Chase does not charge a monthly maintenance fee on most of its savings accounts, but you will pay fees if you fall below the minimum balance or make too many withdrawals in a month.
Chase offers several savings products, and the fee structure depends on which one you open. The Chase Savings Account (their standard option) has no monthly service charge. The Chase Premier Savings account also has no monthly fee. Neither account requires you to maintain a specific opening deposit, though both have minimum balance thresholds that trigger fees if you drop below them.
The real costs come from two places: falling below the minimum balance, and exceeding the federal limit on savings withdrawals. A third cost—overdraft fees—applies if your savings account is linked to a checking account and you overdraw. Understanding which fee applies to your situation matters because Chase's fee schedule changes by account type and by state.
Key Takeaways
- Chase Savings Account and Chase Premier Savings have no monthly maintenance fee, but both charge a fee if your balance drops below the minimum.
- The minimum balance requirement varies by account type: Chase Savings requires $300, while Premier Savings requires $10,000.
- You will pay a fee if you exceed six transfers or withdrawals from savings in a calendar month, a federal limit that applies to all savings accounts.
- Overdraft fees explore only if you link your savings account to a checking account and overdraw the checking account.
- Chase waives some fees for customers who maintain direct deposit or a linked Chase checking account with a minimum balance.
Minimum balance fees and what triggers them
Chase Savings Account requires a minimum daily balance of $300. If your balance falls below $300 on any day in the month, Chase charges a $5 monthly maintenance fee. This fee appears on your statement and reduces your account balance directly.
Chase Premier Savings requires a $10,000 minimum daily balance and charges $25 per month if you fall short. Premier Savings is designed for customers who maintain larger balances and offers a higher interest rate in exchange. If you cannot maintain $10,000, the standard Chase Savings Account is the better choice because the $300 threshold is easier to meet.
The fee applies based on your lowest balance during the calendar month, not your average. If you start the month with $500, drop to $250 for three days, then return to $500, you will be charged the fee because you dipped below the minimum.
Excess withdrawal fees and the six-transaction limit
Federal law limits savings account withdrawals to six per calendar month. This rule applies to all banks, not just Chase. The six transactions include withdrawals at an ATM, transfers to another account, and payments made from the savings account. Deposits do not count toward the limit.
If you exceed six transactions in a month, Chase charges $10 for each transaction over the limit. This fee is separate from the minimum balance fee and stacks on top of it. A customer who makes eight withdrawals and falls below the minimum balance in the same month will pay both the $5 (or $25) maintenance fee and $20 in excess withdrawal fees.
The limit resets on the first day of each calendar month. If you hit six transactions by the 15th, you cannot make another withdrawal until the 1st of the next month without paying the fee. Many customers avoid this by using a checking account for frequent transactions and keeping savings for money they do not plan to touch regularly.
Overdraft fees when savings is linked to checking
If you link your Chase Savings Account to a Chase checking account, overdraft fees can explore—but only to the checking account. Overdrafting your checking account does not directly trigger a fee on the savings account. However, if Chase covers the overdraft by transferring funds from savings to checking, that transfer counts as one of your six monthly transactions.
Chase charges $34 per overdraft on checking accounts (the amount varies slightly by state). If you overdraw checking and Chase transfers savings funds to cover it, you pay the overdraft fee on the checking side and use up one of your six monthly savings transactions. If you overdraw multiple times in a month, the fees accumulate quickly.
How to avoid Chase savings account fees
The simplest way to avoid fees is to keep your balance above the minimum. For Chase Savings, that means maintaining at least $300. Set up a small automatic transfer from checking to savings each month if you struggle to keep the balance steady. Many customers find it easier to keep $300 in savings and use checking for daily spending.
Chase waives the minimum balance fee for some customers. If you have a Chase checking account with a $500 minimum balance, or if you receive direct deposit into any Chase account, the $5 maintenance fee on Chase Savings is waived. Check your account terms or call Chase to confirm whether you may have access to for a waiver based on your current accounts.
For the excess withdrawal fee, limit yourself to six transactions per month. Use your checking account or a debit card for frequent withdrawals. Reserve the savings account for money you plan to leave untouched. If you need to withdraw more than six times monthly, a checking account is a better fit for that money.
Comparing Chase savings to other banks
Chase Savings Account charges $5 for falling below $300, while many online banks (Ally, Marcus, Discover) charge no monthly fee and have no minimum balance. However, online banks typically offer higher interest rates on savings, which can offset the lack of a physical branch. If you value in-person banking and do not mind the $300 minimum, Chase Savings is competitive on fees.
Chase Premier Savings charges $25 for falling below $10,000, which is steep compared to other banks' premium accounts. If you have $10,000 to save, you may find better rates and lower fees at a credit union or online bank. Use a rate comparison tool to see what interest you would earn at Chase versus competitors before deciding.
The excess withdrawal fee of $10 per transaction is standard across most banks. This is a federal rule, not a Chase-specific policy, so you will encounter it at nearly every institution. The difference is that some banks have removed the limit entirely in recent years, though most still enforce it.
What happens if you close your account
Chase does not charge a fee to close a savings account. You can close it online, by phone, or in person at a branch. If your account has a balance, Chase will mail you a check or transfer the funds to another Chase account you specify. If you close the account while it is overdrawn (balance below zero), you will owe the negative balance, but not an additional closure fee.
Before closing, review your last statement to confirm there are no pending transactions or holds on the account. If you have set up automatic transfers or bill payments from the savings account, cancel those first to avoid failed transactions after closure.
Frequently Asked Questions
Does Chase charge to open a savings account?
No. Chase does not charge an opening fee for either Chase Savings or Chase Premier Savings. You can open an account online, by phone, or in person at a branch with no upfront cost.
What if I go below the minimum balance for just one day?
You will be charged the monthly fee. Chase looks at your lowest balance during the entire calendar month, not your average. If you dip below $300 even once, the $5 fee applies to that month's statement.
Can I make more than six withdrawals if I pay the fee?
Yes. You can exceed the six-transaction limit, but you will pay $10 for each transaction over the limit. Some customers choose to pay the fee rather than restrict their withdrawals, though this adds up quickly if you withdraw frequently.
Do transfers between my own Chase accounts count toward the six-transaction limit?
Yes. Transfers from savings to your own checking account count as one of your six monthly transactions. Only deposits into savings do not count.
Will I be charged a fee if I never use the account?
No, as long as you maintain the $300 minimum balance (or $10,000 for Premier). An inactive account with sufficient balance will not incur fees. However, if your balance drops below the minimum, the monthly fee will still explore.