Chase College is a checking account, not a savings account

Chase College is a checking account designed for students. It comes with a debit card, check-writing ability, and online bill pay — the tools you use to spend money and pay bills. It is not a savings account, which would be designed to hold money and earn interest over time.

The account has no monthly maintenance fee if you meet one of two conditions: you keep a $500 minimum balance, or you set up direct deposit of at least $500 per month. If you do neither, Chase charges $12 per month. The account includes access to Chase's ATM network and mobile app, and you can make transfers to other accounts you own.

If you want to save money separately while using Chase College for everyday spending, you would need to open a second account — either a Chase savings account or a money market account — and transfer money between them yourself.

Key Takeaways

  • Chase College is a checking account with a debit card and check-writing, designed for spending and paying bills, not for saving.
  • The account has no monthly fee if you maintain a $500 minimum balance or receive $500 or more in direct deposits each month.
  • If you fall below the minimum balance and have no direct deposit, Chase charges $12 per month.
  • To save money while using Chase College for everyday transactions, you would open a separate savings account and move money between them yourself.

What checking accounts do versus savings accounts

A checking account is built for frequent transactions. You write checks, use a debit card, set up bill pay, and move money in and out regularly. Chase College gives you all of these tools. The account does not earn interest on your balance.

A savings account is built to hold money. It typically earns interest (though the rate varies by bank and market conditions), and it usually limits how many withdrawals you can make per month. Savings accounts are meant to discourage frequent spending and reward you for leaving money alone.

Chase College is structured as a checking account because students typically need quick access to money for tuition, books, rent, and daily expenses. If you want to set aside money and earn interest, you would need to open a different account.

How to avoid the $12 monthly fee

Chase waives the monthly fee if you meet either of these requirements:

  • Keep a minimum balance of $500 in the account at all times, or
  • Receive at least $500 in direct deposits per month (such as from a job, internship, or financial aid).

Direct deposit is the easier path for most students. If your employer or school sends your paycheck or aid disbursement directly to your Chase account, you automatically meet the requirement and pay no fee. If you do not have direct deposit and cannot maintain $500, the $12 monthly charge will apply.

The fee is charged once per month if you do not meet either condition. Over a year, that adds up to $144, so it is worth setting up direct deposit or keeping the minimum balance if you can.

Transfers between Chase College and other accounts

You can transfer money from Chase College to other accounts you own at Chase or at other banks. You can also receive transfers from other people's accounts into Chase College. These transfers typically take one to three business days if they go between different banks, or are immediate if both accounts are at Chase.

If you open a Chase savings account alongside Chase College, you can move money between them instantly through the mobile app or online banking. This lets you keep spending money in checking and move extra funds to savings when you want to set them aside.

Transfers are different from withdrawals. You can transfer as much as you want, as often as you want. The limits that apply to savings accounts (usually six withdrawals per month) do not apply to transfers between your own accounts.

When to use Chase College versus a savings account

Use Chase College for money you need to access regularly: tuition payments, rent, groceries, gas, and everyday bills. The debit card and bill pay make these transactions fast and simple.

Open a separate savings account if you want to set aside money for an emergency fund, save for a future goal, or earn interest on money you are not spending right now. Chase offers savings accounts that earn interest, though the rate changes based on market conditions. You would transfer money from checking to savings yourself when you want to move money out of your spending account.

Some students use both: Chase College for the monthly flow of money in and out, and a savings account (at Chase or elsewhere) for money they want to protect from impulse spending.

Frequently Asked Questions

Does Chase College earn interest?

No. Checking accounts, including Chase College, do not earn interest. If you want to earn interest on your money, you would need to open a Chase savings account or money market account and transfer funds there.

Can I write checks from Chase College?

Yes. Chase College includes check-writing. You can order checks through the app or online, and they arrive within one to two weeks. There is no fee for ordering checks.

What happens if I do not meet the $500 minimum or direct deposit requirement?

Chase charges $12 per month. The fee is deducted automatically from your account balance. You can avoid it by setting up direct deposit or maintaining the $500 minimum.

Can I have both Chase College and a savings account at the same time?

Yes. Many students open both. Chase College handles everyday spending and bill pay, while a separate savings account holds money set aside for emergencies or future goals. You move money between them yourself through the app.

Is there a limit to how much I can keep in Chase College?

No. There is no maximum balance. You can keep as much as you want in the account. The only requirement is the $500 minimum to avoid the monthly fee (or direct deposit of $500 per month).