Chase savings accounts charge a monthly fee unless you meet one of their balance or deposit requirements

Chase's main savings product is the Chase Savings Account, which carries a $5 monthly maintenance fee. You can avoid this fee entirely by keeping a minimum balance or by setting up regular direct deposits. The specific requirement depends on which version of the account you hold — Chase offers different savings products with different thresholds.

The fee hits your account on the same day each month, usually around the 10th. If you fall below the requirement partway through the month, you still owe the fee for that month. The bank does not prorate or refund partial months.

Chase also offers a Chase Premier Savings Account, which has a higher minimum balance requirement but is aimed at customers with larger balances. Most people with smaller savings use the standard Chase Savings Account, so that is the one covered here.

Key Takeaways

  • The Chase Savings Account charges $5 per month unless you maintain a $500 minimum balance or receive at least $500 in monthly direct deposits.
  • The balance requirement is measured at the end of each business day, so you need to stay above $500 every single day of the month to avoid the fee.
  • Direct deposits count toward the fee waiver even if they are small — a single $500 deposit per month is enough, or multiple smaller deposits that add up to $500.
  • If you have been charged the fee by mistake or because of a temporary dip below the minimum, you can call Chase and ask for a one-time reversal.
  • Linking your savings account to a Chase checking account does not waive the fee — you must meet one of the two requirements above.

The $500 minimum balance requirement

The simplest way to avoid the fee is to keep at least $500 in your Chase Savings Account at all times. This is a daily requirement — Chase checks your balance at the end of each business day, and if you dip below $500 even once, you owe the $5 fee for that month.

The balance is measured in the account itself, not across multiple accounts. If you have $400 in savings and $200 in a linked checking account, you do not meet the requirement. The $500 must sit in the savings account.

Once you hit $500, you can leave it there and never pay the fee. You can withdraw money and redeposit it as long as you do not go below $500 at the end of any business day. If you need to dip below $500 temporarily — to pay an unexpected bill, for example — you have until the end of that business day to bring the balance back up.

The $500 monthly direct deposit option

If you cannot keep $500 sitting in savings, you can avoid the fee by receiving at least $500 in direct deposits to the account each month. A direct deposit is money sent electronically from your employer, a government agency, or another institution — not a transfer you initiate yourself from another account.

The deposits do not have to come all at once. If your employer sends you $250 twice a month, or if you receive $300 from your job and $200 from a side gig, those add up to $500 and waive the fee. The deposits must land in the same calendar month to count.

Direct deposits are common from employers (paychecks), government programs (Social Security, unemployment, tax refunds), and some investment or insurance payouts. Transfers you move yourself from another bank account do not count, and neither do checks you deposit or cash you add in person.

What happens if you get charged the fee

If your balance drops below $500 and you do not have $500 in direct deposits that month, Chase will charge you $5. The fee appears as a debit on your statement, reducing your balance further. If you were already close to $500, the fee itself might push you below it, triggering another fee the following month.

You can call Chase at the number on the back of your debit card and ask for a one-time reversal if the fee was charged in error or if you fell short by a small amount. Chase customer service representatives have the authority to reverse one or two fees per year, though they are not required to do so. Be honest about why you fell short — "I had an unexpected expense" works better than no explanation at all.

If you are charged the fee repeatedly, it is a sign that the $500 minimum is not realistic for your situation. Consider switching to a different bank or moving to a checking account instead, which may have lower or no monthly fees.

Switching to Chase Premier Savings if you have more money

If you regularly keep more than $10,000 in savings, Chase offers the Chase Premier Savings Account, which has a higher minimum balance requirement but may offer a better interest rate. The Premier account requires either a $10,000 minimum balance or $1,000 in monthly direct deposits to avoid its monthly fee.

The Premier account is not automatically better — the interest rate difference is usually small, and the higher balance requirement means it only makes sense if you are already saving that much. If you have between $500 and $10,000, stick with the standard Chase Savings Account.

Using a Chase checking account instead

If you struggle to keep $500 in savings, a Chase checking account may be a better fit. Chase's basic checking account (Chase Total Checking) has no monthly fee if you maintain a $500 balance or receive $500 in monthly direct deposits — the same requirements as savings. However, checking accounts are designed for spending, not saving, so the interest rate is much lower (often zero).

Some people use a checking account for everyday money and a savings account for money they want to set aside. If you cannot meet the savings account minimum, you could move that money to checking temporarily and avoid the fee. You would earn no interest, but you would not pay a fee either.

Frequently Asked Questions

Does the $500 balance have to stay in the account, or can I withdraw it?

You can withdraw and redeposit as much as you want, as long as the balance does not go below $500 at the end of any business day. If you need to dip below $500, do it early in the day and bring it back up before the bank closes that evening.

If I get $250 in direct deposits twice a month, does that waive the fee?

Yes. Direct deposits add up across the month, so two $250 deposits equal $500 and waive the fee. They do not have to arrive on the same day or from the same source.

Can I transfer money from my Chase checking account to savings to avoid the fee?

You can transfer money, but it does not count as a direct deposit. Only money sent electronically from an outside source (employer, government, another bank) counts toward the $500 direct deposit requirement. Transfers between your own Chase accounts do not waive the fee.

What if I was charged the fee by mistake?

Call Chase and explain the situation. If you met the balance or direct deposit requirement and were still charged, or if you fell short by a small amount, customer service can reverse the fee. They typically allow one or two reversals per year.

Is there a Chase savings account with no monthly fee?

Chase's standard savings products all have monthly fees unless you meet the balance or direct deposit requirement. If you want no fee at all, you would need to switch to a different bank — many online banks and credit unions offer savings accounts with no monthly maintenance fee.