Chase's current minimum balance rules for savings accounts
Chase does not require a minimum balance to open most of its savings accounts. You can open a Chase Savings Account with $0 and deposit money later. However, Chase does charge a monthly maintenance fee on some savings products if your balance falls below a certain threshold, and that fee varies by account type.
The specific minimum balance that triggers fees depends on which Chase savings account you choose. Chase offers several savings products — each with different fee structures and balance requirements. Understanding which account you have, or which one you are considering, matters because the fee rules are not the same across all of them.
Key Takeaways
- Chase Savings Account has no minimum balance requirement to open, but charges a $5 monthly fee if your balance stays below $500.
- Chase Premier Savings requires a $10,000 minimum balance to avoid a $25 monthly maintenance fee.
- Chase Student Savings has no monthly maintenance fee and no minimum balance requirement at any point.
- You can avoid monthly fees by maintaining the required balance, setting up direct deposit, or meeting other account conditions that vary by product.
- Fee structures can change, so confirming the current rules with Chase before opening an account prevents surprises later.
Chase Savings Account: the standard option with a $500 threshold
The basic Chase Savings Account charges a $5 monthly maintenance fee if your average daily balance falls below $500 during a statement period. This is the most common Chase savings product and the one most people encounter first.
The balance requirement is measured as an average across the month, not a single-day snapshot. If your balance dips below $500 for a few days but recovers before the statement closes, you may still avoid the fee — it depends on whether your average for the entire period stays at or above $500. Chase calculates this by adding your daily balances and dividing by the number of days in the statement period.
If you do not want to maintain $500, you have another option: set up a may have access to direct deposit. Chase waives the $5 fee if you receive at least one direct deposit per statement period, regardless of your balance. This is the route many people use to avoid the fee without keeping a large balance sitting idle.
Chase Premier Savings: higher balance, higher fee
The Chase Premier Savings account is designed for customers with larger balances and typically comes with higher interest rates. It requires a $10,000 minimum average daily balance to avoid a $25 monthly maintenance fee.
Like the standard savings account, the $10,000 is measured as an average across your statement period, not a single day. If your balance drops below $10,000 temporarily but recovers before the statement closes, you may still avoid the fee depending on your average. The $25 fee is significantly higher than the standard account, so this product only makes sense if you can maintain the balance consistently or if the higher interest rate offsets the fee risk.
Chase Student Savings: no balance requirement, no monthly fee
The Chase Student Savings account has no minimum balance requirement and no monthly maintenance fee, regardless of how low your balance goes. This account is available to customers under 18 years old and remains fee-free until you turn 18.
Once you turn 18, Chase converts the account to a standard Chase Savings Account, which then becomes subject to the $5 monthly fee if your balance falls below $500. Chase notifies you before this conversion happens, so you have time to decide whether to maintain the $500 balance, set up direct deposit, or switch to a different product.
How to avoid monthly fees without keeping a large balance
If you want to use Chase savings but do not want to maintain $500 or more, direct deposit is the simplest route. You need at least one direct deposit per statement period — this can be a paycheck, a government benefit, or a transfer from another account set up as a direct deposit. The amount does not matter; even a $1 direct deposit counts.
Some employers and benefit programs allow you to split your direct deposit across multiple accounts. If you receive a paycheck, you can ask your employer to send part of it to your Chase savings account each pay period. This satisfies the direct deposit requirement and costs you nothing.
Another option is to keep your savings elsewhere and use Chase only for checking. If you have a Chase checking account, you may find it more convenient to keep savings in a separate institution with no fees and higher interest rates, then transfer money to Chase when you need it.
What happens if you do not meet the balance requirement
If your balance falls below the threshold and you do not have a may have access to direct deposit, Chase charges the monthly maintenance fee automatically. The fee is deducted from your account balance, which can push you further below the minimum if your balance is already low.
Fees accumulate each month you do not meet the requirement. If you have a $200 balance on a Chase Savings Account and do not set up direct deposit, you will be charged $5 at the end of the first month, leaving you with $195. The next month, if your balance is still below $500, you will be charged another $5, and so on. Over time, fees can drain a small balance entirely.
If your account balance goes negative because of fees, Chase may close the account and report it to ChexSystems, a banking history database that other banks check when you try to open new accounts. This can make it harder to open accounts elsewhere for several years.
Interest rates and why balance requirements exist
Chase savings accounts earn interest on your balance, but the rate is typically lower than what online banks or credit unions offer. The interest rate varies based on market conditions and your account type — Premier Savings usually pays more than standard Savings, but neither is competitive with online options.
Banks use minimum balance requirements to offset the cost of maintaining accounts. Keeping your money in a savings account costs the bank money in operational expenses, customer service, and regulatory compliance. The $500 or $10,000 minimum ensures that customers with larger balances — who generate more value for the bank through lending and investment — subsidize the cost of smaller accounts. Customers who cannot maintain the minimum pay a fee instead.
Frequently Asked Questions
Can I open a Chase Savings Account with $0?
Yes. Chase does not require a minimum deposit to open a savings account. You can open the account and deposit money later. However, if you do not deposit anything and do not set up direct deposit, you will be charged the monthly maintenance fee once the account is active.
Does the $500 minimum have to be in savings, or can I count my checking account balance?
The minimum applies only to your savings account balance. Your checking account balance is separate and does not count toward the savings requirement. If you have both accounts, Chase tracks the minimum for each one independently.
What counts as a direct deposit for fee waiver purposes?
A direct deposit is any electronic transfer sent directly to your account by an employer, government agency, or other institution. Paychecks, Social Security, unemployment benefits, and tax refunds all count. Transfers you initiate yourself from another bank do not count as direct deposits.
If I close my Chase Savings Account, will it hurt my credit?
Closing a savings account does not affect your credit score. Credit scores are based on borrowing and repayment history, not deposit accounts. However, if your account goes negative and Chase reports it to ChexSystems, that can affect your ability to open new bank accounts elsewhere.
Does Chase offer any savings accounts with no fees and no minimum?
Chase Student Savings has no fees and no minimum, but only for customers under 18. For adults, all Chase savings accounts either charge a monthly fee or require a minimum balance. If you want no fees and no minimum, you would need to use a different bank.