Chase does not charge a monthly fee to open or maintain most of its savings accounts, but you will pay fees if you fall below the minimum balance or make too many withdrawals in a statement period.

Chase offers several savings products, and the fee structure depends on which one you choose. The Chase Savings Account (their standard option) has no monthly maintenance fee. However, the Chase Premier Savings Account charges $25 per month unless you maintain a $10,000 minimum balance. If you drop below that threshold, the fee hits automatically.

Both accounts also charge $10 per excess withdrawal if you exceed six transfers or withdrawals in a statement period. This limit comes from federal banking rules, not Chase policy, but Chase enforces it. The statement period runs monthly, and it counts all outgoing transfers—to other banks, to your own checking account, or to people you send money to through Chase.

Key Takeaways

  • Chase Savings Account has no monthly fee and no minimum balance requirement, making it free to hold if you use it passively.
  • Chase Premier Savings Account charges $25 monthly unless you keep $10,000 in the account at all times.
  • Both accounts charge $10 per withdrawal or transfer above six in a single statement period, regardless of which account type you have.
  • The excess withdrawal fee applies to all outgoing transactions—transfers to other banks, moves to your own checking account, and payments to other people.

When the $25 monthly fee applies

The Premier Savings Account is Chase's higher-tier product. It comes with a higher interest rate than the standard savings account, but only if you can afford to keep $10,000 sitting in it at all times. The fee is not waived for a single day—if your balance dips to $9,999 on any day during the statement period, you pay the full $25 fee for that month.

Most people should use the standard Chase Savings Account instead. Unless you have $10,000 you want to park in savings specifically to earn a slightly better rate, the Premier account costs more than it returns. Check the current interest rates on Chase's website before deciding; the rate difference changes periodically and may not justify the monthly fee.

How the six-withdrawal limit works

Federal rules once capped savings account withdrawals at six per month. That rule was suspended in 2020, but many banks, including Chase, kept the limit in place anyway. Chase enforces it by charging $10 for each withdrawal or transfer above six in a statement period.

The limit includes all outgoing money: transfers to another bank, moves to your own Chase checking account, wire transfers, and payments sent through Chase's bill pay or person-to-person transfer services. Deposits do not count. Neither do ATM withdrawals at Chase ATMs (those are treated as cash withdrawals, not account transfers). But if you use a non-Chase ATM, that counts as a withdrawal and triggers the fee.

If you regularly move money in and out of savings—for example, moving money to checking to pay bills, then moving it back—you will hit this limit quickly. The fee adds up fast: seven withdrawals in a month costs $10, eight costs $20.

Ways to avoid fees entirely

The simplest approach is to use Chase Savings Account (not Premier) and treat it as a holding account. Deposit money into it, leave it there, and do not move it out more than six times a month. If you need frequent access to your money, a checking account is a better fit—checking accounts have no withdrawal limits.

If you want to earn interest on money you move around regularly, consider keeping a small amount in savings for the rate and using checking for day-to-day transactions. You can also set up automatic transfers on a schedule you control, which counts toward your six-withdrawal limit but lets you plan around it.

Some people use a Chase savings account as a buffer between their checking account and the outside world: money sits in savings, and they transfer it to checking in bulk once or twice a month, then spend from checking. This approach keeps you under the six-withdrawal limit while still earning interest on the money.

Interest rates and whether they matter

Chase savings accounts earn interest, but the rate is typically lower than you will find at online banks or credit unions. As of the time this was written, Chase Savings Account rates were below 0.5% annual percentage yield (APY) for most account holders. The Premier Savings Account rate is higher, but not by much—usually a difference of 0.1% to 0.2% APY.

On a $10,000 balance, a 0.2% difference in APY means roughly $20 per year in additional interest. The Premier account costs $300 per year in fees. You would need a balance of $150,000 or more for the higher rate to offset the monthly fee. Unless you are keeping a very large balance in savings, the standard account is the better choice financially.

What happens if you get charged a fee

If Chase charges you an excess withdrawal fee or a monthly maintenance fee, the money comes directly out of your savings account balance. You will see it listed as a separate line item on your statement. There is no grace period or way to dispute the fee after the fact if you genuinely exceeded the limit.

If you notice a fee you believe was charged in error—for example, if you think you only made five withdrawals but were charged for six—contact Chase customer service with your statement. They can review the transactions and reverse the fee if a mistake was made. But if you did exceed the limit, the fee stands.

Frequently Asked Questions

Does opening a Chase savings account cost anything?

No. There is no opening fee or initial deposit requirement for Chase Savings Account. You can open one online or in a branch with no charge. The Premier Savings Account also has no opening fee, but the monthly fee begins when ready if you do not maintain the $10,000 minimum.

Do ATM withdrawals count toward the six-withdrawal limit?

ATM withdrawals at Chase ATMs do not count. Withdrawals at non-Chase ATMs do count as a transfer and trigger the limit. If you use non-Chase ATMs frequently, you will hit the six-withdrawal cap quickly.

Can I avoid the excess withdrawal fee by moving money to my own Chase checking account?

No. Transfers between your own Chase accounts count toward the six-withdrawal limit. Moving money from savings to checking is treated as a withdrawal from the savings account, even though the money stays within Chase.

What is the difference between Chase Savings Account and Chase Premier Savings Account besides the fee?

The main difference is the interest rate and the monthly fee. Premier pays a higher rate but costs $25 per month unless you keep $10,000 in the account. Both have the same six-withdrawal limit and the same $10 excess fee. Both are FDIC insured up to $250,000.

If I close my Chase savings account, do I owe any fees?

No. Closing an account does not trigger a fee. However, if you close the account during a statement period when you were charged a fee, that fee still applies—it will not be refunded. Close the account after the fee has already posted to avoid any confusion.