What you need to open a Chase savings account
You can open a Chase savings account online, on the phone, or in person at a branch. Online takes the least time — usually 10 to 15 minutes — and you can fund it immediately with a transfer from another bank account. You will need a Social Security number, a government-issued ID, your current address, and an initial deposit (the amount varies by account type, but many Chase savings accounts have no minimum).
If you already have a Chase checking account, opening a savings account is faster because Chase already has your information on file. You can do it through the Chase mobile app or website without leaving home. If you are opening your first Chase account, you will go through a more detailed verification process, but it still happens online in real time.
Chase offers several types of savings accounts with different interest rates and features. The most common are the Chase Savings Account (basic, no monthly fee if you maintain a minimum balance or set up direct deposit) and the Chase Premier Savings Account (higher interest rate, higher minimum balance requirement). Compare the current rates and minimums on Chase's website before you start, because they change.
Key Takeaways
- You can open a Chase savings account online in 10 to 15 minutes with a Social Security number, government ID, address, and initial deposit.
- If you already have a Chase checking account, the process is faster because your identity is already verified.
- Chase savings accounts have no monthly fee if you meet the minimum balance or set up direct deposit, but the minimums vary by account type.
- You can fund your new account immediately by transferring money from another bank, and you start earning interest right away.
- Interest rates on Chase savings accounts change regularly, so check the current rate before you open the account.
Opening online through Chase.com or the mobile app
Go to Chase.com and click "Open an Account" or use the Chase mobile app. Select "Savings" and choose the account type that fits your needs. You will enter your Social Security number, date of birth, and current address. Chase will verify this information in real time — if there is a problem, you will know immediately and can correct it.
Next, you will provide a government-issued ID (driver's license or passport). Chase uses a photo-matching tool that compares your ID to your face, so have your ID ready and make sure you are in a well-lit space. This step usually takes less than a minute. After that, you will set up online banking login credentials and choose a password.
Finally, you will link a funding source. You can transfer money from another bank account (this takes one to three business days to appear in your Chase account) or use a debit card to fund it immediately. Once your initial deposit clears, your account is active and you start earning interest on the balance.
Opening in person at a Chase branch
Bring your government-issued ID, Social Security number, and current address to any Chase branch. A banker will walk you through the account setup, answer questions about features and rates, and help you decide which account type makes sense for your situation. This route takes 20 to 30 minutes but is useful if you prefer to ask questions face-to-face or if you want to deposit cash immediately.
You can fund the account on the spot with cash or a check. If you use cash, the money is available in your account right away. If you use a check, it will be processed according to Chase's check deposit timeline (usually one to three business days). Ask the banker about any current promotions — Chase sometimes offers bonus interest or cash rewards for opening a new savings account and meeting deposit requirements.
Understanding Chase savings account fees and minimums
Most Chase savings accounts charge no monthly maintenance fee if you maintain a minimum balance (typically $300 to $500, depending on the account) or if you set up direct deposit. If your balance falls below the minimum and you do not have direct deposit, Chase charges a monthly fee (usually $5 to $12). You can avoid this fee by keeping the balance above the minimum or by having your paycheck deposited directly into the account.
Other fees to know about: Chase charges $3.50 per withdrawal if you exceed six withdrawals in a calendar month (this is a federal rule that applies to most savings accounts, not just Chase). There is no fee for deposits. If you close the account within 90 days of opening it, Chase may charge a $25 early closure fee, though this varies by account type.
Interest rates on Chase savings accounts are low compared to online banks, but they change frequently. Check the current rate on Chase.com before you open the account. The rate you see when you open the account is the rate you earn, and Chase will notify you if the rate changes in the future.
Linking your Chase savings account to other banks
After your account is open, you can transfer money between your Chase savings account and accounts at other banks. To set this up, log into your Chase account online or in the app, go to "Transfers," and select "Add External Account." You will enter the other bank's routing number and your account number at that bank. Chase will verify the account by depositing two small amounts (usually under $1 each) and asking you to confirm the amounts.
Once verified, you can transfer money from that external account into your Chase savings account, or from your Chase savings account to that external account. Transfers initiated before 2 p.m. ET on a business day usually arrive the next business day. Transfers initiated after 2 p.m. or on weekends take two business days. There is no fee for these transfers.
What happens after you open your account
Your Chase savings account is ready to use immediately after your initial deposit clears. You can deposit money by transferring from another bank, depositing checks through the mobile app (using mobile check deposit), or depositing cash at a Chase ATM or branch. You can withdraw money the same ways: transfer to another bank, withdraw cash at an ATM or branch, or request a check.
Interest is calculated daily on your account balance and deposited monthly. The amount you earn depends on the current interest rate and your balance. If your rate changes, Chase will notify you in writing and the new rate takes effect on the date Chase specifies. You can check your balance and transaction history anytime through the Chase website or mobile app.
If you need to close the account later, you can do it online, in the app, or at a branch. Make sure your balance is zero (withdraw or transfer any remaining money) before you close it. If you close within 90 days, you may be charged an early closure fee.
Frequently Asked Questions
Can I open a Chase savings account if I do not have a checking account with Chase?
Yes. You can open a savings account as your first Chase account. The process takes longer because Chase has to verify your identity from scratch, but you can do it entirely online. You will need a Social Security number, government ID, and an initial deposit.
How long does it take for money to show up in my new Chase savings account?
If you transfer from another bank, it takes one to three business days. If you deposit cash in person or at a Chase ATM, it is available immediately. If you use mobile check deposit, it takes one to three business days. If you fund it with a debit card during online signup, it is available right away.
What is the difference between a Chase Savings Account and a Chase Premier Savings Account?
The Premier account has a higher interest rate but requires a larger minimum balance (usually $10,000 or more). The regular Savings Account has a lower rate but a lower or no minimum. Choose based on how much you plan to keep in the account and whether the higher rate is worth maintaining the larger balance.
Can I set up automatic transfers into my Chase savings account?
Yes. Once your account is open, you can set up recurring transfers from your Chase checking account or from an external bank account. Log into your Chase account, go to "Transfers," and choose "Set Up Recurring Transfer." You can schedule transfers weekly, bi-weekly, monthly, or on any schedule you choose.
What happens if my balance falls below the minimum?
Chase charges a monthly maintenance fee (usually $5 to $12, depending on the account type). You can avoid the fee by bringing your balance back above the minimum or by setting up direct deposit. If you have direct deposit, the minimum balance requirement is waived.