What you need to open a Chase savings account

Chase lets you open a savings account online, by phone, or in a branch. You will need a government-issued photo ID (a driver's license or passport), your Social Security number, and an initial deposit. The deposit amount varies — some Chase savings accounts require a minimum opening deposit, while others do not. You can check the current requirements on Chase's website or by calling 1-800-935-9935.

If you do not have a photo ID yet, you can still visit a branch in person and bring other documents that prove your identity and address, such as a utility bill or lease. A Chase employee can help you figure out what documents work for your situation.

You will also need to decide which type of savings account fits your needs. Chase offers several: a basic savings account, a high-yield savings account that pays more interest, and accounts designed for specific goals like saving for a child's future. Each one has different features and interest rates.

Key Takeaways

  • You need a government photo ID, your Social Security number, and an opening deposit to start a Chase savings account online or in a branch.
  • Chase offers multiple savings account types with different interest rates and features, so compare them before you open one.
  • You can open an account online in about 10 minutes, or visit a branch if you prefer to speak with someone in person.
  • Once your account is open, you can deposit money by transferring it from another bank, using a Chase ATM, or visiting a branch.

Opening your account online

The fastest way to open a Chase savings account is through their website or mobile app. Go to chase.com, click "Open an Account," and select "Savings Account." You will answer questions about yourself, including your name, address, date of birth, and Social Security number. The process takes about 10 minutes.

Chase will ask you to verify your identity by answering security questions based on your credit history. This is a standard step that helps Chase confirm you are who you say you are. Once you pass this check, you can choose your account type and set up your opening deposit. You can link a bank account you already have and transfer money electronically, or Chase will give you instructions to deposit by other methods.

After you finish, Chase will send you a confirmation email. Your account opens right away, and you can start using it when ready. Your debit card will arrive in the mail within 7 to 10 business days.

Opening your account in a Chase branch

If you prefer to open your account face-to-face, visit a Chase branch near you. Bring your photo ID, Social Security number, and your opening deposit (or be ready to transfer money from another account). A Chase employee will walk you through the process and answer any questions about the different account types.

Opening an account in a branch usually takes 15 to 30 minutes. The employee will help you choose the right account for your situation and explain the features, fees, and interest rates. If you have questions about how savings accounts work or what to expect, this is a good time to ask.

You can find a branch location and hours on chase.com or by calling 1-800-935-9935. Some branches are busier at certain times, so you may want to call ahead or go early in the week if you want a shorter wait.

Understanding Chase savings account types

Chase offers a basic savings account with no monthly fee if you keep a small balance. This account earns interest, though the rate is lower than other options. It is a good choice if you are new to banking and want to start straightforward.

The Chase Savings Account (sometimes called their standard savings account) has a monthly maintenance fee unless you meet certain requirements, such as keeping a minimum balance or having a Chase checking account. The interest rate is modest but steady.

The Chase Premier Savings Account is designed for people who want to save larger amounts. It has higher interest rates but also requires a higher opening deposit and minimum balance. If you are saving for a specific goal and have money to put away, this account may pay you more in interest over time.

Chase also offers a high-yield savings account through their online banking division, which typically pays more interest than their branch-based accounts. This account has no monthly fee and no minimum balance requirement at many times, though rates and terms change.

What happens after you open your account

Once your account is open, you can start depositing money right away. You can transfer funds from another bank account online, deposit cash or checks at a Chase ATM or branch, or set up direct deposit from your employer. If you opened your account online, Chase will provide instructions for each deposit method.

Your debit card will arrive in the mail. Until it arrives, you can still access your money through Chase's website or app, or by visiting a branch. You can also set up mobile deposits by taking a photo of a check with the Chase app.

Check your account regularly to make sure deposits posted correctly and to watch your balance grow. Chase lets you set up alerts on your phone so you know when money comes in or when your balance drops below a certain amount. These alerts help you stay on top of your savings.

Fees and things to watch for

Chase savings accounts may have a monthly maintenance fee, but you can usually avoid it by keeping a minimum balance or by having a Chase checking account at the same time. The exact requirements depend on which account type you choose. Read the account details before you open so you know what to expect.

If you withdraw money from your savings account more than a certain number of times per month (usually six), Chase may charge a fee for extra withdrawals. This rule exists at most banks and is designed to encourage you to keep your savings separate from everyday spending. If you need to move money in and out frequently, ask a Chase employee whether a checking account might work better for you.

Interest rates change over time, so the rate you earn when you open your account may be different a year from now. Chase will notify you of any changes before they take effect. You can always move your money to a different bank if another savings account offers a better rate.

If you already have a Chase account

If you already have a Chase checking account, opening a savings account is even simpler. Log into your existing account online or through the app, look for the option to open a new account, and follow the same steps. Chase will use the information they already have on file, so the process is faster.

Having both a checking and savings account at the same bank makes it straightforward to move money between them when you need to. Many people use checking for everyday spending and savings for money they want to set aside. Chase's app lets you see both accounts in one place.

Frequently Asked Questions

Do I need a minimum deposit to open a Chase savings account?

Some Chase savings accounts require a minimum opening deposit, while others do not. The amount depends on which account type you choose. Check chase.com or call 1-800-935-9935 to find out the current requirement for the account you want to open.

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

Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have one, you can visit a branch to discuss other options, though availability varies by location.

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

Opening an account online usually takes about 10 minutes. Your account opens right away, though your debit card will arrive in the mail within 7 to 10 business days. You can start using your account when ready through the Chase app or website.

What is the difference between a Chase savings account and a high-yield savings account?

A high-yield savings account pays more interest on your money than a regular savings account. Chase's high-yield account typically has no monthly fee and no minimum balance, but the interest rate may change. A regular savings account has a lower rate but is simpler if you are just starting out.

Can I open a savings account for someone else, like a child?

Chase offers accounts for minors, but a parent or guardian must open the account and be listed as the account owner. Visit a Chase branch to learn about youth savings accounts and what documents you will need to bring.