Chase savings accounts have no opening deposit requirement
You can open a Chase savings account with $0. Chase does not require an initial deposit to start a savings account, whether you open it online, on the phone, or in a branch. You only need to fund the account after it is open if you want to earn interest or avoid fees.
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 varies by account type. You can avoid the fee by maintaining a minimum balance, setting up direct deposit, or linking the account to a Chase checking account.
Key Takeaways
- Chase savings accounts require $0 to open, but most charge a $5 monthly maintenance fee unless you meet a waiver condition.
- You can waive the monthly fee by keeping a $300 minimum balance, setting up direct deposit of at least $500 per month, or linking to a Chase checking account.
- The specific fee and waiver terms depend on which Chase savings product you choose — basic savings, high-yield savings, or money market account.
- You will need a government ID, Social Security number, and proof of address to open an account, whether online or in person.
How to avoid the $5 monthly maintenance fee
Chase offers three ways to waive the monthly fee on most savings accounts. The easiest for many people is linking the savings account to an existing Chase checking account — the fee drops automatically. If you do not have a Chase checking account, you can maintain a $300 minimum daily balance in the savings account itself, and the fee will not be charged that month.
The third option is setting up direct deposit. If you have at least $500 deposited directly into the savings account each month from your employer or another source, Chase waives the fee. Direct deposit takes a few business days to set up but is often the most reliable way to avoid fees if you receive regular paychecks or benefits.
Differences between Chase savings products
Chase offers three main savings products, and the fees and interest rates differ. The basic Chase Savings account charges $5 per month and earns a lower interest rate. The Chase High Yield Savings account also charges $5 per month but earns a higher rate of interest — the exact rate changes based on market conditions and is posted on Chase's website.
The Chase Money Market Account combines features of savings and checking: it earns interest like savings but includes a debit card and check-writing ability. It also charges $5 per month and has the same waiver options. The interest rate on money market accounts is typically between basic savings and high-yield savings.
All three accounts have the same opening requirements and waiver conditions. The choice depends on how much interest you want to earn and whether you need check-writing or debit card access.
What you need to open an account
To open a Chase savings account online or by phone, you will need a valid government-issued ID, your Social Security number, and proof of your current address. Proof of address can be a recent utility bill, lease agreement, mortgage statement, or government document showing your name and address. Chase verifies this information before the account is activated.
If you open an account in a Chase branch, bring the same documents. A banker can walk you through the process and answer questions about which savings product fits your needs. Online opening typically takes 10 to 15 minutes and the account is usually ready to use the same day.
Minimum balance requirements and interest
Chase does not require a minimum balance to open a savings account, but the $300 minimum balance is the threshold to waive the monthly fee. If your balance falls below $300 in a given month and you do not have direct deposit or a linked checking account, you will be charged the $5 fee.
Interest rates on Chase savings accounts change regularly and are set by Chase based on market conditions. The high-yield savings account pays more than basic savings, but both rates are lower than some online banks offer. You can check current rates on Chase's website or by calling 1-800-935-9935.
Transferring money into your new account
Once your account is open, you can fund it in several ways. You can transfer money from another bank account using ACH transfer, which typically takes one to three business days. You can also deposit cash or checks at a Chase ATM or branch. Mobile check deposit through the Chase app lets you photograph a check and deposit it without visiting a branch.
If you set up direct deposit, your employer or benefits provider will need your Chase account number and routing number. Chase's routing number is 021000021 for most accounts, but confirm this with your bank or the direct deposit form, as it can vary by region. Direct deposit usually begins within one to two pay periods after you submit the information to your employer.
Frequently Asked Questions
Can I open a Chase savings account without a checking account?
Yes. You can open a savings account independently. However, linking a checking account is one of the easiest ways to waive the monthly fee. If you do not have a Chase checking account, you can avoid the fee by maintaining a $300 balance or setting up direct deposit instead.
What happens if my balance drops below $300?
If your balance falls below $300 in a month and you do not have direct deposit or a linked checking account, Chase charges the $5 monthly maintenance fee. The fee is deducted from your account, which can push the balance even lower. Bring it back above $300 the next month to avoid the fee again.
How long does it take to open an account online?
Online account opening typically takes 10 to 15 minutes. The account is usually active the same day, though transfers from other banks take one to three business days to complete. You can begin using the account immediately for direct deposit setup.
Is there a limit to how much I can save?
No. Chase does not limit how much money you can keep in a savings account. However, federal rules once limited savings withdrawals to six per month; those rules have been relaxed, but some banks still enforce limits. Check with Chase about their current withdrawal policy.
Can I close the account if I change my mind?
Yes. You can close a Chase savings account at any time by visiting a branch, calling 1-800-935-9935, or using the Chase app. If there is money in the account, Chase will send it to you by check or transfer it to another account you specify.