You can open a Chase savings account online in about 10 minutes, or in a branch if you prefer to do it in person

Chase offers two main savings products: a regular savings account and a money market account. The regular savings account has no monthly fee if you keep a $300 minimum balance; the money market account requires $2,500. Both earn interest, though the rate changes based on what the Federal Reserve does. You'll need a government ID, your Social Security number, and an initial deposit to get your free guide. Most people open online through Chase.com, but you can also walk into any Chase branch and open one the same day.

The online process takes about 10 minutes. You'll enter your personal information, choose which type of account you want, link a funding source (a bank account or debit card), and make your first deposit. Chase will verify your identity using information from your credit report and may ask you to confirm recent transactions. Once approved, your account number appears immediately, and you can start using the account right away.

Key Takeaways

  • Chase savings accounts require either a $300 minimum balance (regular savings) or $2,500 minimum balance (money market) to avoid monthly fees.
  • You can open online at Chase.com with just your ID, Social Security number, and an initial deposit—no appointment needed.
  • The online application takes about 10 minutes, and your account is active immediately after approval.
  • 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 your savings account to your checking account to transfer money between them at no cost.

What you need before you start

Gather these items before you begin: a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and your current address. Chase will verify your identity against credit bureaus and may ask you to confirm details from your credit history, so have that information ready.

You'll also need money for your first deposit. The minimum is $25 for a regular savings account, but you need $300 to avoid the monthly maintenance fee. For a money market account, the minimum deposit is $2,500. If you don't have that much right now, you can open a regular savings account and upgrade later, or deposit the full amount once you have it.

If you already have a Chase checking account, the process is even simpler—Chase already has your ID and Social Security number on file, so you can skip some verification steps.

Opening an account online step by step

Go to Chase.com and click "Open an Account" or "Savings Account." You'll be asked whether you want a regular savings account or a money market account. Choose based on how much you plan to keep in the account and whether you want higher interest in exchange for a larger minimum balance.

Enter your personal information: full name, date of birth, address, phone number, and Social Security number. Chase will run a soft credit check to verify your identity—this does not affect your credit score. You may see questions like "Which of these addresses have you lived at?" or "Which of these credit cards do you recognize?" Answer based on your actual history.

Next, choose how to fund your account. You can transfer money from another bank account (using your routing and account number), or use a debit card. If you're transferring from another bank, the first deposit may take one to two business days to appear. If you use a debit card, the deposit is instant.

Review the account terms, agree to them, and submit. Chase will send you a confirmation email with your account number. Your account is ready to use immediately, even if a transfer from another bank is still processing.

Opening an account in a Chase branch

Walk into any Chase branch during business hours—no appointment necessary. Tell a banker you want to open a savings account. They'll ask for your ID and Social Security number, verify your information, and help you choose between a regular savings account and a money market account.

You'll sign paperwork and make your first deposit. You can deposit cash, a check, or transfer from another account. If you deposit a check, it may take one to two business days to clear. Cash deposits are available immediately. You'll leave with your account number and can start using the account that day.

Opening in a branch takes longer than online—usually 20 to 30 minutes—but some people prefer it because they can ask questions face-to-face and have a banker walk them through the process.

Linking your savings account to your checking account

If you have a Chase checking account, you can link it to your new savings account so you can move money between them instantly and for free. This is useful if you need to cover an overdraft or transfer money quickly.

Log into Chase.com or the Chase mobile app, go to your checking account, and look for "Transfer Money" or "Link Account." Select your new savings account from the list. If it doesn't appear automatically, you can add it manually using your account number. Once linked, you can transfer between the two accounts anytime through the app or website.

What happens after you open your account

Your account is active immediately, and you can start depositing money right away. If you funded it with a transfer from another bank, that transfer may take one to two business days to arrive. Once the money is in your account, it starts earning interest.

Chase will send you a debit card for your savings account if you request one, though most people don't need it—you can withdraw money through ATMs, transfers, or by visiting a branch. You can also set up automatic transfers from your checking account to your savings account if you want to save a fixed amount each month.

Check your account regularly through the Chase app or website to watch your balance grow. Chase sends monthly statements by email or mail, depending on what you choose during setup.

Fees and minimum balances to know

Chase charges a $5 monthly maintenance fee on regular savings accounts if your balance drops below $300. There is no fee if you keep $300 or more. A money market account charges $25 per month if your balance falls below $2,500.

You can avoid these fees by keeping the minimum balance, or by setting up direct deposit of your paycheck into the account—some Chase savings products waive the fee if you have direct deposit, though this varies. Check your account terms or ask a banker which products offer this option.

There are no fees for transfers between your Chase accounts, ATM withdrawals at Chase ATMs, or transfers to other banks. If you withdraw money from a non-Chase ATM, you may be charged a fee by that ATM's owner, though Chase reimburses some of these fees depending on your account type.

Frequently Asked Questions

Can I open a Chase savings account if I don't have a checking account?

Yes. You can open a savings account on its own without having a Chase checking account. You'll need the same ID and Social Security number, and you can fund it with a transfer from another bank or a debit card.

How long does it take to open an account online?

The application itself takes about 10 minutes. Your account is active immediately after approval, though if you fund it with a transfer from another bank, that transfer takes one to two business days to arrive. If you use a debit card, the deposit is instant.

What's the difference between a regular savings account and a money market account?

A money market account requires a higher minimum balance ($2,500 versus $300) but typically earns a higher interest rate. If you don't plan to keep that much in savings, a regular savings account is the better choice. You can always upgrade later.

Can I withdraw money from my savings account anytime?

Yes. You can withdraw through ATMs, transfers to another account, or by visiting a branch. There are no limits on how often you withdraw, though federal rules previously limited savings withdrawals to six per month—that rule is no longer in effect.

What if I want to close my savings account later?

You can close it anytime by visiting a branch, calling Chase customer service, or using the app. Withdraw any remaining balance first, or Chase will mail you a check. There is no penalty for closing an account.