What you need to open a Chase savings account
Chase lets you open a savings account online, by phone, or in a branch. You'll need a government-issued ID, your Social Security number, and an initial deposit. The minimum opening deposit is $0 for most Chase savings accounts, though some accounts require $25 or more — the specific amount depends on which savings product you choose.
You can fund the account with a debit card, transfer from another bank account, or cash if you open in person at a branch. If you're opening online or by phone, you'll need a bank account at another institution to transfer money in, or you can add funds later once your account is set up.
Chase will run a background check through ChexSystems, which is a banking history database. If you've had problems with a previous bank account — overdrafts you didn't pay back, fraud, or repeated NSF fees — Chase may decline to open the account. You can request your ChexSystems report before you explore if you're concerned.
Key Takeaways
- You need a government ID, Social Security number, and an initial deposit to open a Chase savings account, though the deposit can be $0 for most products.
- Chase offers three main savings products — regular savings, high-yield savings, and money market accounts — each with different interest rates and minimum balances.
- Online applications take about 10 minutes and you can start using the account the same day, though transfers from other banks take 1 to 3 business days to arrive.
- Chase checks your banking history through ChexSystems, and a history of unpaid overdrafts or fraud can result in denial.
- If you already have a Chase checking account, opening a savings account is faster because Chase already has your information on file.
The three Chase savings products and how they differ
Chase offers Chase Savings, Chase Premier Savings, and Chase Money Market Account. The main differences are the interest rate you earn, the minimum balance required, and the monthly fee.
Chase Savings has no minimum opening deposit and no monthly fee. The interest rate is very low — currently around 0.01% APY, though this changes. Premier Savings requires a $25 minimum opening deposit and pays a slightly higher rate, also currently around 0.01% APY. The Money Market Account requires a $2,500 minimum opening deposit and pays a higher rate, currently around 0.04% to 0.05% APY depending on your balance.
All three accounts let you withdraw money six times per month without penalty. After six withdrawals in a calendar month, Chase charges $10 per withdrawal. This limit applies to transfers, checks, and debit card withdrawals combined. In-person withdrawals at a Chase branch do not count toward this limit.
Opening an account online
Go to chase.com and select "Open an Account" under the Savings section. You'll enter your name, address, date of birth, and Social Security number. Chase will ask whether you have an existing Chase account — if you do, the process is faster because the bank already has your identity verified.
Next, you'll choose which savings product you want and review the terms. Chase will ask how you want to fund the account. If you choose to transfer from another bank, you'll enter the routing number and account number of that bank. If you're opening with $0, you can skip this step and add money later.
The process takes about 10 minutes. Once you submit, Chase will show you a confirmation number and your new account number. You can log into your Chase online banking account when ready and see your new savings account. Money transferred from another bank arrives in 1 to 3 business days.
Opening an account by phone or in a branch
To open by phone, call Chase customer service at 1-800-935-9935. A representative will walk you through the same questions as the online form — name, address, date of birth, Social Security number, and which savings product you want. The call takes about 15 minutes. You'll need to provide a funding source or confirm you'll add money later.
To open in a branch, bring your government ID and Social Security number to any Chase location. A banker will complete the process with you, run your background check, and process your initial deposit on the spot. If you're depositing cash, bring it with you. If you're transferring from another bank, the banker will collect your routing and account numbers. Opening in person usually takes 20 to 30 minutes.
Both phone and in-branch applications result in the same account setup as online — you'll have access to your account number when ready and can log in to online banking right away.
What happens after you open the account
Once your account is open, you can transfer money in from another bank account, deposit checks through the Chase mobile app, or visit a branch to deposit cash. Transfers from other banks take 1 to 3 business days. Mobile check deposits usually clear within one business day.
You can set up automatic transfers from your Chase checking account (if you have one) or from another bank account. You can also link your savings account to a debit card, though Chase will issue you a separate debit card for the savings account if you request one — most people use their checking debit card and transfer money between accounts as needed.
Your interest accrues daily and is deposited monthly. The rate you earn depends on the account type and the current market rate, which Chase can change at any time. You can check your current rate and balance anytime through Chase online banking or the mobile app.
What to do if Chase denies your process
Chase will deny your process if ChexSystems shows unpaid overdraft fees, fraud, or repeated NSF activity. You'll receive a letter explaining the reason. The most common reason is an unpaid overdraft from a previous bank — if you owe money to another bank, Chase will not open an account until that debt is resolved or the record ages off your ChexSystems file (usually after five years).
You can request your ChexSystems report for free at www.consumerdebit.consumerreports.org or by calling 1-800-428-9623. If the report contains an error, you can dispute it directly with ChexSystems. If the information is accurate but you've since resolved the issue (paid back the overdraft, for example), you can reapply and mention the resolution in your process.
If you're denied and cannot resolve the issue, consider opening an account at a bank that does not use ChexSystems, such as some credit unions or online banks. These institutions may have different approval standards.
Frequently Asked Questions
Can I open a Chase savings account without a Social Security number?
No. Chase requires a Social Security number or ITIN (Individual Taxpayer Identification Number) to open any account. If you don't have a Social Security number, you may be able to open an account with an ITIN, but you'll need to visit a branch in person with documentation of your ITIN status.
How long does it take to open a Chase savings account?
Online applications take about 10 minutes and your account is active when ready. Phone applications take about 15 minutes. In-branch applications take 20 to 30 minutes. Money transferred from another bank arrives in 1 to 3 business days, but you can start using your savings account the same day it opens.
What's the difference between a savings account and a money market account at Chase?
A money market account pays a higher interest rate but requires a $2,500 minimum opening deposit. A regular savings account has no minimum opening deposit but pays a lower rate. Both have the same six-withdrawal limit per month. Choose a money market account if you have $2,500 to deposit and want to earn more interest; choose regular savings if you want to start with less money.
Can I open a savings account if I have a bad banking history?
It depends on what's in your history. If you have unpaid overdrafts or fraud on your ChexSystems record, Chase will likely deny you. If you've resolved those issues, reapply and mention the resolution. If you're still denied, look into banks or credit unions that don't use ChexSystems.
Do I need a checking account to open a Chase savings account?
No. You can open a savings account without a checking account. However, if you already have a Chase checking account, the process is faster because Chase already has your identity verified. You can also transfer money between your checking and savings accounts more easily.