What you need to open a Chase savings account
Chase offers two main savings products: a regular savings account and a money market account. Both require you to bring a government-issued ID, proof of your current address (a utility bill or lease dated within the last 60 days works), and your Social Security number. You will also need an initial deposit — the amount varies by account type and changes periodically, so call your local branch or check Chase's website for the current minimum.
You can open an account in person at a Chase branch, online through their website, or by phone. The in-person route takes about 20 minutes. Online takes longer because Chase will mail you a debit card and checks, which adds a week or two before you can use the account fully. Phone applications are less common now, but some branches still offer them.
If you do not have a government ID, Chase will accept a passport, military ID, or tribal ID. If you cannot provide proof of address, bring two documents that show your name and address — a bank statement, insurance policy, or government notice counts. Chase will not open an account without a Social Security number or Individual Taxpayer Identification Number (ITIN).
Key Takeaways
- You need a government ID, proof of address dated within 60 days, and your Social Security number or ITIN to open any Chase savings account.
- The minimum opening deposit varies by account type and changes over time, so confirm the current amount before you go to the branch.
- Opening in person at a branch takes about 20 minutes and lets you use your account when ready; opening online takes one to two weeks for your debit card to arrive.
- Chase savings accounts earn interest, but the rate is low — typically well below 1 percent — so compare it to online banks if interest earnings matter to your decision.
Opening an account in person at a Chase branch
Walk into any Chase branch with your ID, proof of address, and Social Security number. Tell the teller or greeter you want to open a savings account. They will direct you to a banker or take you to a desk. The banker will ask you to choose between Chase's regular savings account and its money market account, then confirm your information and the opening deposit amount.
The banker will show you the account agreement and fee schedule on a tablet or printed page. Read the part about monthly fees — Chase charges a monthly maintenance fee on some accounts, though it can be waived if you keep a minimum balance or set up direct deposit. Ask what the current waiver requirements are, because they change. You will sign the agreement, hand over your opening deposit (by debit card, check, or transfer from another bank), and receive a temporary debit card or a card number you can use when ready.
Your permanent debit card arrives by mail in five to seven business days. You can start using your account the same day — the banker will give you online banking access before you leave, and you can transfer money or set up bill pay right away.
Opening an account online
Go to Chase's website and look for "Open an Account" or "Savings Accounts." You will answer questions about your personal information, choose your account type, and upload photos of your ID and proof of address. Chase's system reads these documents automatically, but if the photo is blurry or the document is cut off, a person will review it manually — this can add a day or two.
Once Chase approves your documents, you will transfer your opening deposit from another bank account. This transfer takes one to three business days to clear. Chase will then mail your debit card and welcome packet, which arrives in five to ten business days. Until the card arrives, you can use your account number and routing number to set up direct deposit or transfers, but you cannot withdraw cash or use a debit card in a store.
The online process is slower overall, but it works well if you do not have a Chase branch nearby or prefer not to go in person. You can also call Chase after you open the account to ask questions about fees or features — the phone number is on your welcome email.
Understanding Chase savings account features and fees
Chase's regular savings account earns a small amount of interest, though the rate changes with the market and is typically below 1 percent. The money market account usually offers a slightly higher rate in exchange for a higher minimum balance. Both accounts let you make up to six withdrawals per month without penalty — if you exceed six, Chase charges a fee per withdrawal over the limit. This rule comes from federal banking law, not Chase's choice, though some banks have removed the limit.
Monthly maintenance fees range from $0 to $5 depending on the account type. You can waive the fee by keeping a minimum balance (usually $300 to $500) or by setting up direct deposit of at least $500 per month. Ask the banker which waiver option is easier for your situation. If you do not meet the waiver requirement, the fee comes out of your account automatically each month.
Chase does not charge overdraft fees on savings accounts — if you do not have enough money, the transaction straightforward declines. You also will not be charged for transfers between your Chase accounts, or for closing the account if you change your mind.
What to do if you do not have all the required documents
If you do not have a government ID, bring a passport or military ID instead. If you have neither, some Chase branches will accept a state ID card or tribal ID. Call your local branch before you go — policies vary slightly by location, and the banker can tell you what will work.
If you cannot provide proof of address, bring two documents with your name and address on them. A recent bank statement, insurance policy, utility bill, lease, or government notice all count. The documents must be dated within the last 60 days. If you are homeless or do not have a permanent address, ask the banker about alternatives — some branches will accept a letter from a shelter or social service agency.
If you do not have a Social Security number, you can use an ITIN (Individual Taxpayer Identification Number) issued by the IRS. Bring the ITIN letter or card along with your other documents. Chase will not open an account without one or the other.
Linking your Chase savings account to other banks
Once your account is open, you can transfer money between your Chase savings account and accounts at other banks. To set this up, go to Chase's website, log in, and look for "Transfer Money" or "Link External Account." You will enter the other bank's routing number and your account number there. Chase will send two small deposits (usually under $1 each) to that account to verify you own it. You then enter those amounts back into Chase's website to confirm the link.
This process takes two to three business days. Once it is complete, you can move money between the accounts whenever you want. There is no fee for transfers to or from other banks, though the other bank might charge you. Transfers usually clear within one business day.
Frequently Asked Questions
Can I open a Chase savings account if I have bad credit?
Chase does not check your credit score to open a savings account. They do check ChexSystems, a banking history database, to see if you have unpaid fees or fraud on past accounts. If you have been banned from banking before, tell the banker upfront — some branches can override the block, and others cannot.
What is the difference between Chase's savings account and money market account?
The money market account usually has a higher interest rate and a higher minimum balance requirement. It also comes with a debit card and checks, while the regular savings account does not. Choose the money market account only if you plan to keep a large balance and want to write checks from savings.
How long does it take to use my account after I open it?
If you open in person, you can use your account the same day — the banker gives you online access and a temporary card number before you leave. If you open online, you can use your account number for transfers and bill pay right away, but your physical debit card takes five to ten business days to arrive.
Can I open a savings account for someone else?
No. The account holder must be present with their own ID and Social Security number. If you want to open an account for a minor, you will be the account owner and the child's parent or guardian. Chase calls this a "youth savings account," and the rules are different — ask a banker about it.
What happens if I do not use my savings account?
Chase will not close your account for inactivity. However, if you do not make any deposits or withdrawals for a very long time (usually several years), Chase may mark it dormant and stop sending statements. You can reactivate it by logging in online or calling Chase. There is no penalty.