Chase savings accounts have no monthly fee, but the interest rate depends on which account you choose

Chase offers several savings accounts, and none of them charge a monthly maintenance fee. The main cost difference is not in fees — it is in how much interest the bank pays you on the money you keep there. A regular Chase Savings account pays a lower interest rate than a Chase Premier Savings account, which pays less than a Chase Sapphire Savings account. The account that makes sense for you depends on how much money you plan to keep in savings and what else you do with Chase.

Interest rates change frequently and vary based on the national economy, so the exact percentage your account earns will be different from what it was last month or will be next month. You can see the current rates on Chase's website, but the important thing to understand is that the difference between accounts is usually small — sometimes less than 0.1% per year. On $1,000, that might mean a difference of a dollar or two per year.

Key Takeaways

  • Chase savings accounts do not charge monthly fees, so the only cost difference is the interest rate the bank pays you.
  • Chase Sapphire Savings pays the highest interest rate but requires you to maintain a higher balance or have other Chase accounts.
  • Chase Premier Savings requires a higher opening balance than regular Chase Savings but pays more interest.
  • Interest rates change regularly and are set by Chase based on market conditions, so compare current rates before you open an account.

The three main Chase savings accounts and what they cost

Chase Savings is the basic option. It has no monthly fee, no minimum balance requirement to open it, and no minimum balance to keep it open. You can start with any amount. The interest rate is the lowest of the three Chase savings options.

Chase Premier Savings requires you to open it with at least $25,000, though some branches may have different minimums. It also has no monthly fee. The interest rate is higher than Chase Savings. If your balance drops below $25,000, you do not lose the account or face a penalty — the rate straightforward stays the same as it would for a regular Chase Savings account until you bring the balance back up.

Chase Sapphire Savings requires you to open it with at least $25,000 and maintain that balance to earn the highest interest rate. This account also has no monthly fee. If your balance drops below $25,000, the interest rate drops to match Chase Premier Savings. You must also have a Chase Sapphire Checking account or be a Chase Private Client to open this account.

What "interest rate" means and why it matters

When a bank pays you interest, it is paying you a small percentage of the money you keep there. If you have $10,000 in a savings account earning 4% per year, the bank pays you roughly $400 that year (the exact amount depends on how the bank calculates it). That money is added to your account, so next year you earn interest on $10,400.

The interest rate Chase pays changes based on what the Federal Reserve does with interest rates across the whole economy. When the Fed raises rates, banks usually raise the rates they pay on savings accounts. When the Fed lowers rates, banks lower what they pay you. This means the rate you see today will not be the rate you see in six months.

The difference between a 4% rate and a 4.5% rate does not sound like much, but on $25,000 it means $250 more per year. On $100,000 it means $500 more per year. The higher your balance, the more the interest rate matters.

Fees you might pay beyond the monthly maintenance fee

Chase savings accounts do not charge a monthly fee, but you can face other charges. If you withdraw money more than six times in a calendar month, Chase charges $10 for each withdrawal over six. This rule applies to transfers out of the account as well as cash withdrawals at the teller or ATM.

If your account goes negative and you do not cover it quickly, Chase charges an overdraft fee. If you link your savings account to a checking account and overdraw the checking account, Chase may transfer money from savings to cover it — and charge you a fee for that transfer.

If you close the account within 90 days of opening it, Chase charges a $25 early closure fee. This is meant to discourage people from opening accounts just to take advantage of a promotional interest rate and then closing them.

How to compare Chase savings accounts to other banks

The interest rate is the main thing that differs between Chase savings accounts and savings accounts at other banks. Online banks like Ally, Marcus, and Discover often pay higher interest rates than Chase because they have lower costs — they do not operate physical branches. If you keep a large balance in savings, the difference in interest rate can add up to hundreds of dollars per year.

However, if you already have a Chase checking account or use Chase for other banking, keeping your savings at Chase means you can see all your accounts in one place and transfer money between them when ready. That convenience has a cost — you earn less interest — but for some people it is worth it.

Before you open any savings account, check the current interest rate on Chase's website and compare it to rates at other banks. The rate you see today is what matters for your decision, not what the rate was last year.

Minimum balance requirements and what happens if you fall below them

Chase Savings has no minimum balance to open or maintain. You can open it with $1 and keep it open with $1. Chase Premier Savings requires $25,000 to open, but if your balance drops below that, you keep the account — the interest rate just drops to the regular Chase Savings rate. Chase Sapphire Savings also requires $25,000 to open and maintain the higher rate, and the same rule applies if you fall below it.

This means you will not lose your account or face a penalty for having less money than the minimum. The account straightforward earns less interest. If you later deposit money and bring the balance back above $25,000, the higher interest rate returns.

How to open a Chase savings account

You can open a Chase savings account online, on the Chase mobile app, or at a Chase branch. Online and app openings are usually fastest — you can complete the process in a few minutes. You will need a valid government ID, your Social Security number, and an initial deposit (though some accounts let you open with $0 and deposit later).

If you open online or on the app, the money you deposit comes from a bank account you already have at another bank. Chase will ask you to verify that account by making a small deposit or confirming account details. Once verified, you can transfer money between your Chase account and that outside account whenever you want.

If you open at a branch, you can deposit cash or a check right away. A branch employee can also answer questions about which account type makes sense for your situation.

Frequently Asked Questions

Do I have to keep a certain amount of money in the account?

Chase Savings has no minimum balance. Chase Premier and Sapphire Savings require $25,000 to open, but if your balance drops below that, you keep the account — you just earn a lower interest rate. You will not be charged a fee or have the account closed.

Can I withdraw money whenever I want?

Yes, but there is a limit. You can make up to six withdrawals or transfers per month without a fee. The seventh and each one after costs $10. This includes ATM withdrawals, teller withdrawals, and transfers to other accounts.

What if I already have a Chase checking account?

You can link your savings account to your checking account and transfer money between them when ready online or on the app. You will see both accounts in one place, which makes managing your money easier. You still earn interest only on the money in savings, not on the money in checking.

Is my money safe in a Chase savings account?

Yes. Chase is a member of the FDIC, which means deposits up to $250,000 per account type are insured by the federal government. If Chase fails, you do not lose your money — the FDIC covers it.

Can I earn more interest somewhere else?

Often yes. Online banks and some credit unions pay higher interest rates on savings accounts than Chase does. The trade-off is that you cannot walk into a branch to deposit cash or speak to someone in person. Compare current rates at several banks before you decide.