What you need to open a Chase savings account
You can open a Chase savings account online, by phone, or in a branch. Online takes about 10 minutes and requires a valid government ID, your Social Security number, and an initial deposit (usually $0 to $25, depending on the account type). If you already have a Chase checking account, the process is faster because Chase already has your information on file.
Chase offers several savings account types: Chase Savings, Chase Premier Savings, and Chase Sapphire Savings. Each has different minimum balance requirements and interest rates. The basic Chase Savings account has no monthly fee and no minimum opening deposit, making it the most straightforward option for most people.
You will need a valid form of ID — a driver's license, passport, or state ID card. Chase will also ask for your date of birth, address, and phone number. If you are opening the account online, you will need to verify your identity through Chase's system, which usually happens instantly.
Key Takeaways
- Chase Savings accounts can be opened online in about 10 minutes with just an ID, Social Security number, and an initial deposit.
- The basic Chase Savings account has no monthly fee and no minimum balance requirement, making it accessible to most people.
- If you already have a Chase checking account, opening a linked savings account is faster because Chase has your information.
- You can fund your new account immediately with a debit card, transfer from another bank, or a deposit at a Chase branch.
- Interest rates on Chase savings accounts vary by account type and change over time, so check the current rate before you open.
Opening an account online through Chase.com
Go to Chase.com and click "Open an Account" or "Savings" in the main menu. Select the savings account type you want — Chase Savings is the standard option. You will be asked to enter your personal information: full name, date of birth, Social Security number, address, phone number, and email.
Chase will ask you to create a username and password for online banking. Choose a strong password with uppercase and lowercase letters, numbers, and symbols. You will also set up security questions and answers that Chase uses to verify your identity if you call or need to reset your password later.
Next, you will choose how to fund the account. You can link a debit card from another bank and transfer money immediately, or you can provide your bank account number and routing number for an ACH transfer (which takes one to three business days). If you have a Chase checking account, you can transfer money between your accounts right away.
After you submit your information, Chase verifies your identity electronically. This usually takes a few minutes. Once approved, your account number and routing number appear on screen. You can start using the account immediately, though transfers from other banks may take a few days to clear.
Opening an account by phone or in a branch
Call Chase at 1-800-935-9935 to open a savings account over the phone. A representative will walk you through the same questions asked online: personal information, ID verification, and how you want to fund the account. The call usually takes 15 to 20 minutes. You will receive your account number by phone and can set up online banking during the call.
To open an account in a Chase branch, bring a valid government ID and your Social Security number. A banker will help you choose an account type, answer questions about interest rates and fees, and process your application. You can deposit cash or a check on the spot to fund the account. Branch appointments are not required but can speed up the process during busy times — you can schedule one on Chase.com or by calling the branch directly.
Opening in a branch takes about 20 to 30 minutes. You will leave with a debit card application (which arrives in 7 to 10 business days) and immediate access to your account online. Some branches offer incentives like cash bonuses for opening a new account, though these vary by location and change frequently.
Linking your savings account to an existing Chase checking account
If you already have a Chase checking account, opening a linked savings account is the fastest route. Log into your Chase online banking portal and look for "Open an Account" or "Savings" in the menu. Chase will recognize your existing information and skip most of the verification steps.
You can transfer money between your checking and savings accounts instantly and for free through online banking, the Chase mobile app, or at an ATM. This makes it easy to move money into savings without waiting for transfers to clear. You can also set up automatic transfers — for example, moving $50 from checking to savings every payday.
Linked accounts share the same login, so you see both balances when you sign in. You can nickname your savings account (like "Emergency Fund" or "Vacation") to keep track of what you are saving for.
Funding your new account
You have several ways to put money into your new Chase savings account. The fastest method is linking a debit card from another bank during signup — the money appears in your Chase account within minutes. You can transfer up to $10,000 on your first day this way, though Chase may ask for additional verification if you transfer more.
ACH transfers from another bank account take one to three business days. You provide your routing number (010000000 for Chase) and your new account number, and the other bank initiates the transfer. This method is free and works for any amount, but the delay means you cannot use the money immediately.
If you have a Chase checking account, transfers between your accounts happen instantly and are free. You can also deposit cash or checks at any Chase branch or ATM (checks deposited at ATMs clear within one business day). Wire transfers from another bank are also possible but cost $15 to $20 and are rarely necessary for opening an account.
Understanding Chase savings account types and interest rates
Chase Savings is the basic option: no monthly fee, no minimum balance, and a modest interest rate. Interest rates change based on the Federal Reserve's decisions and vary slightly depending on your location and account type. Chase publishes current rates on its website, but rates are typically lower than online-only banks offer.
Chase Premier Savings requires a higher minimum balance (usually $10,000 to $25,000) and offers a slightly higher interest rate. Chase Sapphire Savings is linked to a Sapphire checking account and offers additional benefits like higher interest rates and fee waivers.
Interest is compounded daily and deposited monthly. This means Chase calculates interest on your balance every day, and at the end of each month, the interest is added to your account. The more money you keep in savings, the more interest you earn, though the difference is usually small unless you have a large balance.
You can view your interest earnings in your monthly statement or anytime through online banking. Interest is reported to the IRS on a Form 1099-INT if you earn more than $10 in a calendar year, and you will owe income tax on that interest.
What happens after you open your account
Your savings account is active immediately after approval, but some features take a few days to set up. Your debit card arrives in 7 to 10 business days. You can withdraw money before the card arrives by visiting a Chase branch or using a linked checking account to transfer funds out.
Chase sends a welcome packet by mail with your account details, disclosures, and information about online banking. Read the Truth in Savings Disclosure, which explains the interest rate, how interest is calculated, and any fees. Keep this document for your records.
Set up online banking and the Chase mobile app so you can check your balance, transfer money, and deposit checks by phone camera. Enable two-factor authentication for security — this requires you to enter a code sent to your phone when you log in from a new device.
Frequently Asked Questions
Do I need a minimum balance to open a Chase savings account?
No. Chase Savings has no minimum opening deposit and no minimum balance requirement. You can open an account with $0 and add money later. Other Chase savings products like Premier Savings do require a minimum balance to earn the advertised interest rate.
Can I open a Chase savings account if I do not have a Social Security number?
Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you do not have either, you will need to obtain one before opening an account. Chase cannot process applications without this information.
How long does it take to open a Chase savings account?
Online applications take about 10 minutes and are approved instantly in most cases. Phone applications take 15 to 20 minutes. In-branch applications take 20 to 30 minutes. You can start using your account the same day, though transfers from other banks may take several business days to clear.
What is the difference between Chase Savings and Chase Premier Savings?
Chase Savings has no minimum balance and no monthly fee. Chase Premier Savings requires a higher minimum balance (usually $10,000 or more) and offers a higher interest rate. Choose Chase Savings unless you plan to keep a large balance and want to maximize interest earnings.
Can I have multiple savings accounts at Chase?
Yes. You can open as many savings accounts as you want and link them all to the same checking account. Many people open separate accounts for different goals — one for emergencies, one for vacation, one for a down payment — to keep savings organized.