Chase savings accounts have no monthly minimum balance requirement

You can open a Chase savings account and keep it open with any balance, including zero dollars. Chase does not charge a monthly fee based on how much money you have in the account, and you will not lose the account if your balance drops below a certain amount.

However, there are a few other minimums and limits that matter when you open the account or move money around. Understanding these will help you avoid surprises after you sign up.

Key Takeaways

  • Chase savings accounts have no monthly minimum balance requirement and no monthly maintenance fee.
  • You need a minimum of $25 to open most Chase savings accounts, though this varies slightly by account type.
  • Once your account is open, you can withdraw money down to zero without penalty or account closure.
  • Federal rules limit you to six withdrawals per month from a savings account; going over this limit may result in a fee or account restrictions.

The $25 opening deposit

To open a Chase savings account, you typically need to deposit at least $25 at the time you create the account. This is the opening minimum, not an ongoing requirement — once the account is open, you can withdraw that $25 and keep the account active with a zero balance.

The exact opening minimum can vary depending on which Chase savings product you choose and whether you are opening the account online, by phone, or in a branch. If you are unsure about the current opening minimum for the specific account you want, you can call Chase at the number on their website or visit a local branch to ask before you commit.

How the six-withdrawal limit works

Federal banking rules limit how many times you can withdraw money from a savings account each month. The limit is six withdrawals per statement cycle, which is usually one calendar month. This rule applies to all savings accounts at all banks, not just Chase.

Withdrawals include transfers to another account, checks written against the savings account, and debit card transactions. ATM withdrawals and in-branch withdrawals also count. If you go over six withdrawals in a month, Chase may charge you a fee for each withdrawal over the limit, or they may restrict your account temporarily. The best way to avoid this is to use your savings account for saving, not for frequent spending — if you need to move money in and out regularly, a checking account is the better choice.

Interest rates and account features

Chase savings accounts earn interest on your balance, meaning the bank pays you a small percentage of your money each month. The interest rate changes over time and varies depending on which savings product you have. You can check the current rate on Chase's website or by calling their customer service line.

Some Chase savings accounts offer higher interest rates if you maintain a larger balance, but this is a benefit, not a requirement. You will not be penalized for keeping a small balance; you straightforward will not earn as much interest as someone with a larger balance in a higher-rate account.

What happens if you close your account

You can close a Chase savings account at any time by visiting a branch, calling Chase, or using their online banking platform. There is no penalty for closing the account, and you do not have to maintain a minimum balance to keep it open.

If you decide to close, Chase will send you any remaining balance by check or transfer it to another account you specify. Some people close savings accounts when they no longer need them, or when they find a bank offering a better interest rate. There is no cost or waiting period involved.

Comparing Chase savings to other banks

Chase's lack of a monthly minimum balance is standard across most large banks. However, some online banks and credit unions offer higher interest rates on savings accounts, sometimes without any minimum balance requirement either. If earning more interest on your savings is important to you, it is worth comparing rates across a few banks before you decide where to open your account.

Chase's advantage is usually convenience — they have branches and ATMs in most cities, so you can deposit cash or speak to someone in person if you need help. Online banks typically offer higher rates but no physical locations. The right choice depends on what matters more to you: straightforward access to a branch, or a higher interest rate.

Frequently Asked Questions

Can I have a Chase savings account with zero dollars in it?

Yes. Once your account is open, you can withdraw all your money and keep the account active with a zero balance. Chase will not close the account or charge you a fee for having no money in it.

What if I go over the six-withdrawal limit in a month?

Chase may charge you a fee for each withdrawal over six in a statement cycle, or they may temporarily restrict your ability to withdraw from the account. Contact Chase to ask what their current policy is, as these rules can change.

Do I need to keep $25 in the account after I open it?

No. The $25 is only required to open the account. Once it is open, you can withdraw that money and keep the account with any balance, including zero.

Is there a difference between Chase savings accounts for different types of customers?

Chase offers a few different savings products, and the opening minimum and features may vary slightly between them. Call Chase or visit their website to see which account type fits your needs and what the current opening minimum is for that specific account.