Chase offers savings accounts with no monthly maintenance fee, but the account you may have access to for depends on your balance and how you bank
Chase has two main savings products: Chase Savings (their standard account) and Chase Premier Savings (their premium tier). Chase Savings has no monthly fee regardless of your balance. Premier Savings also has no monthly fee, but it requires a higher opening deposit and offers a different interest rate structure. Both accounts are genuinely free to open and use — there is no hidden monthly charge that appears later.
The catch is not the fee; it is the interest rate. Chase's savings rates are typically lower than online banks or credit unions offer. If you keep a small balance, you will earn very little. If you keep a large balance, you still earn less than you would elsewhere. The trade-off is convenience: if you already bank with Chase, having savings in the same place means one login, one app, and easier transfers to checking.
Key Takeaways
- Chase Savings has zero monthly maintenance fee and no minimum balance requirement to avoid fees.
- Chase Premier Savings also has no monthly fee but requires a higher opening deposit and offers tiered interest rates based on your balance.
- Both accounts earn interest, but Chase's rates are typically lower than online banks or credit unions, so the real cost is opportunity cost, not a fee.
- You can open either account online, by phone, or in a branch, and link it to an existing Chase checking account for straightforward transfers.
How Chase Savings works and what it costs you
Chase Savings charges no monthly fee, no minimum balance fee, and no fee to close the account. You can open it with as little as $0 — Chase does not require an opening deposit. You can make up to six transfers or withdrawals per month without penalty; after that, each transaction costs $10. This limit applies to transfers out of the account, not deposits into it.
The real cost is the interest rate. As of early 2025, Chase Savings earns around 0.01% annual percentage yield (APY) on balances under $25,000, and slightly higher rates on larger balances — but still well below 4% that many online savings accounts offer. If you keep $10,000 in Chase Savings for a year at 0.01%, you earn about $1. At an online bank paying 4%, you would earn about $400. That difference is real money, and it is the price of convenience.
Chase Premier Savings and when it makes sense
Chase Premier Savings is designed for customers who keep larger balances. It has no monthly fee, but it requires a $25,000 opening deposit. The interest rate is tiered: you earn a higher rate on balances above $25,000, and an even higher rate on balances above $100,000. The exact rates change with the market, but the structure means you earn more the more you deposit.
Premier Savings makes sense only if you have $25,000 or more sitting in savings and you value the convenience of staying within Chase over the higher rates you could get elsewhere. If you have $50,000 in savings, you will earn more at an online bank even with the tiered structure. If you have $100,000 or more and you want to keep it all in one place, Premier Savings is a reasonable option — but you should still compare the rate to what credit unions or online banks offer at that balance level.
How to open a Chase savings account
You can open Chase Savings online through the Chase website or mobile app if you already have a Chase checking account. The process takes about five minutes: you provide your Social Security number, confirm your identity, and choose how much to deposit initially (you can deposit $0). The account opens when ready and you can transfer money to it the same day.
If you do not have a Chase checking account, you can open both at the same time online, or you can visit a Chase branch in person. In-person opening takes about 15 minutes. You will need a government-issued ID and your Social Security number. If you want to open Premier Savings, you must have the $25,000 opening deposit ready — it can come from another bank account or from cash, but Chase will not open the account without it.
Transfers, withdrawals, and the six-transaction limit
Chase Savings allows unlimited deposits. You can transfer money in from another bank, deposit a check through mobile deposit, or add cash at a Chase ATM or branch as many times as you want. The limit applies only to money going out.
You get six transfers or withdrawals per month without charge. This includes transfers to your Chase checking account, transfers to other banks, and ATM withdrawals. After six, each additional transaction costs $10. This rule comes from federal banking law, though many banks have relaxed or removed it in recent years. If you need to move money out frequently, a Chase checking account might be more practical — checking accounts typically have no withdrawal limit.
When Chase Savings is worth it and when it is not
Chase Savings makes sense if you have a small emergency fund ($1,000 to $5,000) that you want to keep separate from checking but accessible, and you already bank with Chase. The fee-free structure means you lose nothing by keeping it there, and the convenience of one app and one login has real value.
Chase Savings does not make sense if you are trying to grow savings through interest. The rate is too low. If you have $10,000 or more that you plan to leave untouched for a year or longer, an online savings account or credit union will earn you hundreds of dollars more. If you need to move money in and out frequently, a checking account is simpler.
Chase Premier Savings is rarely the best choice. The $25,000 minimum is high, and the tiered rates do not compete with what you can get at an online bank or credit union at the same balance level. It exists for customers who want everything in one place and are willing to accept lower returns for that convenience.
Comparing Chase Savings to other free options
Most banks and credit unions offer free savings accounts with no monthly fee and no minimum balance. The real differences are interest rate, access, and features. Here is what varies:
| Factor | Chase Savings | Online Banks | Credit Unions |
|---|---|---|---|
| Monthly fee | None | None | None |
| Minimum balance | None | None | Varies, often none |
| Interest rate (typical) | 0.01% to 0.05% | 4% to 5% | 0.5% to 3% |
| In-person access | Yes, at branches | No | Yes, at branches |
| Mobile app | Yes | Yes | Varies |
If you prioritize interest earnings, an online bank wins. If you want in-person access and a local relationship, a credit union is often better. If you want convenience and you already have a Chase checking account, Chase Savings is free and straightforward — just understand that you are trading interest earnings for that convenience.
Frequently Asked Questions
Can I have multiple Chase Savings accounts?
Yes. You can open more than one Chase Savings account if you want to separate money for different goals. Each account is separate, so you could have one for emergency funds and another for a vacation fund. Each account counts toward your six monthly transactions, so if you have two accounts and make four transfers total across both, you have two transfers left.
What happens if I go over the six-transaction limit?
Each transaction after six in a calendar month costs $10. If you make eight transactions in a month, you pay $20 in fees. The fee appears on your statement a few days after the transaction. If you regularly need more than six transfers per month, consider moving your savings to a checking account or switching to a bank with no withdrawal limit.
Do I need a Chase checking account to open Chase Savings?
No. You can open Chase Savings as a standalone account. However, if you already have Chase checking, opening savings takes five minutes online. If you do not have a Chase account at all, you can open both checking and savings together in person or online, though online may require you to open checking first.
Is my money safe in Chase Savings?
Yes. Chase is a large bank insured by the Federal Deposit Insurance Corporation (FDIC). Your savings account is covered up to $250,000 per account type per bank. If you have both a Chase Savings and a Chase checking account, each is insured separately up to $250,000.
Can I earn more interest by moving my balance to Premier Savings?
Only if your balance is above $25,000 and you can meet the opening deposit requirement. Even then, the rate difference is usually small — often less than 0.1% more per year. Compare the exact rates before you move. If you have $50,000 or more, you will almost always earn more at an online bank, even accounting for the convenience of staying with Chase.