The main fees Chase charges on savings accounts and how to avoid them
Chase charges three fees on savings accounts: a monthly maintenance fee (also called a service fee), an overdraft fee when you go negative, and an out-of-network ATM fee. The monthly maintenance fee is the one you can prevent entirely. Most Chase savings accounts waive it if you keep a minimum balance—usually $300 to $500 depending on the account type—or set up direct deposit. Overdraft and ATM fees happen only when you use those services, so they are avoidable if you manage your balance and use Chase ATMs.
The specific fee amounts and balance thresholds vary by account. Chase offers several savings products: the regular Savings Account, the High Yield Savings Account, and the Premium Savings Account. Each has different minimum balance requirements and different interest rates. Knowing which account you have and what its threshold is matters, because staying $1 above the minimum costs nothing, and staying $1 below costs you the full monthly fee.
Key Takeaways
- Chase waives the monthly maintenance fee on most savings accounts if you keep a minimum balance (usually $300 to $500) or receive direct deposits into that account.
- Overdraft fees apply only when your account goes negative; you can prevent them by monitoring your balance and linking a checking account for overdraft protection.
- Out-of-network ATM fees are charged by Chase when you withdraw from an ATM that is not part of the Chase network; using Chase ATMs costs nothing.
- The exact fee amounts and minimum balance thresholds depend on which Chase savings account you hold, so check your account agreement or call Chase to confirm your specific account's rules.
- Setting up direct deposit is often easier than maintaining a minimum balance, because the deposit happens automatically and you do not have to think about it each month.
Maintain the minimum balance to skip the monthly fee
Every Chase savings account has a minimum balance threshold. If your balance falls below it at any point during the month, Chase charges you the monthly maintenance fee. The threshold is not an average—it is the lowest point your balance reaches. This means if you start the month with $500, spend down to $299, and then deposit $500 more, you still owe the fee because you dipped below the minimum.
The minimum balance varies by account type. The regular Savings Account typically requires $300; the High Yield Savings Account requires $0 (meaning no minimum); the Premium Savings Account requires $500 or more depending on the tier. Check your account agreement or log into your Chase account online to see which account you have and what the requirement is. If you are not sure, call Chase at the number on the back of your debit card and ask them to tell you the minimum balance for your specific account.
If maintaining a minimum balance is hard for you—because your paycheck is small or irregular—direct deposit is a better route. It does not require you to keep money sitting idle.
Set up direct deposit to waive the fee without a minimum balance
Most Chase savings accounts waive the monthly maintenance fee if you receive at least one direct deposit per month into that account. Direct deposit means your employer or a government program (like Social Security or unemployment) sends your payment straight to your bank account electronically. You do not have to do anything once it is set up—the deposit happens automatically on payday.
To set up direct deposit, you need your Chase account number and routing number. Both appear on the bottom left of any check you have from that account. You give these numbers to your employer's payroll department or to the government program, and they handle the rest. The first deposit usually takes one to two pay periods to start, but once it does, the fee waiver applies immediately.
Direct deposit counts even if the amount is small. A $1 deposit per month technically qualifies, though most people receive regular paychecks. If you receive Social Security, unemployment, or tax refunds, those count too. The key is that at least one deposit per calendar month must come through; if you miss a month, the fee applies that month.
Link overdraft protection to prevent overdraft fees
An overdraft fee occurs when your account balance goes below zero and Chase covers the transaction anyway. Chase charges an overdraft fee each time this happens. You can prevent this by linking your Chase checking account to your savings account as overdraft protection. If a transaction would make your savings account negative, Chase automatically transfers money from your checking account to cover it—no fee, no overdraft.
To set this up, log into your Chase account online or call Chase. Go to the settings for your savings account and look for "overdraft protection" or "linked account protection." Select your checking account as the backup. From that point on, if your savings balance would go negative, the transfer happens automatically. You will see the transfer in both accounts, and you can transfer the money back when you are ready.
If you do not have a Chase checking account, you can still prevent overdrafts by simply not spending money you do not have in your savings account. Treat it as a savings account, not a spending account. Keep your everyday spending in a checking account and move money to savings only when you know you will not need it.
