Chase savings accounts have no opening deposit requirement
You can open a Chase savings account with $0. Chase does not charge an account opening fee, and you do not need to deposit money upfront to create the account. You can fund it later, or not at all if you want to keep it dormant.
However, Chase does charge a monthly maintenance fee on most savings accounts unless you meet certain conditions. The fee is currently $5 per month, though this can change. You can avoid the fee by maintaining a minimum daily balance, setting up direct deposit, or meeting other account-specific requirements that vary by product.
Key Takeaways
- There is no minimum deposit needed to open a Chase savings account, and Chase charges no fee to create one.
- Most Chase savings accounts charge a $5 monthly maintenance fee unless you keep a minimum balance or meet other waiver conditions.
- The minimum balance requirement and fee waiver options depend on which Chase savings product you choose.
- You can open an account online, by phone, or in a Chase branch, and funding can happen immediately or later.
Monthly maintenance fees and how to avoid them
Chase's standard savings account charges $5 per month in maintenance fees. You can waive this fee by keeping a minimum daily balance of $300 in the account, or by having a may have access to direct deposit of at least $500 per month deposited to any Chase checking or savings account.
Chase also offers a high-yield savings product called Chase Savings, which has different fee terms. The monthly maintenance fee structure and balance requirements for this product may differ from the standard savings account. Check the current terms on Chase's website or ask in a branch, because these terms change periodically and vary by region.
If you do not meet the balance or direct deposit requirement, the $5 fee will be charged each month. Over a year, that adds up to $60 in fees alone. This is why understanding the waiver conditions before you open the account matters.
How to open an account and what you will need
You can open a Chase savings account online, by phone at 1-800-935-9935, or in person at a Chase branch. Online is usually the fastest route — the process takes about 10 minutes and you can fund the account immediately using a linked bank account or debit card.
You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and your current address. If you are opening the account online, Chase will verify your identity electronically. If you open in a branch, bring your ID with you.
You can fund the account right away by transferring money from another bank account, or you can leave it unfunded and add money later. There is no penalty for opening an account and not using it immediately.
What happens if you do not maintain the minimum balance
If your daily balance falls below $300 and you do not have a may have access to direct deposit, Chase will charge the $5 monthly maintenance fee. This fee is deducted from your account balance, so your balance will drop further each month if you do not add funds.
The fee is charged once per month, usually on the same day each month. If your account balance is too low to cover the fee, Chase may overdraft the account or close it after a period of inactivity. Check your account statements to see when the fee is charged and what your current balance is.
Other costs to know about
Opening and maintaining a Chase savings account itself has no hidden costs beyond the monthly maintenance fee. However, other transactions may carry charges. Withdrawals from a Chase savings account are limited by federal rules — you can make up to six withdrawals or transfers per month before Chase charges a $10 fee for each additional withdrawal.
If you overdraft your account (spend more than you have), Chase charges an overdraft fee. If you use an out-of-network ATM, you may be charged a fee by that ATM's operator, though Chase does not charge you for using another bank's ATM. Incoming transfers and direct deposits are always free.
Comparing Chase savings to other options
Chase's $5 monthly maintenance fee is higher than some online banks charge. Many online-only banks offer savings accounts with no monthly fee and no minimum balance requirement. However, those banks typically offer lower interest rates than Chase's savings products.
If you already have a Chase checking account, opening a savings account may make sense because you can manage both accounts in one place and potentially waive the savings fee through direct deposit to your checking account. If you do not have a Chase account and do not plan to use Chase for checking, compare the total cost — monthly fees plus interest earned — against other banks before deciding.
Frequently Asked Questions
Can I open a Chase savings account without going to a branch?
Yes. You can open an account entirely online at chase.com or by calling 1-800-935-9935. Both routes take about 10 minutes, and you can fund the account immediately. You do not need to visit a branch unless you prefer to.
What if I cannot keep $300 in the account?
If you cannot maintain the $300 minimum balance, you will be charged $5 per month. The only other way to waive the fee is through a may have access to direct deposit of at least $500 per month. If neither option works for you, an online bank with no monthly fee may be a better fit.
Do I have to fund the account when I open it?
No. You can open the account with $0 and fund it later, or not at all. However, if you do not fund it and do not meet the direct deposit requirement, you will still be charged the $5 monthly maintenance fee until you close the account.
Can I waive the fee with direct deposit to a different bank?
No. The direct deposit must go to a Chase checking or savings account. Direct deposit to another bank does not count toward the fee waiver.
What is the interest rate on a Chase savings account?
Chase's interest rates on savings accounts change frequently and vary by product and region. Check chase.com or ask in a branch for the current rate. Online banks typically offer higher rates, but Chase's rates are competitive with other traditional banks.