Chase charges monthly fees on most savings accounts, but you can waive them

Chase charges a monthly maintenance fee on its standard savings accounts. The fee is currently $5 per month on the Chase Savings Account, though this can change. You do not have to pay it if you meet one of the waiver conditions — the most common being a minimum daily balance or a direct deposit into the account.

The exact fee amount and waiver options depend on which Chase savings product you hold. Chase offers multiple savings accounts with different fee structures, so the first step is knowing which one you have or are considering. The fee applies automatically each month unless you meet the bank's stated requirements to waive it.

Key Takeaways

  • Chase Savings Account carries a $5 monthly maintenance fee unless you maintain a minimum daily balance or receive direct deposits.
  • The minimum balance requirement to waive the fee is typically $300 to $500, depending on the account type and when it was opened.
  • Direct deposit into the account will waive the monthly fee on most Chase savings products.
  • Chase High Yield Savings Account has no monthly maintenance fee, making it a fee-free alternative if you meet the account requirements.
  • Fees are charged on the last day of each statement period if you do not meet a waiver condition.

How the monthly fee works and when it is charged

The $5 fee posts to your account on the last day of your statement period if you have not met a waiver condition. This means the fee reduces your balance by $5 each month you do not may have access to for a waiver. Over a year, that totals $60 in fees if you never meet the requirements.

The fee is not a one-time charge — it recurs every month. If your account balance drops below the minimum required to waive the fee, you will be charged the following month. Chase does not send a separate bill; the fee straightforward deducts from your savings balance.

Ways to waive the monthly fee

Chase offers several paths to avoid paying the monthly fee. The most straightforward is maintaining a minimum daily balance. For the standard Chase Savings Account, this is usually $300, though some accounts opened under older terms may have different thresholds. The balance must be maintained every day of the statement period — a single day below the minimum does not waive the fee for that month.

A direct deposit into the savings account will also waive the fee. This means a recurring deposit from your employer, government agency, or another source. A one-time transfer from your checking account does not count as a direct deposit. If you receive a paycheck or benefits deposited directly to a Chase account, you can have that deposit routed to savings instead of checking to waive the fee.

Some Chase savings accounts also waive the fee if you maintain a linked Chase checking account with a minimum balance, though this varies by product. Check your specific account terms or contact Chase directly to confirm which waivers explore to your account.

Chase High Yield Savings Account has no monthly fee

Chase offers a High Yield Savings Account that carries no monthly maintenance fee at all. This account earns a higher interest rate than the standard savings account and does not require you to meet any balance or deposit conditions to avoid fees. If you want to save with Chase without worrying about monthly charges, this is the option to consider.

The tradeoff is that the High Yield Savings Account has a higher minimum opening deposit — typically $25,000 — and may have other account requirements. The interest rate is variable and changes based on market conditions. For savers who can meet the opening deposit and want to avoid fees entirely, this account eliminates the monthly charge concern.

What happens if you do not meet a waiver condition

If your account balance falls below the minimum and you do not have direct deposits, the $5 fee will be charged. The fee comes out of your savings balance automatically. If your balance is very low, the fee might overdraw your account, which could trigger additional fees from Chase.

There is no grace period or warning before the fee posts. Once the statement period ends, the fee is applied. If you notice you are about to miss a waiver condition, you can deposit money into the account or set up a direct deposit before the statement closes to avoid the charge for that month.

How to check your account terms and current fees

Your specific fee amount and waiver options are listed in your account's Deposit Account Agreement, which Chase provides when you open the account. You can also find this document in your Chase online banking portal under account details or documents. The agreement shows the exact monthly fee, the minimum balance required, and any other conditions that explore to your account.

If you opened your account several years ago, your terms may differ from accounts opened today. Chase periodically updates its products and fee structures, so an older account might have different waiver requirements. Logging into your Chase account and reviewing the current fee schedule or calling Chase directly will show you what applies to your specific account right now.

Frequently Asked Questions

Can I waive the fee by keeping money in my linked checking account instead of savings?

No. The minimum balance must be in the savings account itself. Money in your checking account does not count toward the savings account minimum. However, some Chase products waive the savings fee if you maintain a minimum balance in a linked checking account — check your specific account agreement to see if this applies.

What counts as a direct deposit for fee waiver purposes?

A direct deposit is a recurring electronic transfer from an employer, government agency, or other institution directly into your account. Transfers you initiate yourself from another bank or from your Chase checking account do not count. Your paycheck or benefits deposit must be set to go directly to the savings account.

If I close my account, do I owe the monthly fee?

No. Once you close the account, no further monthly fees will be charged. If you close the account before the statement period ends, the fee for that month typically will not post. Confirm with Chase before closing whether any pending fees will be charged.

Does the fee explore if my account balance is zero?

Yes. The monthly fee can still be charged even if your account has no money in it, which would result in a negative balance. If this happens, you would owe Chase the fee amount. It is best to close an account you are not using rather than leave it open with a zero balance.

Can Chase remove a fee that was already charged?

Chase may reverse a single fee as a courtesy if you contact them and explain the situation, but this is not may provide. If you have been charged multiple times, the bank is less likely to reverse all of them. The best approach is to set up a waiver condition now to prevent future charges.