Chase savings accounts have no opening deposit requirement

You can open a Chase savings account with $0. Chase does not charge an account opening fee, and you do not need to deposit money upfront to create the account. You can fund it later, or not at all if you only want to set up the account structure.

However, there are monthly maintenance fees and other costs that explore once the account is open. These fees depend on which type of Chase savings account you choose and whether you meet certain conditions to waive them.

Key Takeaways

  • Chase savings accounts require no money to open and charge no opening fee.
  • Most Chase savings accounts charge a $5 monthly maintenance fee unless you maintain a minimum balance or meet other waiver conditions.
  • The Chase Premier Savings account charges $25 per month unless you keep $75,000 or more in the account.
  • You can avoid monthly fees by linking a Chase checking account, setting up direct deposit, or maintaining the required minimum balance for your account type.
  • Interest rates on Chase savings accounts are typically lower than rates at online banks, so compare before deciding where to keep your money.

Monthly maintenance fees for standard Chase savings accounts

Chase charges a $5 monthly maintenance fee on most of its savings accounts. This fee applies to the Chase Savings Account and the Chase Premier Savings Account unless you meet conditions to waive it.

For the standard Chase Savings Account, you can waive the $5 fee in three ways: maintain a minimum daily balance of $300, set up a direct deposit of any amount, or link a Chase checking account to the savings account. If you do none of these, the fee comes out of your account each month.

The Chase Premier Savings Account is designed for customers with larger balances. It charges $25 per month unless you keep a minimum daily balance of $75,000 in the account. This account also offers a higher interest rate than the standard savings account, but only if you meet the balance requirement.

How to avoid paying monthly fees

The easiest way to avoid fees is to link your Chase savings account to a Chase checking account. If you already have a Chase checking account, this takes a few minutes online or at a branch, and the fee waiver is automatic.

If you do not have a Chase checking account, setting up direct deposit to your savings account also waives the fee. Direct deposit means your employer or another source (like Social Security or a pension) deposits money directly into the account. You do not need a large deposit—any amount counts.

Keeping the minimum balance is the third option, but it is the least practical for most people. A $300 minimum for the standard account is manageable, but it means you cannot let your balance drop below that amount without paying the fee. The $75,000 minimum for the Premier account is out of reach for most savers.

Interest rates and how they compare

Chase savings accounts earn interest, but the rates are typically much lower than what online banks offer. As of early 2024, Chase savings accounts earn less than 0.5% annual percentage yield (APY) on most balances, while online banks often offer 4% to 5% APY on savings accounts.

The difference matters if you are saving a larger amount. On $10,000, the difference between 0.4% at Chase and 4.5% at an online bank means you earn roughly $400 more per year at the online bank. Over five years, that gap grows significantly.

Chase accounts make sense if you value the convenience of a physical branch, already bank with Chase, or want to keep all your accounts in one place. If your main goal is to earn the highest interest on your savings, an online bank will serve you better.

Opening an account online or at a branch

You can open a Chase savings account online through the Chase website or mobile app, or in person at any Chase branch. Online opening takes about 10 minutes and requires a valid government ID, your Social Security number, and a current address.

If you open online, you will need to fund the account within a set timeframe (usually 10 days) to complete the process, though you can fund it with as little as $1. If you open at a branch, a banker can answer questions about fee waivers and help you set up direct deposit or account linking on the spot.

You will receive a debit card in the mail within 7 to 10 business days. Until it arrives, you can transfer money between accounts online or withdraw cash at a Chase ATM using your online banking credentials.

What happens if you do not meet fee waiver conditions

If you do not maintain the minimum balance, set up direct deposit, or link a checking account, the $5 monthly fee will be deducted from your savings account balance automatically. Over a year, that is $60 in fees.

You can close the account at any time without penalty. If you close within 90 days of opening, Chase will not charge the monthly fee for that period. After 90 days, you are responsible for any fees that have already been charged.

If your balance drops below zero because of fees, Chase may charge overdraft fees or close the account. It is worth setting up one of the fee waiver conditions before opening the account to avoid this situation.

Frequently Asked Questions

Can I open a Chase savings account with no money?

Yes. You can open the account with $0 and fund it later. However, if you do not meet a fee waiver condition (direct deposit, linked checking account, or $300 minimum balance), you will be charged a $5 monthly fee even if the account is empty.

What is the difference between Chase Savings and Chase Premier Savings?

The main difference is the monthly fee ($5 vs. $25) and the minimum balance required to waive it ($300 vs. $75,000). The Premier account also offers a slightly higher interest rate, but only if you maintain the $75,000 balance. For most people, the standard savings account is the better choice.

Do I need a Chase checking account to open a savings account?

No. You can open a savings account without a checking account. However, linking a checking account is the easiest way to waive the monthly fee. If you do not have a Chase checking account, you can waive the fee by setting up direct deposit or maintaining a $300 balance instead.

How long does it take to open a Chase savings account?

Online opening takes about 10 minutes. You will need to verify your identity and provide basic information. In-person opening at a branch takes 15 to 20 minutes. Your debit card arrives in 7 to 10 business days, but you can use the account when ready online.

What if I close my account within the first month?

If you close within 90 days of opening, Chase will not charge the monthly maintenance fee for that period. After 90 days, you are responsible for any fees already charged to the account. There is no early closure fee or penalty.