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. The fastest route is online — it takes about 10 minutes and you can start using the account the same day. You will need a valid government-issued 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. For most basic savings accounts, this is $0 — you can open the account and deposit money later. Some higher-yield savings products require $25,000 or more to open, but those are separate from the standard savings account. Check the specific account you are interested in before you start, because the requirement depends on which product you choose.

You will also need a way to fund the account. If you are opening online, you can link a bank account you already have and transfer money from there, or use a debit card. If you are opening in person or by phone, you can bring cash, a check, or arrange a transfer from another bank.

Key Takeaways

  • You can open a Chase savings account online in about 10 minutes with just an ID, Social Security number, and an initial deposit (which may be $0 for basic accounts).
  • Online opening is fastest and lets you use the account immediately; in-person or phone opening takes longer but may be easier if you have questions.
  • You will need to link a funding source — either an existing bank account, a debit card, or cash if you are opening in person.
  • Chase offers different savings products with different interest rates and minimum balances, so confirm which account type you want before you open it.

Opening a savings account online

Go to chase.com and click "Open an Account" or "Savings" in the main menu. Select the savings product you want — Chase offers a basic savings account and a high-yield savings account (called Chase Savings or Chase Premier Savings depending on your balance). Read the current interest rate and minimum balance requirement for each, because these change.

You will be asked to enter your personal information: full name, date of birth, address, phone number, email, and Social Security number. Chase will run a soft credit check (this does not affect your credit score) and check you against ChexSystems, which is a banking history database. If you have been flagged for fraud or have unpaid overdrafts at other banks, this check may block you from opening an account.

Next, you will choose how to fund the account. If you have another bank account, you can link it and transfer money. If you use a debit card, enter the card number and the amount you want to deposit. Chase will verify the funding source by depositing two small amounts (usually under $1 each) into the account you linked, then asking you to confirm those amounts. This takes one to two business days.

Once funding is confirmed, your account is active. You can log into Chase online banking immediately and set up transfers, bill pay, or mobile deposits. Your debit card will arrive by mail in five to seven business days.

Opening a savings account in person at a Chase branch

Bring your ID, Social Security number, and initial deposit (cash or check). A banker will walk you through the account setup, which takes 15 to 30 minutes. You will fill out an application form and provide the same personal information as you would online. The banker can answer questions about account features, interest rates, and fees in real time.

If you bring cash or a check, the deposit is posted immediately and your account is ready to use. You can request a temporary debit card at the branch, though most people wait for the permanent card to arrive by mail. The banker will give you your account number and routing number before you leave, so you can set up direct deposit or transfers right away if you need to.

In-person opening is slower than online if you are in a hurry, but it is useful if you have questions about which account type fits your needs, or if you want to make sure your application goes through without delays.

Opening a savings account by phone

Call Chase customer service at 1-800-935-9935 (the number for new accounts). A representative will guide you through the application over the phone. You will provide your ID information, Social Security number, and answer questions about your banking history. The call takes 15 to 20 minutes.

You will need to arrange funding by phone as well. You can authorize a transfer from another bank account, or the representative can tell you how to mail in a check or visit a branch to deposit cash. If you transfer from another bank, it takes one to three business days to clear. Your account is active once the funding is confirmed.

Phone opening is useful if you prefer to talk to a person but cannot visit a branch, or if you have questions that the website does not answer clearly. However, you will still wait for your debit card to arrive by mail.

What happens after you open the account

Your account is active immediately after opening online or in person. You can log into Chase online banking or the mobile app, transfer money, set up bill pay, and receive direct deposits. Your debit card arrives in five to seven business days. Until it arrives, you can withdraw money at a Chase ATM using your account number, or transfer funds to another account.

Chase will send you account statements by email (or mail if you request it). You can view your balance and transaction history anytime in the app or on the website. If you set up direct deposit, your employer can start depositing your paycheck within one or two pay periods.

Interest on your savings account is calculated daily and deposited monthly. The interest rate varies based on the account type and the current market rate. Chase publishes current rates on their website, and you can see your account's specific rate in the app or by calling customer service.

Fees and things that can go wrong

Chase savings accounts have no monthly maintenance fee, no overdraft fee (because savings accounts do not overdraft), and no fee for transfers or withdrawals. However, if you make more than six withdrawals or transfers per month, Chase charges $10 for each withdrawal over the limit. This rule applies to all savings accounts, not just Chase.

Your application can be denied if ChexSystems flags you for fraud, if you have unpaid overdrafts at other banks, or if you provide false information. If this happens, Chase will send you a letter explaining the reason. You can dispute the ChexSystems report by contacting the bureau directly — go to chexsystems.com to request your report and file a dispute if information is wrong.

If you fund the account with a linked bank account and the transfer fails, Chase will notify you by email. This usually happens because the account number was entered wrong, or the account you linked does not allow outgoing transfers. You can try again with a different funding source, or visit a branch to deposit cash.

Frequently Asked Questions

Can I open a Chase savings account if I do not 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 use that instead. Bring your ITIN documentation to a branch or have it ready if you open online.

How much interest does a Chase savings account earn?

Chase's interest rate changes based on the Federal Reserve's rate and the type of account you open. The basic savings account typically earns less than the high-yield savings account. Check chase.com for the current rate before you open, because rates are updated regularly and vary by account type.

What if I want to close my savings account after I open it?

You can close your account anytime by calling Chase customer service or visiting a branch. You will need to withdraw or transfer any remaining balance. Chase will not charge you to close the account, but make sure you have moved your money first.

Can I open a savings account if I have been denied by another bank?

It depends on why you were denied. If another bank denied you because of ChexSystems, Chase will likely deny you too, because they use the same database. If you were denied for a different reason, Chase may still open your account. You can call Chase before applying to ask whether your situation will be a problem.

Do I need to have a checking account to open a savings account at Chase?

No. You can open a savings account without a checking account. However, if you want to set up direct deposit or automatic transfers, having a checking account at Chase makes it easier because the accounts link automatically in the app.