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. Most people start online because 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 of $0 to open most savings accounts, though some accounts have higher minimums.
If you already have a Chase checking account, opening a savings account is faster because Chase already has your information on file. If you are new to Chase, you will go through their identity verification process, which usually happens in real time during online signup. Have your ID ready and be prepared to answer questions about your address and financial history.
You will also need a way to fund the account. This can be a debit card, a bank transfer from another bank, or cash deposited at a Chase branch. If you are opening online and want to fund it right away, a debit card is the quickest method.
Key Takeaways
- You can open a Chase savings account online in about 10 minutes with a valid ID, Social Security number, and an initial deposit.
- Chase requires identity verification during signup, which happens automatically if you open online—have your government ID ready.
- If you already bank with Chase, opening a savings account takes less time because your information is already in their system.
- You can fund your new account with a debit card, a transfer from another bank, or cash at a Chase branch.
- Different Chase savings accounts have different features and interest rates, so compare options before you choose which one to open.
Opening online versus in person
Opening online is usually faster and requires no trip to a branch. You go to Chase.com, click "Open an Account," select the savings account type you want, and follow the prompts. Chase will ask for your personal information, verify your identity in real time, and then show you a summary of the account terms. Once you confirm, the account opens immediately and you can fund it the same day.
Opening in person at a Chase branch takes longer but may be better if you prefer to talk to someone or if you want to deposit cash right away. Bring your ID, Social Security number, and your initial deposit. A banker will walk you through the account options, answer questions, and set up the account while you wait. The account is usually active the same day.
Opening by phone is also an option—you can call Chase at 1-800-935-9935 and a representative will guide you through the process. This works well if you have questions or if you are not comfortable with online signup, but it takes longer than either online or in-person opening.
Chase savings account types and their differences
Chase offers several savings accounts, and the one you choose depends on how much you plan to keep in savings and what features matter to you. The Chase Savings Account is the basic option with no monthly fee if you keep a $300 minimum balance; if your balance drops below $300, you pay $5 per month. The interest rate is low, and there is no sign-up bonus.
The Chase Premier Savings Account requires a higher minimum balance (usually $10,000 to $25,000 depending on your region) but offers a higher interest rate and no monthly fee if you meet the minimum. This account is designed for people who have more money to save and want a better return.
The Chase Youth Savings Account is for people under 18 and has no monthly fee and no minimum balance requirement. It comes with parental controls and educational tools about money management.
Interest rates change frequently and vary by location, so check Chase.com or call a branch to see the current rates for each account type. The difference between accounts is usually small, so choose based on the minimum balance you can maintain and whether you want any special features.
Funding your new account
After your account opens, you need to add money to it. If you opened online, Chase usually lets you fund the account immediately using a debit card. Enter the card number, expiration date, and CVV, and the money transfers within minutes to a few hours depending on the card issuer.
You can also transfer money from another bank account. During signup or after the account opens, you can link an external bank account and initiate a transfer. This usually takes one to three business days because the transfer has to clear through the banking system. Chase will ask you to verify the external account by depositing small amounts (usually under $1) and having you confirm the amounts—this verification step can add a day or two.
If you opened in person or prefer to deposit cash, you can do that at any Chase branch. Bring your new account number (or your ID) and the cash, and a teller will deposit it for you. Cash deposits are available immediately.
What happens after you open the account
Once your account is open and funded, you can start using it right away. You will receive a debit card in the mail within 7 to 10 business days if you requested one, though you can use your account online or through the Chase mobile app before the card arrives. You can also set up direct deposit if your employer uses Chase or if you want to have paychecks or other regular deposits sent directly to the account.
Chase will send you account statements monthly (or you can view them online anytime). You can set up alerts through the mobile app to notify you when your balance drops below a certain amount, when a deposit is made, or when a withdrawal occurs. These alerts help you stay on top of your account and catch any unauthorized activity.
Your savings account comes with FDIC insurance up to $250,000, which means your money is protected if Chase fails. If you have multiple accounts at Chase (checking, savings, money market), the $250,000 limit applies to each account type separately, so your savings account is insured separately from your checking account.
Fees and minimum balances to watch
The main fee on a Chase savings account is the monthly maintenance fee, which is $5 on the basic Savings Account if your balance drops below $300. You can avoid this fee by keeping at least $300 in the account at all times. The Premier Savings Account has no monthly fee if you maintain the required minimum balance (which varies by region but is typically $10,000 or higher).
Chase does not charge fees for most common transactions like deposits, withdrawals, or transfers. However, if you exceed six withdrawals or transfers per month (a federal limit that applies to all banks), Chase may charge $10 per excess transaction or convert your account to a checking account. This limit does not apply to in-person withdrawals at a branch or ATM, only to electronic transfers and online withdrawals.
There are no fees for using Chase ATMs if you are a Chase customer. If you use an out-of-network ATM, you will pay a fee from that ATM's operator (usually $2 to $3), and Chase may also charge you a small fee (usually $1 to $2). To avoid these fees, use Chase ATMs or withdraw cash at a Chase branch.
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 do not have either, you will need to obtain one before you can open an account. Some immigrants and non-citizens can get an ITIN from the IRS even without a Social Security number.
How long does it take to open a Chase savings account online?
The signup process usually takes 10 to 15 minutes. Identity verification happens in real time, so your account opens immediately after you complete the application. You can fund it the same day and start using it right away, though if you link an external bank account, the transfer may take one to three business days to clear.
What is the interest rate on a Chase savings account?
Chase savings account interest rates change frequently and vary by account type and location. The Premier Savings Account typically offers a higher rate than the basic Savings Account. Check Chase.com or call your local branch for current rates, as they are updated regularly and may differ from what you see online.
Can I open a Chase savings account without a minimum deposit?
Most Chase savings accounts require a $0 minimum to open, meaning you can open the account with no money and add funds later. However, the basic Savings Account charges a $5 monthly fee if your balance falls below $300, so you will want to deposit at least that amount to avoid the fee.
What if I already have a Chase checking account?
Opening a savings account is faster if you already bank with Chase. You can open online in a few minutes because Chase already has your information verified. You can link the two accounts together in the mobile app or online, making it easy to transfer money between them.