What you need to open a Chase savings account

To open a savings account at Chase, you will need a government-issued photo ID, your Social Security number, and an initial deposit. Chase requires a minimum opening deposit that varies by account type — some accounts have no minimum, while others ask for $25 or more. You can open an account online, on the phone, or in person at a Chase branch.

The process takes about 10 to 15 minutes online or over the phone. If you open in a branch, bring your ID and have your Social Security number ready. Chase will run a background check through ChexSystems, which is a banking history report — this is standard practice across banks and does not affect your credit score.

Key Takeaways

  • You need a photo ID, Social Security number, and an opening deposit to start a Chase savings account.
  • Online and phone applications take 10 to 15 minutes and you can begin using your account the same day.
  • Chase offers several savings account types with different interest rates and minimum balances, so compare them before you choose.
  • If you already have a Chase checking account, opening a savings account takes even less time because Chase already has your information on file.

Opening online versus in person

Opening online is the fastest route if you have a computer or smartphone and a stable internet connection. Go to chase.com, select "Open an Account," choose the savings account type you want, and follow the prompts. You will enter your personal information, verify your identity, and set up login credentials. Your account opens when ready, and you can transfer money in right away.

Opening in a branch takes longer but may feel more comfortable if you prefer talking to a person. A Chase banker will walk you through the account options, answer questions, and help you set up online banking on the spot. Bring your ID, know your Social Security number, and have your opening deposit ready — either cash, a check, or a transfer from another bank account.

Opening by phone is also an option. Call the number on the back of a Chase debit card if you are an existing customer, or call the main Chase customer service line if you are new. A representative will guide you through the same steps as online, and your account opens while you are on the call.

Chase savings account types and their differences

Chase offers several savings accounts, each with different interest rates and features. The Chase Savings Account is the standard option with no monthly fee and no minimum balance requirement. The Chase Premier Savings Account requires a higher opening deposit and minimum balance but pays a higher interest rate. The Chase Youth Savings Account is designed for people under 18 and comes with parental controls.

Interest rates change over time and vary based on how much money you keep in the account. A higher balance often earns a higher rate. Before you open, compare the current rates and minimum balance requirements on chase.com so you understand what you are signing up for. The difference in interest earned can be small, but it adds up over time.

Setting up online banking and transfers

Once your account is open, you can log into Chase online banking or the Chase mobile app using the username and password you created. From there, you can check your balance, see your transaction history, and set up automatic transfers.

To transfer money into your new savings account, you can move funds from another Chase account you own, transfer from a bank account at a different bank, or deposit cash or checks at a Chase ATM or branch. If you transfer from another bank, Chase will ask for that bank's routing number and your account number there. The transfer usually takes one to three business days.

Many people set up automatic transfers — for example, moving $50 from checking to savings every payday. This happens without you having to remember, which makes saving easier. You can change or stop automatic transfers anytime through online banking.

What happens after you open your account

Your savings account is ready to use when ready after you open it online or by phone. If you opened in a branch, you may receive a debit card in the mail within 7 to 10 business days, though you do not need it to use your savings account — you can transfer money and manage your account online without a card.

Chase will send you a welcome packet with your account number and other details. Keep this information safe. You will also receive statements — either by mail or email, depending on what you choose during setup. Review your first statement to make sure all the information is correct.

If you have questions after opening, you can call Chase customer service, visit a branch, or use the chat feature in the Chase app. Chase also offers free financial education resources on their website, including articles about saving and budgeting.

Fees and things to watch for

Most Chase savings accounts have no monthly maintenance fee. However, some accounts charge a fee if your balance drops below the minimum requirement. Read the account terms before you open so you know what the minimum is and whether a fee applies to you.

Chase limits how many times per month you can withdraw money from a savings account or transfer it out — this is a federal rule, not a Chase rule. The limit is usually six transactions per month. If you go over, Chase may charge a fee or convert your account to a checking account. This rule does not explore to deposits, only to withdrawals and transfers out.

Interest rates are very low right now compared to historical levels, but they do change. Your rate may go up or down depending on what the Federal Reserve does. Chase will notify you if your rate changes.

If you do not have a Social Security number

If you are a non-citizen or do not have a Social Security number, you may still open a Chase account using an Individual Taxpayer Identification Number (ITIN) instead. Call Chase customer service or visit a branch to ask about this option, as the process is slightly different from the standard online process.

You will still need a photo ID and an opening deposit. The process takes longer because a banker will need to verify your ITIN, but the account works the same way once it is open.

Frequently Asked Questions

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

Chase checks your banking history through ChexSystems, but a previous denial does not automatically disqualify you. Each process is reviewed individually. If you were denied because of unpaid fees or fraud, Chase may still deny you, but it is worth asking a banker about your specific situation.

How much money do I have to put in to open the account?

The minimum opening deposit depends on which Chase savings account you choose. Some accounts have no minimum, while others require $25 or more. Check chase.com or ask a banker which account has the lowest opening deposit if you want to start small.

Can I open a savings account if I am under 18?

Yes. Chase offers the Youth Savings Account for people under 18, which requires a parent or guardian to co-own the account. A parent can also add a teenager as an authorized user on an adult savings account. Visit a branch or call to learn which option works best for your situation.

What is the difference between a savings account and a checking account?

A savings account is meant for money you want to keep and grow over time — it earns interest and has limits on how often you can withdraw. A checking account is for everyday spending — you can write checks, use a debit card, and withdraw as often as you want, but it usually earns little or no interest.

How long does it take to see my opening deposit in the account?

If you transfer from another Chase account or deposit cash at a branch or ATM, the money appears when ready or within one business day. If you transfer from a bank account at a different bank, it takes one to three business days. If you mail a check, it takes five to seven business days.