Chase savings accounts have monthly fees, but you can avoid them
Chase charges a monthly maintenance fee on most savings accounts, but the fee disappears if you meet one straightforward requirement: keep a minimum balance. The exact fee and the balance needed depend on which Chase savings account you open. For most people, the easiest path is to keep enough money in the account that the fee never kicks in.
The other way fees show up is through your own actions — overdrafts, out-of-network ATM withdrawals, or wire transfers. These are separate from the monthly maintenance fee and happen only when you do them.
Key Takeaways
- Chase savings accounts charge a monthly maintenance fee unless you maintain a minimum daily balance, which varies by account type.
- The most common way to avoid the fee is to keep your balance above the threshold — usually between $300 and $500 depending on the account.
- Other fees like overdraft charges and out-of-network ATM fees are separate from the monthly maintenance fee and only occur when you use those services.
- You can find the exact fee amount and minimum balance requirement in your account's fee schedule, available on Chase's website or by calling customer service.
Monthly maintenance fees and how to waive them
Chase's main savings accounts are the Chase Savings and the Chase Premier Savings. Both charge a monthly maintenance fee, but you avoid it by keeping a minimum daily balance. The balance threshold is lower for Chase Savings than for Chase Premier Savings, so the account you choose affects how much you need to keep on hand.
The minimum balance is measured on a daily basis, not an average. This means if your balance drops below the threshold even once during the month, the fee applies. If you're paid weekly or bi-weekly, you'll need to plan around your paycheck schedule to make sure you don't dip below the minimum between deposits.
If you do fall short and the fee posts to your account, you can call Chase and ask them to reverse it — especially if it's your first time. They won't always do it, but it's worth asking, particularly if you've been a customer for a while.
Other fees that aren't tied to your balance
Beyond the monthly maintenance fee, Chase charges for specific actions. An overdraft fee happens when you spend more money than you have in the account. Chase also charges if you use an ATM that isn't part of their network — this is called an out-of-network ATM fee. Sending money by wire transfer also costs money.
These fees only occur when you do the action. You won't be charged an overdraft fee if you never overdraft. You won't be charged an out-of-network ATM fee if you only use Chase ATMs or banks in the MoneyPass network (which Chase participates in). These are different from the monthly maintenance fee, which posts automatically unless you meet the balance requirement.
How to find your account's exact fee schedule
The specific fee amounts and minimum balance requirements change based on which savings account you have and sometimes vary by region. The most reliable way to find your exact fees is to log into your Chase account online and look for the fee schedule, or call Chase customer service at the number on the back of your debit card.
You can also visit a Chase branch in person and ask to see the fee schedule for the account you have or are thinking about opening. The staff can walk you through what fees explore and what you need to do to avoid them. Bring your account number if you already have an account, or just ask about the account type you're interested in if you're new to Chase.
Comparing Chase savings to other banks
Not all banks charge monthly maintenance fees on savings accounts. Some online banks and credit unions offer savings accounts with no monthly fee at all, regardless of your balance. If keeping a minimum balance is difficult for you, or if you prefer not to pay fees, those accounts might be a better fit.
The trade-off is usually interest rate. Chase's savings accounts typically pay lower interest than online banks do, so you're paying a fee but also earning less on your money. If you're keeping a large balance anyway, the lower interest rate might matter more to you than the monthly fee. If you're keeping a small balance, the fee could eat up any interest you earn.
What happens if you can't maintain the minimum balance
If you know you won't be able to keep the minimum balance consistently, you have a few options. You can accept the monthly fee as a cost of banking with Chase — some people do this because they value Chase's branch network or customer service. You can move your savings to a different bank that doesn't charge a monthly fee. Or you can keep just enough in your Chase savings to avoid the fee and put the rest of your money in a higher-interest account elsewhere.
Some people use a Chase checking account instead of a savings account, since checking accounts sometimes have different fee structures or fee waivers. If you're already using Chase for checking, ask whether combining your accounts or setting up direct deposit might waive fees on a savings account too.
Frequently Asked Questions
How much is the monthly maintenance fee?
The fee varies by account type and sometimes by region. Call Chase at the number on your debit card or log into your online account to see your specific fee. Most Chase savings accounts charge between $5 and $25 per month, but the exact amount depends on which account you have.
Can I avoid the fee without keeping a minimum balance?
The main way to avoid the monthly maintenance fee is to keep the minimum balance. Some accounts may waive the fee if you set up direct deposit or link the account to a Chase checking account, but this varies. Contact Chase directly to ask what options are available for your specific account.
What if I overdraft my savings account?
Chase charges an overdraft fee when you spend more than your balance. The fee posts to your account, and you'll owe that amount back to Chase. You can call and ask them to reverse it, especially if it's your first time, but they're not required to.
Do I pay the monthly fee if I never use the account?
Yes. The monthly maintenance fee posts automatically each month if your balance stays below the minimum, whether you use the account or not. If you're not using a savings account, consider closing it to stop paying the fee.
Can I switch to a different Chase savings account to avoid fees?
Different Chase savings accounts have different minimum balance requirements and fee amounts. You could switch to an account with a lower minimum, but you'd still need to meet that minimum to avoid the fee. Ask Chase which of their savings accounts has the lowest minimum balance requirement.