Chase savings accounts have no minimum balance requirement to open or maintain

You can open a Chase savings account with any amount of money, and you can keep the account open with a zero balance. Chase does not charge a monthly fee for letting your account sit empty, and they will not close it for inactivity as long as you keep it in good standing.

The catch is that you need to meet other conditions to avoid fees. If you do not maintain a minimum daily balance of $300 in most Chase savings products, you will pay a monthly maintenance fee of $5. That $300 threshold is what matters—not the amount you deposit upfront.

The exact requirement depends on which Chase savings product you choose. Some accounts waive the fee if you link them to a Chase checking account or set up direct deposit. Others have no balance requirement at all, but they pay lower interest rates in return.

Key Takeaways

  • Most Chase savings accounts require a $300 minimum daily balance to avoid a $5 monthly maintenance fee, but you can open with any amount.
  • Chase will not close your account or charge you for having zero dollars, as long as you do not fall below the balance threshold while the account is active.
  • Some Chase savings products waive the balance requirement if you link a Chase checking account or set up direct deposit to the savings account.
  • Chase savings accounts earn interest, and the rate you receive depends on the account type and current market conditions, not on your balance size.

Which Chase savings accounts have no balance requirement

Chase offers several savings products, and the balance rules differ. The Chase Savings Account (their standard product) requires $300 minimum daily balance to avoid the $5 monthly fee. If you maintain that balance, you pay nothing.

The Chase Premier Savings account also has a $300 minimum daily balance requirement for the same $5 fee. However, this account offers a higher interest rate if you maintain a larger balance—typically $25,000 or more—though the rate tiers change based on market conditions.

Chase also offers the Chase High Yield Savings Account, which has no monthly maintenance fee and no minimum balance requirement. You can open it and keep it at zero without penalty. The tradeoff is that the interest rate may be lower than other Chase savings products depending on the current rate environment.

How the $300 minimum daily balance works

The $300 threshold is measured every single day. If your balance drops below $300 even once during a statement period, Chase will charge you the $5 fee for that month. You do not get a grace period or a warning—the fee posts automatically.

This means if you have $500 in the account and withdraw $250, you fall below the minimum and the fee applies. You can deposit money back the next day, but the fee for that month has already been triggered. The fee is charged at the end of your statement cycle, which typically runs 30 or 31 days depending on the month.

If you consistently stay above $300, you never see a fee. If you consistently fall below it, you will pay $60 per year in maintenance fees alone. Over time, that erodes any interest you earn on a small balance.

Ways to waive the $300 minimum balance requirement

Chase offers two main ways to avoid the balance requirement on their standard savings account. The first is to link your savings account to a Chase checking account. If you have an active checking account with Chase, the bank waives the $300 minimum on the linked savings account, and you pay no monthly fee regardless of your savings balance.

The second way is to set up direct deposit to your savings account. If you have your paycheck or other regular income deposited directly into the savings account, Chase waives the $300 minimum and the $5 monthly fee. Direct deposit must be active—a one-time deposit does not count.

Not all Chase savings products offer these waivers. The Chase High Yield Savings Account has no fee to begin with, so there is nothing to waive. The Chase Premier Savings account also waives the fee if you maintain a linked checking account or set up direct deposit.

What happens if you fall below the minimum

If your balance drops below $300 and you do not have a waiver in place, Chase charges $5 at the end of your statement period. The fee is deducted from your account automatically. If your balance is very low—say, $10—and the $5 fee posts, your account could go negative.

A negative balance does not close your account, but it does mean you owe Chase money. You should deposit funds to bring the account back to zero or positive as soon as possible. If the negative balance persists for an extended period, Chase may eventually close the account and report it to ChexSystems, a banking history database that other banks check when you try to open new accounts.

The best strategy is to either maintain the $300 balance, set up direct deposit, link a checking account, or switch to the Chase High Yield Savings Account if you know you will not be able to keep $300 in the account regularly.

Interest rates and how they relate to balance

Chase savings accounts earn interest, but the rate is set by Chase and changes based on Federal Reserve decisions and market conditions. The rate does not depend on how much money you have in the account—a $300 balance and a $30,000 balance earn the same percentage rate.

However, the Chase Premier Savings account does offer tiered rates. If you maintain a higher balance—typically $25,000 or more—you may earn a higher interest rate than someone with a smaller balance. These tiers change frequently, so you should check Chase's website or call their customer service line to see the current rates and thresholds.

Interest is compounded daily and posted to your account monthly. Even at the current rates, the interest earned on a $300 balance is small—usually less than $1 per month. The $5 monthly fee can easily wipe out any interest you earn if you do not maintain the minimum.

Comparing Chase savings to other banks

Chase's $300 minimum is higher than many online banks, which often have no minimum balance requirement and no monthly fees. Banks like Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings have zero minimums and zero monthly fees.

The tradeoff is that Chase has physical branches where you can deposit cash and speak to a person. Online banks do not have branches, so you must deposit checks by mobile app or mail them in. If you value in-person service and do not mind paying $5 per month to avoid the $300 minimum, Chase may be worth it. If you want to keep a small balance and earn interest without fees, an online bank is usually the better choice.

Chase's interest rates are also typically lower than online banks. As of now, online savings accounts often pay higher rates than Chase, though this changes as the Federal Reserve adjusts rates. You should compare current rates across several banks before deciding where to keep your savings.

Frequently Asked Questions

Can I open a Chase savings account with $0?

Yes, you can open a Chase savings account with any amount, including zero dollars. However, once the account is open, you must maintain a $300 minimum daily balance to avoid a $5 monthly fee, unless you have a waiver in place through a linked checking account or direct deposit.

Does Chase close accounts for low balance?

Chase does not close accounts simply for having a low balance. However, if your account goes negative and stays that way for an extended period without being brought back to zero or positive, Chase may eventually close it and report it to ChexSystems, which can affect your ability to open accounts at other banks.

What if I have $300 but it drops to $299 for one day?

If your balance falls below $300 even once during a statement period, Chase will charge the $5 monthly maintenance fee. There is no grace period. The fee is charged at the end of your statement cycle, regardless of whether you bring the balance back above $300 later.

Do I earn interest on a Chase savings account?

Yes, Chase savings accounts earn interest, compounded daily and posted monthly. The rate is set by Chase and changes based on market conditions. The rate is the same regardless of your balance size, except for the Chase Premier Savings account, which offers tiered rates for higher balances.

Is there a Chase savings account with no minimum balance and no fee?

Yes, the Chase High Yield Savings Account has no minimum balance requirement and no monthly maintenance fee. You can open it and keep it at zero without penalty. The interest rate may differ from other Chase savings products depending on current market conditions.