Chase charges a monthly fee on most savings accounts, but you can avoid it

Chase charges a monthly maintenance fee on its standard savings accounts unless you meet one of their balance or deposit requirements. The fee is currently $5 per month on most Chase savings products, though the exact amount and the way to waive it depends on which account you open.

The most common way to avoid the fee is to keep a minimum daily balance in the account. For Chase's basic savings account, that threshold is $500. If your balance drops below that on any day of the month, you pay the $5 fee. Some Chase accounts waive the fee differently — for example, by setting up a direct deposit or by maintaining a combined balance across multiple accounts.

Chase also offers accounts with no monthly fee at all, but they come with restrictions on how often you can withdraw money or transfer funds out. Understanding which account structure fits your situation means knowing what Chase actually charges and what you have to do to avoid paying.

Key Takeaways

  • Chase's standard savings account charges $5 per month unless you keep at least $500 in the account at all times.
  • The fee applies if your balance falls below the minimum on even one day during the statement period.
  • Chase offers fee-free savings accounts, but they limit how many times per month you can withdraw or transfer money.
  • Direct deposit, linked checking accounts, and combined balances across multiple accounts can also waive the monthly fee on some Chase savings products.

How Chase's monthly maintenance fee works

Chase charges the $5 monthly fee on the last day of your statement period if you have not met the waiver requirement. The requirement is checked daily, so if your balance dips below $500 even once during the month, the fee applies at the end of that month.

This matters because it means you cannot straightforward deposit $500 on the last day and avoid the fee. If you had $400 on day 15 and $600 on day 30, you still pay the fee. Chase is looking at the lowest balance you held during the entire statement cycle, not your ending balance.

The fee posts directly to your savings account, reducing your balance. If you are already near the $500 minimum, the fee itself can push you below it, which means you may pay the fee again the following month.

Ways to waive the monthly fee

Chase offers several paths to avoid the $5 charge, and which one works for you depends on your account type and your banking habits. The most straightforward is maintaining the $500 minimum daily balance. If that is not realistic for your situation, other options exist.

Some Chase savings accounts waive the fee if you have a linked Chase checking account with a direct deposit of at least $500 per month. Others waive it if your combined balance across all your Chase deposit accounts reaches a certain threshold — often $5,000 or higher. A few accounts waive the fee straightforward by setting up any direct deposit, regardless of amount.

The specific waiver method depends on which savings product you have. Chase offers several: the basic savings account, the Chase Savings Account with higher interest rates, and accounts designed for specific purposes like college savings. Each has different fee structures and waiver requirements. When you open an account, Chase provides a fee schedule that lists exactly which conditions waive the monthly charge for that specific product.

Chase savings accounts with no monthly fee

Chase does offer savings accounts that charge no monthly maintenance fee at all. The trade-off is that these accounts come with withdrawal limits. Federal regulations previously capped savings account withdrawals at six per month, though that rule was suspended. Chase, however, still enforces withdrawal limits on some of its no-fee savings products.

These accounts are designed for people who want to save money without worrying about maintaining a balance, but who do not plan to move money in and out frequently. If you need regular access to your savings, the withdrawal limits may make these accounts inconvenient, even though they cost nothing per month.

Chase also offers money market accounts, which function similarly to savings accounts but often have higher interest rates and higher minimum balances. Some money market accounts at Chase have no monthly fee if you maintain a higher balance — typically $2,500 or more — but charge a fee if you fall below that threshold.

Interest rates and how fees affect your earnings

Chase's savings account interest rates are typically lower than what you can find at online banks or credit unions. The current rate varies by account type and changes frequently, but Chase savings accounts generally earn less than 0.5% annual percentage yield (APY) on most balances.

The $5 monthly fee matters more when interest rates are low. If you are earning $0.50 per month in interest but paying $5 in fees, the fee is costing you money every month. Over a year, a $5 monthly fee on a low-interest savings account can erase several months' worth of interest earnings.

This is why the minimum balance requirement is worth taking seriously. If you can keep $500 in the account without strain, the fee disappears and you keep whatever interest you earn. If maintaining that balance is difficult, you might find a better deal elsewhere — either a no-fee account at another bank, or a higher-interest account that justifies paying a fee.

What happens if you do not meet the minimum balance

If your balance falls below $500 at any point during the statement period, Chase charges the $5 fee. The fee posts to your account, which reduces your balance further. If you were already close to the minimum, this can create a cycle where the fee itself keeps you below the threshold.

Chase does not waive the fee retroactively if you bring your balance back up later in the month. Once the statement period closes and you have not met the requirement, the fee is applied. You cannot undo it by depositing money afterward.

If you are charged the fee and believe it was an error, you can contact Chase to request a reversal. Chase sometimes reverses one or two fees as a courtesy, especially if you have been a customer for a long time or if the account is new. However, this is not may provide, and repeated requests for reversals may not be honored.

Comparing Chase savings to other banks

Chase's $5 monthly fee is higher than what many online banks charge. Many online savings accounts have no monthly fee at all, regardless of balance. Some online banks also offer higher interest rates — sometimes 4% or more APY — which makes the fee structure less relevant because you are earning more on your money.

The trade-off is convenience and branch access. Chase has physical locations across the country, and you can deposit cash in person or speak to someone face-to-face. Online banks typically offer no branches and require you to deposit checks by phone or mail. If you value in-person banking, the $5 fee might be worth it. If you rarely visit a branch, an online bank with no fee and higher interest rates could save you money.

Credit unions often offer savings accounts with no monthly fee and competitive interest rates, though you have to be a member. Some credit unions are open to anyone in a geographic area, while others require you to work for a specific employer or belong to a particular organization.

Frequently Asked Questions

Can I avoid the fee by keeping the $500 minimum in a linked checking account instead of the savings account?

No. The $500 minimum must be in the savings account itself. Money in a linked checking account does not count toward the savings account minimum, though some Chase accounts do waive the fee based on combined balances across all your accounts. Check your specific account's fee schedule to see if that option applies to you.

What if I only have $400 in my savings account most of the time?

You will pay the $5 monthly fee. If you cannot maintain $500, your options are to open a Chase savings account with no monthly fee (which has withdrawal limits), switch to a different bank with no minimum balance requirement, or explore the other waiver methods like direct deposit or linked checking account requirements.

Does the fee explore if I just opened the account?

Yes. The monthly fee applies starting with your first statement period if you do not meet the waiver requirement. Some banks waive fees for new accounts for a limited time, but Chase does not typically do this. Check your account opening documents to confirm when fees begin.

Can I get the $5 fee waived if I have a Chase credit card?

Having a Chase credit card does not automatically waive the savings account fee. The waiver is based on the balance in the savings account, direct deposit, or combined balances across Chase deposit accounts — not on credit products. Check your account's fee schedule for the exact waiver requirements.

What if my balance drops below $500 for just one day?

You will be charged the $5 fee. Chase checks your lowest balance during the entire statement period. Even if your balance is below $500 for a single day, the fee applies at the end of the month.