Most Chase savings accounts charge a monthly fee unless you meet a balance or deposit requirement
Chase's main savings account, the Chase Savings Account, costs $5 per month to maintain. You can waive that fee in two ways: keep a minimum daily balance of $500 in the account, or set up a direct deposit of at least $250 per month into any Chase checking or savings account. If you do neither, the $5 fee posts every month.
Chase also offers the Chase Premier Savings Account, which charges $25 per month but is designed for customers with larger balances. The fee waiver requires either $10,000 in minimum daily balance or $5,000 in minimum daily balance plus a linked Chase Premier Checking account. This account is not the right choice if you're looking to avoid fees—it's built for people who already carry high balances.
The key to a free Chase savings account is hitting one of those thresholds. For most people, the $500 minimum balance on the regular savings account is the easier path. If you already get paid by direct deposit, the $250 monthly deposit waiver is automatic and requires no balance at all.
Key Takeaways
- Chase's standard savings account has a $5 monthly fee that you can waive by keeping $500 in the account or setting up a $250 monthly direct deposit.
- The Premier Savings Account costs $25 per month and requires either $10,000 in balance or $5,000 in balance plus a linked Premier Checking account.
- Direct deposit is often the easiest fee waiver because it requires no minimum balance and happens automatically if you're already paid that way.
- If you cannot meet the balance or deposit requirement, the $5 monthly fee will be charged every month unless you close the account.
How the direct deposit waiver works
If you have your paycheck or other regular income deposited directly into a Chase account, you can use that to waive the savings account fee. The requirement is $250 or more per month into any Chase checking or savings account—it does not have to go into the savings account itself. Many people set up direct deposit to their checking account and link a savings account to it; the savings account fee still waives.
Chase does not require you to keep the money in the account after it arrives. You can transfer it out the same day. The fee waiver is based on the deposit happening, not on the balance staying put. This makes direct deposit the most flexible option if your income is already set up that way.
What happens if you do not meet the fee waiver
If you keep less than $500 in your savings account and do not have a may have access to direct deposit, Chase charges $5 at the end of each month. The fee comes out of your account balance, so if you have $100 in the account, it drops to $95 after the fee posts. If your balance is too low to cover the fee, Chase may charge an overdraft fee on top of it.
The fee posts automatically every month until you either meet one of the waiver conditions or close the account. There is no grace period or one-time waiver. If you are carrying a small balance and cannot set up direct deposit, closing the account and moving to a different bank may cost you less than paying $60 per year in fees.
Comparing Chase savings to other banks
Many online banks and credit unions offer savings accounts with no monthly fee and no minimum balance. Banks like Ally, Marcus, and Discover have zero-fee savings accounts that earn interest without requiring you to keep $500 on hand. Credit unions often have similar products, especially if you are a member.
Chase's advantage is branch access and integration with its checking accounts. If you already bank with Chase and can easily meet the $500 balance or direct deposit requirement, staying with Chase is straightforward. If you cannot meet either condition and do not need branch access, a no-fee online savings account will save you money over time.
Interest rates on Chase savings accounts
Chase savings accounts earn interest, but the rate is typically lower than what online banks offer. As of the most recent information available, Chase's savings account rate varies and is set by the bank—you can check the current rate on Chase's website or by calling a branch. Online banks often pay two to three times higher rates on savings accounts because they have lower overhead costs.
If you are saving money for the long term and want the highest possible interest, the monthly fee at Chase may not be your only cost. The difference in interest rates between Chase and an online bank can add up to more than the $60 annual fee over time. Compare the current rates before deciding to stay.
How to waive the fee if you already have a Chase account
If you have a Chase checking account and want to open a savings account without paying fees, the simplest path is to set up direct deposit to your checking account if you have not already. Once that is in place, open the savings account and link it to the checking account. The $250 monthly direct deposit into checking will waive the savings account fee automatically.
If you do not have direct deposit, you can keep $500 in the savings account itself. This does not have to be new money—if you already have $500 in a checking account, you can transfer it to savings and leave it there. As long as the balance does not drop below $500 on any day of the month, the fee will not post.
Frequently Asked Questions
Can I waive the fee by keeping money in a linked checking account instead of savings?
No. The $500 minimum balance must be in the savings account itself. Balances in your checking account do not count toward the savings account fee waiver. However, direct deposit to any Chase account (checking or savings) will waive the savings account fee.
What if I set up direct deposit but it does not happen every month?
The fee waiver requires $250 or more per month. If a month passes with no direct deposit, the $5 fee will post. Once direct deposit resumes, the waiver applies again the following month. If your income is irregular, keeping the $500 balance is more reliable.
Does closing a Chase savings account hurt my credit?
No. Closing a savings account does not affect your credit score. Credit scores are based on credit accounts (credit cards, loans, lines of credit), not deposit accounts. You can close a Chase savings account without any impact on your credit.
Can I have multiple Chase savings accounts to avoid the fee?
No. The fee applies to each savings account separately. If you open two Chase savings accounts, you would need to meet the waiver requirement for each one. Opening multiple accounts does not reduce or eliminate the monthly fee.
Is there a Chase savings account with no fee at all?
Chase does not offer a savings account with no monthly fee and no conditions. Every Chase savings account has a fee that you can waive by meeting a balance or deposit requirement. If you want a truly no-fee savings account, you would need to use a different bank.