Chase offers savings accounts with no monthly maintenance fee, but the account you choose and how you use it determines whether you actually pay nothing
Chase has multiple savings products. The one with no monthly fee is the Chase Savings Account — it charges zero dollars per month to hold it open. However, Chase also offers higher-yield savings accounts that do charge a monthly fee unless you meet certain conditions, like keeping a minimum balance or setting up direct deposit. The difference matters because picking the wrong account can cost you money even if you never withdraw anything.
The basic Chase Savings Account is genuinely free. You do not need to maintain a minimum balance, set up paycheck deposits, or keep a certain amount in the account. You can open it with as little as one dollar and never add another cent. The trade-off is that the interest rate — the percentage the bank pays you on your money — is very low, often less than 0.01% per year. That means on $1,000, you might earn less than a dime annually.
Key Takeaways
- Chase Savings Account has no monthly maintenance fee and no minimum balance requirement, making it free to open and hold.
- Chase also offers a high-yield savings account that charges a monthly fee unless you maintain a specific balance or meet other conditions.
- The basic savings account earns very little interest, so your money grows slowly compared to accounts at other banks.
- Before opening any Chase savings account, compare the interest rate to accounts at online banks, which often pay significantly more.
How the Chase Savings Account stays free
The Chase Savings Account avoids the monthly fee by design — there is no condition attached. You will not see a charge labeled "monthly maintenance fee" or "service fee" on your statement. This is different from some other Chase products that waive fees only if you do something specific, like receiving a paycheck deposit or keeping $500 in the account at all times.
The catch is not a hidden fee. It is the interest rate. Chase pays you so little on your savings that the bank makes money on the difference between what it pays you and what it charges borrowers. You are not paying a fee; you are earning less than you would elsewhere. If you have $5,000 in the account for a year, you might earn $0.25 in interest. At an online bank offering 4% or 5%, you would earn $200 to $250 on the same money.
When Chase charges a fee on savings accounts
Chase's Premium Savings Account is different. It charges $25 per month unless you keep a minimum balance of $75,000 or more, or you set up a direct deposit of at least $500 per month. If you meet either condition, the fee disappears. This account pays a higher interest rate than the basic savings account, but only if you can afford to keep a large balance or have paycheck deposits flowing in.
For most people new to banking or working with limited funds, the Premium Savings Account is not the right choice. The basic Chase Savings Account is the one that stays free no matter what.
Why the interest rate matters more than the fee
A free account that earns almost nothing can cost you more money over time than a paid account that earns more. Imagine you have $10,000 to save. At Chase Savings Account rates, you might earn $10 per year. At an online bank paying 4%, you would earn $400 per year — that is $390 more, even if the online bank charged a $10 monthly fee.
The fee is a one-time monthly cost. The interest rate compounds over months and years. If you are saving money for an emergency fund or a goal a year or more away, the interest rate is what actually affects your money.
Where to find the current interest rate
Chase publishes its savings account rates on its website, but they change frequently and vary slightly by state. The rate you see online may not be the rate you receive — Chase sometimes offers different rates to new customers than to existing ones. Before you open an account, log into Chase.com or call 1-800-935-9935 to confirm the current rate for your state.
Write down the rate you are offered. Then spend five minutes checking the rates at online banks like Marcus, Ally, or American Express Personal Savings. You will likely see rates two to four times higher than Chase's. That difference is real money in your account.
How to open a Chase Savings Account with no fee
You can open a Chase Savings Account online at Chase.com, by phone at 1-800-935-9935, or in person at a Chase branch. You will need a government-issued ID, your Social Security number, and an initial deposit (often as little as $1, though some branches may ask for more). The account opens when ready online or over the phone, usually within minutes.
Once it is open, you can link it to a checking account at Chase or elsewhere, set up transfers, and begin saving. There is no paperwork to sign beyond what you do during the opening process, and no surprise fees will appear on your statement.
Alternatives if you want better interest rates
If you want a truly free savings account that also pays more interest, online banks are your best option. Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings all offer accounts with no monthly fee, no minimum balance, and interest rates significantly higher than Chase. The trade-off is that you cannot walk into a physical branch — everything happens online or by phone.
If you prefer having a Chase branch nearby for deposits or questions, you face a choice: keep your money at Chase and accept lower interest, or split your savings between Chase and an online bank. Many people do this — they keep a small emergency fund at Chase for straightforward access and put longer-term savings in a higher-rate account elsewhere.
Frequently Asked Questions
Will Chase charge me a fee if I do not use my savings account?
No. The Chase Savings Account has no monthly maintenance fee regardless of activity. You can open it, deposit money once, and never touch it again without being charged. The account will remain open and free.
Can I have multiple Chase Savings Accounts?
Yes, you can open more than one savings account at Chase. Each one is free and has no minimum balance. Some people use multiple accounts to organize money for different goals — one for emergencies, one for a vacation, one for a car down payment.
What is the difference between a savings account and a money market account at Chase?
Chase's money market accounts typically require a higher minimum balance and charge a monthly fee if you fall below it. They may also limit how many withdrawals you can make per month. For most people, the basic savings account is simpler and cheaper.
If I open a Chase Savings Account, do I have to open a checking account too?
No. You can open a savings account by itself. However, Chase may offer you a checking account during the process — you can decline it. If you already have a checking account elsewhere, you can link it to your new Chase savings account for transfers.
How long does it take to open a Chase Savings Account online?
The process usually takes 5 to 10 minutes. You will need your ID, Social Security number, and an initial deposit amount ready. The account opens when ready, and you can begin using it the same day.