Use Chase ATMs to avoid out-of-network fees
Chase charges a fee—usually $2.50 to $3—when you withdraw cash from an ATM that is not owned by Chase. This fee is charged by Chase, not by the other bank. If you use an ATM from Bank of America, Wells Fargo, or any other network, you pay the fee. Chase ATMs are free for all Chase customers.
Find Chase ATMs using the Chase mobile app or the ATM locator on Chase.com. Most Chase branches have an ATM in the lobby and outside the building. If you live or work near a Chase branch, this is usually not a problem. If you do not, the fee adds up fast—four out-of-network withdrawals per month costs $10 to $12 in fees alone.
If you cannot access a Chase ATM regularly, consider whether a different bank might be better for you. Some online banks and credit unions have no ATM fees or belong to networks with thousands of free ATMs nationwide. But if you are already with Chase and use the ATM occasionally, just plan your withdrawals around Chase locations.
Monitor your account to catch fees before they happen
Chase sends you a statement each month showing all fees charged. By the time you see the fee, it has already been deducted. The better approach is to check your balance weekly using the Chase app or website. If you see your balance dropping toward the minimum, you know to either deposit money or make sure a direct deposit is coming soon.
Set up account alerts in the Chase app. You can receive a notification when your balance falls below a certain amount—set it to $50 or $100 above your minimum balance threshold. This gives you a buffer and a warning before you hit the fee. Alerts are free and take two minutes to set up.
If you have already been charged a fee and you believe it was a mistake, or if you have been a good customer and this is your first fee, call Chase and ask them to reverse it. They do not always do this, but they sometimes will, especially if you have had the account for a long time and have not had fees before. It costs nothing to ask.
Compare Chase savings accounts to pick the right one for your situation
Chase offers different savings accounts with different fee structures and interest rates. The regular Savings Account has a $300 minimum balance requirement and a lower interest rate. The High Yield Savings Account has no minimum balance but a higher interest rate. The Premium Savings Account has a higher minimum balance ($500 or more) and the highest interest rate.
If you keep less than $300 regularly, the High Yield Savings Account might be better because there is no minimum balance—you only pay a fee if you do not have direct deposit. If you keep $500 or more and want the highest rate, the Premium Savings Account makes sense. If you keep $300 to $500 and do not have direct deposit, the regular Savings Account is the right fit.
You can switch accounts without closing your existing one. Log into Chase online, go to your savings account, and look for "change account type" or call Chase to make the switch. There is no fee to change, and it takes a few minutes. If you realize after a month that the new account is not working for you, you can switch back.
Frequently Asked Questions
What happens if my balance drops below the minimum for just one day?
You will be charged the monthly maintenance fee. Chase looks at the lowest balance your account reaches during the month, not the average. If you dip below the minimum even once, the fee applies. This is why direct deposit is safer—it does not require you to maintain a balance at all.
Does direct deposit have to come from my employer, or can it be from anywhere?
Direct deposit can come from an employer, government program (Social Security, unemployment, tax refunds), or another bank account. As long as it is an electronic transfer into your account, it counts toward the fee waiver. The amount does not matter—even $1 per month qualifies.
Can I get an overdraft fee reversed if I call Chase?
Chase may reverse one overdraft fee if you ask, especially if you have been a customer for a long time and have not had fees before. They are not required to, and they will not reverse multiple fees. It is worth calling, but do not count on it. Preventing the overdraft with linked protection is more reliable.
If I use an ATM from another bank, who charges me the fee?
Chase charges you the fee, not the other bank. The other bank may also charge their own fee to non-customers, so you could end up paying two fees total. Always use a Chase ATM to avoid this. If you cannot find one, withdraw cash at a grocery store or pharmacy instead—many offer free cash back with a purchase.
What if I close my Chase savings account and reopen it later—do I lose anything?
Closing and reopening an account does not affect your ability to avoid fees in the future. However, if you close an account with a negative balance, Chase will charge you for it. Keep your balance at zero or above before closing. Once you reopen, the same fee rules apply: maintain the minimum balance or set up direct deposit.