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. The process takes about 10 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—usually $0 to $25 depending on the account type, though some accounts require no minimum.
Chase offers several savings account types: Chase Savings, Chase Premier Savings, and Chase Sapphire Savings. Each has different interest rates, minimum balance requirements, and monthly fees. The account you choose depends on how much you plan to keep in savings and whether you want to link it to a checking account for easier transfers.
If you already have a Chase checking account, opening a savings account is faster because Chase already has your identity information on file. If you are new to Chase, the bank will verify your identity during signup, which may take a few extra minutes.
Key Takeaways
- You need a valid ID, Social Security number, and an initial deposit to open a Chase savings account online or in a branch.
- Chase offers three main savings account types with different interest rates and minimum balance requirements, so compare them before you choose.
- Online signup takes about 10 minutes; in-branch signup is immediate but requires a visit during business hours.
- If you already bank with Chase, you can link your new savings account to your checking account for easy transfers between them.
Opening a savings account online
Go to chase.com and click "Open an Account" or "Savings" in the main menu. Select the savings account type you want. Chase will ask you to enter your personal information: full name, date of birth, address, phone number, email, and Social Security number. You will also confirm your ID by uploading a photo of your driver's license or passport, or by answering security questions Chase pulls from your credit history.
Next, you choose your initial deposit method. You can link an external bank account and transfer money in, use a debit card, or wire funds. Chase will show you the account number and routing number once your account is open so you can set up direct deposit or transfers from another bank. Most online accounts are ready to use the same day.
If Chase cannot verify your identity online—usually because your credit history is thin or your information does not match their records—they will ask you to visit a branch or call 1-800-935-9935 to finish the process by phone.
Opening a savings account at a Chase branch
Walk into any Chase branch during business hours with your ID and Social Security number. Tell a banker you want to open a savings account. They will ask the same questions as the online form: your name, address, phone, email, Social Security number, and employment status. Bring a second form of ID if you have one (utility bill, passport, or state ID).
The banker will show you the account options on their computer and explain the differences in interest rates and fees. Once you choose, they will set up the account and give you a temporary debit card on the spot. Your permanent card arrives by mail in 7 to 10 business days. You can make your initial deposit by cash, check, or transfer from another account right there at the counter.
In-branch signup is useful if you prefer to ask questions face-to-face or if you want to deposit cash immediately. It also avoids any identity verification delays that can happen online.
Linking your savings account to checking
If you have a Chase checking account, you can link your new savings account to it during signup or afterward in the Chase mobile app or online banking. Once linked, you can transfer money between the two accounts instantly from your phone or computer. This makes it easy to move money into savings when you have extra cash, or pull it back out if you need it.
Transfers between your own Chase accounts do not count against any transfer limits. However, if you transfer money out of savings to an external bank account (not a Chase checking account), federal rules limit you to six transfers per month. After six, Chase may charge a fee or temporarily freeze the account.
Understanding fees and interest rates
Chase Savings has no monthly maintenance fee and earns interest on your balance. The interest rate changes based on the Federal Reserve's rate decisions, so it varies over time. Chase Premier Savings requires a higher minimum balance (usually $10,000 to $25,000) but pays a higher interest rate. Chase Sapphire Savings is for Sapphire checking customers and also pays a higher rate.
All Chase savings accounts charge no fee for transfers to other Chase accounts, no fee for deposits, and no fee for withdrawals. If your balance falls below the minimum for your account type, Chase may charge a monthly fee ($5 to $25 depending on the account). You can avoid this fee by keeping the minimum balance or by linking a may have access to checking account.
Interest is calculated daily and deposited monthly. The amount you earn depends on the current interest rate and your average daily balance. You can check your interest rate and earnings anytime in the Chase app or online banking under "Account Details."
What happens after you open your account
Your account is active immediately if you opened it online or in person. You can start depositing money right away using your account number and routing number (1-010-0000-0 for most Chase branches, though this varies by region). If you set up direct deposit from your employer, it usually takes one to two pay periods to start.
Chase will mail you a debit card if you requested one, though you do not need it to use a savings account—you can transfer money through the app or online banking instead. Your first statement arrives 30 days after account opening and shows all deposits, withdrawals, and interest earned.
If you have questions about your account after opening, call Chase customer service at 1-800-935-9935, use the Chase mobile app, or visit a branch. You can also change your account settings (like interest rate notifications or transfer limits) anytime in online banking.
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 have an ITIN, you can open an account in person at a branch with your ITIN and a valid ID.
How much money do I need to open a Chase savings account?
Chase Savings requires no minimum opening deposit. Chase Premier Savings and Chase Sapphire Savings require $10,000 to $25,000 depending on the account type. You can deposit as little as $1 to start if you choose Chase Savings, then move to a higher-rate account later if your balance grows.
Can I open a savings account online if I do not have a Chase checking account?
Yes. Chase allows new customers to open a savings account online without an existing checking account. You will need to verify your identity with your driver's license or passport and answer security questions. The process takes the same amount of time as opening both accounts together.
What is the difference between Chase Savings and Chase Premier Savings?
Chase Premier Savings requires a higher minimum balance ($10,000 to $25,000) but pays a higher interest rate. Chase Savings has no minimum and a lower rate. Choose based on how much money you plan to keep in savings and whether the higher rate is worth maintaining the minimum balance.
How long does it take to receive my debit card?
Chase mails debit cards within 7 to 10 business days of account opening. You can use your account and transfer money before the card arrives—you do not need the physical card to access your savings account through the app or online banking.