Chase Savings Accounts Have No Minimum Opening Deposit
You can open a Chase savings account with $0. Chase does not require an opening deposit for most of its savings products, including the Chase Savings Bank account and the Chase Premier Savings account. You open the account, and then you deposit money when you are ready.
However, some Chase savings products do have balance requirements that kick in after you open the account. The Chase Premier Savings account, for example, requires you to maintain a $10,000 minimum balance to avoid a monthly fee. If your balance drops below that threshold, Chase charges a $25 monthly maintenance fee. The standard Chase Savings Bank account has no ongoing balance requirement.
The distinction matters: you can open either account for free, but if you choose Premier Savings and do not keep $10,000 in it, you will pay a fee every month. If you plan to keep less than $10,000, the standard Chase Savings Bank account is the better choice.
Key Takeaways
- Chase Savings Bank and Chase Premier Savings both require $0 to open, so you can create an account without depositing money first.
- Chase Premier Savings charges a $25 monthly fee if your balance falls below $10,000, while Chase Savings Bank has no balance requirement.
- You can avoid fees by choosing the account type that matches how much money you plan to keep in savings.
- Interest rates and other features vary between account types, so compare them before deciding which one to open.
What Happens After You Open the Account
Once your account is open, you can deposit money through several channels: a Chase ATM, a Chase branch, a transfer from another bank, a direct deposit from your employer, or a mobile deposit using the Chase app. There is no minimum amount for your first deposit—you can put in $1 if you want to.
The account begins earning interest immediately, even on small balances. The interest rate varies depending on market conditions and the specific account type. You can check the current rate on Chase's website or by calling 1-800-935-9935.
Monthly Fees and How to Avoid Them
Chase Savings Bank has no monthly maintenance fee under any circumstance. You will never be charged simply for holding the account open.
Chase Premier Savings charges $25 per month if your balance drops below $10,000. You can avoid this fee in two ways: keep at least $10,000 in the account at all times, or switch to Chase Savings Bank instead. If you are not sure which account you opened, log into your Chase account online or call 1-800-935-9935 to confirm.
Chase also charges fees for certain actions: $3 for each withdrawal beyond six per month (a federal limit that applies to most savings accounts), and $35 for overdrafts if you link the savings account to a checking account and overdraw it. These fees apply to both account types.
Interest Rates and How They Change
Chase Savings Bank and Chase Premier Savings earn interest at the same rate. That rate changes based on what the Federal Reserve does with its benchmark interest rate. When the Fed raises rates, savings rates typically go up within a few weeks. When the Fed cuts rates, savings rates fall.
You can see the current rate on Chase's website under "Rates & Fees" for savings accounts. The rate you earn is the same whether you have $1 or $100,000 in the account—it is based on the account type, not the balance (except that you must maintain the minimum to avoid fees).
Opening an Account Online, by Phone, or in Person
You can open a Chase savings account in three ways. Online is fastest: go to chase.com, select "Open an Account," choose the savings product you want, and follow the prompts. You will need your Social Security number, date of birth, address, and a government-issued ID. The process takes about 10 minutes, and your account is usually active within one business day.
By phone, call 1-800-935-9935 and a representative will walk you through the application. You will need the same information. This route takes longer because the representative must verify your identity by asking security questions.
In person at a Chase branch, bring a government-issued ID and the same personal information. A banker will open the account on the spot, and you can deposit money immediately if you want to. This is the slowest option if you are in a hurry, but it is useful if you prefer to ask questions face-to-face or if you want to deposit cash right away.
What You Will Need to Provide
Chase will ask for your full legal name, date of birth, Social Security number, current address, phone number, and email address. You will also need to provide a government-issued ID (driver's license, passport, or state ID card) if you open the account in person. Online and by phone, Chase verifies your identity using the information you provide and may ask additional security questions.
If you are opening an account for a minor, a parent or legal guardian must be the account owner, and the minor can be added as an authorized user. Chase has separate rules for custodial accounts; call 1-800-935-9935 to ask about options for children.
Frequently Asked Questions
Can I open a Chase savings account if I do not have a Chase checking account?
Yes. Your savings account is completely separate from any checking account. You do not need to open a checking account first, and you do not need to link them. Many people have only a Chase savings account.
What is the difference between Chase Savings Bank and Chase Premier Savings?
Both earn the same interest rate and have no opening deposit requirement. The only difference is the monthly fee: Premier Savings charges $25 per month if your balance falls below $10,000, while Savings Bank has no balance requirement or monthly fee. Choose Savings Bank if you plan to keep less than $10,000.
How long does it take for my account to be active after I open it online?
Usually one business day. You will receive a confirmation email, and you can log in to your Chase account online to check the status. If you need to deposit money immediately, opening in person at a branch is faster.
Can I withdraw money the day I open the account?
Yes, as soon as your account is active. If you opened it online, wait for the confirmation email. If you opened it in person, you can withdraw at the branch immediately. If you opened it by phone, the representative will tell you when you can start using it.
What happens if my balance goes below $10,000 in a Premier Savings account?
Chase charges a $25 monthly maintenance fee. The fee appears on your statement at the end of the month. You can avoid future fees by bringing your balance back above $10,000 or by switching to Chase Savings Bank, which has no balance requirement.