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. Online is fastest — it takes about 10 minutes and you can fund the account immediately. You will need a valid government ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit. Chase requires a minimum opening deposit that varies by account type; some accounts have no minimum, while others require $25 or more.
If you already have a Chase checking account, opening a savings account takes even less time because Chase already has your information on file. You can do it entirely online without visiting a branch. If you are opening your first account with Chase, you will go through their identity verification process, which happens in real time during online signup.
You will also need a way to fund the account — either a debit card, a bank account at another institution, or cash if you open in person. If you are transferring money from another bank, have that account number and routing number ready.
Key Takeaways
- Online signup takes about 10 minutes and requires a valid ID, Social Security number, and an initial deposit.
- Chase verifies your identity in real time during online signup; you do not need to mail documents or wait for approval.
- If you already bank with Chase, you can open a savings account without leaving your phone or computer.
- The minimum opening deposit varies by account type, ranging from zero to $25 or more depending on which savings product you choose.
- You can fund the account immediately using a debit card, transfer from another bank, or cash at a branch.
Opening Online: Step-by-Step
Go to chase.com and look for the "Open an Account" button, usually near the top of the page. Select "Savings" as your account type. If you are already logged into your Chase account, the system will recognize you and skip the identity verification step. If you are not logged in, you will create a username and password or sign in with an existing Chase login.
Chase will ask for your full name, date of birth, Social Security number, and address. The system verifies this information against databases in real time. If verification succeeds, you move to the next step. If it does not, Chase will ask you to call or visit a branch to complete the process by phone or in person.
Next, you choose which savings product you want. Chase offers several: a basic savings account, a high-yield savings account (which pays more interest), and specialty accounts tied to specific goals. Read the interest rate, monthly fee (if any), and minimum balance requirements for each. The interest rate and fees change over time, so check the current terms on the account details page.
Then you set your initial deposit amount and choose how to fund it. You can transfer from another bank account (provide the routing and account number), use a debit card, or, if you already have a Chase account, transfer from your Chase checking. Complete the funding step, and your account opens immediately. You can begin using it right away.
Opening at a Chase Branch or by Phone
If you prefer to open an account in person, visit any Chase branch with your ID and Social Security number. Bring a debit card or checkbook if you want to fund the account that day, or bring cash. A banker will walk you through the same questions the online form asks and can answer questions about which account type fits your needs. The whole process takes 15 to 20 minutes.
To open by phone, call Chase at the number on the back of your Chase card (if you are an existing customer) or 1-800-935-9935 (for new customers). A representative will verify your identity, ask the same questions, and help you choose an account type. You will need to provide funding information by phone or complete that step online after the call. Phone signup usually takes 20 to 30 minutes.
Opening in person or by phone is useful if you have questions about which account type to choose, if online verification fails, or if you want to deposit cash immediately. It is also the only option if you do not have a valid ID that Chase's online system can verify.
What Happens After You Open the Account
Once your account is open, you receive a debit card in the mail within 7 to 10 business days (if you ordered one). You can access your savings account online or through the Chase mobile app immediately, even before the card arrives. You can transfer money between your Chase accounts, set up automatic transfers, and view your balance and transaction history right away.
Chase will send you account statements by mail or email, depending on your preference. You can change this preference in your online account settings. Your account number appears in the app and online banking portal so you can provide it to employers for direct deposit or to other banks if you want to transfer money in.
If you set up automatic transfers — for example, moving $50 from checking to savings every payday — those begin on the schedule you choose. You can pause or cancel automatic transfers anytime through your online account.
Minimum Deposits and Account Fees
Chase savings accounts have different minimum opening deposits depending on the product. Some accounts have no minimum; others require $25 or $100. Check the specific account you are interested in before you start the signup process, because the minimum is listed on the account details page.
Monthly maintenance fees also vary. Some Chase savings accounts charge no monthly fee. Others charge a fee (typically $5 to $12 per month) unless you maintain a certain balance or meet other conditions. For example, an account might waive the fee if you keep $500 or more in the account at all times, or if you set up a monthly automatic transfer from checking.
Interest rates on Chase savings accounts change over time and vary based on the account type. A basic savings account typically earns less interest than a high-yield savings account. Check the current rate before you open, because it affects how much your money grows. Chase publishes current rates on the account details page.
If You Already Have a Chase Checking Account
Existing Chase customers can open a savings account faster and with fewer steps. Log into your online banking or mobile app, look for "Open an Account" or "Add an Account," and select savings. Chase already has your identity information, so you skip verification. You choose your account type, set your opening deposit, and decide whether to transfer from your existing Chase checking account. The new account opens within minutes.
Linking your checking and savings accounts makes it easy to move money between them. You can set up automatic transfers, move money on demand through the app, or visit a branch. There is no fee to transfer between your own Chase accounts.
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. This is a federal requirement for banks, not a Chase policy. If you do not have either, you will need to contact Chase directly to discuss other options.
What if online verification fails?
If Chase cannot verify your identity online, you will see a message during signup. You can then call Chase or visit a branch to complete the process in person. Bring your ID and Social Security number. This usually happens if your address or name does not match Chase's databases exactly, or if you have a very new identity record.
How long does it take to access my money after I open the account?
You can access your account and see your balance immediately online or in the app. If you transfer money from another bank, it takes 1 to 3 business days to arrive. If you fund the account with a debit card, the money is available right away. If you deposit cash at a branch, it is available immediately.
Can I open a savings account for someone else, like a child?
Chase offers accounts for minors, but a parent or guardian must open the account and be the primary account holder. You cannot open an account in a child's name alone. Visit a Chase branch with the child's birth certificate and Social Security number, along with your ID, to set up a minor savings account.
What is the difference between a Chase savings account and a money market account?
A savings account is simpler and has no limit on how many times you can withdraw per month. A money market account usually pays higher interest but may require a larger minimum balance and limit your withdrawals. Chase offers both; compare the interest rates and fees on their website to decide which fits your needs.