Chase savings accounts have no minimum balance requirement to open or maintain
Chase does not require you to keep a minimum balance in any of its standard savings accounts. You can open a Chase savings account with $0 and let it sit empty, or withdraw down to zero at any time without penalty or account closure. This applies to Chase's main consumer savings product, the Chase Savings Account, which is their basic offering for most customers.
However, Chase does offer a higher-tier account called Chase Premier Savings, which has different rules. That account requires a $10,000 minimum balance to avoid a monthly fee. If your balance drops below $10,000, Chase charges $25 per month. The fee stops once you bring the balance back to $10,000 or above.
The distinction matters because the two accounts have different interest rates. Premier Savings typically pays a higher rate, but only if you meet the balance requirement. If you cannot maintain $10,000, the standard Chase Savings Account costs you nothing and may actually be the better choice despite the lower rate.
Key Takeaways
- Chase Savings Account has no minimum balance to open or maintain, and you will not be charged for keeping a zero balance.
- Chase Premier Savings requires a $10,000 minimum balance; if it drops below that, you pay $25 per month until you restore it.
- The higher interest rate on Premier Savings only makes sense if you can reliably keep $10,000 in the account.
- You can move money between your Chase accounts at any time without penalty, so you can shift funds to meet a minimum if needed.
When the $25 monthly fee kicks in
If you have Chase Premier Savings and your balance falls below $10,000 on any day of the month, Chase charges $25 at the end of that month. The fee is automatic — you do not receive a warning or grace period. One day below $10,000 triggers the charge.
The fee resets each month. If you dip below $10,000 in January and pay the $25 fee, you start fresh in February. If your balance is below $10,000 again in February, you pay another $25. There is no cumulative penalty, but the monthly charge adds up quickly if you cannot maintain the balance consistently.
You can avoid the fee by keeping your balance at or above $10,000, or by closing the Premier Savings account and moving to the standard Chase Savings Account. Closing the account does not hurt your credit and takes a few minutes online or by phone.
How to check your current balance requirement
Log into your Chase account online or through the mobile app and look at your account type. The account name appears at the top of your account details. If it says "Chase Savings Account," you have no minimum. If it says "Chase Premier Savings," your minimum is $10,000.
You can also call Chase customer service at the number on the back of your debit card or on your account statement. They will tell you your account type and current balance in seconds. This is useful if you are unsure whether you are being charged a monthly fee.
If you see a $25 charge on your statement and you have Premier Savings, that is the monthly maintenance fee for falling below $10,000. Check your balance on the date the fee was charged to confirm it was below the minimum that day.
Moving money between Chase accounts to meet the minimum
If you have Premier Savings and your balance is close to $10,000, you can transfer money from another Chase account — a checking account, money market account, or another savings account — to bring it above the minimum. Transfers between your own Chase accounts are free and happen instantly online.
This strategy works if you have money elsewhere in Chase but do not want to keep it all in Premier Savings. For example, you might keep $10,000 in Premier Savings for the higher rate and hold the rest in a checking account. On days when your Premier Savings balance dips slightly, you can move money over to stay above $10,000 and avoid the fee.
However, this only works if you actually have the money to move. If your total across all accounts is less than $10,000, you cannot create money by moving it around. In that case, the standard Chase Savings Account is the right choice.
Interest rates and whether Premier Savings is worth it
Chase Premier Savings pays a higher interest rate than the standard Chase Savings Account, but the difference varies. As of now, the rate difference is typically less than 0.5% annually. On a $10,000 balance, that might mean an extra $20 to $50 per year in interest.
If you pay a $25 monthly fee even once, you lose the interest gain for the entire year. This means Premier Savings only makes financial sense if you can keep $10,000 in it consistently without dipping below. If your balance fluctuates or you are uncertain, the standard account is safer and costs nothing.
Interest rates change frequently, so compare the current rates on Chase's website before deciding. The rate advantage of Premier Savings may shrink or grow depending on the broader interest rate environment. Check the rates again if you are reconsidering which account to use.
Switching from Premier Savings to standard savings
If you have Premier Savings and want to avoid the $10,000 minimum, you can close it and open a standard Chase Savings Account. This takes a few minutes online or by phone. You will not lose any money — Chase transfers your balance to the new account, and you keep all interest earned to date.
There is no penalty for closing Premier Savings. Your credit is not affected. You can reopen Premier Savings later if your situation changes and you want the higher rate again.
Before you close, decide what to do with your money. You can move it to a standard Chase Savings Account, a Chase checking account, or withdraw it entirely. Chase will not force you to keep money anywhere.
Frequently Asked Questions
Can I open a Chase savings account with no money?
Yes. Chase Savings Account has no minimum to open. You can create the account with $0 and fund it later, or not at all. The account will remain open and active with a zero balance.
What happens if I go below $10,000 in Premier Savings for one day?
Chase charges you $25 at the end of that month. The fee is based on whether your balance dipped below $10,000 at any point during the month, not your ending balance. One day below the minimum triggers the charge.
Do I earn interest on a zero balance?
No. Interest is calculated on your average daily balance. If your balance is zero, you earn zero interest. Interest only accrues on money you actually have in the account.
Can I have both a standard savings account and Premier Savings at Chase?
Yes. You can open multiple savings accounts at Chase and keep them separate. Some people use one for emergency savings and another for a specific goal. Each account has its own balance and interest rate.
If I close my Premier Savings account, can I reopen it later?
Yes. Closing an account does not prevent you from opening another one in the future. If your financial situation improves and you want the higher rate again, you can open Premier Savings whenever you choose.