Chase savings accounts have no monthly fee, but you need to meet one condition

Chase offers several savings accounts with no monthly maintenance fee. The catch is that most of them require you to keep a minimum balance or set up direct deposit. If you do neither, Chase will charge you a monthly fee—usually $5 to $25 depending on the account type.

The most common Chase savings account is the Chase Savings Account (sometimes called the regular savings account). It has no monthly fee if you maintain a minimum balance of $300. If your balance drops below $300, Chase charges $5 per month until you bring it back up. There is no fee if you set up a direct deposit instead, even with a $0 balance.

Chase also offers the Chase Premier Savings Account, which requires a $10,000 minimum balance to avoid a $25 monthly fee. This account pays a higher interest rate, but only if you meet that balance requirement. Most people do not need this account unless they have substantial savings.

Key Takeaways

  • Chase Savings Account has no monthly fee if you keep $300 in the account or set up direct deposit.
  • If your balance falls below $300 and you have no direct deposit, Chase charges $5 per month.
  • Chase Premier Savings requires $10,000 minimum balance or costs $25 monthly.
  • Interest rates vary by account type and change based on Federal Reserve decisions, so check Chase's website for current rates.
  • You can open a Chase savings account online, by phone, or in a branch with no opening deposit required.

How the minimum balance requirement actually works

The $300 minimum for the regular Chase Savings Account is a daily balance requirement, not an average. This means your account balance must be at least $300 every single day of the month. If it drops to $299 on any day, you trigger the $5 fee for that month.

The fee posts at the end of the month. So if you dip below $300 on day 25, you will see the $5 charge on day 30 or 31. You can still avoid future fees by bringing the balance back above $300 before the next month closes.

Direct deposit is the easier path for most people. Any direct deposit counts—paycheck, government benefits, tax refund, transfer from another bank. Once you set up direct deposit, the $300 minimum no longer applies. You can keep $0 in the account and pay no fee.

Interest rates and how they change

Chase savings accounts earn interest, but the rate is set by Chase and changes periodically. The rate you see today will not be the rate you see in six months. Chase typically lowers rates when the Federal Reserve cuts rates, and raises them when the Fed raises rates.

Current rates vary between the regular savings account and the Premier account. You can see the exact rates on Chase's website or by calling 1-800-935-9935. The rates are the same whether you open the account online or in a branch.

Interest compounds daily and posts monthly. This means you earn interest on your interest, but only once per month. The amount you earn depends on your balance and the current rate. With a $300 balance at a typical rate, you might earn less than $1 per month.

Opening a Chase savings account and what you need

You can open a Chase savings account online, by phone, or in a branch. There is no opening deposit required—you can open the account with $0 and add money later. Online opening takes about 10 minutes.

To open an account, you will need a government-issued ID, your Social Security number, and a current address. If you open online, Chase will verify your identity using information from your credit file. If you open in a branch, bring your ID.

If you already have a Chase checking account, opening a savings account is faster. Chase can link the accounts when ready, and you can transfer money between them with no fee. Transfers between your own Chase accounts are when ready.

Fees beyond the monthly maintenance charge

The $5 or $25 monthly fee is the main cost, but Chase charges other fees in specific situations. If you withdraw money more than six times per month, Chase charges $10 per excess withdrawal. This limit applies to transfers and withdrawals combined.

If you overdraft your savings account (spend money you do not have), Chase charges an overdraft fee. This is rare with savings accounts because most people do not write checks against them, but it can happen if you set up automatic payments or transfers that exceed your balance.

There is no fee to close the account. If you close within 90 days of opening, Chase does not charge a penalty. You can withdraw all your money and close the account online or in a branch.

Chase savings versus other banks' savings accounts

Chase savings accounts pay lower interest rates than online banks like Marcus, Ally, or American Express. Online banks typically pay 4% to 5% on savings accounts, while Chase usually pays 0.01% to 0.5% depending on the account and current rates. The difference matters if you have a large balance.

Chase offers something online banks do not: a physical branch network. If you need to deposit cash, speak to someone in person, or handle a problem face-to-face, Chase branches are available in most states. Online banks have no branches.

Chase also bundles savings with checking. If you have a Chase checking account, managing both accounts in one place may be simpler than splitting them between Chase and another bank. The convenience may or may not be worth the lower interest rate, depending on your situation.

How to avoid the monthly fee

The simplest way to avoid the $5 fee is to set up direct deposit. Once direct deposit is active, you pay no monthly fee regardless of your balance. You do not need a large paycheck—even a $1 direct deposit counts.

If direct deposit is not an option, keep the balance at $300 or higher. Check your balance regularly, especially if you make frequent withdrawals. Set a phone reminder on the first of each month to verify your balance is above $300.

If you already paid a fee by mistake, you can ask Chase to refund it. Call the number on the back of your card or visit a branch. Chase sometimes refunds one or two fees if you ask, especially if you are a new customer or have been a customer for a long time. There is no may provide, but it is worth asking.

Frequently Asked Questions

Can I have multiple Chase savings accounts?

Yes. You can open more than one savings account at Chase. Each account has its own $300 minimum or direct deposit requirement. Some people open multiple accounts to organize money for different goals, but each account will cost $5 per month if the balance falls below $300 and there is no direct deposit.

What happens if I close my Chase checking account but keep the savings account?

Your savings account continues normally. The $300 minimum or direct deposit requirement stays the same. You can still transfer money between accounts online, and you can still deposit checks using the mobile app.

Does the direct deposit have to be from my employer?

No. Any direct deposit counts—paycheck, government benefits, tax refund, or transfer from another bank. Chase does not verify where the deposit comes from. If money is deposited directly into your account, the fee waiver applies.

Can I earn more interest by moving my money to a different Chase account?

No. All Chase savings accounts pay the same interest rate. The Premier Savings Account pays slightly more, but only because it requires a higher minimum balance. The interest rate itself is the same across all savings products at Chase.

What if my balance is exactly $300?

You are safe. The requirement is $300 or more. As long as your balance is $300 or higher on every day of the month, you pay no fee. The moment it drops to $299, the fee applies.