Chase does not charge a monthly maintenance fee on most savings accounts

Chase's main savings products — the Chase Savings Account and the Chase Premier Savings Account — do not have a monthly fee. You can open either one and hold it indefinitely without paying a recurring charge just for having the account open.

The catch is that some accounts have minimum balance requirements. If your balance falls below that threshold, you may face a fee. The Chase Savings Account requires a $300 minimum; the Premier Savings Account requires $10,000. If you drop below these amounts, Chase charges $5 per month on the regular account and $25 per month on the Premier account until your balance comes back up.

Interest rates on these accounts are low — often below 0.01% — so they function more as holding accounts than as places to grow money. If you are looking for actual interest, you would need to compare Chase's rates against other banks, which frequently offer higher yields on savings.

Key Takeaways

  • Chase Savings Account and Chase Premier Savings Account have no monthly maintenance fee as long as you meet the minimum balance requirement.
  • The Chase Savings Account requires a $300 minimum balance; falling below it costs $5 per month.
  • The Chase Premier Savings Account requires a $10,000 minimum balance; falling below it costs $25 per month.
  • Interest rates on Chase savings accounts are typically very low, so these accounts work best for short-term storage rather than building savings through interest.

What triggers the monthly fee

The fee is tied to your average daily balance during the statement period. Chase looks at what you held each day of the month, averages it, and if that average falls below the minimum, the fee applies the next month.

This matters because you do not have to stay below the minimum for the entire month to get charged. If you start the month with $5,000 in a Premier account but withdraw $4,000 on day 15, your average daily balance for the month might still be above $10,000 — and you would not be charged. But if you withdraw enough early in the month that the average dips below, you will see the fee on your next statement.

The fee posts automatically; Chase does not warn you before charging it. You can dispute it if you believe it was applied in error, but the burden is on you to monitor your balance and keep it above the threshold.

How to keep your balance above the minimum

The simplest approach is to treat the minimum as a floor you do not touch. If you need $300 for emergencies, keep $400 in the account and use a checking account for daily spending. This way you never risk falling below by accident.

If you have multiple Chase accounts, you can link them. Some people keep their minimum in savings and do most of their work in checking, then transfer money back and forth as needed. Just remember that transfers between your own accounts take one business day, so if you are cutting it close, you might miss the important date.

Another option is to set up a recurring transfer from checking to savings on a specific day each month — say, the 25th. This keeps your balance predictable and removes the mental load of watching it manually.

Comparing Chase savings to other banks

Chase's rates are lower than many online banks and credit unions. As of now, Chase Savings Account interest rates sit well below 0.01%, while some competitors offer 4% or higher on high-yield savings accounts with no minimum balance at all.

If you are keeping money in a Chase savings account mainly because you already bank with Chase, that is a reasonable choice — convenience has value. But if you are trying to earn interest on money you do not need when ready, you would likely earn more elsewhere. You can keep a Chase savings account for the minimum balance requirement and move larger sums to a higher-rate account at another institution.

The trade-off is that moving money between banks takes a few days, so this works best if you are not moving money frequently. If you need when ready access to all your funds, keeping everything at Chase is simpler, even if the rate is lower.

What happens if you close the account

If you close your Chase savings account, you will not be charged a fee for closing it. Chase does not penalize you for leaving, and you can withdraw your balance in full without penalty.

The account must have a zero balance to close. If you have pending transactions or holds on the account, Chase may delay the closure until those clear. Once closed, the account is gone — you cannot reopen the same account number, though you can open a new savings account later.

Frequently Asked Questions

Can I avoid the minimum balance requirement?

No. Both Chase savings accounts require a minimum balance to avoid the monthly fee. You cannot waive the requirement or negotiate it. Your only options are to maintain the balance or close the account.

What if I go below the minimum for just one day?

One day below the minimum will not trigger a fee by itself. Chase charges based on your average daily balance for the entire month. If you dip below for a day but your average for the month stays above the threshold, you will not be charged.

Do I earn interest on the minimum balance?

Yes. The entire balance in your account earns interest at Chase's stated rate, including the portion that counts toward the minimum. The interest earned is very small — typically less than $1 per year — but it does accrue.

Can Chase waive the fee if I go below the minimum?

Chase may waive a single fee if you call and ask, especially if you have been a customer for a long time or have other accounts with the bank. There is no may provide, but it is worth asking if you slip below the minimum once. Repeated fees are less likely to be waived.

Is there a Chase savings account with no minimum?

Chase does not currently offer a savings account with zero minimum balance. Both their standard and Premier savings accounts have minimums. If you want a savings account with no minimum, you would need to look at other banks or credit unions.