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 the fee disappears if you meet one of two conditions: keep a minimum balance of $500 or link the account to a Chase checking account. If you do neither, you pay $5 every month the account stays open.

The specific fee and the ways to waive it depend on which Chase savings product you have. Chase offers three main savings accounts — Chase Savings, Chase Premier Savings, and Chase Sapphire Savings — and each has different fee structures and balance requirements. Understanding which account you have and what triggers its fee is the fastest way to know whether you are actually paying anything.

Key Takeaways

  • Chase Savings and Chase Premier Savings both charge $5 monthly maintenance fees that waive at $500 minimum balance or with a linked Chase checking account.
  • Chase Sapphire Savings has no monthly maintenance fee but requires a $10,000 minimum balance to earn the advertised interest rate.
  • The fee applies every month you do not meet the waiver condition, so a $499 balance costs you $60 per year.
  • Linking a checking account to your savings account is the easiest way to waive the fee if you already bank with Chase.

Chase Savings and Chase Premier Savings: The $5 monthly fee

Both Chase Savings and Chase Premier Savings charge the same $5 monthly maintenance fee. The difference between the two accounts is the interest rate — Premier Savings pays a higher rate if you maintain a higher balance — but the fee structure is identical.

You avoid the $5 fee in two ways. The first is to keep at least $500 in the account at all times. The second is to have a Chase checking account linked to the savings account. If you meet either condition, the monthly fee does not post. If you meet neither, you pay $5 every month.

The $500 minimum is a daily balance requirement, which means the account must hold $500 or more on each day of the statement period. If your balance drops to $499 on any single day, the fee applies for that month. This matters if you are using the account for frequent deposits and withdrawals.

Chase Sapphire Savings: No monthly fee, but a higher balance requirement

Chase Sapphire Savings has no monthly maintenance fee at all. Instead, it uses a different structure: you must maintain a $10,000 minimum balance to earn the advertised interest rate. If your balance falls below $10,000, the interest rate drops to a much lower rate.

This account makes sense only if you can keep $10,000 or more in savings. If you cannot, you would be better off with Chase Savings or Premier Savings, where you can waive the fee with just $500 or a linked checking account. Sapphire Savings is designed for people who are already saving at that level and want a higher interest rate in exchange for the larger balance requirement.

How to waive the fee with a linked checking account

If you have a Chase checking account, linking it to your savings account is the simplest way to eliminate the $5 fee. You do not need to keep any minimum balance in the savings account or maintain any activity level. The link itself is what waives the fee.

You can set up the link when you open the savings account, or add it later through Chase's online banking or mobile app. Go to your savings account settings, look for the option to link accounts, and select your checking account. The waiver usually takes effect within one or two business days.

This option is useful if you already have a Chase checking account for direct deposit or everyday spending. The savings account becomes a place to set money aside without worrying about fees, as long as the checking account stays open.

Other fees you might encounter

Beyond the monthly maintenance fee, Chase charges fees for specific actions. An overdraft fee applies if your account goes negative, though this is rare with a savings account since you cannot write checks or use a debit card. A wire transfer fee of $15 applies if you send money out of the account by wire, and a returned deposit fee applies if a check or electronic deposit bounces.

Chase also charges fees if you exceed the number of withdrawals allowed per month. Federal rules once limited savings account withdrawals to six per month, but that rule was suspended. Chase's current policy varies by account type, so check your account agreement or call to confirm the withdrawal limit for your specific account.

ATM fees do not explore at Chase ATMs, but you may pay a fee if you use an out-of-network ATM. Chase reimburses some out-of-network ATM fees depending on your account type, so review your account details to see whether you have that benefit.

What happens if you do not waive the fee

If you keep a balance below $500 and do not link a checking account, the $5 fee posts every month. Over a year, that is $60 in fees. Over five years, it is $300. The fee compounds the problem because it reduces your balance, making it harder to reach the $500 threshold.

For example, if you keep $450 in the account and pay $5 monthly, your balance shrinks to $445 after the first month, then $440, and so on. Within 90 months, the account would be empty if you made no deposits. This is why the fee matters even if the dollar amount seems small.

Comparing Chase savings to other banks

Many online banks and credit unions offer savings accounts with no monthly maintenance fee and no minimum balance requirement. Banks like Ally, Marcus, and Discover have zero-fee savings accounts, though their interest rates vary. If you are paying the $5 Chase fee every month, moving to a no-fee account elsewhere could save you $60 per year.

The trade-off is convenience. If you already have a Chase checking account and use Chase branches or ATMs regularly, keeping your savings at Chase may be worth the fee. If you rarely visit a branch and do not need the Chase ATM network, a no-fee online bank might be a better fit financially.

Frequently Asked Questions

Can I waive the fee by setting up automatic deposits?

No. Chase does not waive the monthly maintenance fee based on deposit activity or frequency. The only ways to waive it are to maintain a $500 minimum balance or link a Chase checking account. Automatic deposits do not count toward either requirement.

What if my balance drops below $500 for one day?

The $5 fee applies for that month. The minimum balance is checked daily, so even a one-day dip below $500 triggers the fee. If you are close to the threshold, keep a small buffer to avoid accidentally falling short.

Does the fee explore if I close the account mid-month?

Chase typically charges the fee on the last day of the statement period. If you close the account before that date, you may avoid the fee for that month, but confirm with Chase before closing to be certain.

Can I move money from my checking account to savings to avoid the fee?

Yes, but only if you are trying to reach the $500 minimum balance. If you already have a linked checking account, the fee is waived regardless of the savings balance. If you do not have a linked checking account, you would need to keep $500 in the savings account itself, not just move money in temporarily.

Is the interest rate worth it even with the $5 fee?

That depends on the current rate and your balance. If you have $500 in the account and earn $1 in interest per year, the $5 monthly fee costs you more than you earn. Check Chase's current rates and calculate whether the interest covers the fee for your balance level.