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. Chase requires a government-issued ID, your Social Security number, and an initial deposit — usually $25 for their basic savings account, though this can vary by account type and location. You'll also need a way to fund the account: a debit card, another bank account, or cash if you go to a branch.
Chase offers several savings account types, each with different features and minimum balances. The Chase Savings Account is their standard option with no monthly fee if you maintain a $300 minimum balance or set up direct deposit. The Chase Premier Savings Account requires a higher minimum balance but pays a higher interest rate. Before you start, decide which account fits your situation — the difference is mainly in the interest rate and minimum balance requirement.
If you already have a Chase checking account, opening a savings account takes about 10 minutes online. If you're new to Chase, the process takes longer because you'll need to verify your identity, but it still usually completes the same day.
Key Takeaways
- You need a government ID, Social Security number, and an initial deposit of at least $25 to open a Chase savings account.
- Chase offers multiple savings account types with different interest rates and minimum balance requirements — choose based on how much you plan to keep in the account.
- Opening online takes 10 minutes if you're an existing Chase customer, or 20 to 30 minutes if you're new and need identity verification.
- You can fund your new account immediately with a debit card, transfer from another bank, or cash at a branch.
Opening online through Chase.com
Go to Chase.com and look for the "Open an Account" button, usually in the top navigation or under the Savings section. Select the savings account type you want, then enter your email address and create a password. Chase will ask for your full name, date of birth, Social Security number, and current address.
Next, you'll verify your identity. If you're an existing Chase customer, this step is quick — Chase already has your information on file. If you're new, Chase will ask for a government-issued ID (driver's license, passport, or state ID) and may ask security questions based on your credit history. This verification usually takes a few minutes, though occasionally Chase flags an account for manual review, which can add a day or two.
Once verified, you'll choose your initial deposit method. You can transfer money from another bank account (which takes one to three business days), use a debit card (instant), or link an external account for future transfers. After you confirm your deposit, your account opens immediately and you can start using it right away, even if the money hasn't arrived yet.
Opening by phone or at a branch
Call Chase at 1-800-935-9935 to open a savings account over the phone. A representative will walk you through the same questions as the online process — name, address, Social Security number, and ID verification. Phone opening takes about 15 to 20 minutes. You'll still need to fund the account afterward, either by transferring from another bank or by visiting a branch with cash or a debit card.
If you prefer to open an account in person, visit any Chase branch with your government ID and Social Security number. Bring a debit card or checkbook from another bank if you want to fund the account immediately, or bring cash. In-person opening usually takes 20 to 30 minutes, and your account is active the same day. This route is useful if you want to ask questions about account features or if you're having trouble with online verification.
What happens after you open the account
Your savings account number and routing number arrive via email within a few hours, or you can see them immediately in your Chase app or online banking. If you set up a transfer from another bank, that money typically arrives within one to three business days. If you funded with a debit card, the money is available right away.
Chase will send you a debit card for the savings account within 7 to 10 business days, though you don't need it to use the account — you can transfer money, set up automatic deposits, and withdraw cash at any Chase ATM using your online login or mobile app. If you need cash before the debit card arrives, visit a Chase branch or use an ATM.
Your account will start earning interest immediately, though the rate varies based on the account type and current market conditions. Chase publishes their current rates on their website. Interest is usually deposited monthly, and you can see it in your account history.
Minimum balance requirements and fees
The Chase Savings Account requires a $300 minimum balance to avoid a $5 monthly maintenance fee. If your balance drops below $300, the fee posts on the last day of the month. You can avoid the fee by maintaining the balance or by setting up direct deposit of at least $500 per month.
The Chase Premier Savings Account requires a higher minimum balance — typically $10,000 to $25,000 depending on your location — but pays a higher interest rate and has no monthly fee if you meet the minimum. If your balance falls below the minimum, you'll pay a monthly fee, usually $25.
There are no fees for deposits, transfers between your own accounts, or ATM withdrawals at Chase machines. Withdrawals at non-Chase ATMs may incur a fee from the other bank, though Chase doesn't charge you. Transfers to other banks are free.
Linking your savings account to checking or other banks
Once your savings account is open, you can link it to your Chase checking account (if you have one) or to accounts at other banks. In your Chase app or online banking, go to Settings and select "Link Account" or "Add External Account." You'll enter the other bank's routing number and your account number there.
Chase will deposit two small test amounts (usually under $1 each) into the external account within one to two business days. You'll then confirm those amounts in your Chase account to verify you own the external account. After verification, you can transfer money between the accounts instantly or schedule transfers in advance.
Linking takes about five minutes to set up, but the verification step adds one to two business days before you can actually transfer money. Plan ahead if you need to move money quickly.
If your application is declined or delayed
Chase may decline your application if there's a problem with your identity verification, if you have a history of fraud or unpaid fees at another bank, or if there's a discrepancy in the information you provided. If this happens, Chase will send you a letter explaining the reason. Common fixable issues include a mismatched address or Social Security number — contact Chase to correct it and reapply.
If your application is delayed for manual review, Chase will email you within one to two business days. This usually means they need to verify your identity more carefully, often because you're new to banking or because your credit history has gaps. You may be asked to provide additional documents like a utility bill or recent tax return. Respond quickly — delays can stretch to a week if you don't provide what they ask for.
If you're declined and can't resolve the issue, consider opening an account at a different bank. Some banks have lower verification requirements or accept alternative forms of ID.
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) for all accounts. If you don't have either, you'll need to obtain one before opening an account. Some credit unions and online banks have different requirements, so explore other options if you don't have an SSN or ITIN yet.
How long does it take to access my money after I open the account?
Your account is active immediately after opening, and you can transfer money out the same day. If you funded with a debit card, the money is available right away. If you transferred from another bank, it arrives within one to three business days. You can withdraw cash at any Chase ATM using your online login before your debit card arrives.
What's the difference between a savings account and a money market account at Chase?
A Chase savings account is simpler and has lower minimum balances. A money market account typically requires a higher minimum balance but pays a higher interest rate and may come with a debit card and checkbook. Choose a savings account if you want basic features and low minimums; choose money market if you have more money to deposit and want higher interest.
Can I open a savings account if I'm under 18?
No, you must be at least 18 years old to open an account in your own name. If you're under 18, a parent or guardian can open a custodial account for you, which they control until you reach the age of majority (usually 18 or 21, depending on your state). Ask at a Chase branch about custodial savings accounts.
Do I need to have a Chase checking account to open a savings account?
No. You can open a savings account without a checking account. However, having both makes transfers and account management easier, and some Chase promotions offer bonuses for opening both accounts at the same time.