Chase savings accounts have no monthly maintenance fee

Chase does not charge a monthly fee to hold a Chase savings account. You can open and maintain a savings account with Chase at no cost, regardless of which savings product you choose.

However, Chase does charge fees in specific situations — when you exceed withdrawal limits, when you fall below minimum balance requirements on certain accounts, or when you use out-of-network ATMs. Understanding which fees apply to your account type matters because Chase offers several different savings products, and the fee structure varies between them.

Key Takeaways

  • Chase charges no monthly maintenance fee on any of its savings accounts, but fees apply when you exceed six withdrawals per month or use out-of-network ATMs.
  • The Chase Savings Account charges $5 per excess withdrawal after six per month, while the Chase Premier Savings Account charges $10 per excess withdrawal.
  • Chase charges $2.50 for each out-of-network ATM withdrawal, regardless of which savings account you hold.
  • Minimum balance requirements vary by account type: the basic savings account requires $25 to open but has no ongoing minimum, while Premier Savings requires $10,000 to open and maintain.
  • Interest rates on Chase savings accounts are typically lower than online-only banks, so comparing rates matters if you are saving for a specific goal.

Excess withdrawal fees and the six-transaction limit

Federal rules once limited savings account withdrawals to six per month, though that rule was suspended in 2020. Chase still enforces a six-withdrawal limit on most savings accounts and charges a fee when you exceed it. This applies to withdrawals made in person, by phone, by mail, or through a third party — but not to ATM withdrawals or transfers initiated by the account holder online.

On the Chase Savings Account, the excess withdrawal fee is $5 per transaction after you hit six withdrawals in a calendar month. On the Chase Premier Savings Account, the fee is $10 per excess withdrawal. If you regularly need to withdraw money more than six times per month, a checking account may be a better fit than a savings account.

The fee resets on the first day of each calendar month. If you make six withdrawals in January and six in February, you pay no fee — the count starts fresh each month.

Out-of-network ATM fees

Chase charges $2.50 each time you withdraw cash from an ATM that is not part of the Chase network. This fee applies whether you use an ATM at another bank, at a convenience store, or at any other non-Chase location.

Chase has over 16,000 ATMs nationwide, so most account holders can find a Chase ATM without traveling far. If you live or work near a Chase branch, you can avoid this fee by withdrawing cash inside the branch during business hours or using a Chase ATM. If you frequently need cash from out-of-network ATMs, the fees add up quickly — six out-of-network withdrawals per month costs $15, or $180 per year.

Minimum balance requirements by account type

Chase offers two main savings account products, and they have different minimum balance rules. The Chase Savings Account requires $25 to open but has no minimum balance requirement to keep the account open or to avoid fees. You can drop to $0 and the account will remain active.

The Chase Premier Savings Account requires $10,000 to open and requires you to maintain a $10,000 minimum balance at all times. If your balance falls below $10,000, Chase charges a $25 monthly fee until you bring it back above the minimum. This account is designed for customers with larger savings balances and offers a higher interest rate in return.

Interest rates and how they compare

Chase savings accounts earn interest, but the rates are typically lower than what online-only banks offer. Chase rates change frequently and vary based on market conditions, so the exact rate you receive depends on when you open the account and which product you choose.

As of early 2024, Chase savings rates are generally below 0.5% annual percentage yield (APY), while some online banks offer rates above 4% or 5% APY. If you are saving a large amount of money for a long-term goal, the difference in interest rates can be significant. A $10,000 balance earning 0.01% APY at Chase generates roughly $1 per year in interest, while the same balance at a 4.5% APY online bank generates $450 per year.

The trade-off is convenience and branch access. If you value being able to walk into a physical location or speak to someone in person, Chase's lower rates may be worth the cost.

Overdraft fees do not apply to savings accounts

Chase does not charge overdraft fees on savings accounts because savings accounts cannot overdraft. If you attempt to withdraw more money than you have in your savings account, the transaction is simply declined. You will not be charged a fee, and the withdrawal will not go through.

Overdraft fees only apply to checking accounts, where Chase allows transactions to go through even if your balance is insufficient. If you have linked your savings account to a checking account and use overdraft protection, a transfer from savings to checking can occur automatically — but this is a transfer, not a withdrawal, and does not trigger the excess withdrawal fee.

Wire transfer and other service fees

Chase charges $15 for outgoing domestic wire transfers and $45 for outgoing international wire transfers from a savings account. Incoming wire transfers are free. If you need to send money frequently, wire transfer fees can add up, and you may want to explore alternatives like ACH transfers (which are free) or peer-to-peer payment apps.

Chase also charges $5 to issue a cashier's check from a savings account, though this fee is waived at some branches. Stopping payment on a check costs $30. These fees are less common than withdrawal or ATM fees, but they apply if you use these services.

Frequently Asked Questions

Can I avoid the excess withdrawal fee by using a Chase checking account instead?

Yes. Chase checking accounts have no limit on the number of withdrawals or transfers you can make per month. If you need frequent access to your money, a checking account is a better choice than a savings account, though you may earn little or no interest on checking balances.

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

No. Chase does not charge an early closure fee on savings accounts. You can close your account at any time without penalty, either online, by phone, or in person at a branch.

What happens if my balance drops below the $10,000 minimum on a Premier Savings Account?

Chase charges a $25 monthly fee for each month your balance stays below $10,000. The fee continues until you bring your balance back above the minimum. If you cannot maintain $10,000, switching to the basic Chase Savings Account (which has no minimum) is free and takes a few minutes.

Are there any hidden fees I should know about?

Chase's main fees are the ones listed here: excess withdrawals, out-of-network ATM use, wire transfers, and the Premier Savings minimum balance fee. There are no hidden monthly maintenance fees, and Chase does not charge for deposits, transfers between your own accounts, or customer service calls.

Do I earn interest on money in a Chase savings account?

Yes, but the rate is low compared to online banks. Interest rates change frequently, so check Chase's website or ask in a branch for the current rate on the account type you are considering.