What you need to open a Chase savings account
You can open a Chase savings account in person at a branch, online through their website, or by phone. The fastest route is usually online if you already have a Chase checking account — it takes about 10 minutes. If you're opening your first account with Chase, you'll need a government-issued ID, your Social Security number, and an initial deposit (the amount varies by account type, but many accounts accept $25 or less to start).
Chase offers several types of savings accounts with different features and interest rates. The most common are the Chase Savings Account and the Chase Premier Savings Account. The difference between them is mainly the interest rate you earn and how much money you need to keep in the account to avoid a monthly fee. Before you start, decide which account fits your situation — whether you're saving for an emergency fund, a specific goal, or just want a safe place to keep money separate from checking.
Key Takeaways
- You can open a Chase savings account online, at a branch, or by phone using a government ID, Social Security number, and an initial deposit.
- Chase offers different savings account types with different interest rates and monthly fee requirements, so compare them before opening.
- If you already have a Chase checking account, opening a savings account online takes about 10 minutes and you can link them when ready.
- You'll need to choose how you want to fund the account — transfer from another bank, deposit cash at a branch, or use a check.
- Once your account is open, you can set up automatic transfers from checking to savings to build your balance over time.
Opening an account online if you're a current Chase customer
If you already bank with Chase, the online route is the simplest. Log into your Chase account on their website or mobile app, look for the option to open a new account (usually under "Products" or "Open an Account"), and select the savings account type you want. Chase will ask you to confirm your personal information, choose a username and password if needed, and decide on your initial deposit amount.
You can fund the account when ready by transferring money from your existing Chase checking account. The transfer usually shows up in your new savings account within one business day. Once the account is open, you can see both accounts side by side in your Chase dashboard, which makes it straightforward to move money between them or set up automatic transfers.
Opening an account at a Chase branch
If you prefer to open your account in person, visit any Chase branch during business hours. Bring your government-issued ID (driver's license, passport, or state ID), your Social Security number, and the initial deposit amount in cash, by check, or be ready to transfer from another bank account. A Chase representative will walk you through the account options, help you choose the right savings account, and complete the paperwork.
Opening at a branch usually takes 15 to 30 minutes. The representative can answer questions about interest rates, fees, and how the account works. If you don't have a Chase checking account yet, they can open both at the same time. You'll receive a debit card for your checking account (if you open one) on the spot or within a few business days, but your savings account won't have a debit card — you'll transfer money to checking when you need to spend it.
Opening an account by phone
You can also call Chase at 1-800-935-9935 to open a savings account. A representative will verify your identity using your Social Security number and other personal information, explain the account options, and help you choose. You'll need to provide an initial deposit method — either a transfer from another bank account or a check you can mail in.
Phone opening usually takes 20 to 30 minutes. This route works well if you can't visit a branch or prefer not to do it online. After you hang up, Chase will send you account details by mail, including your account number and how to set up online access. You can start using the account as soon as it's open, even before your debit card arrives (if you opened checking too).
What happens after you open your account
Once your savings account is open, you'll receive login information so you can check your balance and make transfers online or through the Chase app. You can set up automatic transfers from your checking account to savings on a schedule you choose — weekly, twice a month, or monthly. Many people use this to "pay themselves first" by moving money to savings before they spend it.
Your savings account will earn interest, which Chase deposits into your account monthly. The interest rate changes over time based on market conditions, so check your account statements or log in to see what you're currently earning. You can withdraw money from savings whenever you need it, but be aware that some accounts have limits on how many withdrawals you can make per month without a fee — check your account terms to understand the rules for your specific account type.
Choosing between Chase savings account types
Chase offers the regular Savings Account and the Premier Savings Account. The main difference is the interest rate — the Premier account usually pays more interest, but requires you to keep a higher balance to avoid the monthly fee. If you're just starting to save and don't have much to deposit, the regular Savings Account is usually the better choice. If you already have several thousand dollars saved, the Premier account might earn you more money over time.
Both accounts have the same basic features: you can link them to checking, set up automatic transfers, and withdraw money whenever you need it. Both are FDIC insured, which means your money is protected up to $250,000 if something happens to the bank. Read the fee schedule for each account type on Chase's website so you understand exactly what you'll pay and what you'll earn.
Documents and information you'll need
Before you start, gather these items: a government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and your initial deposit. If you're funding the account from another bank, have that account number and routing number ready. If you're depositing a check, make sure it's made out to you and signed on the back.
If you're opening the account online and already have a Chase login, you won't need to provide much new information — Chase already has most of it. If you're opening your first Chase account, the process takes a bit longer because they'll need to verify your identity and set up your profile. All of this information is used to prevent fraud and meet federal banking rules.
Frequently Asked Questions
How much money do I need to open a Chase savings account?
Most Chase savings accounts require a minimum initial deposit, but the amount is usually $25 or less. Some accounts may have different minimums, so check the specific account details before you open. You can deposit more if you want to — there's no maximum starting amount.
Can I open a Chase savings account without a Social Security number?
No, Chase requires a Social Security number to open any account. If you don't have one, you may be able to use an Individual Taxpayer Identification Number (ITIN) instead, but you'll need to call Chase or visit a branch to discuss your options.
How long does it take to open a Chase savings account online?
If you already have a Chase checking account, opening a savings account online usually takes 10 to 15 minutes. If you're opening your first Chase account, it may take 20 to 30 minutes because Chase needs to verify more information. Your account is usually ready to use when ready after you finish.
Can I open a savings account if I have bad credit or a banking history issue?
Chase uses ChexSystems, a banking history report, to screen new customers. If you've had problems with a bank account in the past, Chase may decline to open an account for you. You can check your ChexSystems report for free and dispute errors, but you may need to contact Chase directly to discuss your specific situation.
What's the difference between a savings account and a money market account at Chase?
A savings account is simpler — you deposit money, earn interest, and withdraw when you need it. A money market account usually pays higher interest but requires a larger balance and may have more withdrawal limits. For most people starting out, a savings account is the better choice.