Chase does not charge a fee to open a savings account

Chase has no account opening fee for any of its savings products. You can open a Chase savings account online, by phone, or in a branch without paying anything upfront. The bank does not charge to create the account, verify your identity, or set up online access.

What you do need is an opening deposit. The amount varies by account type—some Chase savings accounts require $0 to open, while others require $25 or $100. This is money that goes into your account, not a fee paid to the bank. You can withdraw it anytime without penalty.

The costs that do exist with Chase savings accounts are monthly maintenance fees and penalties for specific actions. These happen after the account is open, not when you create it.

Key Takeaways

  • Chase charges no fee to open a savings account, but some accounts require a minimum opening deposit of $25 to $100.
  • Monthly maintenance fees range from $0 to $12 depending on the account type and whether you meet balance or activity requirements.
  • You can avoid monthly fees by maintaining a minimum balance, setting up direct deposit, or choosing a no-fee account tier.
  • Penalties apply only after the account is open—for overdrafts, excessive withdrawals, or falling below minimum balance.

Opening deposits versus opening fees

An opening deposit is not the same as an opening fee. When you open a Chase savings account, the bank may require you to deposit money immediately—typically $0, $25, or $100 depending on which savings product you choose. That money belongs to you and stays in your account. You can spend it, transfer it out, or leave it there to earn interest.

An opening fee would be money you pay to the bank for the privilege of creating the account. Chase does not charge this. The opening deposit is a minimum balance requirement, not a cost.

If you do not have the opening deposit amount on hand, you can fund the account after opening it online. Chase will let you open the account with $0 and deposit money within a few days, though policies vary by account type and whether you open online or in a branch.

Monthly maintenance fees and how to avoid them

After your account is open, Chase may charge a monthly maintenance fee. The amount depends on which savings account you have. Chase savings accounts typically range from $0 to $12 per month, though this changes as Chase updates its products.

You can avoid the monthly fee in several ways. Most commonly, you maintain a minimum balance—often $300 to $500, depending on the account. If your balance stays above that threshold, the fee is waived. Some accounts waive the fee if you set up direct deposit of your paycheck or receive a certain amount in deposits each month. A few Chase savings products have no monthly fee at all, regardless of balance.

When you open an account, Chase will tell you exactly which conditions waive the fee for that specific product. Read those terms before you fund the account, so you know what to expect each month.

Penalties that apply after opening

Chase charges fees for specific actions after your account is open. The most common are overdraft fees (if you spend more than your balance), excessive withdrawal fees (if you withdraw more than a certain number of times per month), and minimum balance fees (if your balance falls below the required amount and you have not met an alternative waiver condition).

Overdraft fees on savings accounts are typically $35 per occurrence. Excessive withdrawal fees vary but are usually $10 to $35 if you exceed the withdrawal limit in a single month. These fees apply only if you trigger them—they are not automatic charges just for having the account.

None of these penalties apply when you open the account. They only appear if you use the account in a way that triggers them.

How to open a Chase savings account with no costs

To open a Chase savings account without paying anything, choose an account with no opening deposit requirement and no monthly maintenance fee. Chase offers at least one savings product that meets both criteria, though the specific product name and features change periodically.

Open the account online through Chase.com or the Chase mobile app. You will need a Social Security number, a government-issued ID, and proof of address (a recent utility bill or bank statement). The process takes about 10 minutes. Once your account is open and verified, you can fund it by transferring money from another bank account or by depositing cash at a Chase branch.

If you already have a Chase checking account, opening a savings account is faster—Chase already has your identity verified, so the process is even quicker.

What happens if you close the account soon after opening

Chase does not charge a fee to close a savings account, and there is no minimum time you must keep the account open. You can open it and close it the same day if you want. However, if you close the account within a short period—usually 90 days to six months, depending on Chase's current policy—the bank may flag your account and restrict your ability to open new accounts with them for a period of time.

This is not a fee, but it is a consequence worth knowing. If you open an account and realize it is not right for you, close it, but understand that Chase may not let you open another account immediately.

Comparing Chase savings accounts to other banks

Chase savings accounts typically have higher minimum balance requirements and lower interest rates than online-only banks. An online bank like Ally or Marcus may offer no monthly fee, no minimum balance, and higher interest rates on savings. A traditional bank like Bank of America or Wells Fargo has similar fee structures to Chase.

If your main goal is to avoid fees, compare the monthly maintenance fee, the minimum balance required to waive it, and the interest rate you will earn. A Chase account with a $500 minimum balance requirement and 0.01% interest may cost you more in lost earnings than a no-fee online account, even if Chase charges no monthly fee.

The best choice depends on whether you value in-branch access and the ability to deposit cash at a Chase location, or whether you prioritize lower fees and higher interest rates.

Frequently Asked Questions

Do I need an existing Chase account to open a savings account?

No. You can open a Chase savings account as your first account with the bank. However, if you already have a Chase checking account, the process is faster because Chase has already verified your identity. Either way, there is no fee to open.

What if I cannot meet the minimum balance requirement?

If your account has a monthly maintenance fee and you cannot maintain the minimum balance, the fee will be charged each month. You can avoid this by choosing a Chase savings account with no minimum balance requirement, or by meeting an alternative waiver condition like setting up direct deposit. Check the account terms before opening.

Can I open a Chase savings account online if I do not have a Chase checking account?

Yes. You can open a savings account entirely online using Chase.com or the mobile app. You will need a Social Security number, government ID, and proof of address. The account will be verified within a few business days, and you can fund it by transferring money from another bank.

What is the interest rate on Chase savings accounts?

Chase savings account interest rates change frequently and vary by account type. Rates are typically lower than online banks but higher than some traditional banks. Check Chase.com for current rates before opening, as they may have changed since this article was written.

If I open an account with $0 deposit, when do I need to fund it?

If you open a Chase savings account online with no opening deposit requirement, you can fund it within a few days. Chase will give you a specific deadline when you open the account. If you do not fund it by that date, the account may be closed automatically.