Chase savings accounts have no monthly maintenance fee, but you can trigger other charges

Chase does not charge a monthly fee to hold a savings account. However, you can incur fees if you exceed the withdrawal limit, fall below the minimum balance, or use certain services. The most common fee is the excess withdrawal fee, which applies when you make more than six withdrawals or transfers per month from your savings account.

The excess withdrawal fee is $10 per transaction once you go over the limit. This rule applies to most Chase savings products, though the specific limit and fee amount can vary depending on which savings account you hold. Some accounts have different structures entirely—for instance, money market accounts may have different withdrawal rules than traditional savings accounts.

Key Takeaways

  • Chase savings accounts charge no monthly maintenance fee, but excess withdrawal fees of $10 per transaction apply if you exceed six withdrawals or transfers in a month.
  • Minimum balance requirements vary by account type; some accounts require $300 to $500 to avoid fees, while others have no minimum.
  • Overdraft fees apply to linked checking accounts, not savings accounts directly, but can affect your overall Chase account costs.
  • Waiving excess withdrawal fees is possible if you maintain a high balance or link your account to a Chase Premier or Sapphire checking account.

Withdrawal limits and excess fees

Federal rules once capped savings account withdrawals at six per month, but that restriction was lifted in 2020. Chase no longer enforces a hard limit on withdrawals, but the excess withdrawal fee structure remains in place on many accounts. If you make more than six withdrawals or transfers per month, Chase charges $10 for each transaction beyond the sixth.

This fee applies to transfers out of the account via ACH, wire transfer, or third-party payment, as well as to in-person or ATM withdrawals. Internal transfers between your own Chase accounts do not count toward the limit. The fee is charged to your savings account balance, so it reduces the money you have on deposit.

Minimum balance requirements by account type

Chase offers several savings products, and minimum balance rules differ. The Chase Savings Account requires a $300 minimum daily balance to avoid a $5 monthly fee. The Chase Premier Savings Account requires $10,000 to avoid the same $5 fee. Money market accounts typically have higher minimums, ranging from $2,500 to $10,000 depending on the specific product.

If your balance falls below the required minimum at any point during the month, Chase charges the fee once. Recovering from a dip below the minimum does not reverse the charge. Some customers avoid this fee by maintaining a linked checking account with a high balance or by setting up automatic transfers to keep savings above the threshold.

How to avoid or reduce fees

The simplest way to avoid fees is to keep your balance above the minimum and limit withdrawals to six per month. If you regularly need more than six withdrawals, consider moving to a checking account instead, which typically has no withdrawal limits and no excess transaction fees.

Chase also waives excess withdrawal fees for customers who maintain a Premier or Sapphire checking account, or who hold a Chase credit card with certain status levels. Linking your savings account to one of these premium products can eliminate the excess withdrawal charge entirely. You can confirm your account's specific fee structure by logging into your Chase account online or calling the customer service number on the back of your debit card.

Overdraft fees and linked accounts

Overdraft fees do not apply directly to savings accounts—they apply to checking accounts when you spend more than your balance. However, if you link your savings account to a checking account for overdraft protection, Chase may charge a fee when the transfer occurs. This is typically a $10 transfer fee, separate from any overdraft fees on the checking side.

If overdraft protection is triggered, the transfer pulls money from your savings account to cover the shortfall in checking. This counts as a withdrawal from savings, so it can contribute to your six-withdrawal limit and trigger an excess withdrawal fee if you have already hit the threshold.

Interest rates and account features

Chase savings accounts earn interest, but the rate is typically lower than online-only banks offer. The rate varies based on market conditions and your account type. Interest is compounded daily and credited monthly, so you earn money on your balance even if you do not make deposits.

The interest you earn is separate from fees. A low interest rate is not the same as a fee, but it does affect how much your money grows over time. If you are comparing Chase to other banks, factor in both the fee structure and the interest rate to understand the true cost of holding your money there.

What happens if you cannot pay a fee

If a fee is charged to your account and you do not have enough balance to cover it, your account balance goes negative. Chase may close your account if it remains negative for an extended period, typically 30 to 60 days. A closed account is reported to ChexSystems, a banking history database, which can make it harder to open accounts at other banks.

If you are charged a fee in error or believe it was applied incorrectly, contact Chase customer service to request a reversal. Chase sometimes reverses one or two fees as a courtesy, especially if you have been a long-standing customer. There is no may provide, but asking costs nothing.

Frequently Asked Questions

Can I avoid the excess withdrawal fee by using my debit card?

No. Debit card purchases from a checking account do not count as savings account withdrawals. However, if you are withdrawing from savings using a debit card linked to that account, it counts toward the limit. The distinction is which account the card is tied to.

Does Chase charge a fee to open a savings account?

No. Chase does not charge an account opening fee for savings accounts. You can open an account online or in a branch at no cost. You may need to make an initial deposit, but that money is yours and is not a fee.

What if I go below the minimum balance for just one day?

Chase charges the monthly maintenance fee if your balance falls below the minimum at any point during the statement period. A single day below the threshold triggers the fee. You do not have to stay below the minimum for the entire month.

Are there savings accounts at Chase with no minimum balance?

Chase offers some savings products with no stated minimum balance requirement, though these may have other restrictions or lower interest rates. Check the current product details on Chase's website or ask in a branch, as offerings change periodically.

If I close my account, do I owe any fees?

Closing an account does not trigger a fee. However, if your account has an outstanding negative balance due to unpaid fees, you must pay that balance before closing. Chase will not close an account with a negative balance.