What you need to open a Chase savings account
You can open a Chase savings account online, by phone, or in person at a branch. Chase requires a government-issued photo ID, your Social Security number, and an initial deposit. The deposit amount varies by account type — some accounts have no minimum, while others require $25 or more to open. You will also need a valid email address and a phone number.
If you are opening the account online, you can complete the entire process in about 10 minutes. Chase will verify your identity using information from your Social Security number and credit history. If you open in a branch or by phone, a representative will walk you through the same steps but may ask additional questions about the source of your funds.
You do not need an existing Chase account to open a savings account. However, if you already have a Chase checking account, the process is faster because Chase already has your information on file.
Key Takeaways
- You need a government-issued photo ID, Social Security number, and initial deposit to open a Chase savings account online, by phone, or in a branch.
- Chase offers several savings account types with different features and deposit requirements, so compare them before you choose.
- Online account opening takes about 10 minutes and you can start using the account immediately after approval.
- Chase verifies your identity using your Social Security number and credit history, and the process is faster if you already have a Chase checking account.
Chase savings account types and what they offer
Chase offers three main savings account types: the Chase Savings Account, the Chase Premier Savings Account, and the Chase Secure Savings Account. The regular Chase Savings Account has no monthly maintenance fee and no minimum balance requirement. The Premier Savings Account requires a higher opening deposit and balance but pays a higher interest rate. The Secure Savings Account is designed for people building credit and requires a deposit that serves as collateral.
Interest rates on Chase savings accounts change based on the federal funds rate, so the rate you see today may not be the rate you earn next month. Chase publishes current rates on its website, and you can compare them to other banks before you decide. The interest rate is the same whether you open online or in a branch.
All three account types include FDIC insurance up to $250,000, which means your money is protected if Chase fails. You can link your savings account to a Chase checking account to transfer money between them at no cost.
Steps to open a Chase savings account online
Start by going to Chase.com and clicking the link to open a savings account. You will be asked to enter your email address and create a password. Chase will then ask for your full name, date of birth, Social Security number, and current address. Have your government-issued ID ready because Chase will ask questions to verify the information matches.
Next, you will choose which savings account type you want and enter your initial deposit amount. Chase accepts deposits from a linked external bank account or a debit card. If you use an external bank account, the transfer may take one to three business days to complete. If you use a debit card, the deposit is usually instant.
After you submit your information, Chase will send you a confirmation email. Your account is active immediately, but you cannot withdraw money until your initial deposit clears. If you deposited by debit card, you can start using the account right away. If you transferred from another bank, wait for the transfer to complete before you make withdrawals.
Opening a Chase savings account in person or by phone
To open an account in a Chase branch, bring your government-issued photo ID and Social Security number. A representative will help you choose an account type and complete the paperwork. You can make your initial deposit in cash, by check, or by transferring from another account. The account is usually active the same day, and you can start using it immediately.
To open by phone, call Chase at 1-800-935-9935. A representative will guide you through the same process as online, asking for your ID information and Social Security number. You will need to arrange your initial deposit by transferring from another bank account or providing a debit card number. Phone opening takes about 15 to 20 minutes.
Opening in person or by phone is slower than opening online, but some people prefer it because they can ask questions in real time. If you have questions about which account type fits your needs, a Chase representative can explain the differences.
What happens after your account opens
Once your account is open, Chase will send you a debit card if you requested one. The card arrives by mail within 7 to 10 business days. You can use your savings account online through Chase.com or the Chase mobile app, which you can download for free on iOS or Android.
Your savings account comes with a routing number and account number, which you can use to set up direct deposits or automatic transfers. You can find these numbers in the app or by logging into Chase.com. If you want to receive paper statements, you can turn that on in your account settings, though Chase defaults to electronic statements only.
Chase allows you to make up to six withdrawals or transfers per month from your savings account without a fee. If you exceed six, Chase charges a fee for each additional transaction. This limit applies to transfers to other accounts, not to ATM withdrawals at Chase machines.
Linking your Chase savings account to other accounts
You can link your Chase savings account to a Chase checking account, an external bank account, or both. Linking to a Chase checking account takes seconds because the accounts are already in Chase's system. Linking to an external bank account requires you to verify the account by making two small deposits that Chase sends to that account, then entering the deposit amounts in the Chase app.
Once linked, you can transfer money between accounts instantly if both are at Chase. Transfers to external accounts take one to three business days. You can set up automatic transfers on a schedule — for example, moving $50 to savings every payday — through the Chase app or website.
Linking accounts does not affect your interest rate or monthly fees. You can unlink accounts at any time without penalty.
Frequently Asked Questions
Can I open a Chase savings account if I do not have a Social Security number?
No. Chase requires a Social Security number to open any account. If you have an Individual Taxpayer Identification Number (ITIN) instead, you may be able to open an account, but you will need to visit a branch in person and speak with a representative. Call your local Chase branch to ask whether they can help.
What is the minimum deposit to open a Chase savings account?
The regular Chase Savings Account has no minimum deposit. The Premier Savings Account requires $25 or more to open. The exact minimum may vary by state, so check Chase.com or call 1-800-935-9935 to confirm the requirement in your area.
How long does it take to open a Chase savings account online?
The online process takes about 10 minutes from start to finish. Your account is active immediately after you submit your information, but you cannot withdraw money until your initial deposit clears. If you used a debit card, the deposit is instant. If you transferred from another bank, allow one to three business days.
Can I open a Chase savings account without a Chase checking account?
Yes. You do not need an existing Chase account to open a savings account. However, having a Chase checking account makes the process faster because Chase already has your information on file and can verify your identity more quickly.
What should I do if Chase denies my account opening?
Chase may deny an account if your identity cannot be verified or if you have a history of fraud or unpaid fees at Chase. If your account is denied, call 1-800-935-9935 and ask why. You may be able to visit a branch in person with additional ID documents to resolve the issue, or you may need to wait a period of time before reapplying.