Chase savings accounts have no minimum opening deposit

You can open a Chase savings account with $0. Chase does not require you to deposit any money when you create the account—you can fund it later, or start with $1. This applies to their standard savings products: Chase Savings, Chase Premier Savings, and Chase Sapphire Savings.

What matters instead is the monthly service fee, which varies by account type and can be waived if you meet certain conditions. The fee is what costs you money each month if you do not maintain a balance or set up direct deposit.

You will need a government-issued ID and a Social Security number to open any account. If you are opening online, you will also need a Chase checking account or a way to verify your identity through their system.

Key Takeaways

  • Chase charges no minimum deposit to open a savings account, but most accounts have a monthly maintenance fee unless you meet waiver conditions.
  • Chase Savings costs $5 per month unless you maintain a $300 minimum balance or set up direct deposit of at least $500 per month.
  • Chase Premier Savings costs $25 per month unless you maintain a $10,000 minimum balance or have a linked Premier checking account.
  • You can avoid all monthly fees by keeping the required balance or setting up direct deposit, depending on which account you choose.
  • Opening an account online takes about 10 minutes if you already have a Chase checking account; opening in a branch takes about 20 minutes.

Monthly fees and how to avoid them

Chase Savings charges $5 per month. You can waive this fee by keeping a $300 minimum balance in the account at all times, or by setting up direct deposit of at least $500 per month. If your balance drops below $300 and you have no direct deposit, the fee hits on the last day of the month.

Chase Premier Savings charges $25 per month. This account is designed for customers with larger balances. You can waive the fee by maintaining a $10,000 minimum balance, or by having a linked Chase Premier checking account. If you do not meet either condition, the $25 fee applies every month.

Chase Sapphire Savings is part of Chase's premium tier and requires a linked Chase Sapphire checking account. There is no separate monthly fee for the savings account itself, but you must maintain the Sapphire checking account, which has its own requirements.

The easiest way to avoid fees is direct deposit. If your employer or a government program sends money to your Chase account, that counts. You do not need to deposit your entire paycheck—$500 per month into the savings account is enough to waive the $5 fee on Chase Savings.

Opening online versus in a branch

If you already have a Chase checking account, you can open a savings account online in about 10 minutes. Log into your Chase account, go to the Accounts section, and select "Open a new account." You will choose your account type, review the terms, and confirm. The account opens immediately, and you can start using it the same day.

If you do not have a Chase checking account, you can still open a savings account online, but you will need to verify your identity through their system. This usually means answering security questions based on your credit history. If you cannot verify this way, Chase will ask you to visit a branch or call their phone line.

Opening in a branch takes about 20 minutes. Bring your government-issued ID and Social Security number. A banker will walk you through the account options, explain the fees, and help you fund the account if you want to deposit money that day. You can open a savings account alone or link it to a new checking account at the same time.

What happens after you open the account

Once your account is open, you can deposit money through several methods: direct deposit from your employer, transfers from another bank account, mobile check deposit through the Chase app, or cash deposits at a Chase ATM or branch. There is no limit on how many deposits you can make.

Withdrawals work differently. Federal law limits you to six withdrawals per month from a savings account (this rule applies at all banks, not just Chase). If you exceed six, Chase charges a $10 excess withdrawal fee for each withdrawal over the limit. This rule does not apply to transfers between your own Chase accounts or to withdrawals at a Chase branch or ATM.

Your account will earn interest, though the rate changes based on market conditions. Chase publishes their current savings rates on their website. The interest is calculated daily and paid monthly into your account.

Comparing Chase savings to other banks

Chase's $5 monthly fee on their standard savings account is higher than many online banks, which often charge no monthly fee at all. However, Chase offers something those banks do not: physical branches and ATMs where you can deposit cash and withdraw money in person.

If you already bank with Chase and use their checking account, linking a savings account is convenient because you can transfer money between accounts instantly and see both balances in one place. If you are starting from scratch and do not need branch access, an online bank with no monthly fee may cost you less over time.

Chase's interest rates on savings accounts are typically lower than rates offered by online banks. As of the time this guide was written, online banks often paid 4% or higher on savings, while Chase paid significantly less. The difference adds up if you keep a large balance for a long time.

Frequently Asked Questions

Do I need a checking account to open a Chase savings account?

No, but it makes the process faster. If you already have a Chase checking account, you can open a savings account online in minutes. If you do not, you can still open one online by verifying your identity through their security questions, or you can visit a branch with your ID and Social Security number.

What if my balance drops below the minimum?

If you have Chase Savings and your balance falls below $300 with no direct deposit, you will be charged $5 at the end of that month. You can avoid the fee by bringing the balance back up before the last day of the month, or by setting up direct deposit of $500 or more per month.

Can I have more than one Chase savings account?

Yes. You can open multiple savings accounts at Chase and keep them separate. Each account has its own balance and earns interest independently. However, each account is subject to the same monthly fee rules and withdrawal limits.

How long does it take for money to show up after I deposit it?

Direct deposits usually appear within one business day. Mobile check deposits typically clear within one to two business days. Transfers from another bank account take one to three business days, depending on the other bank. Cash deposits at a Chase ATM or branch are available immediately.

What if I want to close the account later?

You can close a Chase savings account anytime by visiting a branch, calling their customer service line, or using the mobile app. Chase will send any remaining balance to you by check or transfer it to another account you specify. There is no fee to close an account.