What Chase charges for a savings account

Chase does not charge a monthly fee on most of its savings accounts. The Chase Savings Account (their standard option) has no monthly maintenance fee, and neither does the Chase Premier Savings account for customers with higher balances. However, Chase does charge fees for specific actions: overdrafts on linked checking accounts, wire transfers, expedited delivery of statements, and early withdrawal from certain savings products.

The account itself is free to open and hold. What matters is understanding which fees you might actually encounter based on how you use the account. A savings account sitting untouched costs you nothing. A savings account linked to a checking account where you overdraft will cost you money — but that fee comes from the checking side, not the savings account.

Chase also offers specialty savings products like Chase Savings Secured (tied to a secured loan) and CDs (certificates of deposit), which have different structures. A CD has no monthly fee but charges a penalty if you withdraw before maturity. The penalty amount depends on the CD term you chose.

Key Takeaways

  • Chase Savings Account and Chase Premier Savings have no monthly maintenance fee regardless of balance.
  • You will not be charged for holding the account open, making deposits, or transferring money between your own Chase accounts.
  • Fees appear when you overdraft a linked checking account, request a wire transfer, or withdraw early from a CD.
  • Chase charges $35 per overdraft on checking accounts, which can affect your savings if the accounts are linked.

Fees you might actually pay

The fees that show up on a Chase savings account statement are usually tied to actions, not to holding the account. An overdraft fee of $35 appears when you overdraft a linked checking account — the fee hits the checking account, but if your savings is linked, you may see the impact across both accounts. Chase allows overdraft protection, which lets you link your savings to cover checking overdrafts, but this is a transfer, not a fee.

A wire transfer fee is $15 for outgoing domestic wires and $15 for incoming wires (though incoming wires are often free depending on your account type). If you need to move money to another bank, this is the cost. A returned deposit fee of $25 applies if a check or ACH deposit bounces. Expedited statement delivery costs $5 per statement if you request paper copies by overnight mail instead of standard delivery.

For CDs specifically, early withdrawal penalties vary by term. A 3-month CD might have a penalty of three months' interest; a 1-year CD might have a penalty of six months' interest. Chase publishes the exact penalty for each CD term when you open it. If you withdraw before maturity, you lose that amount from your principal.

How to avoid fees on a Chase savings account

Keep your savings account open and funded, and you will not pay a monthly fee. Do not overdraft your linked checking account, or you will pay $35 per overdraft. If overdraft protection is on, Chase will transfer money from savings to cover the overdraft, but you avoid the fee — you just move your own money. If you turn off overdraft protection, a checking overdraft will be declined rather than covered, and you will not be charged.

Do not request wire transfers unless you need them; use ACH transfers instead, which are free and take one to three business days. Do not withdraw from a CD before the maturity date unless you are willing to lose the penalty amount. If you have a CD maturing soon and want to move the money, wait until maturity and transfer it as a regular withdrawal — no penalty.

For paper statements, use Chase's online portal instead of requesting expedited delivery. Statements are available online when ready and cost nothing. If you need a paper copy for a specific reason, standard mail is free; only overnight delivery costs $5.

Differences between Chase savings account types

Chase Savings Account is the basic option. No monthly fee, no minimum balance requirement, and you earn interest on your balance. Interest rates change based on the Federal Reserve's rate decisions and are the same for all customers in this account type.

Chase Premier Savings is for customers with higher balances or those who maintain a Chase Premier checking account. It has no monthly fee and typically offers a slightly higher interest rate than the standard savings account. The rate difference is small — usually a fraction of a percent — but compounds over time if you hold a large balance.

Chase Savings Secured is a savings account tied to a secured loan. You deposit money as collateral, and Chase lends you that same amount at a fixed rate. This is used to build credit history, not to save money, because you pay interest on a loan while earning interest on savings. The net result is negative — you lose money. There is no monthly fee, but the structure itself costs you.

Interest rates and how they affect your account

Chase Savings Account interest rates are set by Chase and change when the Federal Reserve adjusts its benchmark rate. As of early 2024, Chase savings rates are significantly lower than rates offered by online banks — typically 0.01% to 0.04% APY depending on your balance and account type. This means a $10,000 balance earns roughly $1 to $4 per year in interest.

The rate you earn does not depend on how much you have in the account; all customers in the same account type earn the same rate. However, some banks offer tiered rates where higher balances earn higher rates. Chase does not. If you are saving a large amount, you may earn more interest elsewhere, but you will not pay a fee at Chase for holding that money.

Interest is compounded daily and deposited monthly. You can see the interest earned on your monthly statement. If you move money out of savings frequently, you will earn less interest straightforward because the balance is lower, not because of any fee.

What happens if you close your account

Closing a Chase savings account costs nothing. You can close it online, by phone, or in a branch. If you have a balance, you can transfer it to another account or withdraw it as cash. If the account has been inactive (no deposits or withdrawals) for a long time, Chase may close it automatically, but this does not result in a fee — your money is returned to you.

If you close the account and then reopen it later, you start fresh with no penalty. There is no fee for opening or closing. The only cost is if you owe money on the account — for example, if an overdraft fee was charged and you closed the account without paying it. In that case, Chase will pursue collection, but that is a debt issue, not an account fee.

Frequently Asked Questions

Does Chase charge a monthly fee on savings accounts?

No. Chase Savings Account and Chase Premier Savings have no monthly maintenance fee. You can hold the account open indefinitely without being charged for the account itself. Fees only appear when you perform specific actions like overdrafting a linked checking account or requesting a wire transfer.

What is the minimum balance required for a Chase savings account?

Chase Savings Account has no minimum balance requirement. You can open it with $0 and deposit money later. Chase Premier Savings also has no stated minimum, though it is marketed to customers with higher balances or those who maintain a Premier checking account. Either way, you will not be charged a fee for having a low balance.

Do I pay a fee if I transfer money between my Chase accounts?

No. Transfers between your own Chase accounts — checking to savings, savings to checking, or between multiple savings accounts — are free and usually when ready. You can move money as often as you want without being charged.

What happens if I withdraw money from my savings account?

Withdrawals from a regular savings account are free. You can withdraw as much as you want, as often as you want, with no fee. Federal law used to limit savings withdrawals to six per month, but that rule was removed in 2020. Chase does not charge for withdrawals. The only exception is a CD, which charges an early withdrawal penalty if you take money out before maturity.

Is there a fee if my savings account stays inactive?

No fee for inactivity itself. However, if an account is inactive for a very long time (typically several years, depending on state law), Chase may close it and return your balance to you. This is not a fee — it is account closure. Your money is not lost; it is returned. Check your state's unclaimed property laws for specifics, as they vary by location.