Chase savings accounts have no opening deposit requirement

You can open a Chase savings account with zero dollars. Chase does not require you to put money in when you sign up — you can open the account empty and add funds later, or add them during the signup process if you prefer.

However, there are monthly fees you should know about. Chase charges a monthly maintenance fee on most savings accounts unless you meet certain conditions. The fee varies depending on which savings product you choose, and there are ways to avoid paying it.

Key Takeaways

  • Chase savings accounts require no money to open, but most charge a monthly maintenance fee unless you keep a minimum balance or set up direct deposit.
  • The monthly fee is typically $5 to $25 depending on the account type, but you can waive it by maintaining a balance of $300 to $500 or more.
  • You can open an account online, on the Chase mobile app, or in person at a branch with just an ID and Social Security number.
  • If you already have a Chase checking account, opening a savings account takes about five minutes online.

Monthly fees and how to avoid them

Chase's most common savings product is the Chase Savings Account, which carries a $5 monthly maintenance fee. You can waive this fee by keeping a minimum balance of $300 in the account, or by setting up a direct deposit of any amount to the account.

Chase also offers the Chase Premier Savings Account, which has a higher monthly fee — typically $25 — but is designed for customers who want additional benefits like higher interest rates on larger balances. This fee is waived if you maintain a minimum balance of $500,000 or more, which is why most people use the regular savings account instead.

The easiest way to avoid fees is to keep at least $300 in the account at all times. You do not have to earn interest on that money or use the account actively — it just needs to stay there. If you receive a paycheck through direct deposit, that also waives the fee regardless of balance.

What you need to open an account

To open a Chase savings account, you will need a valid government-issued ID (a driver's license, passport, or state ID card), your Social Security number, and a way to verify your identity. Chase will ask for your address and phone number as well.

If you are opening the account online or through the app, you can complete the whole process in about five minutes. If you open in person at a branch, bring your ID and be prepared to answer questions about your employment and income — this is a standard anti-fraud check, not a judgment about whether you can have the account.

If you already have a Chase checking account, opening a savings account is faster because Chase already has your information on file. You can link the two accounts so money moves easily between them.

Minimum balance requirements

Chase does not require you to keep a specific amount in a savings account to open it. However, the $5 monthly fee applies unless you maintain a $300 minimum balance or set up direct deposit.

The $300 minimum is a balance requirement, not a deposit requirement — meaning you need to have $300 in the account on the day the fee would normally be charged (usually the last day of the month). If your balance drops below $300 for a few days in the middle of the month, that is fine. If it is below $300 on the fee date, you will be charged.

If you cannot maintain $300, direct deposit is the other path. Any amount of direct deposit — even $1 per paycheck — waives the monthly fee.

Interest rates and what you earn

Chase savings accounts earn interest, but the rate is typically lower than what you would find at online banks or credit unions. Chase changes its rates based on the federal interest rate environment, so the amount you earn fluctuates.

You can check the current rate on Chase's website or by calling their customer service line. The interest is calculated daily and added to your account monthly, so your balance grows slightly each month even if you do not deposit more money.

If you are saving for a specific goal and want to earn more interest, you might also look into Chase's Certificate of Deposit (CD) products, which lock your money away for a set time period in exchange for a higher rate. But for a regular savings account where you want access to your money anytime, the standard Chase Savings Account is the most common choice.

Opening the account online versus in person

You can open a Chase savings account entirely online through their website or mobile app without visiting a branch. The online process takes about five minutes if you already have a Chase checking account, or up to 15 minutes if you are a new customer to Chase.

Opening in person at a Chase branch takes longer — usually 20 to 30 minutes — because a banker will walk you through the process and answer questions. Some people prefer this if they want to ask about other products or if they are not comfortable with online banking.

If you open online, you can start using the account when ready for transfers and deposits. If you open in person, you may be able to deposit cash right away, which is useful if you want to fund the account on the same day.

What happens after you open the account

Once your account is open, you can deposit money by transferring it from another bank account, setting up direct deposit from your employer, or depositing cash or checks at a Chase branch or ATM. You can also receive money from other people through Chase's digital payment tools.

Your debit card will not work with a savings account — savings accounts do not come with debit cards. You can only move money out by transferring it to another account, writing a check (if you set that up), or withdrawing cash at a branch or ATM.

Chase will send you a monthly statement showing your deposits, withdrawals, interest earned, and any fees. You can view this online anytime through your account dashboard.

Frequently Asked Questions

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

No. You can open a savings account as your first Chase product. However, if you already have a Chase checking account, the process is faster because your information is already in their system.

Can I open an account if I do not have a Social Security number?

Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, you may not be able to open a Chase account, but you can contact a branch to ask about alternatives.

What if I cannot keep $300 in the account?

Set up direct deposit instead. Any amount of direct deposit from your employer waives the $5 monthly fee, even if your balance stays below $300. If you do not have direct deposit, you will need to keep the $300 minimum or pay the fee each month.

Can I open a savings account for someone else, like a child?

Chase offers accounts for minors, but a parent or guardian must open and manage the account until the child reaches the age of majority (usually 18). Visit a branch to discuss options, as the process differs from opening an adult account.

How long does it take to receive my debit card for the savings account?

Savings accounts do not come with debit cards. You can only access your money by transferring it to another account, withdrawing at a branch or ATM, or using checks if you set that up. If you need a debit card, you would need a checking account instead.