Chase savings accounts have no minimum opening deposit

You can open a Chase savings account with any amount of money, including $0. Chase does not require you to deposit a specific sum to start the account — you can open it and add money later, or add money as you go.

What matters more than the opening deposit is what happens after. Chase savings accounts do charge a monthly fee in some cases, and that fee depends on your account type and balance. Understanding these fees is more important than understanding the opening deposit, because the fee is what actually costs you money over time.

Key Takeaways

  • Chase savings accounts require no minimum deposit to open, so you can start with $0 and add money whenever you can.
  • Some Chase savings accounts charge a monthly maintenance fee of around $5, though this fee is waived if you keep a certain balance or meet other conditions.
  • The specific fee and the balance needed to avoid it depend on which Chase savings product you choose.
  • You can open a Chase savings account online, by phone, or in person at a Chase branch.

Monthly fees and how to avoid them

Chase offers different savings account types, and each one has its own fee structure. The most common Chase savings account is the Chase Savings Bank account, which charges a monthly maintenance fee. However, you can avoid this fee by keeping a minimum balance in the account.

The balance needed to waive the fee changes over time and may vary by location, so the exact amount is worth confirming with Chase directly before you open the account. You can call Chase customer service, visit a branch, or check the current terms on Chase's website. If you cannot maintain the balance, you will pay the monthly fee — typically around $5 — but the account itself still costs nothing to open.

Chase also offers other savings products, such as high-yield savings accounts, which may have different fee structures. Some of these accounts have no monthly fee at all, regardless of balance. If avoiding fees is important to you, comparing the different account types before opening is worth your time.

What you need to bring to open an account

To open a Chase savings account, you will need a government-issued photo ID and proof of your current address. A driver's license or passport works for ID. For address proof, Chase accepts a recent utility bill, lease, or mortgage statement — something dated within the last 60 days.

You will also need to provide your Social Security number. This is standard for all U.S. bank accounts and is used to verify your identity and check your banking history.

If you open the account online or by phone, you can upload photos of these documents or provide the information verbally. If you open in person at a branch, bring the physical documents with you.

Opening the account online, by phone, or in person

Chase lets you open a savings account through three routes: on Chase.com, by calling Chase customer service, or by walking into a Chase branch. Each route takes roughly the same amount of time — usually 10 to 15 minutes — and results in the same account.

Opening online is fastest if you are comfortable uploading documents and answering questions on a screen. You will receive your account number when ready and can start using the account the same day. Opening by phone works well if you have questions and want to talk through the process. Opening in person is useful if you prefer to hand over documents directly or if you want to ask questions face-to-face.

Whichever route you choose, have your ID, address proof, and Social Security number ready before you start. The process moves faster when you have these details at hand.

What happens after you open the account

Once your account is open, Chase will send you a debit card in the mail within 7 to 10 business days. You can start depositing money before the card arrives — you can transfer funds from another bank account, deposit cash at a Chase ATM, or visit a branch to deposit a check.

Your account will be linked to online banking when ready, so you can check your balance, set up transfers, and manage the account from Chase.com or the Chase mobile app right away. If you opened the account with $0, your account will sit empty until you add money, and no fees will be charged until you have an active account with activity.

Comparing Chase savings to other banks

Chase is a large national bank with thousands of branches and ATMs, which makes it convenient if you like to deposit cash or speak to someone in person. However, Chase savings accounts typically offer lower interest rates than online-only banks. If you are saving money and want the interest rate to work harder for you, comparing Chase's rate to rates at other banks is worth doing.

Online banks often have no monthly fees and higher interest rates because they do not have the cost of running physical branches. Traditional banks like Chase charge lower interest but offer the convenience of in-person service. The right choice depends on whether you value convenience or interest rate more.

Frequently Asked Questions

Can I open a Chase savings 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 will not be able to open a standard Chase savings account. Some banks offer accounts for people without a Social Security number, but Chase's standard products do not.

What if I cannot keep the minimum balance to avoid the monthly fee?

You can still keep the account open and pay the monthly fee, or you can close the account and move your money elsewhere. Some people choose to keep a low-fee or no-fee account at a different bank for savings while using Chase for checking. There is no penalty for closing a Chase savings account.

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

The account opens when ready when you complete the process online or by phone, usually within 10 to 15 minutes. In person at a branch, it takes about the same time. You can use the account the same day, though your debit card will arrive by mail within a week or so.

Can I open a Chase savings account without a Chase checking account?

Yes. You do not need a checking account to open a savings account at Chase. The two accounts are separate, and you can have one without the other.

What is the interest rate on a Chase savings account?

Chase savings account interest rates change based on market conditions and the type of account you open. Check Chase.com or call customer service to see the current rate before you open the account, since the rate you see today may not be the rate you earn tomorrow.