Chase offers savings accounts with no monthly maintenance fee, but the account you may have access to for depends on your balance and account type

Chase's main savings option with no monthly fee is the Chase Savings Account, which has zero monthly maintenance charge regardless of your balance. However, Chase also offers the Chase Premier Savings account, which waives its monthly fee if you maintain a $10,000 minimum balance or set up a may have access to direct deposit. The difference between them is the interest rate: Premier Savings pays a higher rate, but only if you meet the balance requirement.

If you fall below the minimum balance on Premier Savings and don't have direct deposit set up, Chase charges a $25 monthly fee. The basic Chase Savings Account has no such requirement—you can hold $1 and pay nothing.

Key Takeaways

  • Chase Savings Account has no monthly fee and no minimum balance requirement, making it free for any account holder.
  • Chase Premier Savings waives its $25 monthly fee if you keep $10,000 on deposit or receive a may have access to direct deposit.
  • Both accounts earn interest, but Premier Savings pays a higher rate when you meet the balance or direct deposit condition.
  • Interest rates on both accounts change based on the Federal Reserve's actions and vary by region; check your local Chase branch or online for current rates.

How the Chase Savings Account works

The Chase Savings Account is a basic savings product with no strings attached. You open it, deposit money, and Chase charges you nothing each month. There is no minimum opening deposit, no minimum balance to maintain, and no fees for transfers or withdrawals (though federal rules limit you to six withdrawals per month from a savings account).

The tradeoff is the interest rate. Chase Savings currently pays a rate that is typically lower than what online banks or high-yield savings accounts offer. The exact rate changes when the Federal Reserve adjusts interest rates, and it may vary slightly by region. You can check the current rate on Chase's website or by calling your local branch.

When Premier Savings makes sense

Chase Premier Savings is designed for people who keep larger balances in savings. If you have $10,000 or more sitting in the account, the higher interest rate can add up over time compared to the basic savings account. You also avoid the $25 monthly fee.

If you don't have $10,000 but receive regular paychecks via direct deposit, you can waive the fee that way instead. Chase counts direct deposits from your employer as a may have access to deposit. If you have neither the balance nor direct deposit, the $25 monthly fee applies.

How to avoid fees across both accounts

With the basic Chase Savings Account, there is nothing to do—no fee ever charges. With Premier Savings, you have two paths: keep $10,000 in the account at all times, or set up direct deposit from your employer. If you choose the direct deposit route, make sure it is set up before the monthly fee would charge; Chase typically processes fees on the last business day of the month.

If you already have a Premier Savings account and the fee has charged, contact Chase customer service. They sometimes reverse one or two fees if you set up direct deposit or move money in to meet the balance requirement shortly after the charge posts.

Interest rates and how they change

Both Chase Savings and Premier Savings earn interest, but the rates are not fixed. Chase adjusts rates when the Federal Reserve changes its benchmark rate, which happens several times a year. When rates rise, your savings earn more; when rates fall, they earn less.

The current rates for both accounts are posted on Chase's website and may differ slightly depending on which state or region you bank in. You can also call your local Chase branch or log into your online account to see your account's specific rate. Comparing these rates to online banks or credit unions can help you decide if Chase is the right place for your savings.

Other Chase accounts that charge fees

Chase offers other savings products, such as the Chase Secure Savings account (designed for people building credit) and various money market accounts. These typically have monthly fees unless you meet balance or direct deposit requirements. If you are looking for a truly free account with no conditions, the basic Chase Savings Account is your answer.

Chase also offers checking accounts with monthly fees, though some checking products waive fees with direct deposit or a minimum balance. If you are opening a savings account, make sure you are not accidentally opening a checking account, which may have different fee structures.

How to open a Chase Savings Account

You can open a Chase Savings Account online, on the Chase mobile app, or in person at a Chase branch. Online and app applications usually take a few minutes and require your Social Security number, address, and a valid ID. You can fund the account immediately with a transfer from another bank, or you can deposit cash or a check at a branch.

If you already have a Chase checking account, opening a savings account is faster—Chase already has your information on file. You can link the two accounts so money moves easily between them.

Frequently Asked Questions

Can I have both a Chase Savings Account and Premier Savings at the same time?

Yes. Some people keep a basic savings account for everyday savings and a Premier Savings account for larger balances that earn the higher rate. You can transfer money between them whenever you need to.

What happens if my balance drops below $10,000 on Premier Savings?

If you don't have direct deposit set up, Chase charges the $25 monthly fee. You can avoid it by either bringing the balance back above $10,000 or setting up a may have access to direct deposit before the fee posts.

Do I need a Chase checking account to open a savings account?

No. You can open a Chase Savings Account on its own without any other Chase product. However, linking it to a checking account makes transfers between accounts easier.

How often does Chase change its savings interest rates?

Chase adjusts rates when the Federal Reserve changes its benchmark rate, which typically happens several times per year. You can check your current rate anytime by logging into your account or calling your branch.

Are there any other fees I should know about?

Chase Savings has no overdraft fees, no transfer fees, and no inactivity fees. The only limit is the federal rule allowing six withdrawals per month from a savings account; exceeding this may result in a fee or account closure, though this rule has been relaxed in recent years.