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 Sapphire Preferred 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 visiting a branch in person. The online process is fastest — you'll need your Social Security number, a valid ID, and a funding source (debit card, bank account, or external transfer).
If you already have a Chase checking account, opening a savings account takes even less time because Chase already has your identity verified. You can link the two accounts immediately, which makes it easy to move money between them. If you're new to Chase entirely, the bank will verify your identity during signup, and your account opens the same day.
Key Takeaways
- Chase Savings requires $0 to open online and has a $5 monthly fee waived if you keep $500 or more in the account or set up a direct deposit.
- Chase Premier Savings requires $25 to open and has no monthly fee, but offers a higher interest rate if you maintain a larger balance.
- You can open an account online in 15 minutes using your Social Security number, ID, and a way to fund it.
- If you already bank with Chase, you can open a savings account without re-verifying your identity and link it to your checking account instantly.
What you need to open a Chase savings account
Gather these items before you start: a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and your date of birth. Chase will ask for your address and phone number as well. You'll also need a way to fund the account — either a debit card, an external bank account number and routing number, or a transfer from an existing Chase account.
If you're opening in a branch, bring your ID in person. If you're opening online or through the app, you'll upload a photo of your ID or answer security questions to verify your identity. Chase typically completes this verification in minutes, though in rare cases it can take up to 24 hours.
Opening online versus opening in a branch
Online is faster and available 24/7. Go to Chase.com, click "Open an Account," select the savings account type you want, and follow the prompts. You'll enter your personal information, choose a username and password, and fund the account. Your account number appears on screen as soon as the account opens, and you can start using it right away. The mobile app works the same way and is often slightly faster on a phone.
Opening in a branch takes longer but gives you a chance to ask questions face-to-face. A banker can explain the differences between account types, help you choose the right one, and answer questions about fees or interest rates. If you're uncomfortable with online banking or prefer to handle everything in person, this is the route to take. Bring your ID and the funding source you plan to use.
Funding your new account
You have three main ways to put money into your new savings account. The fastest is a debit card — Chase can process this instantly, and the funds appear in your account right away. The second is an external bank account: provide the routing number and account number from another bank, and Chase will pull the initial deposit from there, usually within one to two business days. The third is a transfer from an existing Chase checking or savings account, which posts immediately.
You don't have to fund the account on the day you open it. Chase Savings allows you to open with $0, so you can complete the signup and transfer money in later. Chase Premier Savings requires $25 at opening, so you'll need to have that amount ready. If you're opening in a branch, the banker can help you set up the transfer while you're there.
Chase savings account types and their fees
| Account Type | Minimum to Open | Monthly Fee | Fee Waiver |
|---|---|---|---|
| Chase Savings | $0 | $5 | Keep $500+ balance OR set up direct deposit |
| Chase Premier Savings | $25 | $0 | N/A |
| Chase Sapphire Preferred Savings | $0 | $0 | N/A (for Sapphire cardholders) |
Chase Savings is the most common option. It charges $5 per month, but the fee disappears if you keep at least $500 in the account or receive a direct deposit of any amount each month. If you don't meet either condition, the fee hits on the last day of each month.
Chase Premier Savings has no monthly fee and no minimum balance requirement after opening. The interest rate is typically higher than Chase Savings, but it changes based on market conditions. This account is good if you want to avoid fees entirely and don't mind the $25 opening deposit.
Chase Sapphire Preferred Savings is only for people who hold a Chase Sapphire Preferred credit card. It has no monthly fee and no minimum balance. If you don't have the credit card, you won't see this option during signup.
What happens after your account opens
Your account is ready to use immediately. You can transfer money in and out, set up automatic transfers, and link the account to other banks. Chase will mail you a debit card within 7 to 10 business days if you request one, though you don't need a debit card to use a savings account — you can move money through the app or website instead.
Your first statement arrives 30 days after opening. It shows any deposits, withdrawals, interest earned, and fees. You can view statements anytime through the Chase app or website. If you set up direct deposit from your employer, it usually takes one to two pay periods for the first deposit to arrive, but once it does, the $5 monthly fee on Chase Savings waives automatically each month.
Linking your Chase savings to other accounts
Once your savings account is open, you can link it to an external bank account to move money in and out. Go to the Chase app or website, select your savings account, and choose "Link External Account." Enter the routing number and account number from the other bank. Chase will send two small test deposits (usually under $1 each) to that account within one to two business days. You'll then log into the other bank and confirm the amounts to verify you own the account.
After verification, you can transfer up to $25,000 per day from the external account into Chase, or from Chase into the external account. Transfers typically take one to three business days. If you need to move larger amounts, contact Chase directly — they can sometimes process bigger transfers with additional verification.
Frequently Asked Questions
Can I open a Chase savings account without a Social Security number?
No. Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you don't have a Social Security number, you may be able to open an account with an ITIN if you have other forms of ID, but you'll need to visit a branch to do so.
How long does it take to open a Chase savings account?
Online or through the app, the process takes 10 to 15 minutes from start to finish. In a branch, it usually takes 20 to 30 minutes. Your account opens the same day, and you can start using it right away. Transfers from external banks take one to three business days to appear.
What's the difference between Chase Savings and Chase Premier Savings?
Chase Savings charges a $5 monthly fee (waived if you keep $500+ or get direct deposit), while Chase Premier Savings has no monthly fee and no minimum balance. Premier Savings typically offers a slightly higher interest rate. Choose Savings if you can meet the fee waiver, or Premier if you want to avoid fees entirely.
Can I open a savings account if I'm not a Chase customer yet?
Yes. You can open a savings account as your first Chase account. You'll need to verify your identity with your Social Security number and ID. If you open online, this takes a few minutes. If you prefer, you can visit a branch and open in person.
What if I already have a Chase checking account?
Opening a savings account is even faster. Chase already has your identity verified, so you can open the savings account in minutes through the app or website without re-entering your personal information. You can link the two accounts immediately and transfer money between them anytime.