Chase does not charge a fee to open a savings account
Chase has no account opening fee for any of its savings products. You will not pay anything to create the account itself. The bank makes money on savings accounts through the interest spread — the difference between what they pay you on deposits and what they earn lending that money out — not through upfront charges.
What matters more than the opening fee is what happens after. Chase savings accounts have monthly maintenance fees that vary by account type, and those fees can be waived depending on your balance or account setup. Understanding which account you are opening and what the ongoing costs look like will save you money over time.
Key Takeaways
- Chase charges no fee to open a savings account, but monthly maintenance fees explore to most accounts unless you meet balance or deposit requirements.
- The Chase Savings Account has a $5 monthly fee that is waived if you keep $300 or more in the account or set up a direct deposit.
- The Chase Premier Savings Account requires a higher balance ($10,000) to waive its $25 monthly fee, making it only worth considering if you have substantial savings.
- You can open an account online, by phone, or in a branch, and the process takes minutes with no paperwork fee.
- Some Chase checking accounts come with linked savings features that may have different fee structures or waiver options.
Monthly maintenance fees that explore after opening
Once your account is open, Chase charges a monthly maintenance fee on most savings accounts. For the standard Chase Savings Account, that fee is $5 per month. For the Chase Premier Savings Account, it is $25 per month. These fees are not optional — they will be deducted from your balance each month unless you meet one of the waiver conditions.
The $5 fee on the standard savings account is waived if you maintain a minimum balance of $300 or set up a direct deposit of any amount to the account. The $25 fee on the Premier account is waived only if you keep $10,000 or more in the account. If you do not meet the waiver condition, the fee comes out of your balance automatically on the same day each month.
Chase also offers a Chase High Yield Savings Account through its online banking division, which has no monthly maintenance fee. That account is opened and managed entirely online and has different interest rates and access rules than the branch-based savings accounts.
How to avoid the monthly fee
The easiest way to avoid the $5 monthly fee is to set up a direct deposit. This means having your paycheck, a government benefit, or another regular income deposited directly into the savings account. The amount does not matter — even a $1 direct deposit counts. Once the direct deposit is set up, the fee is waived automatically each month.
If you do not have a direct deposit, you need to keep $300 in the account at all times. This is a minimum balance requirement, not an average — the balance just needs to be $300 or higher on the day the fee would be charged. If your balance drops below $300 and you do not have direct deposit set up, the $5 fee will be deducted that month.
For the Premier Savings Account, the only waiver is the $10,000 minimum balance. There is no direct deposit option to waive the $25 fee. If you cannot maintain that balance consistently, the Premier account will cost you $300 per year in fees alone, which makes it a poor choice unless you genuinely have that much to keep in savings.
What you need to bring or provide to open an account
You do not need to bring anything physical to open a Chase savings account online. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and a current address. The process takes about 10 minutes on Chase's website or mobile app.
If you open an account in a Chase branch, bring the same ID and be ready to provide your Social Security number and address in person. The teller will verify your identity, run a background check through ChexSystems (a banking history database), and set up the account on the spot. You can fund the account when ready with a debit card, transfer from another bank, or a check deposit.
Chase will ask whether you want to link the savings account to an existing Chase checking account or open it as a standalone account. Linking accounts makes transfers between them when ready and free, which is useful if you are moving money between accounts regularly.
Why Chase might decline to open an account
Chase uses ChexSystems, a banking database that tracks account closures, overdrafts, and fraud reports. If you have a history of unpaid overdrafts, multiple accounts closed for cause, or fraud flags, Chase may decline to open an account. This is not about your credit score — it is about your banking behavior specifically.
If Chase declines you, you will receive a letter explaining the reason and your right to dispute the information in ChexSystems. You can request a copy of your ChexSystems report for free and challenge any errors. Some people who are declined by Chase are able to open accounts at smaller banks or credit unions that use different screening criteria.
Comparing Chase savings to other banks
Chase's $5 monthly fee is higher than many online banks, which often have no monthly maintenance fees at all. Banks like Ally, Marcus, and Discover have no monthly fees and often pay higher interest rates on savings. The trade-off is that those banks have no physical branches — all banking happens online or by phone.
If you value having a branch you can walk into, Chase's $5 fee (waived with direct deposit) is competitive with other major banks. Bank of America and Wells Fargo charge similar monthly fees with similar waiver options. If you do not need a branch and want to maximize interest earnings, an online-only bank will cost you less and pay you more.
Some people keep a Chase savings account for the convenience of the branch network and a separate high-yield savings account at an online bank for the better interest rate. This approach lets you use Chase for everyday access and the online account for money you are saving longer-term.
Interest rates and what you will actually earn
Chase savings accounts pay very low interest rates compared to online banks. As of the most recent update, Chase's standard savings account pays less than 0.01% annual percentage yield (APY) on most balances. The Premier Savings Account pays slightly more, but still well below what online banks offer.
The interest rate Chase pays changes based on Federal Reserve decisions and market conditions, so the exact rate will vary. What matters is that Chase's rates are consistently lower than competitors. If you are keeping money in a Chase savings account for more than a few months, you are losing money to inflation and foregone interest.
This is another reason many people use Chase for when ready access and emergency funds, then move longer-term savings to a high-yield account elsewhere. The $5 monthly fee plus the low interest rate means Chase savings is best used as a holding account, not a place to build wealth.
Frequently Asked Questions
Can I open a Chase savings account without a Social Security number?
No. Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. This is a federal requirement for banks, not a Chase-specific policy. If you do not have either, you will need to obtain one before opening an account.
What happens if my balance drops below $300 and I have no direct deposit?
The $5 monthly maintenance fee will be deducted from your account. If your balance is already low, this fee can push you into a negative balance, which may trigger an overdraft fee. It is better to close the account or set up direct deposit than to let fees accumulate.
Can I waive the fee by keeping money in a linked checking account instead?
No. The $300 minimum balance must be in the savings account itself. Money in a linked checking account does not count toward the savings account minimum. However, if you have a Chase checking account with direct deposit, that same direct deposit can be split to fund the savings account and waive the fee.
Is the interest rate on Chase savings accounts may provide to stay the same?
No. Chase can change the interest rate at any time without notice. Rates typically move when the Federal Reserve changes its benchmark rate, but banks can adjust independently. Check your account statements or log into Chase online to see your current rate.
Do I need to have a Chase checking account to open a savings account?
No. You can open a Chase savings account as a standalone account without any checking account. However, if you already have a Chase checking account, linking them makes transfers between accounts when ready and free, which is convenient.