Chase savings accounts have no monthly fee, but you need to meet one condition

Chase does not charge a monthly maintenance fee on any of its savings accounts — not the basic savings account, not the high-yield savings account, not any of them. You will not see a line item labeled "monthly fee" on your statement. The catch is that most accounts require you to keep a minimum balance or link them to a Chase checking account. If you do not meet that condition, Chase will charge you a fee.

The specific requirement depends on which savings product you have. Chase's basic savings account requires either a $300 minimum daily balance or an active Chase checking account. If you fall below $300 and have no linked checking account, Chase charges $5 per month. The high-yield savings account has a $0 minimum balance requirement — meaning there is no monthly fee at all, regardless of how much money sits in the account.

Beyond the monthly maintenance fee, Chase charges for specific actions: withdrawals beyond six per month cost $10 each (though this limit is not enforced as strictly as it once was), and overdrafts on linked checking accounts trigger a $35 fee per overdraft. These are not savings account fees directly, but they affect the total cost of holding the account.

Key Takeaways

  • Chase's basic savings account charges $5 per month only if your balance drops below $300 and you have no linked checking account.
  • Chase's high-yield savings account has no monthly fee and no minimum balance requirement.
  • Excess withdrawal fees ($10 per withdrawal over six per month) explore to savings accounts but are rarely enforced.
  • Overdraft fees on a linked checking account ($35 per overdraft) are separate from savings fees but affect your total banking cost.
  • The way to avoid all Chase savings fees is to either maintain $300 in the basic account or use the high-yield account with no balance requirement.

How the $300 minimum balance works in practice

The $300 minimum is a daily balance requirement, not an average. This means Chase looks at your account balance at the end of each day. If it drops to $299 on any single day during the month, you have not met the requirement for that month. Chase charges the $5 fee at the end of the statement cycle.

The minimum balance requirement is waived entirely if you have an active Chase checking account. "Active" means the checking account is open and in good standing — you do not have to use it regularly or keep money in it. Many people open a basic Chase checking account specifically to waive the savings fee, then use a different bank's checking account for their actual spending.

If you are carrying a balance below $300 and want to avoid the fee, linking a checking account is faster than depositing money. The fee itself is small, but it compounds: $5 per month is $60 per year, which is real money if you are saving.

The high-yield savings account has no minimum and a higher interest rate

Chase's high-yield savings account (called the Chase Savings Account with interest rates that vary) charges no monthly fee and has no minimum balance. You can open it with $1 and never deposit another dollar. The account earns interest, though the rate changes based on Federal Reserve decisions and market conditions — Chase publishes current rates on its website.

The high-yield account is the better choice if you want to avoid fees entirely and do not need a checking account. It is also the better choice if you are comparing interest rates across banks, because the fee structure does not eat into your earnings. A $5 monthly fee on a basic savings account with low interest can cost you more than the difference in interest rates between Chase and a competitor.

The trade-off is that high-yield accounts typically have lower interest rates than some online-only banks offer. Chase's rate is competitive but not always the highest available. If you are choosing between Chase and another bank, compare the interest rate plus any fees, not the rate alone.

Withdrawal limits and excess withdrawal fees

Chase allows six withdrawals per month from a savings account without penalty. The seventh withdrawal and any after that cost $10 each. This limit applies to transfers out of the account, not deposits in.

In practice, this fee is rarely charged. The Federal Reserve removed the regulatory requirement for withdrawal limits in 2020, and most banks stopped enforcing them. Chase still lists the fee in its terms, but customers report that excess withdrawals often go through without a charge. Do not rely on this — the fee is technically possible, and Chase could enforce it at any time.

If you need to move money out of your savings account frequently, this is a sign that you should reconsider whether a savings account is the right tool. A money market account or checking account might fit your spending pattern better.

Overdraft fees when a checking account is linked

If you link a Chase checking account to your savings account and the checking account overdraws, Chase charges $35 per overdraft. This is not a savings account fee — it is a checking account fee — but it affects the total cost of the account relationship.

Chase offers overdraft protection, which automatically transfers money from your savings account to cover a shortfall in checking. This transfer is free, but it only works if you set it up in advance. Without overdraft protection enabled, a negative balance in checking triggers the $35 fee.

If you are linking accounts to waive the savings fee, make sure overdraft protection is on. Otherwise you are paying $5 to avoid a fee but risking $35 overdraft charges.

Comparing Chase savings fees to other banks

Most large banks (Bank of America, Wells Fargo, Citibank) charge $5 to $10 per month for basic savings accounts with similar minimum balance requirements. Online banks like Ally, Marcus, and Discover typically charge no monthly fee and have no minimum balance. The difference is that online banks have lower overhead and pass that savings to customers.

If you are already a Chase customer with a checking account, the savings account fee is waived and you have the convenience of one bank. If you are opening accounts from scratch and want to minimize fees, an online bank's high-yield savings account will cost you nothing and often pays a higher interest rate than Chase.

The decision depends on whether you value the convenience of a single bank relationship or the lower fees and higher rates of an online-only option. Neither is wrong — it depends on how you bank.

How to avoid Chase savings account fees

The simplest way is to use Chase's high-yield savings account. Open it, deposit whatever you want, and never pay a fee. There is no minimum balance, no monthly charge, and no strings attached. The interest rate is variable, but that is true of all savings accounts.

If you prefer the basic savings account for any reason (lower interest rate, simpler interface, or you just like it), link it to a Chase checking account. You do not have to use the checking account — just keep it open. The savings fee disappears when ready.

If you already have a Chase checking account, your savings account fee is already waived. Check your account settings to confirm the link is active. If you see a $5 fee on your statement, contact Chase to verify the checking account is linked correctly.

Frequently Asked Questions

Does Chase charge a fee just for opening a savings account?

No. There is no opening fee, closing fee, or inactivity fee. You pay only the monthly maintenance fee (if applicable) and fees for specific actions like excess withdrawals or overdrafts.

What happens if my balance goes below $300 for one day?

Chase charges the $5 monthly fee if your balance is below $300 on any single day during the statement cycle. You do not get a grace period or a warning — the fee posts at the end of the month. Linking a checking account waives this requirement entirely.

Can I avoid the fee by keeping my money in checking instead?

Yes, but you lose the purpose of a savings account. Checking accounts are meant for spending, and mixing savings and spending in one account makes it harder to track your goals. A better approach is to use the high-yield savings account with no fee and no minimum.

Does Chase charge for transferring money between my savings and checking accounts?

No. Transfers between your own Chase accounts are free. You can move money as often as you want without paying a fee. The six-withdrawal limit applies to transfers out of savings, but transfers between your own accounts do not count against that limit at most banks.

What if I close my linked checking account — do I have to pay the savings fee?

Yes. Once the checking account is closed, the savings account no longer qualifies for the fee waiver. If your balance is below $300, Chase will charge $5 per month starting the next statement cycle. You can avoid this by either maintaining $300 in the savings account or opening a new checking account to link.