What you need to open a Chase savings account

Chase offers two main savings products: a regular savings account and a high-yield savings account called Chase Savings. Both require the same documents to open, but the interest rate differs. You will need a valid government-issued photo ID, your Social Security number, and an initial deposit (usually $0 to $25, depending on the account type and your state).

You can open an account online, by phone, or in person at a Chase branch. Online is fastest — the process takes about 10 minutes and you can fund the account when ready from another bank account you own. By phone, a Chase representative will walk you through the same steps. In person, a banker will verify your identity and help you choose which savings product fits your situation.

Chase will run a soft credit check (which does not affect your credit score) and verify your identity through ChexSystems, a banking history database. If you have been flagged in ChexSystems for unpaid overdrafts or fraud at another bank, Chase may deny your process. You can request your ChexSystems report for free at chexsystems.com to see if there are issues before you explore.

Key Takeaways

  • You need a photo ID, Social Security number, and an opening deposit to start a Chase savings account online, by phone, or in a branch.
  • Chase Savings (the high-yield account) earns more interest than the regular savings account, but both require the same documents and take the same time to open.
  • Opening online is the fastest route and takes about 10 minutes; you can fund it when ready from another bank account you own.
  • Chase checks ChexSystems, a banking history database, so unpaid overdrafts or fraud flags at other banks may block your process.
  • After opening, you can deposit money by transfer from another bank, direct deposit, mobile check deposit, or in-branch cash deposit.

Opening online versus in person

Online opening is the fastest and most common route. You will enter your personal information, upload a photo of your ID, verify your Social Security number, and link a bank account to fund the new savings account. Chase will send a confirmation email within minutes, and your account is ready to use the same day. You can set up automatic transfers, mobile deposits, or link it to your Chase checking account if you have one.

Opening in a Chase branch takes longer but may be better if you prefer face-to-face help or do not have another bank account to link. A banker will verify your ID in person, answer questions about which savings product suits you, and help you make your first deposit in cash if you want. The account opens the same day, but the process usually takes 20 to 30 minutes.

Phone opening is a middle ground. Call Chase at 1-800-935-9935 and a representative will guide you through the same steps as online, verify your identity verbally, and set up your account. This takes about 15 to 20 minutes and works well if you have questions but prefer not to visit a branch.

Choosing between Chase Savings and regular savings

Chase Savings is the high-yield option. It earns a higher interest rate than the regular savings account, though the exact rate changes based on the Federal Reserve's decisions and market conditions. As of early 2024, Chase Savings earns roughly 4.5% to 5% annual percentage yield (APY), while the regular savings account earns much less — often under 0.01% APY. The difference matters if you plan to keep money in the account for months or years.

The regular savings account has no monthly fee and no minimum balance requirement, making it useful if you want a straightforward place to park small amounts or if you are just starting to save. Chase Savings also has no monthly fee, but some versions require a higher opening deposit or minimum balance. Check the current terms on Chase's website before you open, because these requirements change.

Both accounts let you make up to six withdrawals per month without penalty (this is a federal rule, not a Chase rule). After six, Chase charges a fee per withdrawal. If you think you will need to withdraw money frequently, a checking account might be better than either savings account.

What happens after you open your account

Your account number and routing number will appear in the Chase mobile app or online banking portal within minutes of opening. You can use these to set up direct deposit from your employer, transfer money from another bank, or receive payments from others. If you opened in person or by phone, you may receive a debit card in the mail within 7 to 10 business days, though you do not need it to use the savings account — transfers and mobile deposits work without a card.

Chase allows you to link your new savings account to an existing Chase checking account (if you have one) for straightforward transfers between them. You can also link it to accounts at other banks and move money in or out, though transfers from outside banks usually take 1 to 3 business days to complete. Mobile check deposit is available through the Chase app — photograph the front and back of a check and Chase deposits it within one business day.

Interest on your savings account is calculated daily and deposited monthly. The amount depends on your balance and the current APY. You can view your interest earnings in the transaction history section of your account.

Documents and information to have ready

Gather these before you start, whether you are opening online, by phone, or in person. You will need a valid government-issued photo ID (driver's license, passport, or state ID card). Chase will photograph or scan it, so have it nearby. You will also need your Social Security number — Chase will verify it through a third-party service to confirm your identity.

If you are opening online or by phone, have another bank account number and routing number ready so you can fund your new savings account with an initial deposit. If you are opening in person, you can bring cash instead. You will also need a current address — Chase will mail statements and tax documents to this address, so make sure it is correct.

If you are a non-U.S. citizen, you may need an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. Call Chase at 1-800-935-9935 to confirm what documents you need before you explore.

Reasons your process might be denied

Chase will deny your process if ChexSystems shows unpaid overdrafts, fraud, or repeated NSF (non-sufficient funds) fees at another bank. You can request your ChexSystems report for free at chexsystems.com and dispute any errors before you explore to Chase. If the report is accurate, you may need to wait 3 to 5 years for old items to age off, or you can look for banks that do not use ChexSystems (though these are less common).

Chase may also deny you if your identity cannot be verified — for example, if your ID is expired, does not match the name on your Social Security record, or if there is a mismatch in your address history. If this happens, Chase will send you a letter explaining the reason. You can contact Chase to clarify the issue or reapply with corrected information.

If you are under 18, you cannot open an account on your own. A parent or legal guardian must open a custodial account for you, which has the same features but requires the adult's Social Security number and ID as well.

Frequently Asked Questions

Can I open a Chase savings account without a Social Security number?

No, Chase requires a Social Security number or ITIN to open any account. If you do not have a Social Security number, you may be able to use an ITIN if you are a non-U.S. citizen. Call Chase at 1-800-935-9935 to ask whether your situation qualifies.

How much money do I need to open a Chase savings account?

Most Chase savings accounts require $0 to $25 to open, depending on the account type and your state. Some versions of Chase Savings may require a higher opening deposit. Check the current terms on Chase's website or ask a banker before you open.

Can I open a Chase savings account if I have been denied before?

It depends on why you were denied. If it was due to ChexSystems, you can request your report, dispute errors, and reapply. If it was due to identity verification issues, reapply with corrected information. If Chase denied you recently, wait at least 30 days before trying again.

Do I need a Chase checking account to open a savings account?

No. You can open a Chase savings account on its own. However, if you already have a Chase checking account, linking them makes it straightforward to transfer money between them without waiting for processing time.

What is the difference between Chase Savings and Money Market Account?

Chase Savings is a basic savings account with a higher interest rate. A Money Market Account is a different product that may have higher interest, a higher minimum balance requirement, and limited check-writing ability. Compare the current rates and fees on Chase's website to see which fits your needs.