Yes, Chase offers several savings account options
Chase has multiple savings accounts you can open, each with different features and minimum balance requirements. The main options are Chase Savings, Chase Premier Savings, and Chase find Savings. Which one makes sense for you depends on how much money you plan to keep in savings and what interest rate matters to you.
You can open any of these accounts online, by phone, or in person at a Chase branch. You'll need a government-issued ID, your Social Security number, and an initial deposit. If you're new to Chase, you may also be able to combine a savings account with a checking account to get a welcome offer.
Key Takeaways
- Chase Savings is the basic option with no monthly fee and a low minimum opening deposit, though the interest rate is typically very small.
- Chase Premier Savings requires a higher balance but pays a higher interest rate, making it better if you have more money to save.
- Chase find Savings is designed for people building credit or new to banking, and it requires a deposit that becomes your credit limit.
- You can open a savings account online in minutes, or visit a branch if you prefer to speak with someone in person.
- Savings accounts at Chase are insured by the FDIC up to $250,000, meaning your money is protected even if the bank fails.
Chase Savings vs. Chase Premier Savings
Chase Savings is the simpler choice. It has no monthly maintenance fee, no minimum balance requirement to open it, and you can open it with as little as $0 in some cases. The trade-off is that the interest rate—the amount the bank pays you for keeping money there—is very low, usually less than 0.01% per year. That means on $1,000, you might earn less than 10 cents in a year.
Chase Premier Savings requires you to keep a higher balance to earn a better interest rate. The exact minimum balance and interest rate change based on how much money you have in all your Chase accounts combined. If you have $25,000 or more across your Chase accounts, you'll earn a higher rate. This account also has no monthly fee as long as you meet the balance requirement.
Neither account charges you for deposits or withdrawals, and both come with a debit card so you can access your money. The main difference is that Premier Savings rewards you for having more money saved by paying you more interest.
Chase find Savings for people new to banking
Chase find Savings works differently from the other two. You deposit money into the account, and that deposit becomes your credit limit on a secured credit card. This account is designed for people who are building credit for the first time or rebuilding credit after problems.
The deposit you make is held as collateral, meaning Chase keeps it as security while you use the credit card. You still earn interest on the money in the account, though the rate is typically low. Once you've used the credit card responsibly for several months, you may be able to graduate to a regular unsecured credit card, and Chase will return your deposit.
This option makes sense if you want to build a credit history while also having a place to save money. It's not the best choice if you just want a regular savings account with no strings attached.
How to open a Chase savings account
You can open an account online at Chase.com, by calling 1-800-935-9935, or by visiting a Chase branch in person. Online is usually the fastest—you can complete the whole process in 10 to 15 minutes on your phone or computer.
You'll need to provide your full name, date of birth, Social Security number, and a government-issued ID (driver's license, passport, or state ID). You'll also need to choose how much money to deposit to open the account. For Chase Savings, you can open with $0, though most people deposit at least $25 to $100.
If you don't have a government ID yet, you can visit a branch in person with alternative documents like a passport, consulate ID, or tribal ID. A branch employee can help you figure out what documents work.
Interest rates and how they change
Chase savings accounts earn interest, but the amount is small. Interest rates at all banks change based on what the Federal Reserve does with its own rates. When the Fed raises rates, banks typically raise the rates they pay on savings. When the Fed lowers rates, banks lower what they pay you.
Chase publishes its current rates on its website, and you can see them before you open an account. The rate for Chase Savings is usually lower than the rate for Chase Premier Savings. Both rates are typically lower than what you'd earn at an online-only bank, but Chase offers the convenience of branches and ATMs.
Interest is added to your account monthly, so you earn a small amount each month as long as you keep money in the account. The longer you leave money untouched, the more interest compounds—meaning you earn interest on your interest.
Fees and monthly costs
Chase Savings and Chase Premier Savings have no monthly maintenance fee. You won't be charged just for having the account open. However, there are a few ways you could be charged: overdraft fees if you try to withdraw more than you have, fees for wire transfers, or fees if you close the account within a short time of opening it (though this is rare).
For most people using the account normally—depositing money, letting it sit, and withdrawing when needed—there are no fees. The account is free to maintain as long as you follow the basic rules.
FDIC protection and safety
Money in a Chase savings account is insured by the FDIC (Federal Deposit Insurance Corporation), a government agency that protects bank deposits. This means if Chase fails as a bank, the government guarantees your money up to $250,000 per account type. So if you have $50,000 in Chase Savings, all of it is protected.
If you have multiple accounts at Chase—for example, a savings account and a checking account—each type is insured separately. So you could have $250,000 in savings and $250,000 in checking, and both would be fully protected. This protection is automatic; you don't have to do anything to set up it.
Frequently Asked Questions
Can I have more than one savings account at Chase?
Yes. You can open multiple savings accounts and give them different names to track different goals—like one for emergencies and one for a vacation. Each account earns interest separately, and each is insured up to $250,000 by the FDIC.
What's the difference between a savings account and a checking account?
A checking account is for money you use regularly—paying bills, getting paychecks, everyday spending. A savings account is for money you want to keep and grow. Savings accounts earn interest; checking accounts usually don't. You can have both at Chase.
Can I withdraw money from my savings account anytime?
Yes, you can withdraw money anytime without penalty. There's no limit on how many times you withdraw per month. You can use the debit card, visit an ATM, or go to a branch to get your money out.
Do I need a checking account to open a savings account at Chase?
No. You can open a savings account on its own without a checking account. However, Chase sometimes offers a bonus if you open both accounts together, so it's worth checking their current offers before you decide.
What happens if my balance falls below the minimum for Premier Savings?
If your combined Chase account balance drops below the minimum for Premier Savings, you'll move to the regular Chase Savings rate. You won't be charged a fee—your interest rate just becomes lower. You can move back to Premier Savings rates once your balance goes back up.