You can add a beneficiary to a Chase savings account in three ways: online through Chase.com, by phone, or in person at a branch
A beneficiary is a person you name to receive the money in your account if you die. Chase lets you name one or more beneficiaries on most savings accounts. The process takes minutes if you do it online, and the beneficiary does not need to know you have named them—you can tell them later or not at all.
The fastest route is through your Chase online account. You log in, find the account settings, and add the person's name and Social Security number. If you prefer to do it by phone, call the number on the back of your debit card and ask to speak with someone about adding a beneficiary. If you want to do it in person, bring a photo ID and the beneficiary's full name and Social Security number to any Chase branch.
Key Takeaways
- You can name a beneficiary online through Chase.com, by calling the number on your card, or by visiting a branch in person.
- Chase will ask for the beneficiary's full legal name and Social Security number, so have that information ready before you start.
- You can name more than one beneficiary and decide what percentage of the account each person receives.
- Adding a beneficiary does not change how your account works now—it only matters if you die.
Adding a beneficiary online through Chase.com
Log into your Chase account and go to the account details page for the savings account you want to change. Look for a section called "Beneficiaries" or "Manage Beneficiaries"—the exact name varies depending on your account type. Click the option to add a new beneficiary.
Chase will ask you to enter the beneficiary's full legal name (the name on their Social Security card), their date of birth, their Social Security number, and their relationship to you (such as spouse, child, or parent). You will also choose what percentage of the account that person receives. If you are naming multiple beneficiaries, the percentages must add up to 100 percent. After you enter the information, Chase will ask you to confirm it and may send you a confirmation email.
The change takes effect when ready in most cases. You do not need to wait for mail or visit a branch. If you run into trouble finding the beneficiary section online, call the number on the back of your debit card and ask for help navigating to that page.
Adding a beneficiary by phone
Call the customer service number on the back of your Chase debit card. Tell the representative you want to add a beneficiary to your savings account. They will ask you to verify your identity by providing your account number, the last four digits of your Social Security number, or other information from your account.
Once you are verified, have the beneficiary's full legal name, date of birth, and Social Security number ready. The representative will enter this information into your account and confirm the percentage of the account that person will receive. The call usually takes 5 to 10 minutes. Ask the representative to email or mail you a confirmation of the change so you have a record.
Adding a beneficiary in person at a Chase branch
Visit any Chase branch during business hours. Bring your photo ID and the savings account you want to change (or know your account number). Tell the banker you want to add a beneficiary.
The banker will ask for the beneficiary's full legal name, date of birth, and Social Security number. If you do not have the Social Security number with you, you can provide it later by phone or online. The banker will enter the information into the system and give you a receipt. The change usually takes effect the same day.
What happens if you name multiple beneficiaries
You can name as many beneficiaries as you want on a single account. For each person, you decide what percentage of the account they receive. The percentages must add up to 100 percent. For example, you could give 50 percent to your spouse and 25 percent each to two children.
If one of your beneficiaries dies before you do, Chase will not automatically remove them from the account. You will need to update the account yourself—either online, by phone, or in person—to remove that person and redistribute their percentage to the remaining beneficiaries. This is why it is a good idea to review your beneficiary list every few years, especially after major life changes like marriage, divorce, or the birth of children.
How beneficiary designations work when you die
When you die, the money in the account goes directly to your beneficiaries without going through probate (the court process that usually handles the rest of your estate). This means the money reaches them faster and with less paperwork than other assets you own.
Your beneficiaries will need to contact Chase and provide a death certificate to claim the money. Chase will verify the death certificate, confirm the beneficiary's identity, and transfer the funds. The exact timeline depends on how quickly your beneficiaries contact Chase and how long it takes to verify the documents, but it usually takes a few weeks.
If you die without naming a beneficiary, the money in the account becomes part of your estate and goes through probate. This can take months or even years and may cost money in legal fees. Naming a beneficiary is one of the simplest ways to make sure your money reaches the people you want it to reach.
Changing or removing a beneficiary
You can change a beneficiary's percentage, remove a beneficiary entirely, or add a new beneficiary at any time using the same methods you used to add the first one: online, by phone, or in person. There is no fee to make these changes, and they take effect when ready.
If you want to remove all beneficiaries and leave the account to your estate instead, you can do that too. Just delete all the names and confirm the change. Keep in mind that if you do this, the account will go through probate when you die, which is slower and more expensive for your heirs.
Frequently Asked Questions
Can I name someone as a beneficiary if they do not have a Social Security number?
Chase requires a Social Security number for beneficiaries on most accounts. If the person you want to name does not have one, contact Chase directly to ask about alternatives. Some accounts may allow an Individual Taxpayer Identification Number (ITIN) instead.
Does the beneficiary have to be a family member?
No. You can name anyone as a beneficiary—a friend, a charity, a business partner, or anyone else. Chase does not restrict who you can name, only that you provide their full legal name and Social Security number.
What if I change my mind about who I named?
You can change your beneficiary at any time using the same method you used to add them. Log into your account online, call the number on your card, or visit a branch. There is no fee and no waiting period. The change takes effect when ready.
Will my beneficiary know I named them before I die?
Only if you tell them. Chase does not notify beneficiaries automatically. It is a good idea to let them know so they understand what to expect and know to contact Chase if something happens to you.
Does naming a beneficiary affect my taxes or my beneficiary's taxes?
Naming a beneficiary does not create a tax event for you or them while you are alive. When you die, the money passes to them tax-free under current federal law, though state laws vary. Your beneficiary should speak with a tax professional about their specific situation.