Chase savings accounts have monthly maintenance fees, but you can avoid them
Chase charges a monthly maintenance fee of $5 on most of its savings accounts, but you can waive it by meeting one of these conditions: keeping a minimum daily balance of $500, setting up a direct deposit of at least $500 per month, or linking the account to a Chase checking account with an active direct deposit. If none of those work for you, the fee hits your account every month.
The specific fee structure depends on which Chase savings product you open. Chase offers several: the regular Chase Savings, Chase Premier Savings (for higher balances), and Chase find Savings (designed for people building credit). Each has different fee waiver rules and different interest rates. Knowing which one you're looking at matters, because the waiver thresholds are not the same across all three.
Key Takeaways
- Chase Savings charges $5 per month unless you maintain a $500 daily balance, set up a $500+ monthly direct deposit, or link an active Chase checking account.
- Chase Premier Savings has a $25 monthly fee with a $10,000 minimum balance waiver, making it useful only if you have significant savings.
- Chase find Savings has no monthly maintenance fee, but it's designed for credit-building and has withdrawal limits.
- The fee waiver rules change if you close the linked checking account or stop your direct deposit, so the waiver can disappear without notice.
- Interest rates on Chase savings accounts are typically lower than online-only banks, so the monthly fee is just one cost to consider.
How the $5 monthly fee works on Chase Savings
The $5 fee posts to your account on the same day each month, usually around the first or second business day. It comes out whether you use the account or not. If your balance drops below $500 and you have no active direct deposit and no linked checking account with direct deposit, the fee will charge. Once it charges, you cannot get it back by meeting the waiver conditions the next day—the fee is final.
The direct deposit waiver is the easiest for most people because it does not require you to keep a large balance sitting idle. Your employer's paycheck, a government benefit, or a regular transfer from another bank all count as direct deposits. The $500 threshold is the total amount deposited in the calendar month, so if you get paid twice a month, each deposit counts toward that total.
Chase Premier Savings and its $25 monthly fee
If you open Chase Premier Savings instead of the regular savings account, the monthly maintenance fee is $25, not $5. This account is marketed toward people with larger savings balances. The fee waives if you maintain a $10,000 minimum daily balance. There is no direct deposit waiver option and no checking account link waiver—only the balance threshold works.
The higher fee and higher balance requirement mean Premier Savings makes sense only if you already have $10,000 or more sitting in savings and want to keep it at Chase. If you have less than that, the regular Chase Savings account is cheaper. The interest rate on Premier Savings is slightly higher than regular savings, but the difference is usually small enough that the $25 monthly fee eats most of the gain if your balance is not substantial.
Chase find Savings has no monthly fee
Chase find Savings is the only Chase savings product with no monthly maintenance fee. However, it comes with restrictions that make it unsuitable for most people. The account is designed specifically for people with no credit history or poor credit, and it requires you to open a linked Certificate of Deposit (CD) at the same time. You cannot withdraw from the savings account more than once per month without penalty.
If you need a savings account you can access freely, find Savings is not the right choice. It is a tool for credit-building, not everyday savings. The no-fee structure is a benefit only if you plan to use it exactly as designed—as a restricted account paired with a CD.
What happens if you close your linked checking account
If you use the checking account link to waive your savings fee, closing that checking account will end the waiver. The $5 fee will start charging on your next billing cycle unless you meet one of the other waiver conditions (the $500 balance or the $500 direct deposit). Chase does not notify you in advance that the waiver is ending—you find out when the fee appears on your statement.
The same applies if your direct deposit stops. If you were using a direct deposit to waive the fee and your employer changes, your benefits end, or you switch jobs, the waiver disappears when ready. You have until the end of that billing cycle to set up a new waiver condition, or the fee will charge. It is worth checking your savings account settings every few months to confirm your waiver is still active.
Other Chase savings fees you should know about
The monthly maintenance fee is the main one, but Chase also charges fees for specific actions. If you exceed six withdrawals or transfers out of your savings account in a single month, Chase charges $10 for each withdrawal over six. This is a federal rule that applies to most savings accounts, not just Chase, but it is worth knowing about if you plan to move money in and out frequently.
If you overdraft your savings account (spend more than you have), Chase charges an overdraft fee of $35 per occurrence. You can opt out of overdraft protection, which prevents the overdraft from going through but may result in a declined transaction instead. There is no fee for a declined transaction, so opting out is usually the safer choice for a savings account.
How Chase savings rates compare to the fee cost
Chase savings accounts typically offer interest rates between 0.01% and 0.05% annually, depending on the account type and current market conditions. That means on a $500 balance, you might earn $0.05 to $0.25 per year in interest. The $5 monthly fee costs you $60 per year, so the interest does not come close to covering the fee. You are paying to keep money at Chase, not earning money.
Online-only banks and credit unions often offer rates 10 to 20 times higher than Chase, with no monthly fees. If you are comparing Chase to other options, factor in both the fee and the interest rate. A $500 balance at Chase with a $5 monthly fee costs you $60 per year in net fees. The same balance at an online bank with a 4% rate and no fee would earn you $20 per year. The difference is $80 per year on a small balance—more on larger ones.
Frequently Asked Questions
Can I get the $5 fee refunded if I just opened the account?
Chase does not automatically refund the fee, but you can call and ask. If the account is very new (within a few days) and you have not yet met a waiver condition, some representatives will reverse one fee as a courtesy. There is no may provide, and Chase does not have a formal policy for this. After the first month, reversals become much less likely.
What if I have a Chase checking account but no direct deposit?
Linking a Chase checking account to your savings account waives the fee only if that checking account has an active direct deposit. If your checking account has no direct deposit, the link alone does not waive the savings fee. You would need to either set up a direct deposit to the checking account or maintain the $500 balance in savings.
Do I have to keep the $500 balance every single day?
Yes, the waiver requires a $500 minimum daily balance, which means the balance must be at least $500 every day of the month. If it drops to $499 on even one day, you do not meet the condition and the fee will charge. Direct deposit is easier because it only requires $500 total in the month, not every day.
What is the difference between Chase Savings and Chase Premier Savings?
Chase Savings has a $5 monthly fee with multiple waiver options (balance, direct deposit, or linked checking). Chase Premier Savings has a $25 monthly fee with only a $10,000 balance waiver. Premier also offers a slightly higher interest rate. Choose Premier only if you have $10,000+ and want to keep it at Chase; otherwise, regular Savings is cheaper.
Can I move money between my Chase savings and checking accounts without triggering the withdrawal limit?
Transfers between your own Chase accounts do not count toward the six-withdrawal limit. Only external transfers (to other banks) and withdrawals count. You can move money between your Chase savings and checking as many times as you want without hitting the fee.