What you need to open a Chase savings account

Chase lets you open a savings account online, by phone, or in a branch. You will need a government-issued ID, your Social Security number, and an initial deposit. The deposit amount varies by account type — some accounts require $0 to open, while others ask for $25 or more. You can fund the account with a debit card, transfer from another bank, or cash if you open in person.

The entire process takes about 10 to 15 minutes online. Chase will run a soft credit check and verify your identity through their system. If you already have a Chase checking account, opening a linked savings account is faster because they already have your information on file.

If you do not have an ID or Social Security number yet, you cannot open an account online or by phone. You will need to visit a Chase branch in person with documentation that Chase accepts — this varies by situation, so call your local branch first.

Key Takeaways

  • You can open a Chase savings account online in about 10 to 15 minutes with a government ID, Social Security number, and an initial deposit.
  • Chase offers several savings account types with different deposit minimums and interest rates, so compare them before you choose.
  • If you already have a Chase checking account, you can link a new savings account to it immediately.
  • You can fund your new account with a debit card, transfer from another bank, or cash at a branch.

Chase savings account types and their differences

Chase offers three main savings account options: Chase Savings, Chase Premier Savings, and Chase Sapphire Savings. Each has a different interest rate and minimum balance requirement. Chase Savings has no minimum deposit to open and no monthly fee. Chase Premier Savings requires a higher balance to earn a better interest rate. Chase Sapphire Savings is designed for customers who also have a Chase credit card and offers a higher rate.

Interest rates change over time and vary based on market conditions. You can check the current rates on Chase's website or by calling 1-800-935-9935. The rate you receive depends on which account you choose and how much money you keep in it.

All three accounts let you make up to six transfers or withdrawals per month without a fee. After six, Chase charges $10 per transaction. This limit applies to transfers to other banks, payments to loans, and withdrawals at ATMs outside the Chase network.

Steps to open your account online

Go to chase.com and click "Open an Account" or "Savings" in the main menu. Select the savings account type you want. Chase will ask for your name, address, date of birth, and Social Security number. Have your government ID ready — you may need to take a photo of it or answer security questions to verify your identity.

Next, choose how much to deposit initially. You can transfer money from another bank account, use a debit card, or link an existing Chase checking account. If you transfer from another bank, provide the routing number and account number. The transfer usually takes one to three business days to complete.

Review the account terms and sign the electronic agreement. Chase will send you a confirmation email with your account number and login details. You can start using your account right away, though the initial deposit may not be available until it clears.

Opening an account in person or by phone

To open an account at a Chase branch, bring your government ID, Social Security number, and your initial deposit. A banker will walk you through the process, which takes about 15 to 20 minutes. You can deposit cash, a check, or transfer from another account. If you open in person, your account is usually active the same day.

To open by phone, call 1-800-935-9935. A representative will verify your identity and walk you through the same questions as the online process. You will need to arrange your initial deposit separately — they can tell you how to transfer funds or mail a check. Phone applications take about 20 to 30 minutes.

If you already have a Chase checking account, both the online and phone processes are faster because Chase already has your information. You can often skip some verification steps and link your new savings account to your existing one immediately.

What happens after you open your account

Chase will send you a debit card for your savings account within 7 to 10 business days. You can use this card to withdraw cash at Chase ATMs or at ATMs in the Allpoint network, which includes over 55,000 ATMs worldwide. Withdrawals at non-Chase ATMs may charge a fee.

Your account will appear in your Chase online banking dashboard and mobile app within one business day. You can set up automatic transfers, view your balance, and manage your account from there. If you set up a transfer from another bank, it may take one to three business days to complete, depending on the other bank's processing time.

Chase will send you monthly statements by email or mail, depending on your preference. You can change this setting in your account settings. Your interest will be deposited into your account monthly, though the amount depends on your balance and the current interest rate.

Linking your savings account to checking or other banks

If you have a Chase checking account, you can link your new savings account to it in your online banking dashboard. Go to "Accounts," select your savings account, and choose "Link Account." This lets you transfer money between them instantly without fees. You can also set up automatic transfers — for example, moving $50 from checking to savings every payday.

To transfer money from a bank outside Chase, you will need that bank's routing number and your account number there. Chase can initiate the transfer, but it usually takes one to three business days. You can also have the other bank initiate the transfer to Chase if you provide them with Chase's routing number (1010000000 for most Chase accounts) and your new Chase account number.

Remember that you can make up to six transfers or withdrawals per month without a fee. This limit includes transfers to other banks, payments to loans, and ATM withdrawals outside the Chase network. Plan your transfers accordingly to avoid the $10 fee per transaction after six.

Frequently Asked Questions

Can I open a Chase savings account without a Social Security number?

No, Chase requires a Social Security number to open any account online or by phone. If you do not have one, you may be able to open an account in person at a branch with an ITIN (Individual Taxpayer Identification Number) and other documentation. Call your local Chase branch to ask what documents they accept.

How much money do I need to open a Chase savings account?

Chase Savings requires no minimum deposit to open. Chase Premier Savings and Chase Sapphire Savings have higher minimums that vary — check chase.com for current amounts. You can open with as little as $1 in most cases, though some account types ask for $25 or more.

How long does it take to open an account and start using it?

Online applications take 10 to 15 minutes, and your account is usually active the same day. In-person applications take 15 to 20 minutes and are active the same day. Phone applications take 20 to 30 minutes. Your initial deposit may take one to three business days to clear if you transfer from another bank.

What is the interest rate on a Chase savings account?

Interest rates change based on market conditions and vary by account type. Chase Savings, Premier Savings, and Sapphire Savings each have different rates. Check chase.com or call 1-800-935-9935 for current rates. Your rate is locked when you open the account, but Chase can change it in the future with notice.

Can I have multiple savings accounts at Chase?

Yes, you can open more than one savings account at Chase. Some people use separate accounts for different goals — one for emergency savings, one for vacation, one for a down payment. Each account earns interest separately, and you can transfer between them without fees as long as you stay within the six transfers per month limit.