Chase savings accounts have no minimum opening deposit
You can open a Chase savings account with any amount of money, including zero dollars. Chase does not require a minimum deposit to start the account — you can fund it later, or not at all. The account becomes active once you complete the process process online, by phone, or in a branch.
What matters more than the opening deposit is what happens after. Chase charges a monthly maintenance fee on most savings accounts unless you meet certain conditions. The fee is currently $5 per month, though this can change. You can avoid the fee by keeping a minimum balance, setting up direct deposit, or linking the account to a Chase checking account.
If you do not meet any of those conditions and do not want to pay the monthly fee, you have options: keep the account open with a zero balance and accept the fee, close the account, or move to a different savings product that has no monthly charge.
Key Takeaways
- Chase does not require any money to open a savings account — you can open one with zero dollars.
- Most Chase savings accounts charge a $5 monthly maintenance fee unless you maintain a minimum balance, set up direct deposit, or link to a Chase checking account.
- The minimum balance needed to waive the fee varies by account type and changes over time, so confirm the current requirement when you open.
- You can open an account online, by phone, or in a Chase branch, and you will need a Social Security number and valid ID.
What the monthly fee covers and how to avoid it
The $5 monthly maintenance fee is charged if your account does not meet any of Chase's waiver conditions. You can avoid it in three ways: keep a minimum balance (the amount varies by account), set up a direct deposit of any size, or link the account to an existing Chase checking account.
Direct deposit is the easiest route for most people because it has no balance requirement — even a small recurring deposit from an employer, government program, or other source counts. If you do not have direct deposit, maintaining the minimum balance is the next option. Ask Chase what the current minimum is when you open, because it can change and varies slightly by region.
If you do neither and do not link to a checking account, the $5 fee will be charged monthly. Over a year, that is $60. Some people keep accounts open anyway because they want the Chase relationship or plan to add money later. Others close the account and move the money elsewhere.
How to open an account and what you will need
You can open a Chase savings account in three ways: online at chase.com, by calling 1-800-935-9935, or by walking into a Chase branch. Online is fastest — the process takes about 10 minutes and you can fund the account when ready if you have a Chase checking account or a bank account at another institution.
You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial funding source if you want to deposit money right away. If you are opening online, you will also need an email address and a phone number. Chase will verify your identity and check your banking history through ChexSystems, which is a database banks use to assess risk.
If you open in a branch, bring the same documents and be ready to sign paperwork. If you open by phone, a representative will walk you through the same questions and can mail you a debit card or arrange for you to pick one up at a branch.
Interest rates and how your money grows
Chase savings accounts earn interest, but the rate is typically very low — often less than 0.01% annually. This means if you keep $1,000 in the account for a year, you might earn less than $1. The rate changes based on what the Federal Reserve does with interest rates, and Chase adjusts its rates independently.
You can check the current rate on Chase's website or by calling. The rate you see is the same for all customers — Chase does not offer higher rates for larger balances. If you are saving money and want it to grow faster, a high-yield savings account at another bank or credit union will pay significantly more, sometimes 4% or higher depending on the market.
Interest is deposited into your account monthly and is taxable income. Chase will send you a 1099-INT form at the end of the year if you earned $10 or more in interest.
Limits on how often you can withdraw money
Federal law allows you to withdraw money from a savings account as often as you want, with no limit. Chase does not impose additional restrictions. You can withdraw in person at a branch, at an ATM using your debit card, by transferring money to another account online, or by calling customer service to request a withdrawal.
The only practical limit is how quickly the money moves. ATM withdrawals are when ready. Transfers to another bank account at Chase are when ready. Transfers to accounts at other banks typically take one to two business days. If you need cash right away, an ATM or branch withdrawal is your fastest option.
If you withdraw money frequently, keep in mind that you are moving money out of the account, which could drop your balance below the minimum needed to waive the monthly fee. Plan your withdrawals accordingly.
Types of Chase savings accounts and which one to choose
Chase offers two main savings products: the regular Chase Savings Account and the Chase Savings Account with SafePass. Both have the same $5 monthly fee structure and no opening deposit requirement. The difference is in features — SafePass includes additional fraud protection and account management tools, but the core savings function is identical.
Chase also offers money market accounts, which are a hybrid between savings and checking. They typically have higher minimum balances and higher fees, but they pay slightly more interest and come with a debit card and check-writing ability. For most people starting out, the regular savings account is simpler.
If you already have a Chase checking account, opening a savings account takes even less time because Chase already has your information on file. You can often do it entirely online in under five minutes.
What happens if you do not use the account
Chase will not close your account for inactivity, but the monthly $5 fee will continue to be charged if you do not meet a waiver condition. If your balance drops to zero and the fee is charged, your account will go negative. Chase will eventually close the account and send you to collections if the negative balance is not resolved.
If you decide you do not want the account, close it before it goes negative. You can close it online, by phone, or in a branch. Make sure any pending transactions have cleared first, and withdraw or transfer any remaining balance. Once closed, you cannot reopen the same account — you would have to open a new one.
If you want to keep the account but do not plan to use it, set up a small direct deposit or maintain the minimum balance. This costs nothing and keeps the account in good standing.
Frequently Asked Questions
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. However, linking them together is one way to waive the monthly fee, so if you have a checking account elsewhere, you might want to open one at Chase to avoid the $5 charge on the savings account.
What if I do not have a Social Security number?
You will need a Social Security number or an Individual Taxpayer Identification Number (ITIN) to open any bank account. If you do not have either, you cannot open a Chase account. Some banks and credit unions offer accounts for people without a Social Security number, but Chase requires one.
Can I open an account for someone else, like a child?
You can open a custodial savings account for a minor. A parent or legal guardian must be present and provide their own ID and Social Security number. The account is in the child's name but controlled by the adult until the child reaches the age of majority, which varies by state.
How long does it take to access my money after I deposit it?
If you fund the account with a transfer from another Chase account, the money is available when ready. If you transfer from another bank, it typically takes one to two business days. If you deposit cash or a check in a branch, cash is available when ready and checks are usually available within one business day.
What if Chase closes my account because of the negative balance?
Once closed, you cannot reopen the same account. You would have to open a new one. If there is an outstanding negative balance, Chase may send it to a collection agency. It is better to close the account yourself before that happens, or to set up a waiver condition so the fee does not accumulate.