branch in person. Mobile check deposit — taking a photo of a check and uploading it through the app — is available for most checks and usually clears within one to two business days.

If you're transferring from another bank for the first time, Chase may place a temporary hold on the deposit while they verify the transfer. This is normal and usually lifts within a few days.

Setting up online and mobile banking access

When you open your account, Chase creates a username and password for you or lets you choose them. Write these down or save them in a password manager — you'll need them every time you log in to check your balance or move money.

Download the Chase mobile app to your phone after your account opens. You can log in with the same username and password. The app lets you check your balance, transfer money between accounts, deposit checks by photo, pay bills, and set up alerts for low balances or large transactions.

Set up two-factor authentication in your account settings. This adds a security layer: when you log in from a new device, Chase sends a code to your phone or email that you have to enter. It takes an extra 30 seconds but makes it much harder for someone to access your account if they get your password.

What happens if Chase denies your account opening

Chase may deny your account opening if ChexSystems shows a history of fraud, unpaid overdrafts, or accounts you closed with a negative balance. You can ask Chase why your application was denied — they're required to tell you. If the reason is a ChexSystems report, you can dispute inaccurate information directly with ChexSystems by visiting their website or calling 1-800-428-9623.

If you were denied because of recent overdrafts or closed accounts, wait three to six months and try again. Banks are more likely to approve you once some time has passed. In the meantime, you can look into second-chance banking accounts at other banks, which are designed for people with banking history issues.

If you have no banking history at all — you've never had a bank account — Chase may still open an account for you, but some branches are stricter than others. Try opening online first, or visit a branch and explain your situation to a banker.

Frequently Asked Questions

Can I open a Chase savings account if I don't have a Social Security number?

No. Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use that instead. If you don't have either, you won't be able to open a Chase account at this time.

How much money do I have to put in when I open the account?

Chase Savings requires a minimum of $25 to open. Chase Premier Savings and Sapphire Preferred Savings also require $25 to open, but you need to maintain higher minimum balances ($10,000 and $25,000 respectively) to earn their higher interest rates. You can deposit as little as $25 and still open the account; you just won't earn the premium rate until you reach the minimum balance.

How long does it take for my initial deposit to show up?

If you transfer from another bank account, the deposit usually takes one to three business days. If you deposit cash in person at a branch, it shows up immediately. Mobile check deposits typically clear within one to two business days. Transfers made on weekends or holidays may take longer because banks don't process them until the next business day.

Can I open a savings account for someone else, like a child?

You can open a custodial savings account for a minor, but you'll need to be their parent or legal guardian. Go to a Chase branch with your ID and the child's birth certificate or Social Security card. The account is in the child's name, but you control it until they turn 18 or 21, depending on your state.

What fees does a Chase savings account have?

Chase Savings and Premier Savings have no monthly maintenance fees. Sapphire Preferred Savings also has no monthly fee. However, you may be charged fees for things like overdrafts on a linked checking account, wire transfers, or stopping a payment. Ask about current fees when you open your account or check Chase's website.