What fees Chase charges on savings accounts and how to stop them

Chase charges a monthly maintenance fee on most savings accounts if your balance falls below a set threshold. The fee is usually $5 per month, though it varies by account type. You can avoid it entirely by keeping your balance above the minimum or by setting up a direct deposit of at least $500 per month.

Beyond the monthly fee, Chase also charges for specific actions: overdraft fees when you withdraw more than you have, wire transfer fees, and fees for closing an account within 90 days of opening it. Each one is avoidable if you know the trigger and plan around it.

The easiest path is to link your savings account to a checking account at Chase. When you do, the bank often waives the monthly maintenance fee automatically, regardless of your balance. If you do not have a Chase checking account, the direct deposit route works just as well.

Key Takeaways

  • Chase waives the monthly maintenance fee on most savings accounts if your balance stays above the minimum threshold, which ranges from $300 to $500 depending on the account.
  • Setting up a direct deposit of at least $500 per month will waive the fee even if your balance drops below the minimum.
  • Linking your savings account to a Chase checking account often triggers an automatic fee waiver, regardless of balance or deposits.
  • Overdraft fees occur when you spend more than your account holds; keeping a small buffer or turning off overdraft protection prevents them.
  • Closing an account within 90 days of opening it triggers a fee, so wait at least three months before closing if you change your mind.

Maintain the minimum balance to skip the monthly fee

Chase savings accounts have a minimum daily balance requirement that, if met, waives the $5 monthly maintenance fee. The exact minimum depends on which savings product you hold. The most common Chase savings account requires a $300 minimum; some premium accounts require $500 or more.

The bank checks your balance daily and charges the fee only if your balance dips below the threshold on any day of the month. This means you do not have to maintain the minimum every single day—only that it never falls below the line. If you keep $301 in the account at all times, you pay nothing.

If your balance regularly hovers near the minimum, set a phone reminder to check it weekly. A single unexpected charge or transfer can push you below the line and trigger the fee. Many people find it simpler to move to the next strategy instead.

Set up direct deposit to waive the fee automatically

Chase waives the monthly maintenance fee if you receive a direct deposit of at least $500 per month into the account. Direct deposit means your employer or a government agency (such as Social Security) transfers money electronically into your account on a regular schedule.

You do not need to keep any balance at all once direct deposit is active. Even if you spend every dollar the day it arrives, the fee is waived for that month. This is the most reliable method if your income is predictable and already set up to deposit electronically.

To set up direct deposit, ask your employer's payroll department for the routing number and account number for your Chase savings account. They will add it to their system, and deposits should begin on your next regular pay cycle. If you receive Social Security or another government benefit, you can set up direct deposit through that agency's website or by calling them directly.

Link your savings account to a Chase checking account

If you hold a Chase checking account, linking it to your savings account often waives the savings account fee automatically. Chase calls this a "linked account," and the waiver applies regardless of your balance or whether you receive direct deposits.

To link the accounts, log into your Chase online banking portal, go to the savings account settings, and select the option to link to your checking account. The waiver usually takes effect within one or two business days. If it does not appear, call Chase customer service at the number on the back of your card to confirm the link is active.

This method works even if your checking account has its own monthly fee. The savings account fee is waived independently. If you do not have a Chase checking account but want one, opening it alongside the savings account can solve both problems at once.

Avoid overdraft fees by monitoring your balance

Chase charges an overdraft fee (typically $35) each time you spend more money than your account holds. This can happen with a debit card purchase, an ATM withdrawal, or an automatic bill payment. The fee is charged per transaction, so multiple overdrafts in one day can result in multiple fees.

The simplest way to avoid overdraft fees is to keep a small buffer in your account—$50 or $100 above zero—so that small mistakes do not trigger a charge. Set up account alerts in your Chase app to notify you when your balance drops below a certain amount, such as $200.

If you want to prevent overdrafts entirely, you can turn off overdraft protection in your Chase account settings. Once it is off, transactions that would overdraw your account are simply declined instead of going through and charging you a fee. This means your debit card may be rejected at checkout, but you will not owe money you do not have.

Do not close your account within 90 days

Chase charges a $25 early closure fee if you close a savings account within 90 days of opening it. This applies whether you close it online, by phone, or in person at a branch.

If you open an account and realize it is not what you need, wait at least 91 days before closing it to avoid the fee. If you have already been charged the fee, call Chase customer service and explain that you did not know about the policy. Some representatives will reverse a single early closure fee as a courtesy, especially if it is your first time.

The 90-day window starts from the day the account is opened, not from the day you first deposit money. Mark your calendar or set a phone reminder if you think you might close the account soon.

Understand wire transfer fees and other charges

Chase charges a fee to send money out of your account via wire transfer. Outgoing domestic wire transfers typically cost $15 to $20; international wires cost more. Incoming wire transfers are usually free.

If you need to move money to another bank, consider using a free alternative instead. ACH transfers (also called electronic transfers) are free and take one to three business days. You can set up an ACH transfer through your Chase account to move money to another bank without paying a fee.

Chase also charges for services like cashier's checks, stop-payment requests on checks, and replacement debit cards if you lose yours. Most of these are one-time charges and are avoidable by not using those services. A replacement debit card is usually free if you order it online; you may be charged only if you request it in person at a branch.

Frequently Asked Questions

What is the minimum balance for a Chase savings account?

Most Chase savings accounts require a $300 minimum daily balance to waive the $5 monthly fee. Some accounts, such as the Chase Premier Savings, require $500 or more. Check your account details in the Chase app or online banking to see your specific minimum.

Can I waive the fee with a small direct deposit?

No. Chase requires a direct deposit of at least $500 per month to waive the fee. Deposits smaller than that do not trigger the waiver, and you will still be charged if your balance falls below the minimum.

Does linking accounts waive fees on both accounts?

Linking usually waives the fee on the savings account only. Your checking account fee is determined separately by its own requirements. Check your checking account terms to see what waives its fee.

Can I get a refund if I was charged a fee I did not know about?

Chase customer service can sometimes reverse a single fee as a courtesy, especially if it is your first time being charged. Call the number on the back of your card and explain the situation. There is no may provide, but it is worth asking.

What happens if I turn off overdraft protection?

Transactions that would overdraw your account will be declined, and you will not be charged a fee. Your debit card may be rejected at checkout, but you will not owe money. Some bills and transfers may also fail if there is not enough money in the account.