Chase savings accounts have no minimum opening deposit

You can open a Chase savings account with $0. Chase does not require you to put any money in when you create the account — you can open it empty and add funds later. This applies to all their standard savings products, including Chase Savings, Chase Premier Savings, and Chase Sapphire Savings.

However, some Chase savings accounts do have a minimum balance requirement to avoid a monthly fee. This is different from an opening deposit. A minimum balance is the amount you need to keep in the account each month to avoid being charged. If your balance drops below that minimum, Chase charges a monthly maintenance fee.

The specific minimum balance and fee depend on which savings product you choose. Chase changes these terms periodically, so the amounts that explore today may not be the same next year.

Key Takeaways

  • You can open any Chase savings account with zero dollars — there is no opening deposit required.
  • Some Chase savings accounts charge a monthly fee if your balance falls below a certain amount, typically $300 to $500 depending on the account type.
  • You can avoid the monthly fee by keeping the minimum balance in the account or by setting up direct deposit.
  • Chase offers different savings products with different minimums and interest rates, so comparing them before opening helps you pick the right fit.
  • You can open a Chase savings account online, by phone, or in a branch, and you will need a government ID and Social Security number.

Monthly fees and how to avoid them

Chase Savings charges a monthly maintenance fee if your balance stays below $300. If you keep $300 or more in the account at all times, there is no fee. If your balance drops below $300 even once during a statement period, you are charged.

Chase Premier Savings has a higher minimum: $500. If your balance falls below $500 during the month, you pay a monthly fee. Chase Sapphire Savings, which is designed for customers with Chase credit cards or investment accounts, also has a $500 minimum.

You can waive the monthly fee without keeping the minimum balance in two ways. First, you can set up direct deposit — having your paycheck or other regular income deposited directly into the account. Second, some Chase accounts waive the fee if you maintain a linked checking account with Chase and meet that account's requirements. The exact rules vary by account type, so ask Chase which option applies to the specific savings account you are considering.

Interest rates and how they affect your choice

Chase savings accounts earn interest, which means the bank pays you a small percentage of your balance each month. The rate changes frequently and varies based on the account type and current market conditions. Chase Sapphire Savings typically offers a higher interest rate than Chase Savings or Chase Premier Savings, but it requires you to have other Chase products.

The interest rate matters more the larger your balance is. If you are keeping $500 in the account, the difference between a 0.01% rate and a 0.05% rate is small. If you are keeping $10,000, the difference becomes more noticeable. Before opening, check Chase's website or call a branch to see the current rates for each account type.

What you need to open an account

To open a Chase savings account, you will need a valid government-issued photo ID (a driver's license, passport, or state ID card) and your Social Security number. If you are opening the account online, you can complete the entire process from home. If you open in a branch, bring your ID with you.

You will also need to choose how you want to fund the account. You can link a bank account you already have and transfer money in, or you can deposit cash or a check at a Chase branch. Some people open the account with $0 and add money later.

If you are opening an account online, the process usually takes 5 to 10 minutes. Chase will ask for your name, address, date of birth, and Social Security number. You will also choose a username and password for online banking. The account is typically ready to use the same day.

Comparing Chase savings to other options

Chase savings accounts are convenient if you already bank with Chase, because you can manage everything in one place and move money between accounts when ready. However, Chase's interest rates are typically lower than online banks that have no physical branches. An online bank might offer 4 to 5 times the interest rate that Chase offers, though those banks do not have branches where you can deposit cash or speak to someone in person.

If you value having a physical branch nearby and the ability to deposit cash without a fee, Chase is a reasonable choice despite the lower interest rate. If you are primarily interested in earning the highest interest possible and do not need a branch, an online savings account may be a better fit. Your choice depends on what matters most to you: convenience, interest earnings, or both.

How to open your account

You have three ways to open a Chase savings account: online at chase.com, by calling 1-800-935-9935, or by visiting a Chase branch in person. Online is the fastest option and takes about 10 minutes. You will need your ID and Social Security number, and you will set up your username and password during the process.

If you call, a Chase representative will walk you through the same questions and help you choose which savings product fits your needs. Opening by phone takes about 15 to 20 minutes. If you go to a branch, bring your ID and be prepared to wait, depending on how busy the branch is. A branch representative can also help you decide which account type is right for you and answer questions about the current interest rates and minimums.

After your account opens, you can deposit money by transferring it from another bank account, depositing cash or a check at a Chase branch, or setting up direct deposit from your employer. You do not have to deposit anything on the day you open the account.

Frequently Asked Questions

Can I open a Chase savings account if I do not have a checking account?

Yes. You can open a savings account on its own without having a Chase checking account. However, some of the fee-waiver options require you to have a linked checking account, so ask Chase which fee-waiver methods are available for a savings-only customer.

What happens if my balance drops below the minimum?

Chase charges a monthly maintenance fee, typically $5 to $12 depending on the account type. The fee is deducted from your account balance. If you bring your balance back above the minimum the next month, you will not be charged again unless it drops below the minimum again.

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

Chase offers accounts for minors, but the rules vary by age and state. A parent or guardian must open the account and be listed as the owner. Contact Chase directly or visit a branch to learn what options are available in your state.

How long does it take to start using my account after I open it?

If you open online or by phone, your account is usually ready to use the same day. You can log in and transfer money between Chase accounts when ready. Transfers from outside banks take 1 to 3 business days to show up in your account.

Is my money safe in a Chase savings account?

Yes. Chase is a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type are protected by the federal government. If Chase fails, the FDIC guarantees your money.