Chase charges no monthly fee for most savings accounts, but you can trigger fees through specific actions or by falling below balance thresholds
Chase offers several savings accounts with different fee structures. The Chase Savings Account (their standard option) has no monthly maintenance fee. The Chase Premier Savings account also has no monthly fee. However, both accounts can charge you for specific transactions or behaviors: overdraft fees if you transfer more than you have, excess transaction fees if you exceed a certain number of withdrawals per month, and wire transfer fees if you send money outside the Chase network.
The key is understanding which actions trigger charges and which accounts have balance minimums. A $0 balance won't cost you a monthly fee on most Chase savings accounts, but it may disqualify you from earning interest, and certain transactions will still carry charges.
Key Takeaways
- Chase Savings Account and Chase Premier Savings have no monthly maintenance fee regardless of your balance.
- You can be charged for overdrafts, excess withdrawals beyond the federal limit, and outgoing wire transfers, even if your account has no monthly fee.
- Interest rates and minimum balance requirements vary by account type and change based on Chase's current rates.
- Transfers between your own Chase accounts do not count toward withdrawal limits, but transfers to external accounts do.
Which Chase savings accounts have no monthly fee
Chase Savings Account is their entry-level savings product and carries no monthly maintenance fee. You can open one with any deposit amount, and there is no minimum balance requirement to keep the account open. Chase Premier Savings is their higher-tier option and also has no monthly fee, though it typically requires a higher opening deposit and offers a higher interest rate in return.
Both accounts earn interest, though the rate changes based on the Federal Reserve's actions and Chase's own pricing. The interest rate you receive may depend on your account type and the total amount you hold across Chase products.
Fees you can still incur on a no-monthly-fee savings account
Overdraft fees apply if you attempt a transaction that would bring your balance below zero. Chase charges an overdraft fee each time this happens, and the fee amount varies. If you have overdraft protection linked to another account, the transfer itself may carry a fee depending on the account type.
Excess withdrawal fees can apply if you exceed six withdrawals or transfers per month from your savings account to external accounts or to a different account type. This is a federal limit that applies to most savings accounts, not just Chase. Transfers between your own Chase accounts (for example, from savings to checking) do not count toward this limit. If you go over, Chase charges a fee per excess transaction.
Wire transfer fees apply if you send money outside the Chase network via wire. Outgoing domestic wires typically carry a fee; incoming wires may also be charged. ACH transfers to external bank accounts do not trigger this fee—only wires do.
Returned deposit fees can occur if a check or electronic deposit you received bounces. Chase charges a fee when this happens.
How to avoid fees on your Chase savings account
Keep your balance above zero to avoid overdraft fees. If you regularly struggle with this, link overdraft protection to a Chase checking account, though be aware that transfers themselves may carry fees depending on your account setup.
Limit withdrawals and transfers to external accounts to six per month. If you need to move money frequently, consider using a Chase checking account for daily transactions and keep your savings account for longer-term storage. Transfers between your own Chase accounts do not count, so moving money from savings to checking is free and does not trigger the withdrawal limit.
Use ACH transfers instead of wire transfers when possible. ACH transfers to external banks are free and take one to three business days. Wires are faster but cost money. If you must wire, do it through Chase's online banking or mobile app rather than calling, as some banks charge extra for phone-initiated wires.
Interest rates and how they affect your savings
Chase Savings Account and Chase Premier Savings both earn interest, but the rate is set by Chase and changes over time. The rate you receive depends on the account type and sometimes on the total amount you hold with Chase. Higher balances or Premier Savings status may may have access to you for a better rate.
Interest is calculated daily and deposited monthly. Even a small balance will earn some interest, though the amount may be cents per month on a low balance. The interest rate is not may provide and can change at any time, though Chase typically notifies customers before making changes.
Comparing Chase savings to other banks
Chase's lack of a monthly fee is standard among large national banks. However, Chase's interest rates are typically lower than those offered by online banks or credit unions. If you prioritize earning more interest, you might find better rates elsewhere, though you would lose the convenience of having your savings at the same bank as your checking account.
The trade-off is access and integration. Chase branches are widespread, and moving money between Chase accounts is instant and free. Online banks offer higher rates but no physical locations and slower transfers to external accounts. Credit unions may offer competitive rates and lower fees but require membership and may have fewer branches.
What happens if you close your Chase savings account
You can close your Chase savings account at any time with no penalty. If your account has a positive balance, Chase will send you a check or transfer the funds to another account you specify. If your account is overdrawn, you must pay the negative balance before closing.
There is no waiting period or early closure fee. You can close online, by phone, or at a branch. If you have pending transactions, Chase may hold the account open until they clear.
Frequently Asked Questions
Does Chase charge a monthly fee just for having a savings account?
No. Chase Savings Account and Chase Premier Savings have no monthly maintenance fee. You will not be charged simply for keeping the account open, even if your balance is zero.
What is the excess withdrawal fee, and when does it apply?
Federal rules limit savings accounts to six withdrawals or transfers to external accounts per month. If you exceed this limit, Chase charges a fee per excess transaction. Transfers between your own Chase accounts do not count toward this limit.
Can I avoid all fees on a Chase savings account?
You can avoid most fees by keeping a positive balance, limiting external transfers to six per month, and using ACH transfers instead of wires. Overdraft and excess withdrawal fees are the most common charges on savings accounts.
Does Chase charge to transfer money from savings to checking?
No. Transfers between your own Chase accounts are free and do not count toward the six-withdrawal limit. Transfers to external banks do count and may trigger excess withdrawal fees if you exceed six per month.
What interest rate does Chase pay on savings accounts?
Chase's savings rates change based on market conditions and your account type. Premier Savings typically pays a higher rate than standard Savings. Check Chase's website or call for current rates, as they are not fixed and change over time.