What fees Chase charges on savings accounts and how to stop paying them
Chase charges a monthly maintenance fee on most savings accounts — currently $5 per month on their standard savings product. You can eliminate this fee entirely by meeting one of two conditions: keep a minimum balance of $300 or more in the account at all times, or set up a monthly direct deposit of at least $500 from your employer or another source. If you fall below $300 without a direct deposit, the fee hits on the last day of the month.
Beyond the maintenance fee, Chase also charges for specific actions: overdraft fees if your account goes negative, fees for excessive withdrawals beyond the federal limit, and fees if you request a cashier's check or stop payment on a check. The maintenance fee is the one you control most easily, and it's the one most people pay without realizing they have options.
The direct deposit route is the simplest if your employer already uses it. The balance route works if you have money sitting in savings anyway. Either way, you need to know which one you're currently meeting — or not meeting — so you can fix it before the next fee posts.
Key Takeaways
- Chase's $5 monthly maintenance fee on savings accounts disappears if you maintain a $300 minimum balance or receive a monthly direct deposit of $500 or more.
- The fee posts on the last day of each month, so you have until then to bring your balance up or confirm your direct deposit is active.
- Direct deposit from your employer counts, but transfers from another bank account do not — Chase only recognizes payroll deposits and government payments.
- You can check your account settings in the Chase mobile app or online banking to see which fee waiver condition you're currently meeting.
- If you've been charged fees in the past, you can contact Chase to request a refund for recent charges, though they are not required to grant it.
The $300 minimum balance option
Keeping $300 in your savings account at all times is the most straightforward way to avoid the monthly fee. This balance must be there on the last day of the month — that's when Chase checks whether you've met the requirement. If you drop to $299 on the 30th, the $5 fee will post on the 31st.
The catch is that $300 sitting in a Chase savings account earns almost no interest. Chase's savings rate is typically 0.01% APY or lower, meaning $300 would earn less than $0.03 per year. You're essentially paying $60 per year in lost opportunity to avoid a $60 annual fee — so the math breaks even, but you get no benefit from the money itself.
This option makes sense only if you're already keeping emergency money in savings and don't mind leaving $300 of it untouched. If you'd have to move money into the account just to hit the minimum, the direct deposit route is usually better.
The $500 monthly direct deposit option
A direct deposit of $500 or more from your employer, Social Security, or another government source waives the fee every month. This is the easiest option if your paycheck already goes into a Chase account. You don't need to keep any specific balance — your account could be empty on the 29th, and as long as your deposit hits by the end of the month, the fee won't post.
The key word is direct deposit. Transfers you initiate from another bank account do not count, even if they're automatic and happen every month. Chase only recognizes deposits that come directly from an employer's payroll system, Social Security, the IRS, or similar sources. If you're self-employed or paid in cash, this option won't work for you.
To confirm your direct deposit is set up correctly, log into your Chase account online or in the mobile app, go to Settings, and look for Direct Deposit information. If you see your employer listed and the deposit is marked as active, you're covered. If it's not showing up, contact your employer's payroll department to verify they have the correct routing and account number for your Chase account.
What happens if you miss the important date and get charged
If your balance drops below $300 and you don't have a direct deposit, the $5 fee posts on the last day of the month. Once it posts, it's deducted from your account when ready. You'll see it as a line item in your transaction history labeled "Monthly Maintenance Fee" or similar.
You can contact Chase to request a refund of recent fees — call the number on the back of your debit card or visit a branch in person. Chase is not required to refund fees, but they often will if you've been a customer for a while, if this is your first time being charged, or if you can show you've now met the fee waiver conditions. Be direct: explain that you didn't realize the requirement and ask if they can reverse the charge. The worst they can say is no.
If you've been charged multiple times over months or years, ask for a refund of the last two or three months only — requesting a year's worth of refunds is less likely to be granted. After the refund is processed (which takes 3 to 5 business days), make sure you've set up either the balance or the direct deposit so it doesn't happen again.
Other fees to watch for on Chase savings accounts
The maintenance fee is the most common, but Chase charges other fees on savings accounts that you should know about. If your account goes negative — meaning you withdraw more than you have — you'll be charged an overdraft fee of $35 per occurrence. This can happen if you're using your savings account for everyday spending, which is why most people keep a checking account separate.
Federal law limits you to six withdrawals or transfers per month from a savings account. If you exceed that limit, Chase charges $10 for each withdrawal over six. This rule applies whether you withdraw in person, by ATM, online transfer, or phone. Direct deposits don't count against this limit, and neither do in-person withdrawals at a Chase branch, but everything else does.
If you request a cashier's check, stop payment on a check, or ask for other services like a research letter, Chase charges $5 to $15 per request. These are less common, but they add up if you're using your savings account as your primary account instead of a checking account.
Moving to a different account if Chase savings doesn't work for you
If you can't meet the $300 balance or the $500 direct deposit requirement, Chase's savings account may not be the right fit. Some online banks and credit unions offer savings accounts with no monthly maintenance fee and no minimum balance at all. You won't earn much interest anywhere right now, but at least you won't be paying to keep your money there.
Before you switch, consider whether you actually need a separate savings account. Many people keep one for psychological reasons — it's easier to not touch money if it's in a different account — but if you're only going to have $50 or $100 in it, the fee will eat into that quickly. A checking account with no fees might serve you better.
If you do want to move your savings elsewhere, you can transfer the balance out of Chase online or by visiting a branch. There's no fee to close the account. Just make sure you've withdrawn or transferred everything before you close it, and confirm the closure in writing or through the app so there's no question later.
Frequently Asked Questions
Does a transfer from another bank count as a direct deposit?
No. Chase only recognizes direct deposits that come from an employer's payroll system, Social Security, the IRS, or similar government sources. Transfers you set up yourself from another bank account, even if they're automatic and happen every month, do not count toward the fee waiver.
What if I get paid weekly but only $500 per month total?
The $500 requirement is per month, not per paycheck. If your weekly paychecks add up to $500 or more in a calendar month, you meet the requirement. Chase adds up all direct deposits in that month to determine whether you've hit the threshold.
Can I get a refund for fees I was charged months ago?
Chase may refund fees from the last one to three months if you contact them and ask, but they're not required to. Refunds for older charges are less likely. Call the number on your debit card or visit a branch to request a refund, and explain that you didn't realize the fee waiver conditions.
If I close my Chase savings account, will it hurt my credit?
No. Closing a savings account does not affect your credit score. Credit scores are based on credit accounts like credit cards and loans, not deposit accounts. You can close your Chase savings account without any impact on your credit.
What if my employer's direct deposit is going to a different bank?
You would need to contact your employer's payroll department and ask them to change your direct deposit to your Chase account instead. This usually takes one to two pay cycles to take effect. Once it's set up, the deposits will count toward the fee waiver.