Chase savings accounts have no monthly maintenance fee

Chase does not charge a monthly fee to open or maintain a Chase savings account. You can hold an account indefinitely without paying anything just for having it open. However, there are ways you can trigger charges, and the interest rate you earn depends on which type of savings account you choose.

The three main Chase savings products are Chase Savings, Chase Premier Savings, and Chase Sapphire Preferred Savings. Each has different minimum balance requirements and interest rates, but none charges a monthly maintenance fee regardless of which one you pick.

Key Takeaways

  • Chase savings accounts carry no monthly maintenance fee, so you will not be charged simply for keeping the account open.
  • You can trigger overdraft fees if your account balance goes negative, which costs $35 per occurrence at Chase.
  • Interest rates vary by account type and change based on Federal Reserve decisions, so a higher-balance account may earn more but is not required.
  • Minimum balance requirements range from $0 to $25,000 depending on the account, but falling below the minimum does not trigger a fee — it just lowers your interest rate.
  • ATM fees apply only if you use an out-of-network ATM; Chase ATMs are free for all Chase customers.

Overdraft fees and how to avoid them

The most common charge on a Chase savings account is an overdraft fee, which occurs when your balance goes negative. Chase charges $35 per overdraft occurrence. This happens when you withdraw or transfer more money than you have in the account, or when a debit card transaction, check, or automatic payment clears against insufficient funds.

You can prevent overdrafts by linking your savings account to a checking account. If a transaction would overdraft your savings, Chase can automatically transfer money from your linked checking account instead. You can set up this transfer in the Chase mobile app or online banking under account settings. There is no fee for using this overdraft protection feature.

If you do overdraft, you have until the end of the business day to deposit money and bring your account positive. Chase will not charge the fee if your account is back above zero by the end of that day. If you overdraft multiple times in one month, you will be charged $35 for each occurrence — there is no cap on how many overdraft fees you can incur in a single month.

Interest rates and minimum balances by account type

Chase offers three savings account tiers, each with different interest rates and minimum balance requirements. The interest rate you earn changes periodically based on Federal Reserve policy, so the exact percentage varies over time.

Chase Savings has no minimum balance requirement. You can open it with $0 and earn interest on whatever you deposit. The interest rate is the lowest of the three options.

Chase Premier Savings requires a $25,000 minimum balance to earn the higher interest rate tier. If your balance falls below $25,000, your interest rate drops to match the Chase Savings rate. Falling below the minimum does not trigger a fee — only the interest rate changes. You can deposit $25,000 upfront, or you can build to it over time.

Chase Sapphire Preferred Savings is available only to Chase Sapphire Preferred credit card members. It also requires a $25,000 minimum balance and offers a higher interest rate than Premier Savings. The same rule applies: if your balance drops below $25,000, your rate drops but you are not charged a fee.

ATM fees and out-of-network withdrawals

Withdrawals at Chase ATMs are free. Chase has over 16,000 ATMs nationwide, and any Chase customer can use them without charge. If you use an ATM that does not belong to Chase, you will pay a fee — usually $2.50 to $3.50 charged by the ATM operator, plus a $1.50 fee from Chase for using an out-of-network machine.

If you travel frequently or live far from a Chase branch, you can avoid these fees by using Chase's network of partner banks. Chase is part of the Allpoint network, which includes ATMs at thousands of retailers and other financial institutions. You can find a free ATM near you using the Chase mobile app or the Allpoint ATM locator online.

Wire transfer and other transaction fees

Sending a domestic wire transfer from a Chase savings account costs $15. International wire transfers cost $45. These fees are charged by Chase when you initiate the transfer, and they are deducted from your account balance.

Incoming wire transfers are free — you are not charged when someone sends money to your Chase savings account. Transfers between your own Chase accounts (savings to checking, for example) are also free and typically complete within one business day.

Cashier's checks ordered through Chase cost $10 each. Stop-payment requests on checks cost $30. These are optional services, so you only pay if you use them.

How to avoid unnecessary charges

The easiest way to keep your Chase savings account free is to maintain a positive balance and avoid overdrafts. Set up overdraft protection by linking a checking account so that any shortfall is covered automatically. If you want to earn the higher interest rate on Premier or Sapphire Preferred Savings, deposit $25,000 and keep it there — there is no penalty for maintaining the minimum, and the higher rate will offset any other small fees you might incur.

Use Chase ATMs for all cash withdrawals. The Chase mobile app shows ATM locations and branch hours, so you can plan ahead. If you need to send money, use free transfers between your own accounts or ask the recipient to receive a free incoming wire transfer instead of you paying to send one.

Review your account statements monthly to catch any unexpected charges. If you see a fee you do not recognize, contact Chase customer service — they sometimes reverse overdraft fees if it is your first occurrence or if you have been a customer for a long time.

Frequently Asked Questions

Do I need a minimum deposit to open a Chase savings account?

No. Chase Savings requires no minimum opening deposit. You can open the account with $0 and deposit money later. Premier Savings and Sapphire Preferred Savings also have no opening minimum, but you need $25,000 in the account to earn their higher interest rates.

What happens if my balance drops below the minimum on Premier Savings?

Your interest rate drops to the standard Chase Savings rate, but you are not charged a fee. You can bring your balance back above $25,000 at any time to restore the higher rate. There is no penalty for dipping below the minimum temporarily.

Can I transfer money from my Chase savings account to another bank for free?

Transfers to another bank are free if you use ACH (Automated Clearing House), which typically takes one to three business days. Wire transfers cost $15 for domestic and $45 for international. ACH is the cheaper option for most transfers.

Does Chase charge a fee if I close my savings account?

No. You can close your Chase savings account at any time without a fee. You can do this online, through the mobile app, or by visiting a branch. Make sure your balance is zero or transfer any remaining money before closing.

Are there fees if I do not use my savings account?

No. Chase does not charge inactivity fees. You can leave your savings account open and unused for as long as you want without being charged. However, if the account is inactive for an extended period, Chase may close it, though this is rare.