Chase savings accounts have no opening deposit requirement

You can open a Chase savings account with zero dollars. Chase does not require a minimum deposit to start the account — you open it empty and add money when you choose to.

What matters instead is what happens after you open it. Chase charges a monthly maintenance fee on most savings accounts unless you meet one of their conditions to waive it. The fee is $5 per month on their standard savings product, though the exact amount and the ways to avoid it depend on which Chase savings account you pick.

The real cost question is not "how much to open" but "what will I pay each month if I don't meet their fee waiver." That is where the numbers matter.

Key Takeaways

  • Chase savings accounts require no money to open, but most charge a $5 monthly maintenance fee unless you meet a waiver condition.
  • The most common way to waive the fee is to keep a minimum balance — usually $300 to $500 depending on the account type — in the savings account itself.
  • You can also waive fees by setting up a direct deposit into any Chase account or by maintaining a linked Chase checking account with a may have access to balance.
  • Chase offers different savings products (standard savings, money market accounts, CDs) with different fee structures and interest rates.
  • If you do not meet a waiver condition, the $5 monthly fee will reduce your balance by $60 per year.

The three ways to avoid paying the monthly fee

Chase gives you three paths to waive the $5 monthly maintenance fee on their standard savings account. You only need to meet one of them.

The first is to keep a minimum balance in the savings account itself. For Chase Savings, that minimum is $300. If your balance stays at $300 or above on any day of the month, the fee does not post. If it drops below $300 even once, you pay the $5 fee that month.

The second is to have a direct deposit of any amount hit any Chase account you own — checking or savings — during the month. A direct deposit from your employer, a government benefit, or a regular transfer from another bank counts. One direct deposit per month waives the fee for that month.

The third is to link the savings account to a Chase checking account that meets Chase's requirements. If your linked checking account maintains a $500 minimum balance, the savings account fee is waived. Some Chase checking products have different minimums, so the requirement can vary.

What changes if you pick a different Chase savings product

Chase offers more than one savings account. Their standard savings account charges $5 monthly, but they also offer money market accounts and certificates of deposit (CDs), each with different fees and rules.

Chase Money Market Account charges $25 per month unless you keep a $2,500 minimum balance in the account or meet other conditions like a direct deposit. The higher fee reflects the higher balance requirement — it is designed for people moving larger sums.

Chase CDs have no monthly maintenance fee at all. Instead, you commit your money for a set term (3 months, 6 months, 1 year, 2 years, 3 years, or 5 years) and receive an interest rate locked in for that period. You pay no fee, but you also cannot withdraw the money without a penalty if you need it before the term ends.

If you already have a Chase checking account, ask whether your checking product qualifies to waive savings fees. Some checking accounts waive fees on linked savings accounts automatically; others do not.

How to open an account online or in a branch

You can open a Chase savings account through their website, their mobile app, or by walking into a branch. Online takes 10 to 15 minutes. In a branch, a banker can walk you through it and answer questions in real time.

To open online, you will need your Social Security number, a government ID, your current address, and a way to fund the account (a debit card or bank account number). Chase will verify your identity and run a background check through ChexSystems, a banking history database. Most people are approved when ready; some take a day or two if the check needs review.

You do not have to fund the account on the day you open it. You can open it empty and transfer money in later. If you do fund it when ready, you can use a debit card, a linked bank account, or a wire transfer.

What to know about interest rates and account features

Chase savings accounts earn interest, but the rate changes based on what the Federal Reserve does with interest rates. Chase publishes their current rates on their website, and the rate you receive depends on the account type and the balance tier.

Rates on Chase savings accounts are typically lower than rates at online banks or credit unions, because Chase is a large national bank with physical branches. You pay for the convenience of walking into a location and talking to a person. If you want the highest interest rate possible, a savings account at an online bank usually pays more.

All Chase savings accounts come with online access, a debit card (on some products), and the ability to transfer money to other accounts. You can make up to six transfers or withdrawals per month from a savings account before federal rules charge you a fee — that limit applies across all banks, not just Chase.

Comparing Chase savings to other banks

Chase's $5 monthly fee is standard for large national banks. Bank of America, Wells Fargo, and Citibank charge similar amounts on their savings accounts. Credit unions often charge less or nothing, and online banks like Ally, Marcus, and Discover typically charge no monthly fee at all.

The trade-off is access. Chase has thousands of branches and ATMs nationwide. If you need to deposit cash, withdraw cash, or talk to someone in person, Chase's network is valuable. Online banks have no branches — you deposit checks by phone camera and withdraw at any ATM that accepts their network.

If you already bank with Chase for checking, opening a savings account there is straightforward because you can link them and potentially waive fees. If you are starting from scratch and want to minimize fees, an online bank with no monthly charge and a higher interest rate might save you money over time.

Frequently Asked Questions

Can I open a Chase savings account with no money at all?

Yes. Chase does not require a deposit to open. You can open the account empty and add money whenever you want. However, if you do not meet one of the fee waiver conditions, you will pay $5 per month even if the balance is zero.

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

You will pay the $5 monthly maintenance fee. The minimum balance rule is based on any day of the month — if your balance dips below $300 even once, the fee posts. You need to keep it at $300 or above every single day to avoid the charge.

Does a transfer from another bank count as a direct deposit?

No. A direct deposit must come from an employer, a government agency, or another source that sends money automatically on a schedule. A one-time transfer you initiate yourself does not count. Set up payroll direct deposit or a recurring transfer from another bank to waive the fee this way.

Can I move money between my Chase checking and savings without hitting the six-transfer limit?

Transfers between your own Chase accounts do not count toward the federal six-transfer limit on savings accounts. You can move money between your Chase checking and savings as often as you want without penalty.

What is the difference between a Chase savings account and a money market account?

A money market account charges $25 per month instead of $5, requires a $2,500 minimum balance to waive it, and usually pays a slightly higher interest rate. It is designed for larger balances. A standard savings account is simpler and cheaper if you have less money to save.