What you need to open a Chase savings account
Chase lets you open a savings account online, by phone, or in a branch. The process takes about 10 to 15 minutes if you do it online, and you can start with as little as $0 — there is no minimum opening deposit. You will need a Social Security number, a valid government-issued ID, and a way to fund the account (a debit card, another bank account, or cash if you go to a branch).
If you already have a Chase checking account, opening a savings account is faster because Chase already has your information on file. If you are new to Chase, you will answer questions about your identity and income, and Chase will run a check through ChexSystems, which is a banking history database. This check does not affect your credit score.
You must be at least 18 years old to open an account in your own name. If you are under 18, a parent or guardian can open a Chase First Savings account for you instead.
Key Takeaways
- You can open a Chase savings account online in about 10 to 15 minutes with just a Social Security number, valid ID, and a way to fund it.
- Chase has no minimum opening deposit, so you can open an account with $0 and add money later.
- If you already bank with Chase, the process is faster because they already have your identity information.
- Chase will check your banking history through ChexSystems, but this does not affect your credit score.
- You need to be 18 or older to open an account yourself; younger customers need a parent or guardian.
Opening an account online through Chase.com
Go to chase.com and look for the "Open an account" or "Savings" link on the homepage. Click through to the savings account options — Chase offers several types, including a basic savings account and higher-yield options that change based on market conditions. Choose the one that fits your needs and click "Open now" or "get your free guide."
Enter your Social Security number, date of birth, and contact information. Chase will ask for your address and phone number. If you are a new customer, you will also enter your employment status and annual income — Chase uses this for regulatory purposes, not to decide whether to open your account. Answer honestly; the numbers do not have to be exact.
Next, Chase will ask how you want to fund the account. You can link an external bank account and transfer money, use a debit card to make an initial deposit, or skip funding for now and add money later. If you choose to link another bank account, you will need the routing number and account number from that bank. Chase will verify the account by depositing two small amounts (usually under $1 each) and asking you to confirm the amounts a few days later.
Review the account terms, sign the disclosures electronically, and submit. Chase will send you a confirmation email within minutes. Your account is open and ready to use when ready, though transfers from external accounts may take one to three business days to complete.
Opening an account by phone or in a branch
Call Chase customer service at 1-800-935-9935 to open an account over the phone. A representative will walk you through the same questions as the online process — Social Security number, identity information, and how you want to fund the account. The call usually takes 15 to 20 minutes. Chase will mail you a debit card and checks (if you want them) within 7 to 10 business days.
If you prefer to open an account in person, visit any Chase branch with your government-issued ID and Social Security number. Bring a debit card or checkbook from another bank if you want to fund the account when ready, or bring cash. A banker will complete the paperwork, run your ChexSystems check, and your account will be open the same day. You can use your account right away, though you will receive your debit card in the mail.
Opening in a branch is useful if you want to ask questions about which savings product fits your situation, or if you do not have internet access at home. It is also the fastest way to fund your account with cash.
What happens after you open your account
Once your account is open, you can deposit money, set up automatic transfers, and start earning interest. Chase deposits interest monthly, and the rate varies — check your account details or chase.com to see the current rate for your account type. Interest rates change based on Federal Reserve decisions and market conditions.
If you opened your account online or by phone, your debit card will arrive in 7 to 10 business days. You can use your account number to transfer money before the card arrives. If you need a debit card sooner, visit a Chase branch and ask for a temporary card or expedited shipping.
Chase offers online and mobile banking through the Chase Mobile app or chase.com. You can check your balance, transfer money between your accounts, set up bill pay, and manage your account settings from your phone or computer. You can also set up alerts to notify you when your balance drops below a certain amount or when a deposit is made.
Funding your account after it opens
You have several ways to add money to your new savings account. If you linked an external bank account during signup, you can transfer money through Chase's website or app — transfers usually take one to three business days. If you want the money faster, use your debit card to make a deposit at a Chase ATM (when ready) or visit a Chase branch and deposit cash or a check (when ready for cash, one business day for checks).
If you did not link an external account when you opened your account, you can do it later through the Chase app or website. Go to "Transfer money," select "From another bank," and follow the prompts. Chase will verify the account with two small test deposits, which takes a few days.
You can also set up automatic transfers from another bank account to your Chase savings account on a schedule — weekly, biweekly, or monthly. This is useful if you want to build savings without thinking about it.
Choosing between Chase savings products
Chase offers more than one type of savings account, and the differences matter for how much interest you earn. A basic savings account earns a lower interest rate but has no restrictions on how often you withdraw. A high-yield savings account earns more interest but may have a higher minimum balance requirement or fewer free withdrawals per month — check the current terms on chase.com because these change.
If you are saving for a specific goal and want to avoid temptation to withdraw, a Chase savings account works well because it is separate from your checking account. If you want the highest interest rate and do not mind the restrictions, compare Chase's high-yield option to other banks' rates — rates vary widely and change frequently, so shop around before you decide.
You can open more than one savings account at Chase if you want to save for different goals. Some people open one account for an emergency fund and another for a vacation or down payment. Each account earns interest separately.
Frequently Asked Questions
Do I need a Chase checking account to open a savings account?
No. You can open a Chase savings account without a checking account. However, if you already have a Chase checking account, the process is faster because Chase already has your information on file and will not need to run another identity check.
How much money do I have to put in when I open the account?
Chase has no minimum opening deposit. You can open an account with $0 and add money whenever you want. Some of Chase's higher-yield savings products may have a minimum balance to earn the advertised interest rate, so check the terms for the specific account you choose.
Can I open a Chase savings account if I have been denied a bank account before?
It depends on why you were denied. Chase uses ChexSystems to check your banking history. If you were denied because of unpaid overdrafts, fraud, or other serious issues, Chase may deny you. You can request your ChexSystems report for free at consumerdebit.equifax.com to see what is on file. If there are errors, you can dispute them.
How long does it take to open an account online?
The online process takes about 10 to 15 minutes from start to finish. Your account is open when ready, but if you link an external bank account to fund it, the transfer takes one to three business days. Your debit card arrives in 7 to 10 business days.
What is the current interest rate on Chase savings accounts?
Interest rates change frequently and vary by account type and market conditions. Check chase.com or call 1-800-935-9935 to see the current rate for the specific savings product you are interested in. Rates are also listed in your account details once you open an account.