What you need to open a Chase savings account

You can open a Chase savings account in person at a branch, online through Chase's website, or by phone. The fastest route is usually online — it takes about 10 minutes if you have the documents ready. You will need a government-issued photo ID (a driver's license, passport, or state ID card), your Social Security number, and an initial deposit, which varies by account type but is often $0 to $25.

Chase offers several types of savings accounts with different features and minimum balances. The most common for people new to banking is the Chase Savings Account, which has no monthly fee if you keep a minimum balance (usually $300 to $500, depending on your state) or set up direct deposit. If you do not meet the minimum, the bank charges a monthly maintenance fee of around $5.

Before you start, decide whether you want to open the account online, at a branch near you, or by phone. Online is fastest if you are comfortable uploading documents. A branch visit takes longer but lets you ask questions face-to-face. Phone opening is an option if you call Chase customer service, though you may need to visit a branch later to verify your identity.

Key Takeaways

  • You need a government photo ID, your Social Security number, and an opening deposit to create a Chase savings account.
  • Online opening takes about 10 minutes; branch opening takes longer but lets you speak with someone in person.
  • Chase charges a monthly fee if your balance drops below the minimum (usually $300 to $500) unless you set up direct deposit.
  • After opening, you can link your savings account to a checking account, set up automatic transfers, or use the Chase mobile app to manage your money.

Opening your account online

Go to Chase.com and look for the "Open an Account" button, usually near the top of the page. Select "Savings Account" from the menu. You will be asked to enter your email address, create a password, and answer security questions. Chase will then ask for your personal information: full name, date of birth, address, phone number, and Social Security number.

Next, you will upload a photo of your ID. Use your phone or computer camera to take a clear picture of both the front and back of your driver's license, passport, or state ID. Make sure the photo is in focus and all text is readable. Chase's system will verify your ID automatically in most cases, though sometimes a person reviews it and contacts you within a few hours.

Once your identity is confirmed, you will choose how much to deposit to open the account. You can transfer money from another bank account, use a debit card, or wire funds. If you are transferring from another bank, you will need your account number and routing number from that bank. The transfer usually takes one to three business days to show up in your new Chase account.

Opening your account at a Chase branch

Find a Chase branch near you using the branch locator on Chase.com. Walk in during business hours with your photo ID, Social Security number, and your opening deposit (cash or a check). Tell the person at the desk that you want to open a savings account.

A banker will sit with you, ask the same questions as the online form, and help you choose which type of savings account fits your needs. They will explain the minimum balance requirement and any fees. If you have questions about how savings accounts work or what happens if your balance drops, this is the time to ask. The banker will process your opening deposit and give you a temporary debit card or account number on the spot.

You will receive your permanent debit card in the mail within 7 to 10 business days. Your account is active when ready, so you can start using it right away through the Chase mobile app or online banking, even before the card arrives.

What happens after you open the account

Once your account is open, Chase will send you a welcome email with your account number and instructions for setting up online banking. read the Chase mobile app or log in at Chase.com to see your account balance, set up transfers, and manage your money.

If you have a Chase checking account, you can link your savings account to it. This lets you transfer money between the two accounts when ready through the app or website. Many people use this to move money into savings automatically each payday — you can set up a recurring transfer that happens on the same day every week or month.

Check whether your account qualifies for direct deposit. If your employer or a government agency (like Social Security) deposits money directly into your account, you may avoid the monthly maintenance fee. Ask your employer's payroll department for Chase's routing number and your account number — they are the two pieces of information needed to set up direct deposit.

Avoiding monthly fees

Chase charges a monthly maintenance fee (usually $5) if your balance falls below the minimum and you do not have direct deposit set up. The minimum balance varies by state and account type, but is commonly $300 to $500. This means you need to keep at least that much in the account at all times to avoid the fee.

The easiest way to avoid the fee is to set up direct deposit from your paycheck or benefits. Once direct deposit is active, the monthly fee is waived even if your balance drops below the minimum. If you do not receive direct deposits, keep your balance above the minimum, or the fee will be charged each month.

If you are charged a fee by mistake, or if your balance dipped below the minimum for just a few days, you can call Chase customer service and ask them to reverse one fee. They will not do this repeatedly, but they are often willing to help once if you explain what happened.

Using your savings account

Your Chase savings account comes with a debit card that you can use to withdraw cash at any Chase ATM for free. You can also withdraw cash at other banks' ATMs, but Chase charges a fee (usually $2 to $3) for out-of-network withdrawals. To avoid fees, use Chase ATMs or ask the teller at another bank to withdraw cash from your account without using their ATM.

You cannot use your savings account debit card to make purchases at stores or online the way you would with a checking account. Savings accounts are meant for money you want to keep, not spend regularly. If you need to buy things, use a checking account instead. However, you can transfer money from your savings account to your checking account through the app whenever you need it.

Chase limits how many times per month you can transfer money out of your savings account (the limit is usually six transfers). This rule exists to encourage you to keep money in savings rather than treating it like a checking account. Transfers between your own Chase accounts do not count toward this limit, so moving money to your checking account is always allowed.

Frequently Asked Questions

Can I open a Chase savings account if I do not have a Social Security number?

Chase requires a Social Security number or an Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, you may not be able to open a savings account at Chase. Some banks offer accounts for people without a Social Security number, so you could explore other options or contact Chase directly to ask about alternatives.

What is the minimum deposit to open a Chase savings account?

Chase does not require a large opening deposit — often $0 to $25 depending on how you open the account and which state you live in. You can start with a small amount and add more later. The opening deposit is separate from the minimum balance you need to keep in the account to avoid monthly fees.

How long does it take to open a Chase savings account online?

The online process usually takes 10 to 15 minutes if you have your ID and Social Security number ready. Your account is typically active the same day, though transfers from other banks take one to three business days to appear. Your physical debit card arrives in the mail within 7 to 10 business days.

Can I have more than one Chase savings account?

Yes, you can open multiple savings accounts at Chase. Some people do this to separate money for different goals — one account for an emergency fund, another for a vacation, and so on. Each account has its own minimum balance requirement and monthly fee, so keep track of all your balances to avoid fees.

What happens if my balance drops below the minimum?

If your balance falls below the minimum and you do not have direct deposit set up, Chase charges a monthly maintenance fee (usually $5). The fee is charged once per month on a set date. If this happens repeatedly, contact Chase to discuss your options — they may be able to suggest a different account type that fits your situation better.