Chase savings accounts charge a monthly fee unless you meet one of two conditions
Chase charges $5 per month on most savings accounts unless you either keep a minimum balance or set up direct deposit. The Chase Savings Account (their standard product) and the Chase Premier Savings Account (higher-tier version) both have this fee structure, though the minimum balance requirement differs between them.
The fee is not automatic—it only appears if you fall below the threshold. If you meet the requirement even once during a statement period, you avoid the charge for that month. Understanding which path works for your situation means you can keep the account free indefinitely.
Key Takeaways
- Chase Savings Account requires either a $500 minimum daily balance or a direct deposit of any amount to waive the $5 monthly fee.
- Chase Premier Savings Account requires either a $10,000 minimum daily balance or a direct deposit to waive the same $5 monthly fee.
- The balance requirement is checked daily, so dipping below it for a single day does not trigger the fee if you recover before the statement closes.
- Direct deposit from an employer, government benefit, or payroll service counts toward the waiver—even a one-time deposit may work depending on how Chase processes it.
- If you are charged the fee, you can contact Chase to request a one-time reversal, particularly if the account is new or the miss was accidental.
Meeting the minimum balance requirement
The simplest way to avoid the fee is to keep money in the account. For the standard Chase Savings Account, you need a $500 minimum daily balance. For the Premier version, it is $10,000. Chase checks your balance at the end of each business day, so the requirement is based on what you actually have in the account, not what you plan to deposit.
If your balance drops below the minimum on any single day, you do not automatically get charged. The fee only posts if your balance is below the threshold at the end of the statement period (usually monthly). This means you have time to recover—if you dip to $450 on day 15 but return to $500 by day 28, you will not be charged.
The catch is that this money sits in a savings account earning a low interest rate. Chase's savings rates change frequently and vary by account type, but they are typically well below what you would earn in a high-yield savings account elsewhere. If you have $500 or $10,000 sitting idle, you may want to compare what you would earn at Chase versus other banks before committing to this method.
Using direct deposit to waive the fee
Direct deposit is the other path to a fee-free account. Any direct deposit counts—paycheck, Social Security, disability benefits, pension, or unemployment. Chase does not specify a minimum amount, so even a small recurring deposit may work. The key word is recurring: Chase wants to see a pattern, not a one-time transfer.
If you receive a paycheck every two weeks or a benefit payment monthly, setting up direct deposit to your Chase savings account is straightforward. You provide your employer or benefit administrator with your Chase account number and routing number (both visible on your debit card or in the Chase app). The deposit then flows directly into the account without you having to do anything.
One important detail: some employers or benefit programs allow you to split your direct deposit across multiple accounts. You could send part of your paycheck to checking and part to savings, which means you do not have to choose between the two. This is often the easiest solution if you already receive direct deposit elsewhere.
What happens if you miss a month and get charged
If the $5 fee posts to your account, it is not permanent. Chase will usually reverse a single fee if you contact them, especially if the account is new or the miss was clearly accidental. Call the number on the back of your debit card or log into your Chase account online and use the message center to request a reversal.
Be direct: explain that you fell below the minimum or missed setting up direct deposit, and ask them to remove the fee as a one-time courtesy. Chase customer service representatives have the authority to do this, and they often will if it is your first offense. If you have been charged multiple times, they may be less willing, so the sooner you fix the problem, the better.
After the fee is reversed, set up whichever method works for you—direct deposit or maintaining the balance—so it does not happen again. A single reversal is reasonable; repeated requests signal that you are not using the account in a way that works for you.
Comparing Chase savings to other options
Chase savings accounts are convenient if you already bank there, but the fee and the low interest rate mean they are not the best choice for money you plan to keep in savings long-term. Other banks offer savings accounts with no monthly fee and no minimum balance requirement, plus higher interest rates.
If you are keeping the Chase account mainly to avoid the fee, ask yourself whether the balance requirement or direct deposit setup is worth it. If you have $500 sitting in Chase earning 0.01% annually while a competitor offers 4% or higher, you are losing money. The fee is $60 per year, but the interest difference could be much larger.
That said, if you already have a Chase checking account and use it regularly, keeping a savings account there for convenience and to link transfers is reasonable. Just make sure you are meeting one of the fee-waiver conditions so the account stays free.
Setting up direct deposit step-by-step
If you decide direct deposit is your route, here is what to do. Log into your Chase account online or open the Chase mobile app. Navigate to the account details section for your savings account—this is usually under "Account Information" or "Settings." You will see your account number and routing number displayed.
Provide these numbers to your employer's payroll department or to the government agency handling your benefits. They will ask which account to deposit into; specify your Chase savings account. Some employers let you set this up online through their payroll portal; others require a form. Once submitted, the first deposit usually appears within one or two pay cycles.
After the first deposit posts, your fee waiver is active. If you change jobs or your benefit situation changes, update your direct deposit information with the new employer or agency to keep the waiver in place. If direct deposit ends, you will need to switch back to maintaining the $500 or $10,000 balance, or the fee will resume.
Frequently Asked Questions
Does a transfer from my Chase checking account count as direct deposit?
No. Direct deposit must come from an external source—an employer, government agency, or payroll service. Transfers you make yourself between your own Chase accounts do not count. This is why setting up your paycheck or benefit payment to deposit directly is the key.
What if I have both a checking and savings account—do I need to meet the requirement on both?
Each account has its own fee structure and its own requirement. Your Chase checking account may have a different fee (or no fee) than your savings account. You need to meet the savings account requirement separately—either the balance or the direct deposit—to keep that account free.
Can I use a one-time transfer from another bank to meet the direct deposit requirement?
Probably not. Chase looks for recurring direct deposit, which means a pattern over time. A single transfer from another bank to your Chase savings account is not the same as direct deposit from an employer or benefit source. If you are unsure, contact Chase directly to confirm whether your specific deposit method qualifies.
If I close my Chase savings account, do I lose any interest I earned?
No. Interest earned is yours to keep. When you close the account, Chase will send you the remaining balance plus any interest accrued through the closing date. There is no penalty for closing a savings account, so if you find a better rate elsewhere, you can move your money without losing what you have earned.
How often does Chase review whether I meet the fee-waiver requirement?
Chase checks your balance daily and reviews your direct deposit status monthly. The fee is assessed at the end of your statement period (usually monthly). If you meet either requirement at any point during the statement period, you avoid the fee for that month. You do not need to maintain the requirement every single day.