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 process takes about 10 to 15 minutes if you do it online. 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, typically $0 to $25 depending on which savings product you choose.

If you already have a Chase checking account, opening a savings account is faster because Chase already has your information on file. You can link the two accounts immediately, which lets you transfer money between them without delay. If you are opening your first Chase account, the bank will verify your identity and run a check through ChexSystems, a banking history database, to confirm you do not have outstanding issues with another bank.

You will also need a way to make that initial deposit. If you are opening online, you can fund the account by transferring money from another bank account (using your routing and account number), by mailing a check, or by visiting a branch in person with cash or a check.

Key Takeaways

  • You need a valid ID, Social Security number, and an initial deposit to open a Chase savings account, which takes 10 to 15 minutes online.
  • Chase runs a ChexSystems check to verify your banking history, which may delay approval by one business day if the system flags something for review.
  • Online account opening is fastest, but you can also open in person at a branch or by phone if you prefer to speak with someone.
  • Once your account is open, you can set up automatic transfers from your checking account, link it to a debit card, or deposit checks using the Chase mobile app.

Opening your 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 several, including a basic savings account and a high-yield savings account. The high-yield version pays more interest but may have different minimum balance requirements. Read the product details before you choose, because switching later is possible but requires closing one account and opening another.

Enter your personal information: full name, date of birth, address, phone number, and email. Chase will ask for your Social Security number and will run the ChexSystems check at this point. If you pass, you move forward immediately. If ChexSystems flags something, Chase may contact you by phone or email to verify details — this can add a day or two.

Next, you will choose how to fund the account. If you have another bank account, you can provide the routing number and account number to transfer money in. If you do not have that information handy, you can mail a check or visit a branch later. Chase will give you your new account number and routing number as soon as the account is created, even if the initial deposit has not cleared yet.

Opening your account at a Chase branch

Walk into any Chase branch with your ID, Social Security number, and initial deposit (cash or check). Tell the teller you want to open a savings account. They will ask the same questions as the online form — name, address, phone, email, Social Security number — and will run the ChexSystems check while you wait. If you pass, the account opens on the spot and your deposit is posted immediately if you brought cash.

The branch route is useful if you want to ask questions about which savings product fits your needs, if you have a complicated banking history that might trigger a ChexSystems review, or if you prefer to hand over cash in person rather than transfer it electronically. It takes about 20 to 30 minutes from start to finish.

What happens after your account opens

Your account number and routing number are active immediately, even if your initial deposit has not cleared. You can start using the account right away — set up automatic transfers from your employer's payroll, link it to your Chase checking account for easy movement of money, or give the account details to anyone who needs to send you money via ACH transfer.

Chase will mail you a savings passbook or statement within 7 to 10 business days, though you can view your balance and transactions online or in the Chase mobile app as soon as the account is created. If you want to withdraw money before the passbook arrives, you can do so at any Chase branch or ATM, or you can transfer it back to your checking account online.

If you linked your savings account to your checking account during setup, you can move money between them instantly using the Chase app or website. This is useful if you need to cover an overdraft in checking or if you want to move savings into checking before making a purchase.

Interest rates and account features

Chase savings accounts earn interest, but the rate varies by product and changes over time. A standard Chase savings account typically earns a lower rate than a high-yield savings account. The interest is compounded daily and posted to your account monthly. You can see the current rate on Chase.com before you open the account, and you can check your rate anytime in the app or online.

Most Chase savings accounts have no monthly maintenance fee, but some require a minimum balance to avoid fees — again, this varies by product. Read the account terms before you open it. If you do not meet the minimum balance, Chase will charge a monthly fee (usually $5 to $12) that comes out of your account automatically.

You can withdraw money from your savings account as often as you want, though federal law used to limit withdrawals to six per month. That rule was suspended, so there is no longer a limit, but some banks still impose their own limits. Chase does not currently restrict the number of withdrawals you can make.

Linking your savings account to other services

Once your account is open, you can link it to your Chase checking account, to external bank accounts, or to Chase credit cards. Linking to your checking account lets you transfer money instantly between the two. Linking to an external account (at another bank) takes 1 to 3 business days for the first transfer, because the bank has to verify the connection, but after that transfers are faster.

You can also set up automatic transfers — for example, moving $50 from checking to savings every payday. This is done through the Chase app or website under "Transfers & Payments." You choose the amount, the frequency (weekly, biweekly, monthly, or a one-time transfer), and the date it should happen. The transfer will repeat on that schedule until you cancel it.

If you want to deposit checks without visiting a branch, use the Chase mobile app's mobile check deposit feature. Take a photo of the front and back of the check, enter the amount, and submit it. The check is usually credited within one business day. You can deposit up to $2,500 per check and $5,000 per day using the app, though these limits may vary.

What to do if your account application is denied

Chase may deny your application if ChexSystems finds an unresolved issue — for example, an unpaid overdraft at another bank, a history of fraud, or a closed account with a negative balance. If this happens, Chase will send you a letter explaining the reason. You have the right to contact ChexSystems directly to dispute the information or to ask the bank to reconsider.

If you were denied because of a negative balance or unpaid overdraft, you can often resolve it by paying the amount owed to the other bank. Once that is settled, you can reapply to Chase, usually after 30 days. If you were denied for fraud or other serious reasons, you may need to wait longer or explore other banks.

You can also call Chase customer service at the number on your denial letter and ask if there is anything you can do to overturn the decision. Some denials are automatic based on ChexSystems data, but others are reviewed by a person who may have discretion to approve you anyway.

Frequently Asked Questions

Can I open a Chase savings account if I do not have a checking account?

Yes. You do not need an existing Chase account to open a savings account. However, if you already have a Chase checking account, the process is faster because the bank already has your information and can link the accounts immediately.

How long does it take for my initial deposit to show up?

If you deposit cash or a check in person at a branch, it posts immediately. If you transfer money from another bank account online, it takes 1 to 3 business days for the transfer to complete. Your account number is active right away, but the balance will not reflect the deposit until the transfer clears.

What is the difference between a Chase savings account and a money market account?

A Chase savings account is simpler and has no minimum balance requirement for most products. A money market account typically requires a higher minimum balance but pays a higher interest rate and may come with a debit card or checkbook. Choose based on how much money you plan to keep in the account and whether you want easy access to write checks.

Can I change my savings account type after I open it?

You cannot convert one account type to another directly. If you want to switch to a different savings product, you will need to close the current account and open a new one. Chase can help you do this in the app or at a branch, and the process takes about 10 minutes.

What happens if my account balance falls below the minimum?

If your account has a minimum balance requirement and your balance drops below it, Chase will charge a monthly fee. The fee is usually $5 to $12 and is deducted automatically. You can avoid the fee by bringing your balance back above the minimum or by switching to an account type with no minimum balance requirement.