Chase savings accounts have no minimum balance requirement to open or maintain

You can open a Chase savings account with any amount of money, and you can keep the account open with a zero balance. Chase does not charge a monthly fee for falling below a minimum, and there is no threshold you must maintain to avoid penalties or account closure.

What matters instead is whether you want to earn interest. Chase offers different savings products with different interest rates, and the rate you receive depends on your account type and how much you have deposited—not on a minimum you must keep there. A Chase Savings account and a Chase Premier Savings account are two separate products with different interest structures, and the difference affects what you actually earn on your money.

Key Takeaways

  • Chase Savings accounts have no minimum balance requirement to open, maintain, or keep the account active.
  • You will not be charged a monthly fee or face account closure if your balance drops to zero.
  • Interest rates vary by account type: Chase Savings and Chase Premier Savings offer different rates based on your balance tier.
  • To earn the highest available rate on a Chase savings account, you typically need to maintain a higher balance, though the exact threshold changes with market conditions.

How Chase Savings and Chase Premier Savings differ

Chase offers two main savings products. The Chase Savings account is the standard option with no minimum balance. The Chase Premier Savings account is designed for customers with larger balances and offers a higher interest rate, but also has no minimum balance requirement to open it.

The difference is in the interest rate structure. Chase Premier Savings pays a higher rate when your balance reaches certain thresholds—typically $25,000 or more, though these tiers change as interest rates in the market shift. If you keep less than that amount, you earn the lower rate that applies to Chase Savings. Neither account charges you for having a low balance; the rate straightforward adjusts based on what you hold.

Both accounts include the same basic features: online access, mobile banking, ATM withdrawals, and the ability to link to other Chase accounts. The choice between them depends on whether you plan to keep a larger balance and want to pursue the higher rate available through Premier Savings.

What happens if your balance reaches zero

If you let your Chase savings account balance drop to zero, the account stays open. You will not be charged a monthly maintenance fee, and you will not be forced to close it. You can continue to deposit money into it at any time, and the account will remain linked to your other Chase accounts if you set that up.

The only practical consequence is that you earn no interest, since there is nothing in the account to earn on. If you plan to use the account again later, leaving it open with a zero balance costs you nothing and keeps the account history intact.

Interest rates and balance tiers

Chase savings accounts earn interest, but the rate depends on which account you hold and how much money is in it. The Annual Percentage Yield (APY) is what you actually earn on your balance each year, and it changes based on Federal Reserve decisions and market conditions.

Chase Premier Savings typically offers tiered rates: a base rate for balances under $25,000, and a higher rate for balances of $25,000 or more. The exact rates are published on Chase's website and change regularly. If your balance falls below the threshold, you move to the lower tier; if it rises above it, you move to the higher tier. The change happens automatically with no action required on your part.

Chase Savings accounts earn interest at a single rate regardless of balance size, which is typically lower than the top tier of Premier Savings. If you are deciding between the two, compare the current rates on Chase's website to see which makes sense for the amount you plan to keep in savings.

How to open a Chase savings account with no initial deposit

You can open a Chase Savings or Chase Premier Savings account online, by phone, or in a branch. When you open online, you will need to provide your Social Security number, date of birth, and address. You can fund the account when ready with a transfer from another bank, a Chase checking account, or a debit card—or you can open it with zero dollars and fund it later.

If you open in a branch, a banker can walk you through the process and help you decide which account type fits your situation. Bring a government-issued ID and proof of address (a utility bill or lease works). You do not need to bring money with you; the account opens regardless.

Once the account is open, you can deposit money whenever you want through mobile banking, online transfer, ATM deposit (at Chase ATMs), or in person at a branch. There is no important date to make your first deposit.

Fees to watch for in Chase savings accounts

Chase does not charge a monthly maintenance fee on either savings account, and there is no fee for maintaining a low or zero balance. However, there are a few fees that can explore in specific situations.

If you exceed six withdrawals or transfers out of your savings account in a calendar month, Chase charges $10 for each withdrawal over six. This is a federal rule that applies to all savings accounts, not a Chase-specific policy. Deposits and transfers in do not count toward this limit; only money moving out does. If you need to withdraw more frequently, a Chase checking account might be a better fit.

You will also be charged a fee if you overdraft the account—that is, if you try to withdraw more than you have. The overdraft fee is $35 per occurrence. To avoid this, keep track of your balance or set up low-balance alerts through Chase's mobile app.

Frequently Asked Questions

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

Yes. You can open an account with no initial deposit and keep it open with a zero balance indefinitely. Chase will not close the account or charge you a fee for having no money in it. The account straightforward earns no interest when the balance is zero.

Do I need a Chase checking account to open a savings account?

No. You can open a Chase savings account on its own without having a checking account. However, if you already have a Chase checking account, linking your savings account makes transfers between them when ready and free.

What is the difference between Chase Savings and Chase Premier Savings?

Chase Premier Savings offers a higher interest rate when your balance reaches $25,000 or more. Chase Savings has a lower rate but no balance requirement to earn it. Both have no minimum balance to open or maintain. Choose based on how much you plan to keep in savings and which rate is higher for your situation.

Will Chase close my account if I don't use it?

Chase does not close savings accounts for inactivity. Your account will remain open even if you do not make deposits or withdrawals for months or years. However, if you have not used the account in a very long time, Chase may eventually close it and send any remaining balance to your state's unclaimed property program—but this takes years of complete inactivity.

What happens if I withdraw more than six times a month?

Chase charges $10 for each withdrawal or transfer out beyond six per calendar month. This limit applies to all savings accounts under federal regulation. Deposits do not count toward the limit. If you need frequent access to your money, a checking account is better suited for that purpose.