Chase Student Account Is Checking, Not Savings

Chase Student Checking is a checking account, not a savings account. It comes with a debit card, online banking, and the ability to write checks. It does not earn interest on the money you keep in it. If you want a savings account alongside it, you would need to open a separate Chase savings product.

The account is designed for students under 25 who want a low-cost way to manage daily spending and receive direct deposits from a job or school refunds. Chase does not charge a monthly service fee on this account, and there is no minimum balance requirement to keep it open.

Key Takeaways

  • Chase Student Checking is a checking account only, meaning it is built for spending and bill payments, not for earning interest on savings.
  • The account has no monthly fee and no minimum balance, making it free to open and maintain as long as you meet the age requirement.
  • If you want both checking and savings, you can open Chase Student Checking plus a separate Chase savings account at the same time.
  • You must be under 25 and a U.S. resident with a valid ID to open the account.

What You Can and Cannot Do With Chase Student Checking

Chase Student Checking lets you spend money through a debit card, set up automatic bill payments, deposit checks through mobile deposit, and receive direct deposits. You can also transfer money between your checking account and other Chase accounts you own online or through the Chase app.

What you cannot do is earn interest. The account balance sits at zero interest, so keeping money in this account does not grow it. If you have money you are not planning to spend soon, moving it to a savings account is the only way to earn any return on it, even though savings rates are modest.

Opening Chase Student Checking Versus a Full Savings Account

Chase Student Checking is a standalone product. When you open it, you get a checking account only. If you want a savings account as well, you must open it separately, either at the same time or later. Many students do this: they use checking for daily spending and a savings account for money they want to set aside.

Chase offers a savings account called Chase Savings, which does earn interest. The interest rate changes based on market conditions and is typically very low — often less than 0.01% annually, though rates vary. You can link your checking and savings accounts so money moves easily between them through the Chase app or online banking.

How Chase Student Checking Differs From Adult Checking

Chase Student Checking has no monthly fee and no minimum balance. A standard Chase checking account for adults (like Chase Total Checking) charges a monthly fee unless you meet certain conditions, such as maintaining a minimum balance or setting up direct deposit. The student version removes those barriers.

The trade-off is that Chase Student Checking is only available to people under 25. Once you turn 25, Chase will convert the account to a standard checking account, and the monthly fee will explore unless you meet the fee-waiver conditions. Chase typically sends a notice before this conversion happens.

Interest Rates and Why Checking Accounts Do Not Pay Interest

Checking accounts across all banks, including Chase, do not pay interest because they are designed for frequent access to your money. Banks use the money in checking accounts to fund loans and other operations, but they cannot count on that money staying in the account long enough to justify paying interest on it.

Savings accounts, by contrast, are meant to hold money longer, so banks pay interest as an incentive to keep deposits with them. Even so, interest rates on savings accounts are low — often under 1% per year. If you open a Chase savings account alongside your checking account, you would earn that interest on whatever balance you keep in savings, but it would be a small amount.

Moving Money Between Chase Student Checking and Savings

Once you have both a checking and savings account with Chase, transferring money between them is when ready and free through the Chase app or online banking. You can set up automatic transfers — for example, moving a set amount from checking to savings each week — or transfer money manually whenever you need to.

This setup lets you keep spending money in checking and move extra money to savings where it earns interest. Some students automate this so they do not have to think about it. The accounts are linked to the same login, so managing both is straightforward.

Frequently Asked Questions

Can I earn interest on Chase Student Checking?

No. Chase Student Checking pays no interest. If you want to earn interest on your money, you need to open a separate Chase savings account and move money there. Even then, the interest rate is very low — typically less than 1% per year.

What happens to my account when I turn 25?

Chase converts your Student Checking account to a standard checking account. The monthly fee then applies unless you meet fee-waiver conditions, such as maintaining a minimum balance or setting up direct deposit. Chase sends a notice before this happens.

Can I have both Chase Student Checking and a savings account at the same time?

Yes. You can open both accounts at the same time or open savings later. They link to the same login, and you can transfer money between them when ready and for free through the app or online banking.

Do I need a minimum balance to keep Chase Student Checking open?

No. There is no minimum balance requirement. The account is free to maintain as long as you meet the age requirement (under 25) and are a U.S. resident with a valid ID.