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 (driver's license, passport, or state ID), your Social Security number, and an initial deposit. The deposit amount varies by account type — some Chase savings 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 verify your identity and run a check through ChexSystems, a banking history database, to confirm you don't have outstanding issues with another bank. If you have a negative ChexSystems record, Chase may decline your application, though you can dispute inaccurate information with ChexSystems directly.
If you already have a Chase checking account, opening a savings account is faster — you can link it to your existing profile and skip some verification steps. New customers can open both accounts at the same time.
Key Takeaways
- You need a government ID, Social Security number, and an initial deposit to open a Chase savings account, though some accounts require $0 to start.
- Online applications take 10 to 15 minutes and are available 24/7; in-branch and phone applications may take longer depending on branch hours and wait times.
- Chase runs a ChexSystems check as part of approval, which can flag past banking problems with other institutions.
- If you already bank with Chase, you can add a savings account to your existing login and skip some identity verification.
- Your account is active immediately after approval, and you can start depositing and withdrawing money the same day.
Opening a savings account online
Go to chase.com and select "Open an Account" or "Savings" from the homepage. Choose the savings account type you want — Chase offers several, including Chase Savings, Chase Premier Savings, and Chase Sapphire Savings, each with different interest rates and minimum balance requirements. Read the current terms for each before you choose, since rates and fees change.
Enter your personal information: full name, date of birth, address, phone number, email, and Social Security number. Chase will ask whether you are a current customer. If you are, sign in with your existing login. If you are not, create a new login and password. Verify your identity by uploading a photo of your ID or answering security questions based on your credit history.
Choose your initial deposit method. You can transfer money from another bank account (you will need the routing number and account number), use a debit card, or, if you have a Chase checking account, transfer from that account. After you submit your deposit, Chase will send a confirmation email. Your account is usually active within one business day, though transfers from other banks may take three to five business days to complete.
Opening a savings account in a Chase branch
Bring your government ID, Social Security number, and initial deposit (cash or debit card) to any Chase branch during business hours. Tell a representative you want to open a savings account. They will walk you through the application on a tablet or computer in the branch, verify your identity, and run the ChexSystems check in real time.
In-branch applications usually take 20 to 30 minutes, depending on how busy the branch is. Your account is active immediately, and you can make your first deposit right there. If you transfer from another bank during the appointment, the representative will initiate the transfer, though the money may not arrive for three to five business days.
Opening in person is useful if you prefer to ask questions face-to-face, have a complicated financial history, or want to deposit cash immediately. It also avoids any delays from online identity verification.
Opening a savings account by phone
Call Chase customer service at 1-800-935-9935 (the number for existing customers) or 1-800-CHASE-24 (for new customers) during business hours. A representative will guide you through the application over the phone. You will provide the same information as an online application: personal details, Social Security number, ID information, and your initial deposit method.
Phone applications take 15 to 25 minutes. The representative will verify your identity by asking security questions or requesting information from your credit report. After approval, they will send you a confirmation email with your account number and login details. Your account is active the same day, though transfers from other banks still take three to five business days.
Phone applications work well if you have questions during the process or prefer speaking to a person. However, wait times can be longer during peak hours (morning and lunch time on weekdays).
What happens after you open your account
Once your account is open, you can log in to Chase's website or mobile app to check your balance, make transfers, and set up automatic deposits. Chase will issue you a debit card if you also have a checking account, but savings accounts do not come with their own debit card — you withdraw money through ATMs, transfers, or in-branch withdrawals.
Your first statement will arrive 30 to 45 days after you open the account. Chase will mail it to your address on file, or you can view it online. The statement shows all deposits, withdrawals, interest earned, and any fees charged. Interest is calculated daily and deposited monthly.
If you opened with a $0 minimum deposit, make sure you understand the monthly maintenance fee (if any) and what balance you need to avoid it. Some Chase savings accounts waive fees if you maintain a certain balance or have a linked checking account.
Fees and interest rates
Chase savings accounts do not charge a monthly maintenance fee on most accounts, but rates and terms change. Check your account's current fee schedule on chase.com or in your account settings. If your account does charge a fee, it is usually waived if you maintain a minimum balance (often $300 to $500) or have a linked Chase checking account with direct deposit.
Interest rates on Chase savings accounts vary by account type and change based on the federal funds rate. As of now, rates range from very low to moderate depending on the account — check chase.com for current rates before you open. You earn interest on your balance every day, and Chase deposits it into your account once a month.
If you close your account within 90 days of opening it, Chase may charge an early closure fee (typically $25). This fee applies only if you close the account yourself; it does not apply if Chase closes it.
What to do if your application is declined
Chase may decline your application if ChexSystems shows a negative banking history — for example, unpaid overdrafts, fraud, or a closed account with an outstanding balance at another bank. If this happens, Chase will send you a letter explaining the reason and providing ChexSystems' contact information.
You can dispute inaccurate information with ChexSystems by visiting chexsystems.com or calling 1-800-428-9623. ChexSystems has 30 days to investigate your dispute. If they find the information is wrong, they will correct it and notify Chase. You can then reapply.
If your ChexSystems record is accurate but you still want to bank with Chase, ask a branch manager whether Chase offers a second-chance savings account or a basic account designed for people with banking history issues. Not all branches offer these, but some do.
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 do not have either, you will need to obtain one before you can open an account. An ITIN is available through the IRS if you are not a U.S. citizen but have tax obligations.
How long does it take to access my money after I open an account?
Your account is active the same day you open it, and you can withdraw money immediately if you opened in a branch or by phone. If you opened online and funded it with a transfer from another bank, the transfer takes three to five business days. Debit card deposits are usually available within one business day.
Can I open a savings account if I have been declined by another bank?
Maybe. If another bank declined you because of ChexSystems, you can dispute the information or wait for negative records to age off (usually after five years). If you reapply to Chase after correcting the record, you have a better chance of approval. Some Chase branches also offer accounts for people with banking history issues.
What is the difference between Chase Savings and Chase Premier Savings?
Chase Premier Savings typically requires a higher minimum balance and offers a higher interest rate. Chase Savings has a lower or no minimum balance but earns less interest. Compare the current rates and fees on chase.com to decide which fits your situation.
Do I need a checking account to open a savings account at Chase?
No. You can open a savings account without a checking account. However, if you have both, Chase may waive the monthly maintenance fee on your savings account and offer a slightly higher interest rate.