Chase does not charge a monthly fee to open or maintain most of its savings accounts, but you may pay fees if your balance drops below the minimum or if you exceed withdrawal limits.
Chase offers several savings products, and the fee structure depends on which one you choose. 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 charge a $25 fee if your balance falls below $300, and both charge $25 per withdrawal after six in a statement cycle—a federal rule that applies to most savings accounts, not just Chase.
If you maintain a $300 minimum balance and stay within six withdrawals per month, you pay nothing. If you dip below $300 or make frequent withdrawals, fees add up quickly. The withdrawal limit exists because federal regulations historically capped savings account withdrawals at six per month, though that rule was suspended during the pandemic and has not been formally reinstated.
Key Takeaways
- Chase savings accounts have no monthly maintenance fee as long as your balance stays at or above $300.
- You pay a $25 fee each time your balance drops below $300, even temporarily.
- You pay $25 for each withdrawal beyond six per statement cycle, which is a federal limit that applies across most banks.
- Chase Money Market accounts and CDs follow different fee rules and may have higher minimum balance requirements.
- Moving money between your Chase checking and savings account does not count as a withdrawal for fee purposes.
The $300 minimum balance and what triggers the fee
Chase charges $25 if your savings account balance falls below $300 at any point during a statement cycle. This is not a one-time warning—each cycle your balance dips below $300, you pay the fee. The fee posts automatically; you do not have to do anything to trigger it.
The minimum applies to the actual balance in the account, not the average balance. If you have $500 and withdraw $250, leaving $249, you trigger the fee immediately. If you deposit money the next day and bring the balance back to $300, the fee has already posted and will not reverse automatically. You would need to contact Chase to request a reversal, which they may grant if this is your first occurrence or if you have a long account history with them.
Withdrawal limits and the $25 per-transaction fee
Federal regulations limit savings account withdrawals to six per statement cycle. Chase enforces this limit and charges $25 for each withdrawal beyond the sixth. This applies to withdrawals made in person at a branch, by phone, through the mobile app, or by ATM. Transfers between your own Chase accounts (checking to savings, for example) do not count as withdrawals.
The statement cycle varies depending on your account type, but for most Chase savings accounts it runs monthly. If you make seven withdrawals in one cycle, you pay $25 once. If you make ten withdrawals, you pay $25 three times. The fee posts to your account automatically after the cycle closes.
Chase Premier Savings vs. standard Chase Savings
Chase offers two main savings products for individual customers. The Chase Savings Account requires a $300 minimum balance and charges the same $25 fees for falling below that threshold or exceeding withdrawal limits. The Chase Premier Savings account also requires $300 and charges the same fees.
The difference is in interest rates. Premier Savings typically offers a higher annual percentage yield (APY) than the standard account, but the rate changes frequently and depends on market conditions. Both accounts have identical fee structures. If you are comparing them, check the current rates on Chase's website, because the rate advantage shifts over time.
Money Market accounts and CDs have different requirements
If you are looking at Chase Money Market accounts, the fee structure is different. These accounts typically require a higher minimum balance—often $2,500 or more—and charge a monthly fee if you fall below that threshold. The withdrawal limits and per-transaction fees are the same as savings accounts.
Certificates of Deposit (CDs) do not charge monthly maintenance fees, but they do charge an early withdrawal penalty if you take money out before the CD matures. The penalty amount depends on the CD term; longer terms usually have larger penalties. CDs are not meant for frequent access, so the withdrawal fee structure does not apply.
How to avoid fees on a Chase savings account
Keep your balance at $300 or higher and limit withdrawals to six per statement cycle. The easiest way to maintain the minimum is to set up a small automatic transfer from checking to savings each month—even $50 keeps you above the threshold. If you need frequent access to your money, a checking account may be a better fit than a savings account, because checking accounts do not have withdrawal limits or balance minimums at Chase.
If you regularly exceed six withdrawals per month, consider whether you actually need a savings account. Savings accounts are designed for money you are setting aside and not touching frequently. If you need to move money in and out regularly, a checking account with no withdrawal limits serves you better, even if it pays little or no interest.
What happens if you go below $300 temporarily
The fee posts automatically if your balance dips below $300 at any point during the statement cycle. You cannot avoid it by bringing the balance back up later in the same cycle. Once the cycle closes and the fee has posted, you can contact Chase to request a reversal. Chase does not have a formal policy on reversals, but they may grant one if you have a good account history or if this is a first occurrence.
To request a reversal, call the number on the back of your debit card or visit a branch in person. Be prepared to explain why your balance dropped—Chase is more likely to reverse the fee if it was a genuine mistake rather than a pattern of behavior. If you have multiple fees posted, ask about reversing all of them, not just the most recent one.
Frequently Asked Questions
Do I pay a fee just for having a Chase savings account?
No. There is no monthly maintenance fee for opening or keeping a Chase savings account. You only pay fees if your balance falls below $300 or if you make more than six withdrawals in a statement cycle.
Can I avoid the $300 minimum by keeping my money in checking instead?
Yes. Chase checking accounts do not have a minimum balance requirement or monthly maintenance fee. If you do not need the interest that a savings account offers, checking is simpler and has no balance-related fees.
What counts as a withdrawal for the six-withdrawal limit?
Withdrawals include ATM withdrawals, in-person withdrawals at a branch, phone withdrawals, and app-based withdrawals. Transfers between your own Chase accounts do not count. Deposits never count against the limit.
If I go below $300 for one day, do I pay the fee?
Yes. The fee posts if your balance falls below $300 at any point during the statement cycle. You can contact Chase to request a reversal after the fact, but the fee will post automatically unless you prevent the balance from dropping below $300 in the first place.
Does Chase charge fees on money market accounts?
Money market accounts have a higher minimum balance requirement (usually $2,500 or more) and charge a monthly fee if you fall below it. The withdrawal limits and per-transaction fees are the same as savings accounts.