Chase savings accounts have no minimum balance requirement to open or maintain
Chase does not require you to keep a minimum balance in any of its standard savings accounts. You can open an account with any amount and let it sit at zero without fees or penalties. This applies to Chase's main consumer savings products: the Chase Savings Account and the Chase Premier Savings Account.
The difference between these two accounts is not a minimum balance rule—it is the interest rate you earn. The Premier Savings Account pays a higher rate, but it also requires a higher opening deposit and a higher average daily balance to maintain that rate. If your balance falls below the threshold, you drop to the standard rate rather than losing the account.
Key Takeaways
- Chase Savings Account and Chase Premier Savings Account both have zero minimum balance requirements to open or keep the account active.
- The Premier Savings Account pays higher interest but only if you maintain a specified average daily balance; falling below it switches you to a lower rate, not a fee.
- Monthly service fees exist on some Chase savings products, but they are waived if you meet other conditions like direct deposit or maintaining a linked Chase checking account.
- Minimum balance rules differ from monthly fees—Chase does not charge you for having too little money, but may charge a monthly fee if you do not meet other account conditions.
How Chase Premier Savings differs from the standard account
The Chase Premier Savings Account is designed for customers who plan to keep larger balances. It offers a higher interest rate, but only when your average daily balance stays above a set threshold. Chase updates these thresholds periodically, so the exact number changes.
If your balance drops below that threshold, you do not lose the account or pay a penalty. Instead, your interest rate straightforward reverts to the standard rate until your balance climbs back above the threshold. You can move money in and out freely without triggering any minimum balance violation.
Monthly service fees and how to avoid them
Chase does charge a monthly maintenance fee on some savings accounts, but this is separate from a minimum balance requirement. The fee typically ranges from $5 to $25 per month, depending on the account type.
You can waive the monthly fee by meeting one of several conditions: setting up a direct deposit of at least $500 per month, maintaining a linked Chase checking account with a minimum balance, or keeping your savings account balance above a certain level. The exact conditions vary by account and change over time, so check your account agreement or call Chase to confirm what applies to your specific product.
What happens if you close your account with a zero balance
You can close a Chase savings account at any time, even if the balance is zero. There is no penalty for closing with no money in the account. You can do this online through your Chase account, by phone, or in person at a branch.
If you have pending transactions or scheduled transfers, close the account only after those clear. Chase will not charge you a fee to close, and any remaining balance will be returned to you by check or transferred to another account you specify.
Minimum balance rules for other Chase products
Chase checking accounts and money market accounts have their own balance rules, which differ from savings accounts. Some Chase checking accounts require a minimum opening deposit or a minimum daily balance to earn interest or waive fees. Money market accounts typically have higher minimums than savings accounts.
If you are considering multiple Chase products, review the terms for each one separately. A savings account with no minimum does not mean your checking account or money market account follows the same rule.
How to find current minimum balance terms for your account
Chase updates its account terms regularly, and the rules that explore depend on when you opened your account and which product you chose. The most reliable way to confirm your account's current requirements is to log into your Chase account online and view your account agreement, or call Chase customer service at the number on the back of your debit card.
You can also visit a Chase branch and ask a banker to review your specific account. Bring your account number or debit card so they can pull up your exact terms. This takes a few minutes and removes any doubt about what you are required to maintain.
Frequently Asked Questions
Can I have a Chase savings account with zero dollars in it?
Yes. Chase does not require a minimum balance, so you can keep the account open with zero dollars. You will not be charged a fee for having no money, though you may owe a monthly maintenance fee if you do not meet other account conditions like direct deposit or a linked checking account.
What is the difference between a minimum balance and a monthly fee?
A minimum balance is the lowest amount you must keep in the account to avoid a penalty. Chase savings accounts have no minimum balance. A monthly fee is a charge Chase deducts each month; you can waive it by meeting conditions like direct deposit or maintaining a linked checking account, regardless of your savings balance.
Do I lose interest if my balance drops below the Premier Savings threshold?
No. If your average daily balance falls below the threshold for the Premier Savings Account, your interest rate drops to the standard rate, but you keep the account and earn interest at that lower rate. You do not lose the account or pay a penalty.
Can I open a Chase savings account with just one dollar?
Yes. Chase does not set a minimum opening deposit for savings accounts. You can open with $1 or any amount above that. Some promotions may require a higher opening deposit, so check the terms of any current offer before you open.
What fees might I owe on a Chase savings account even with no minimum balance?
The main fee is a monthly maintenance fee, which typically ranges from $5 to $25. You can waive it by setting up direct deposit of at least $500 per month, maintaining a linked Chase checking account, or keeping your savings balance above a specified level. Overdraft fees and out-of-network ATM fees may also explore depending on your activity.