Opening a Chase savings account takes about 15 minutes online or in a branch, and you can start with as little as $0 to $25 depending on the account type
Chase offers three main savings accounts: Chase Savings, Chase Premier Savings, and Chase Secure Savings. Each has different minimum opening deposits, monthly fees, and interest rates. You can open any of them through Chase.com, the Chase mobile app, or by walking into a branch with a government ID and Social Security number.
The fastest route is online. You'll need your Social Security number, a valid ID, your current address, employment information, and a way to fund the account—either a debit card, bank account number, or wire transfer. Chase will verify your identity instantly in most cases, and your account opens the same day.
Key Takeaways
- Chase Savings requires $0 to open but charges $5 monthly unless you maintain a $500 minimum balance or set up direct deposit.
- Chase Premier Savings requires $25 to open and has no monthly fee, making it the lowest-barrier option for most people.
- You can open an account online in 15 minutes or visit a branch with your ID and Social Security number.
- Interest rates on Chase savings accounts are typically lower than online-only banks, so compare rates before deciding.
- Once your account is open, you can transfer money in from another bank account, deposit cash at a Chase ATM, or have your paycheck deposited directly.
What you need to open an account
Bring or have ready: a government-issued ID (driver's license, passport, or state ID), your Social Security number, your current address, and information about your employment or income source. Chase will ask for your phone number and email address too.
To fund the account immediately, you'll need either a debit card from another bank, the routing and account number of a bank account you own, or cash if you're opening in a branch. If you don't have any of these, you can open the account and fund it later by transferring money or depositing cash.
Opening online versus in a branch
Online is faster if you have all your information ready. Go to Chase.com, click "Open an Account," select the savings account type, and follow the prompts. Chase will verify your identity using information from credit bureaus and public records. You'll see whether you're approved instantly or within a few minutes. Your account number appears on screen, and you can start using it the same day, though transfers from other banks take one to three business days to clear.
In a branch takes longer but lets you ask questions and handle everything face-to-face. Bring your ID and Social Security number. A banker will walk you through the account options, help you choose, and set up your account. You can deposit cash or a check on the spot. Branches are open Monday through Friday, and some are open Saturday mornings. Find your nearest branch on Chase.com or call 1-800-935-9935.
Choosing between Chase's three savings accounts
| Account | Minimum to Open | Monthly Fee | Fee Waiver | Interest Rate |
|---|---|---|---|---|
| Chase Savings | $0 | $5 | $500 minimum balance OR direct deposit | Varies; currently very low |
| Chase Premier Savings | $25 | $0 | N/A | Varies; slightly higher than Savings |
| Chase Secure Savings | $0 | $0 | N/A | Fixed rate; locked for term |
Chase Savings is free if you keep $500 in the account or receive direct deposit. If your balance drops below $500 and you don't have direct deposit, you pay $5 per month. This account works well if you're paid by direct deposit or can maintain the minimum.
Chase Premier Savings has no monthly fee and no minimum balance requirement after opening. It requires $25 to open but no ongoing commitment. Interest rates are slightly higher than Chase Savings. This is the simplest option if you want to avoid fees and don't want to worry about maintaining a balance.
Chase Secure Savings is a certificate of deposit (CD) that locks your money for a set term—usually three months to five years. You get a fixed interest rate that's higher than regular savings, but you can't withdraw the money without a penalty. Use this only if you're saving for a specific goal and won't need the cash before the term ends.
Funding your account after it opens
Once your account is open, you have several ways to add money. Transfer from another bank: Link your external bank account through Chase.com or the app, then transfer money. This takes one to three business days. Direct deposit: Give your employer or benefit provider Chase's routing number (021000021 for most Chase accounts) and your account number. Direct deposit usually appears within one to two business days of your employer sending it.
Cash deposit: Walk into any Chase branch and deposit cash at the teller window. Deposits made before 2 p.m. on a business day post the same day. Check deposit: Mail a check to Chase or use mobile check deposit through the app—take a photo of the front and back. Mobile deposits typically clear within one to two business days. ATM deposit: Some Chase ATMs accept cash and check deposits; the machine will tell you if yours does.
What happens after you open the account
Your account is active immediately, and you can start using it right away. You'll receive a debit card in the mail within 7 to 10 business days. Until it arrives, you can transfer money out through the app or website, set up bill pay, or link the account to another bank for transfers.
Chase will send you monthly statements by email or mail, depending on your preference. You can change this in your account settings. Interest accrues monthly and is deposited into your account. The rate Chase pays on savings accounts is typically lower than online-only banks, so if earning interest is your main goal, compare rates before deciding to stay.
Frequently Asked Questions
Can I open a Chase savings account if I don't have a Social Security number?
No. Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can open an account, but you'll need to visit a branch in person with your ITIN documentation and a valid ID.
What if Chase denies my account opening?
Chase may deny an account if you have a history of overdrafts, unpaid fees, or fraud reported to ChexSystems (a banking history database). You can request your ChexSystems report for free at www.chexsystems.com. If there's an error, dispute it. If the denial is valid, wait six months and try again, or open an account at a bank that doesn't use ChexSystems.
Can I open a savings account for someone else or for a child?
You can open a savings account for a minor as a custodial account if you're their parent or legal guardian. Bring your ID, the child's Social Security number, and their birth certificate or adoption papers. The account is in the child's name but you control it until they reach the age of majority (usually 18 or 21, depending on your state).
Do I need a checking account to open a savings account at Chase?
No. You can open a savings account without a checking account. However, many people link the two for easier transfers between accounts.
What's the difference between a savings account and a money market account at Chase?
Chase's money market accounts require higher minimum balances ($2,500 to $25,000) and offer slightly higher interest rates. They also come with a debit card and check-writing ability, which savings accounts don't. Choose a savings account if you want simplicity and low barriers; choose a money market account if you have more money to deposit and want more features.