Opening a Chase savings account costs nothing upfront

Chase does not charge a fee to open a savings account. You can walk into a branch, call their phone line, or open one online without paying an opening fee. The account itself is free to start.

What matters is what happens after you open it. Chase charges a monthly fee on some savings accounts if you don't meet certain conditions. Understanding those conditions before you open the account means you can avoid the fee entirely, or know exactly what to expect.

Key Takeaways

  • Chase charges no fee to open a savings account, but some accounts have a monthly maintenance fee if you don't meet their requirements.
  • The Chase Savings Account charges $5 per month unless you keep a minimum balance of $300 or set up direct deposit.
  • The Chase Premier Savings Account charges $25 per month unless you keep $10,000 or more in the account.
  • You can avoid monthly fees by meeting the balance or direct deposit requirement, or by choosing an account with no monthly fee.
  • Opening online takes about 10 minutes and requires a Social Security number, government ID, and current address.

The monthly fee on Chase's basic savings account

Chase's standard savings account is called the Chase Savings Account. It has a $5 monthly maintenance fee, but you can avoid it in two ways: keep at least $300 in the account at all times, or set up direct deposit from your paycheck or another income source.

Direct deposit is the easier route for most people. If your employer or benefits program deposits money into your Chase account automatically, the $5 fee disappears. You don't need to keep any particular balance. If you don't have direct deposit, you need to maintain that $300 minimum.

The $300 minimum is the lowest threshold Chase offers. It's not a large amount, but it does mean you can't let the account drop below that level without paying the fee that month.

The higher-tier account and its requirements

Chase also offers the Chase Premier Savings Account, which is designed for people with larger balances. This account charges a $25 monthly maintenance fee unless you keep $10,000 or more in it at all times.

This account is not worth opening unless you already have $10,000 to deposit. The fee is five times higher than the basic account, and the only benefit is a slightly higher interest rate on your balance. For most people starting out, the basic Chase Savings Account is the right choice.

Interest rates and how they affect your money

Both accounts earn interest on the money you keep in them. Interest is money the bank pays you for letting them use your deposit. The rate changes based on what the Federal Reserve does with interest rates nationwide, so Chase's rate today may be different next month.

The interest rate on savings accounts at Chase is typically lower than what you can find at online banks or credit unions. If earning the most interest possible matters to you, compare Chase's current rate to other banks before you decide. The monthly fee is more important to avoid than chasing a slightly higher interest rate elsewhere.

How to open an account without visiting a branch

You can open a Chase savings account online in about 10 minutes. You'll need your Social Security number, a government-issued ID (driver's license or passport), your current address, and a way to fund the account—either a debit card, another bank account, or a wire transfer.

Chase will ask you to choose a username and password, set up a PIN for ATM use, and confirm your contact information. Once you submit, the account usually opens when ready, though it can take a few business days for transfers to process.

If you prefer to open in person, bring the same documents to any Chase branch. A banker will walk you through the process and can answer questions about which account type fits your situation.

What happens if you can't meet the minimum balance

If you open the basic Chase Savings Account but can't keep $300 in it and don't have direct deposit, you'll pay $5 each month the balance falls below that threshold. Over a year, that's $60 in fees.

Before you open with Chase, think about whether you can realistically keep $300 there or set up direct deposit. If neither is possible, look for a savings account with no monthly fee. Many online banks and credit unions offer accounts with zero fees and no minimum balance requirement.

Other costs to know about

The monthly maintenance fee is the main cost, but Chase charges other fees in specific situations. If you overdraw your account (spend more than you have), Chase charges an overdraft fee. If you need to close the account within 90 days of opening, Chase charges a $25 early closure fee.

These fees only explore if those situations happen. The overdraft fee is avoidable by monitoring your balance, and the early closure fee is avoidable by keeping the account open for at least 90 days. Neither is a cost you have to pay just for having the account.

Frequently Asked Questions

Can I open a Chase savings account if I don't have a Social Security number?

Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you don't have either, you cannot open a savings account with Chase. Some credit unions and smaller banks have different requirements—contact them directly to ask.

What if I set up direct deposit but then lose my job?

Once direct deposit stops, the $5 monthly fee returns unless you keep the $300 minimum balance. You don't have to tell Chase anything—they'll straightforward start charging the fee the first month no deposit arrives. Keep the $300 in the account to avoid the fee while you look for new work.

Is the interest rate the same on both savings accounts?

The Premier Savings Account earns a slightly higher interest rate than the basic account, but the difference is usually less than $1 per month on most balances. The $25 monthly fee makes it a bad deal unless you have at least $10,000 to deposit.

Can I move money between my Chase checking and savings accounts without a fee?

Yes. Transfers between your own Chase accounts are free and when ready online or through the app. You can move money as many times as you want without being charged.

What if I want to close the account after opening it?

You can close the account anytime after 90 days with no fee. If you close within 90 days, Chase charges a $25 early closure fee. Make sure the account is empty before you close it, or Chase will mail any remaining balance to you.