Yes, Chase offers several savings account options
Chase offers three main savings accounts: the Chase Savings Account (their standard option), the Chase Premier Savings Account (higher interest rates for larger balances), and the Chase Youth Savings Account (for customers under 18). Each one works differently depending on how much money you keep in it and what features matter to you. The account you choose affects your interest rate, monthly fees, and minimum balance requirements.
All three are FDIC-insured up to $250,000, which means your money is protected if Chase fails. You can open any of them online, at a branch, or through the Chase mobile app. Most people can fund an account when ready with a transfer from another bank or a deposit.
Key Takeaways
- Chase offers three savings accounts with different interest rates and minimum balance requirements, so the right choice depends on how much you plan to keep in savings.
- The Chase Premier Savings Account pays higher interest if you maintain a balance of $10,000 or more, while the standard Chase Savings Account has no minimum.
- Monthly maintenance fees explore to all three accounts unless you meet specific balance thresholds or set up direct deposit.
- You can open a savings account online or at a Chase branch, and transfers between your Chase accounts are free and when ready.
Chase Savings Account (Standard)
The Chase Savings Account is the basic option. It has no minimum opening deposit and no minimum balance requirement to avoid fees. You can open it with as little as $0, though you will need to fund it before you can use it.
A $5 monthly maintenance fee applies unless you meet one of these conditions: keep a $300 minimum daily balance, set up a direct deposit of any amount, or link it to a Chase checking account and maintain a $500 minimum balance in that checking account. The interest rate is low—currently well below 1% annually—so this account works best if you need a place to park money temporarily rather than earn meaningful returns.
You can withdraw money anytime without penalty. Chase allows six withdrawals per month before charging $10 per extra withdrawal, though this limit is less common now than it once was.
Chase Premier Savings Account
The Premier Savings Account pays a higher interest rate, but only if you maintain a $10,000 minimum daily balance. If your balance drops below $10,000 on any day, you lose the higher rate and earn the standard rate instead. A $25 monthly maintenance fee applies unless you meet the $10,000 minimum or set up direct deposit.
This account makes sense if you have at least $10,000 sitting in savings and want to earn a bit more interest without moving to a different bank. The rate is still modest—typically under 1%—but it beats the standard account. You get the same withdrawal rules and FDIC protection as the standard account.
Chase Youth Savings Account
The Youth Savings Account is designed for customers under 18 and requires a parent or guardian to co-own the account. There is no monthly maintenance fee, no minimum balance, and no minimum opening deposit. The interest rate is slightly higher than the standard account, though still under 1%.
Parents can set spending limits and monitor activity through the Chase mobile app. The account converts to a standard Chase Savings Account when the young person turns 18. This account is useful if you are opening savings for a teenager and want to avoid monthly fees while they build the habit of saving.
How interest rates and fees compare
| Account Type | Minimum Balance to Avoid Fee | Monthly Fee | Interest Rate Range |
|---|---|---|---|
| Chase Savings Account | $300 daily balance or direct deposit | $5 | Below 0.5% |
| Chase Premier Savings | $10,000 daily balance or direct deposit | $25 | Below 1% |
| Chase Youth Savings | None | $0 | Below 0.5% |
Interest rates change frequently and vary based on the Federal Reserve's decisions. Chase updates rates without notice, so the actual rate you earn may be different from what you see when you open the account. You can check your current rate in the Chase mobile app or online banking portal.
The monthly fee is the biggest cost to watch. If you cannot maintain the minimum balance, you will pay $5 or $25 per month, which adds up to $60 to $300 per year. Many people avoid this by setting up direct deposit—even a small recurring deposit counts.
Opening a Chase savings account and moving money in
You can open any Chase savings account online through their website, in the Chase mobile app, or at a physical branch. Online and app applications take about 10 minutes. You will need a Social Security number, a government-issued ID, and a current address.
Once your account is open, you can fund it by transferring money from another bank account (usually takes one to three business days), depositing cash or a check at a Chase ATM or branch, or setting up a direct deposit from your employer. If you already have a Chase checking account, transfers between your accounts are when ready and free.
Chase will assign you an account number and routing number when ready. You can start using the account to receive direct deposits or transfers right away, even if the account shows a $0 balance initially.
When a Chase savings account makes sense
A Chase savings account works well if you already bank with Chase and want to keep everything in one place. Transfers between your Chase accounts are free and when ready, and you can manage everything through one app or website. If you have a Chase checking account, you may be able to waive the savings account fee by linking them.
However, Chase savings accounts pay very low interest rates compared to online banks and credit unions. If your main goal is to earn interest on savings, you will earn significantly more at an online bank or a credit union savings account—sometimes 4% to 5% annually instead of under 1%. The trade-off is convenience: Chase has physical branches and 24/7 phone support, while online banks do not.
A Chase savings account also makes sense as a temporary holding place—for example, if you are saving for a down payment over the next few months and want straightforward access to the money. For long-term savings where interest matters, look elsewhere.
Frequently Asked Questions
Can I have more than one Chase savings account?
Yes. You can open multiple savings accounts at Chase and give each one a nickname to keep track of them (for example, "Emergency Fund" or "Vacation"). Each account has its own balance and earns interest separately. However, you still pay the monthly maintenance fee on each account unless you meet the balance or direct deposit requirement for each one.
What happens if my balance drops below the minimum?
If you fall below the minimum balance requirement, you lose the higher interest rate (on the Premier account) and start paying the monthly maintenance fee. The fee is charged once per month, usually on the same date each month. You can avoid future fees by bringing the balance back up or setting up direct deposit.
Can I withdraw money whenever I want?
Yes. You can withdraw money from a Chase savings account anytime without penalty. You can use an ATM, visit a branch, transfer the money to another account, or request a check. There is no waiting period or early withdrawal fee like there is with some other savings products.
How do I avoid the monthly fee?
Keep a $300 daily balance in the standard account, a $10,000 daily balance in the Premier account, or set up any direct deposit (even $1 per paycheck counts). If you have a Chase checking account, linking it and keeping $500 in the checking account also waives the fee on the standard savings account.
Is my money safe in a Chase savings account?
Yes. Chase is FDIC-insured, which means deposits up to $250,000 are protected by the federal government. If Chase fails, the FDIC will return your money. If you have more than $250,000, only the first $250,000 is protected, so consider splitting large amounts across multiple banks or account types.