Chase savings accounts have no monthly maintenance fee, but you can lose money through low interest rates and minimum balance requirements
Chase does not charge a monthly fee to hold a savings account. However, that does not mean the account is free. Chase pays interest on savings balances, but the rate is typically much lower than what you would earn at an online bank or credit union. The real cost is opportunity cost — money you do not earn because the rate is so low.
The other way Chase makes money from your savings account is through minimum balance requirements. If your balance drops below the required amount, you may face consequences depending on which savings product you choose. Chase offers several savings accounts with different rules, and the fees and minimums vary by account type.
Key Takeaways
- Chase does not charge a monthly maintenance fee on any of its savings accounts, but interest rates are lower than many competitors.
- Chase savings accounts have minimum balance requirements that vary by product — some require $300, others require $25,000 or more.
- If your balance falls below the minimum, Chase does not charge a fee, but you may lose the ability to earn interest at the stated rate.
- Chase charges overdraft fees of $35 per transaction if you overdraw a linked checking account, which can happen if you transfer money incorrectly.
- Closing an account within 90 days of opening it may result in a $25 early closure fee on some Chase savings products.
Minimum balance requirements by Chase savings account type
Chase offers three main savings products: Chase Savings, Chase Premier Savings, and Chase Private Client Savings. Each has a different minimum balance requirement, and falling below it changes how the account works.
Chase Savings requires a $300 minimum balance to open and maintain the account. If your balance drops below $300, you do not pay a fee, but you will no longer earn the advertised interest rate. Instead, you earn a lower rate on the entire balance. This penalty rate is significantly lower than the standard rate, so keeping $300 in the account matters.
Chase Premier Savings requires a $10,000 minimum balance. If you fall below $10,000, the same rule applies — you keep the account but lose the higher interest rate and earn the penalty rate instead. Chase Private Client Savings requires $25,000 to open and maintain, with the same consequence for falling below the minimum.
These minimums are not fees, but they function as a cost because they lock money in place. If you need to use that $300 or $10,000 for an emergency, you lose interest earnings immediately.
Early closure fees and other charges
Chase charges a $25 early closure fee if you close a Chase Savings or Chase Premier Savings account within 90 days of opening it. This fee does not apply to Chase Private Client Savings. The fee is deducted from your account balance when you close it, so if you have $100 in the account and close it after 30 days, you receive $75.
Chase does not charge fees for common savings transactions like deposits, withdrawals, or transfers. However, if you link your savings account to a Chase checking account and overdraw the checking account, Chase charges a $35 overdraft fee per transaction. This can happen if you set up an automatic transfer from savings to checking and miscalculate the amount.
How Chase interest rates compare to other banks
Chase savings rates change frequently and vary based on market conditions. As of recent months, Chase Savings and Chase Premier Savings offer rates that are substantially lower than online banks and credit unions. For example, online savings accounts at other institutions often pay rates that are two to three times higher than Chase's rate on the same type of account.
The difference matters over time. If you keep $10,000 in a Chase Premier Savings account earning 0.01% annually, you earn $1 per year. The same $10,000 at an online bank earning 4.5% annually earns $450 per year. Over five years, that is a difference of $2,245 in lost earnings.
Chase's lower rates reflect the convenience of having a physical branch network and the ability to deposit cash in person. If you value that convenience, the lower rate is the trade-off. If you do not need a branch, moving savings to an online bank or credit union costs nothing and increases your earnings.
Fees that can affect your savings account indirectly
While Chase does not charge fees directly on savings accounts, fees on linked accounts can drain your savings. If you have a Chase checking account linked to your savings account and you overdraw checking, Chase charges $35 per overdraft transaction. You might then transfer money from savings to cover it, which triggers the overdraft fee and reduces your savings balance.
Chase also charges fees for certain services that might involve your savings account. For example, if you request a cashier's check or a stop payment on a check, Chase charges $15. If you ask Chase to research a transaction or provide account documentation, some requests carry fees. These are not savings account fees, but they can affect your overall banking costs.
Wire transfer fees also apply if you send money out of your savings account. Domestic outgoing wire transfers cost $15, and international wire transfers cost $45. If you regularly move money out of savings, these fees add up.
How to avoid losing money on a Chase savings account
Keep your balance above the minimum for your account type. If you have Chase Savings, maintain at least $300. If you have Premier Savings, keep $10,000 or move to a different account. The interest penalty for falling below the minimum is steep enough that it is worth the discipline.
Do not close the account within 90 days of opening it unless you are certain you will not use it. The $25 early closure fee is small but avoidable. If you open an account to test it and decide it is not right for you, wait until day 91 to close it.
Consider whether Chase is the right place for your savings. If you do not use Chase branches and you have a substantial savings balance, an online bank or credit union will pay you significantly more interest with no monthly fees and no minimum balance requirements. The trade-off is that you cannot deposit cash in person, but many online banks partner with ATM networks or accept mobile check deposit.
Frequently Asked Questions
What happens if my Chase savings balance drops below the minimum?
You do not pay a fee, but you stop earning the advertised interest rate. Chase applies a lower penalty rate to your entire balance instead. Your account stays open and you can still deposit and withdraw money, but you earn significantly less interest until your balance rises back above the minimum.
Can I avoid the early closure fee by waiting 90 days?
Yes. If you open a Chase Savings or Premier Savings account and wait at least 90 days before closing it, Chase does not charge the $25 early closure fee. The fee only applies if you close within the first 90 days. Private Client Savings has no early closure fee at any time.
Does Chase charge for transferring money between my savings and checking account?
No, transfers between your own Chase accounts are free. However, if the transfer causes your checking account to overdraw, Chase charges a $35 overdraft fee per transaction. Make sure you have enough in checking before you transfer out, or set up overdraft protection linked to your savings account.
Why is Chase's interest rate so much lower than other banks?
Chase offers lower rates because it operates thousands of physical branches and ATMs. You pay for that convenience through lower interest earnings. Online banks and credit unions have lower overhead costs and pass the savings to customers through higher rates. Choose based on what you actually use — if you never visit a branch, the lower rate is a cost with no benefit.
Is there a fee if I close my Chase savings account?
There is a $25 early closure fee only if you close within 90 days of opening the account. After 90 days, you can close the account with no fee. Chase does not charge a fee to close an account that has been open for more than 90 days.