What you need to open a Chase savings account
Chase offers two main savings products: a regular savings account and a money market account. Both require you to walk into a branch, call 1-800-935-9935, or go to chase.com to start. You'll need a government-issued photo ID, your Social Security number, and an initial deposit—Chase does not require a minimum to open most savings accounts, though some money market accounts do.
If you already have a Chase checking account, opening a savings account takes about 10 minutes online or in branch. If you're new to Chase, the process is the same length but you'll also set up your login credentials and link your accounts together so you can transfer money between them.
Chase will run a ChexSystems check, which is a banking history report. This is not a credit check and does not affect your credit score. If you've had problems with a bank account in the past—overdrafts you didn't pay back, fraud, or accounts closed by the bank—ChexSystems may flag you, and Chase may decline to open the account. You can request your ChexSystems report for free at chexsystems.com if you want to know what's on file before you explore.
Key Takeaways
- You need a photo ID, Social Security number, and an opening deposit, though Chase does not require a minimum for most savings accounts.
- You can open an account online at chase.com, by phone at 1-800-935-9935, or in person at any Chase branch.
- Chase runs a ChexSystems check, which looks at your banking history but not your credit score.
- If you already have a Chase checking account, you can link your new savings account to it when ready and transfer money between them online.
Opening online versus in branch
Opening online is faster if you're comfortable uploading your ID and entering your information into a form. You can do it from home at any time, and your account is usually active within one business day. Chase will send you a debit card by mail if you open a checking account, but savings accounts don't come with a card—you access the money through transfers or by visiting a branch.
Opening in branch takes longer but gives you a chance to ask questions and understand the account features before you commit. A Chase banker can also help you set up online banking on the spot and show you how to transfer money. If you have a complicated banking history or think ChexSystems might flag you, opening in branch lets you talk to someone who can explain what happened and whether Chase will still open the account.
Opening by phone is an option if you prefer to talk through the process, though you'll still need to upload your ID and sign documents electronically. The phone representative can answer questions about interest rates and fees while you're on the call.
What happens after you open the account
Once your account is open, you can deposit money by transferring it from another bank account, depositing a check through the Chase mobile app, or going to a branch with cash or a check. If you transferred money from another bank, it usually arrives within one to three business days, depending on the other bank's processing time.
Your savings account will earn interest, though the rate changes based on what the Federal Reserve does with interest rates. Chase publishes its current savings rate on chase.com—as of now, rates vary, so check the website for the exact percentage. The interest is calculated daily and deposited into your account monthly.
You can withdraw money from your savings account at any time without penalty, but federal rules limit you to six withdrawals per month (this rule applies to all banks, not just Chase). If you exceed six withdrawals, Chase may charge a fee or convert your account to a checking account. Transfers between your own Chase accounts don't count toward this limit.
Chase savings account types and their differences
Chase offers a regular savings account with no monthly fee, no minimum balance requirement, and no minimum opening deposit. This is the most straightforward option for most people. Interest accrues daily and is paid monthly.
Chase also offers a money market account, which typically requires a higher opening deposit (amounts vary by location and change over time—check chase.com for current requirements). Money market accounts usually pay a higher interest rate than regular savings, but they also come with a debit card and checkbook, making them more like a hybrid between savings and checking. The six-withdrawal limit still applies.
If you have a lot of money to deposit, ask a Chase banker about their Premier Savings or other tiered accounts, which may offer higher interest rates based on your balance. These accounts are not advertised as heavily online but are available to customers who maintain certain deposit levels.
Fees and what to watch for
Chase does not charge a monthly maintenance fee on most savings accounts. However, you may face fees if you exceed the six-withdrawal limit per month (typically $10 per excess withdrawal), if you fall below a minimum balance on certain money market accounts, or if you close the account within 90 days of opening it (some accounts charge an early closure fee).
If you link your savings account to a Chase checking account and overdraft your checking account, Chase may transfer money from your savings to cover the overdraft. This is called an overdraft transfer, and it's automatic unless you turn it off. You can disable this feature in your online banking settings if you want to prevent transfers.
Interest rates are not may provide and change frequently. Chase publishes rates on its website, but the rate you see today may be different next month. You can move your money to a different bank at any time if another bank offers a better rate.
Linking your savings account to other banks
Once your Chase savings account is open, you can transfer money into it from another bank account. To do this, you'll need to add the other bank as an external account in your Chase online banking or mobile app. Chase will ask for the account number and routing number of the other bank.
Chase will then send two small test deposits (usually less than $1 each) to that account to verify you own it. You'll need to log into the other bank and confirm the amounts of those deposits. Once confirmed, you can transfer money between the accounts. Transfers from other banks usually take one to three business days; transfers to other banks may take longer.
If you want to move money quickly between Chase accounts (checking to savings, for example), transfers are when ready and free. If you're moving money to or from a non-Chase bank, the timing depends on both banks' processing schedules.
Frequently Asked Questions
Do I need a minimum balance to keep my Chase savings account open?
Most Chase savings accounts have no minimum balance requirement. Some money market accounts do require a minimum, but it varies by location and account type. Check chase.com or ask a banker for the current requirement on the specific account you're interested in.
Can I open a Chase savings account if I have bad credit?
Chase does not run a credit check to open a savings account, so bad credit will not stop you. However, Chase does check ChexSystems, which is a banking history report. If you've had serious problems with a bank account in the past, ChexSystems may flag you and Chase may decline to open the account.
How long does it take to open a Chase savings account?
Online applications are usually approved within one business day. In-branch applications can be completed in 15 to 30 minutes. By phone, the process takes about 20 minutes, though you'll still need to upload your ID and sign documents electronically afterward.
Can I have more than one savings account at Chase?
Yes. You can open multiple savings accounts at Chase and give each one a nickname (like "Emergency Fund" or "Vacation") to keep track of them. Each account earns interest separately, and you can transfer money between your own accounts when ready online.
What's the difference between a Chase savings account and a money market account?
A money market account usually pays higher interest but requires a larger opening deposit and minimum balance. It also comes with a debit card and checkbook, making it easier to access your money. A regular savings account has no minimum, no debit card, and lower interest, but it's simpler and better for money you don't plan to touch often.