Yes, you can have more than one savings account at Chase
Chase allows you to open multiple savings accounts at the same time. There is no rule against it, and you can manage them all through the same online login. Some people use a second account to separate money for a specific goal — one account for an emergency fund and another for a vacation, for example — while others open a second account straightforward because they want to.
The main thing to know is that each account counts toward your deposit insurance limit separately. The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per account owner, per bank, per account type. So if you have two Chase savings accounts in your own name, each one is insured up to $250,000. If you have more than $250,000 in savings total, spreading it across multiple accounts protects all of it.
Key Takeaways
- Chase does not limit the number of savings accounts you can open, and you can manage multiple accounts from one login.
- Each savings account is insured separately up to $250,000 by the FDIC, so opening a second account can protect larger balances.
- Monthly maintenance fees explore to each account separately, so a second account will cost you more unless you meet the balance or deposit requirements to waive the fee.
- You can transfer money between your own Chase accounts when ready and at no cost through online banking.
- If you want to add another person to an account, you would need to open a joint account rather than use a second individual account.
How monthly fees work when you have two accounts
Chase charges a monthly maintenance fee on most savings accounts unless you meet certain conditions. The fee structure is the same for each account: you can waive the fee by keeping a minimum balance, setting up direct deposits, or maintaining a linked Chase checking account. But the fee applies to each account separately.
If you open a second savings account and do not meet the waiver conditions on that account, you will pay the monthly fee twice — once for each account. Before you open a second account, check what the current fee is and what the waiver options are, so you know whether the second account will cost you money each month.
Moving money between your own Chase accounts
Once you have two savings accounts open, you can move money between them when ready through Chase online banking or the mobile app. Go to the transfer section, choose the account you want to send from and the account you want to send to, enter the amount, and confirm. The money appears in the receiving account right away.
There is no fee for these transfers, and you can do them as often as you want. This makes it straightforward to move money around if you change your mind about how much to keep in each account, or if you need to access funds from one account and want to consolidate them first.
When you might want a second savings account
Some people open a second account to keep savings for different purposes separate. You might have one account for an emergency fund that you do not touch, and another for money you are saving toward a specific goal like a car or a home down payment. Keeping them in different accounts can make it easier to see how much progress you are making toward each goal.
Others open a second account because they want a different interest rate. Chase offers different savings products — like a regular savings account and a money market account — and each one earns interest at a different rate. If you want to compare how much interest you earn in each type, you could open one of each.
Adding another person to your savings
If you want someone else to have access to your savings, opening a second individual account will not do that. Instead, you would need to open a joint account, which is a single account owned by two or more people. Both owners can deposit and withdraw money, and both names appear on the account.
A joint account is different from a second individual account because it is one account with multiple owners, not two separate accounts. If you are thinking about a second account because you want to share savings with a family member or partner, ask a Chase banker about joint savings accounts instead.
What happens if you close one of your accounts
If you decide you do not want to keep a second savings account, you can close it at any time. You will need to move any money out of it first — you can transfer it to your other Chase account, withdraw it in cash, or move it to an account at another bank. Once the account is empty, you can close it through online banking or by calling Chase.
Closing an account does not affect your other accounts. Your first savings account will stay open and active, and you can continue using it normally. There is no penalty for closing an account, though Chase may report the closure to credit bureaus — this does not hurt your credit score, but it is part of your banking record.
Frequently Asked Questions
Will opening a second savings account hurt my credit?
No. Opening a savings account does not involve a credit check and does not affect your credit score. Chase may do a soft inquiry into your banking history, but this does not show up on your credit report and does not lower your score.
Can I have two savings accounts with the same balance requirement to waive the fee?
Yes. If you keep the minimum balance in both accounts, both fees will be waived. However, this means you need to keep twice as much money in savings accounts to avoid paying fees, so make sure that works for your situation.
What if I want to open a savings account for my child?
Chase offers savings accounts for minors, but they work differently than adult accounts. You would open a youth savings account in your child's name with yourself as the custodian. This is a separate account from your own savings accounts and has its own fee structure.
Can I transfer money from one Chase savings account to another bank?
Yes. You can set up an external transfer from one of your Chase savings accounts to an account at another bank. The transfer usually takes one to three business days. You will need the other bank's routing number and your account number there.
Do I need to tell Chase I am opening a second account?
No. You can open a second account online or at a branch without notifying Chase separately. When you open it, you will provide your information and choose the account type, and the account will be linked to your existing login automatically.