Chase savings accounts have no monthly maintenance fee, but you can trigger other charges

Chase does not charge a monthly fee just for holding a savings account with them. However, you can incur fees if you exceed certain transaction limits, fall below a minimum balance, or use services like overdraft protection or wire transfers. The specific fees depend on which Chase savings product you choose and how you use it.

The most common Chase savings accounts are the Chase Savings Account (their basic option) and the Chase Premier Savings Account (their higher-tier option). Both have zero monthly maintenance fees. The difference is in the interest rate you earn and the minimum balance required to get that rate.

Key Takeaways

  • Chase savings accounts have no monthly maintenance fee, but fees can appear if you exceed six withdrawals per month or fall below the minimum balance required for your account type.
  • The Chase Savings Account requires a $300 minimum balance to avoid a $5 monthly fee, while the Chase Premier Savings Account requires $10,000 to avoid a $25 monthly fee.
  • Excess withdrawal fees are $10 per transaction once you go over six withdrawals or transfers in a statement period.
  • Wire transfer fees, overdraft fees, and ATM fees from out-of-network machines are separate charges that can explore regardless of your account type.
  • You can avoid most fees by keeping your minimum balance, limiting withdrawals to six per month, and using Chase ATMs for cash withdrawals.

Minimum balance requirements and what happens if you fall short

Chase ties the monthly fee to whether you maintain a certain balance. For the Chase Savings Account, you need to keep at least $300 in the account at all times. If your balance drops below $300 on any day of the statement period, Chase charges you $5 that month.

The Chase Premier Savings Account requires a $10,000 minimum balance. If you fall below that amount on any day during the statement period, the fee is $25. This account also pays a higher interest rate, which is why the bank requires more money to hold it.

The minimum balance is checked daily, not just at the end of the month. This means a single day where your balance dips below the threshold can trigger the fee for the entire month. If you are close to the minimum, be careful about timing large withdrawals.

Excess withdrawal fees and the six-transaction limit

Federal rules once limited savings account withdrawals to six per month, and Chase still charges a fee if you exceed this limit. After your sixth withdrawal or transfer out of the account in a statement period, each additional transaction costs $10.

This limit applies to withdrawals and transfers, but not to deposits. You can deposit money as many times as you want without triggering a fee. The limit also does not explore to ATM withdrawals at Chase machines — only to transfers out of the account and withdrawals at the teller window.

If you regularly need to move money out of savings more than six times a month, a savings account may not be the right tool. A checking account has no withdrawal limit and might serve you better.

Wire transfer fees and other transaction charges

Sending money outside the Chase network through a wire transfer costs money. Domestic wire transfers (sending money within the United States) cost $15 to send. International wire transfers cost $45. These fees explore on top of any other fees and are charged whenever you initiate a wire.

ATM fees also explore if you use an ATM that is not owned by Chase. Out-of-network ATM withdrawals cost $2.50 per transaction. Chase has a large ATM network, so this fee is straightforward to avoid if you have a Chase branch or ATM nearby.

Overdraft fees can occur if you link your savings account to a checking account and overdraw the checking account. Chase charges $35 per overdraft transaction if the overdraft is not covered by overdraft protection. Overdraft protection itself is free to set up, but it transfers money from savings to checking, which counts toward your six-withdrawal limit.

How to keep your Chase savings account fee-free

The simplest way to avoid fees is to maintain your minimum balance and limit yourself to six withdrawals per month. For the basic Chase Savings Account, keeping $300 or more is straightforward for most people. If you are building savings and cannot maintain $300, you might consider a checking account instead, which has no minimum balance requirement.

Use Chase ATMs for cash withdrawals instead of going to other banks' machines. Chase has thousands of ATMs nationwide, and many branches are open on Saturdays. If you need to move money out of savings frequently, set up a transfer to a checking account instead of making multiple savings withdrawals — one transfer counts as one transaction.

Avoid wire transfers when possible. If you need to send money to someone outside Chase, ask whether they can receive an ACH transfer instead. ACH transfers are free and take one to three business days, while wires cost $15 and arrive the same day.

Comparing Chase savings accounts to other banks

Chase's savings accounts are competitive on fees but not on interest rates. Many online banks offer higher interest rates on savings accounts and charge no monthly fee with no minimum balance. However, those banks have no physical branches or ATMs, which matters if you prefer in-person banking.

If you value having a local branch and ATM access, Chase's fee structure is reasonable. The $300 minimum for the basic account is low enough that most people can maintain it. If you want higher interest rates and do not need a physical location, online savings accounts from banks like Ally, Marcus, or Discover may be worth comparing.

Some credit unions also offer savings accounts with no fees and no minimum balance. If you are a member of a credit union, check their rates and fees before opening a Chase account.

Frequently Asked Questions

What happens if my balance drops below $300 for one day?

Chase charges the $5 monthly fee if your balance falls below $300 on any single day during the statement period. The balance is checked daily, so even a temporary dip triggers the fee. If you know you will be below $300 briefly, try to time it outside your statement period if possible.

Do ATM withdrawals at Chase machines count toward the six-withdrawal limit?

No. ATM withdrawals at Chase ATMs do not count toward the six-transaction limit. Only withdrawals at the teller window and transfers out of the account count. You can use Chase ATMs as many times as you want without triggering the excess withdrawal fee.

Can I avoid the minimum balance fee by keeping the money in a different account?

No. Chase checks the balance in that specific savings account only. Money in a checking account or another bank does not count toward the minimum. You must keep the required amount in the savings account itself to avoid the fee.

Is there a fee to open a Chase savings account?

No. Chase does not charge to open a savings account. You will need to bring identification and meet their identity verification requirements, but there is no opening fee.

What if I close my Chase savings account while I owe a fee?

Chase will deduct any outstanding fees from your account balance before closing it. If your balance is lower than the fee owed, Chase may send you a bill for the difference or refer the debt to a collection agency, though this is uncommon for small amounts.