Yes, Chase offers several types of savings accounts
Chase has multiple savings account options, each with different features and minimum balance requirements. The main ones 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 features matter most — like the interest rate the bank pays you, monthly fees, or access to a branch near you.
All Chase savings accounts let you deposit money, earn interest (a small amount the bank pays you for letting them use your money), and withdraw when you need it. The accounts differ in their minimum balance requirements — the smallest amount you must keep in the account to avoid a monthly fee — and the interest rate they pay.
Key Takeaways
- Chase Savings is the basic option with no minimum balance requirement, though it pays a lower interest rate than other Chase savings accounts.
- Chase Premier Savings requires a higher minimum balance but pays a higher interest rate and waives the monthly fee if you meet that balance.
- Chase find Savings is designed for people building credit and requires a linked Chase checking account.
- Interest rates on all Chase savings accounts change over time based on what the Federal Reserve does, so the rate you see today may not be the rate you earn next month.
- You can open a Chase savings account online, by phone, or in person at a Chase branch, and you'll need a government ID and Social Security number.
Chase Savings: The account with no minimum balance
Chase Savings is the simplest option if you're new to banking or don't have much to deposit right away. There is no minimum balance requirement, which means you won't be charged a monthly fee even if your account drops to zero. This makes it a safe choice if your balance fluctuates or you're not sure how much you'll keep in savings.
The trade-off is that Chase Savings pays a lower interest rate than Chase Premier Savings. The exact rate changes regularly — the Federal Reserve raises or lowers rates, and banks adjust what they pay customers in response. You can check the current rate on Chase's website or by calling 1-800-935-9935 before you open the account.
Chase Premier Savings: Higher interest if you maintain a balance
Chase Premier Savings pays a higher interest rate than Chase Savings, but only if you keep a minimum balance in the account. The minimum balance amount varies — Chase adjusts it based on interest rates and market conditions. If your balance drops below the minimum, you'll be charged a monthly maintenance fee (usually around $25, though this can change).
If you have money you're not planning to spend soon and can keep the minimum balance, Premier Savings lets you earn more interest on that money. The higher rate compounds — meaning you earn interest on your interest — so over time the difference between the two accounts adds up. You can waive the monthly fee by maintaining the minimum balance or by setting up a direct deposit of at least $500 per month into the account.
Chase find Savings: For people building or rebuilding credit
Chase find Savings is paired with a secured credit card and is designed for people who are new to credit or rebuilding their credit history. You deposit money into the savings account, and that deposit becomes your credit limit on the card. This lets you build a credit history — a record of whether you pay your bills on time — while keeping your own money safe.
You must have a Chase checking account to open find Savings. The account earns interest, though the rate is typically lower than Chase Savings or Premier Savings. The main benefit is not the interest rate but the chance to build credit while using your own money as collateral.
How interest rates work and why they change
Banks pay you interest on savings as a way to borrow your money. The amount they pay — the interest rate — is usually shown as a percentage per year. If you have $1,000 in an account earning 0.01% annual interest, you'd earn about 10 cents per year (though the actual calculation is more complex because interest compounds monthly).
Chase's interest rates move up and down based on what the Federal Reserve does. The Federal Reserve is the central bank of the United States, and it sets a target range for interest rates that affects what all banks pay. When the Federal Reserve raises rates, Chase typically raises what it pays on savings. When the Federal Reserve lowers rates, Chase lowers what it pays. This means the rate you see when you open an account may be different six months later.
You can see Chase's current rates on their website, but remember that these rates are not locked in — they can change at any time. If you're comparing Chase to other banks, check the rates at multiple banks on the same day, because rates vary widely.
Fees and how to avoid them
Chase Savings has no monthly maintenance fee regardless of your balance. Chase Premier Savings charges a monthly fee (usually $25) unless you maintain the minimum balance or set up a may have access to direct deposit. find Savings typically has no monthly fee.
Beyond monthly fees, watch for other charges: overdraft fees if you accidentally spend more than you have (though savings accounts rarely overdraft), wire transfer fees if you send money electronically, and ATM fees if you use an ATM that's not part of the Chase network. Most of these fees can be avoided by using Chase's own ATMs and branches, which are widespread in most parts of the country.
How to open a Chase savings account
You can open a Chase savings account online, by phone at 1-800-935-9935, or in person at any Chase branch. You'll need a government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit. The minimum opening deposit varies by account type — check Chase's website or call to confirm the current requirement.
If you open online, the process usually takes 10 to 15 minutes. You'll provide your personal information, choose which type of savings account you want, and link a funding source (another bank account or a debit card) to make your first deposit. Chase will send you a debit card and checks in the mail if you also open a checking account, though savings accounts typically don't come with checks.
Frequently Asked Questions
Can I have more than one Chase savings account?
Yes, you can open multiple savings accounts at Chase. Some people keep separate accounts for different goals — one for an emergency fund, one for a vacation, one for a down payment. Each account earns interest separately, and you manage them all through the same online login.
What happens if my balance falls below the minimum on Premier Savings?
You'll be charged a monthly maintenance fee, usually around $25. You can avoid the fee by bringing your balance back above the minimum or by setting up a direct deposit of at least $500 per month. If the fee is charged, it comes out of your account balance automatically.
Can I withdraw money from my savings account whenever I want?
Yes, you can withdraw money from Chase savings accounts at any time without penalty. You can withdraw at a Chase ATM, at a Chase branch, or online through your account. There's no limit on how many times you can withdraw, though some banks do limit transfers — check with Chase about their current transfer policies.
Is my money safe in a Chase savings account?
Yes. Chase is a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type are protected by the federal government. If Chase fails, the FDIC guarantees your money up to that limit. Most people's savings are well below $250,000, so your money is fully protected.
How do I compare Chase savings accounts to accounts at other banks?
Look at three things: the interest rate, the minimum balance requirement, and the monthly fee. Write down the rate, minimum, and fee for each account you're considering, then calculate which one would cost you the least or earn you the most based on how much money you plan to keep in savings. Rates change frequently, so compare on the same day across multiple banks.