What you need to open a Chase savings account
Chase offers several savings account types, and the one you can open depends on whether you already bank with them and what you want the account to do. If you have no Chase account yet, you can open a savings account online or in a branch. If you already have a Chase checking account, you can add a savings account through your existing login or ask a teller in person.
To open any Chase savings account, you will need a valid government ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit. Chase does not require a minimum opening deposit for most savings accounts, but some accounts have monthly maintenance fees unless you maintain a minimum balance or set up direct deposit. The initial deposit can be as small as $0.01 if you are opening online.
If you are opening an account for someone under 18, a parent or legal guardian must be present or complete the application with the minor's information. Chase also offers accounts for businesses, trusts, and other entities, but those require different documentation and are handled separately.
Key Takeaways
- You can open a Chase savings account online, by phone, or in a branch, and you need only a valid ID, Social Security number, and an initial deposit to start.
- Chase savings accounts vary by type—High Yield Savings, regular savings, and money market accounts each have different interest rates and fee structures.
- If you already have a Chase checking account, adding a savings account takes minutes through your online banking login.
- Monthly maintenance fees apply to some accounts unless you keep a minimum balance or receive direct deposits, so check the current terms before you open.
- You can fund your new account with a transfer from another bank, a check deposit, or cash if you open in a branch.
Opening online through Chase.com
The fastest route is to open online at Chase.com. Go to the savings accounts section, select the account type you want, and click "Open Now" or "get your free guide." You will enter your name, address, date of birth, Social Security number, and employment status. Chase will ask for a phone number and email address to verify your identity.
Next, you choose how to fund the account. If you have a Chase checking account already, you can transfer money from that account immediately. If you bank elsewhere, you can provide your other bank's routing and account number to set up a transfer, or you can skip funding for now and deposit money later. Chase will send you a confirmation email with your new account number and routing number.
The entire process takes about 10 to 15 minutes. Your account is usually active the same day, though transfers from other banks may take one to three business days to arrive. You can log in to your Chase online banking account right away and see your new savings account listed alongside any other accounts you hold with Chase.
Opening in a Chase branch
If you prefer to open an account in person, visit any Chase branch with your ID and Social Security number. A banker will walk you through the account options, explain the interest rates and fees, and help you choose which savings account fits your needs. Bring a checkbook or bank statement from another bank if you want to fund the account with a transfer, or bring cash or a check to deposit.
Opening in a branch usually takes 20 to 30 minutes because the banker will review all the terms with you and answer questions. This route is useful if you want to understand the differences between account types before you commit, or if you need help with the application process. If you do not have a Chase account yet, the banker can also set up a checking account at the same time if you want both.
Types of Chase savings accounts and their features
Chase offers three main savings products. The Chase Savings Account is the basic option with a variable interest rate that changes based on market conditions. It has no monthly maintenance fee if you keep a $300 minimum balance or receive direct deposits of $500 or more per month. If your balance falls below $300 and you do not have direct deposits, Chase charges $5 per month.
The Chase High Yield Savings Account pays a higher interest rate than the regular savings account. It also has no monthly fee if you maintain a $300 minimum balance or set up may have access to direct deposits. The interest rate is variable and changes with the Federal Reserve's rate decisions.
The Chase Money Market Account combines savings and checking features. It pays interest on your balance and comes with a debit card and check-writing privileges. It has a higher minimum balance requirement (usually $2,500) and a higher monthly fee ($25) if you do not meet that minimum. This account is useful if you want to earn interest while keeping your money accessible for frequent transactions.
Funding your new account
Once your account is open, you can add money in several ways. If you opened online and did not fund it immediately, log into your Chase account and select "Transfer Money" to move funds from another bank. You will need your other bank's routing number and your account number there. Chase will initiate an ACH transfer, which usually takes one to three business days.
If you opened in a branch, you can deposit cash or a check on the spot. You can also mail a check to the address on your account statement, though this takes five to seven business days. Once your account is funded, you can set up automatic transfers from another bank account if you want to add money on a regular schedule—for example, $50 every payday.
You cannot deposit checks remotely into a Chase savings account using mobile check deposit unless you also have a Chase checking account. If you have only a savings account, you must deposit checks in person at a branch or by mail.
What happens after you open your account
Chase will send you a debit card if you opened a money market account, but regular savings and high-yield savings accounts do not come with cards. You can withdraw money from a savings account by transferring it to a checking account (yours or someone else's), by visiting a branch and asking a teller to withdraw cash, or by setting up an external transfer to another bank.
Your account statement arrives monthly by email or mail, depending on what you choose during setup. You can view your balance and transaction history anytime through Chase's website or mobile app. If your balance falls below the minimum required to waive fees, Chase will notify you and charge the monthly maintenance fee on the last day of the month.
Interest on your savings account is calculated daily and deposited monthly. The amount you earn depends on the account type and the current interest rate, which Chase can change at any time. You will receive a 1099-INT form at the end of the year if you earned $10 or more in interest, which you will need for your tax return.
Frequently Asked Questions
Can I open a Chase savings account if I do not have a checking account?
Yes. You can open a savings account alone without a checking account. However, some features like mobile check deposit require a checking account, and transferring money out of a savings account is slower than writing a check from checking. Many people open both at the same time for convenience.
What is the difference between Chase Savings and Chase High Yield Savings?
The high-yield account pays a higher interest rate, but both have the same $300 minimum balance requirement to avoid fees. The exact rate difference changes based on market conditions, so check Chase.com to compare current rates before you open. If you plan to keep money in the account long-term, the higher yield adds up.
How long does it take to open a Chase savings account online?
The application takes 10 to 15 minutes. Your account is active the same day, but if you fund it with a transfer from another bank, that money takes one to three business days to arrive. If you fund it with cash or a check in a branch, the money is available immediately.
What if I do not meet the minimum balance to avoid the monthly fee?
Chase will charge you $5 per month (or $25 for a money market account) if your balance falls below the minimum and you do not have may have access to direct deposits. You can avoid the fee by keeping the minimum balance, setting up direct deposit, or closing the account and moving your money elsewhere.
Can I open a savings account for my child?
Yes. A parent or legal guardian must open the account with the child's information and be listed as the account owner or co-owner. Chase offers accounts for minors, and you can set restrictions on withdrawals if you want to teach saving habits. Ask a banker in a branch about the specific options for your child's age.