Chase savings accounts charge no monthly maintenance fee, but you can trigger other charges if you don't meet account requirements
Chase offers several savings accounts, and most have no monthly fee. However, Chase can charge you if you fall below the minimum balance, make too many transfers, or use services like overdraft protection. The specific fees depend on which savings account you hold and what you do with it.
The most common Chase savings accounts—Chase Savings, Chase Premier Savings, and Chase Private Client Savings—have no stated monthly maintenance fee. But "no monthly fee" does not mean "no fees at all." You need to understand what actions trigger charges and how much they cost.
Key Takeaways
- Chase savings accounts have no monthly maintenance fee, but excess withdrawal fees and overdraft fees can apply depending on your account type and activity.
- Keeping your balance above the minimum (usually $300 to $25,000 depending on account tier) prevents some fees but does not eliminate all of them.
- Federal law limits you to six transfers or withdrawals per month from a savings account; Chase charges $35 per excess transaction.
- Overdraft fees apply when you spend more than your checking account balance, even if you have money in savings, unless you link the accounts for overdraft protection.
- Chase waives some fees for customers who meet income or balance thresholds or who enroll in direct deposit.
Excess withdrawal fees: the $35 charge most people don't expect
Federal Regulation D limits savings account withdrawals to six per month. When you exceed that limit, Chase charges $35 per excess transaction. This applies whether you withdraw at an ATM, transfer money online, or ask a teller to withdraw cash.
The six-transaction limit resets on the first day of each calendar month. If you make seven withdrawals in January, you pay $35 for the seventh one. In February, you start fresh with six allowed transactions. Many people discover this fee only after they have already triggered it, so tracking your withdrawal count matters if you use your savings account frequently.
Some customers avoid this by using a checking account for regular spending and keeping savings for money they do not plan to touch often. Others set up a separate savings account specifically for emergency access and accept the fee as the cost of flexibility.
Overdraft fees when your checking account goes negative
If your Chase checking account balance drops below zero, Chase charges an overdraft fee. The current fee is $35 per overdraft, though this can vary. The fee applies each day your account stays negative, up to a daily maximum.
Having a linked savings account does not automatically protect you. You must enroll in overdraft protection and link your savings account to your checking account. When overdraft protection is active, Chase transfers money from savings to checking to cover the shortfall, usually without charging a fee for the transfer itself. However, you may still pay a fee if the transfer itself counts as one of your six allowed monthly withdrawals from savings.
If you do not have overdraft protection and your checking account goes negative, the overdraft fee applies. Declining overdraft protection means transactions will be denied if you lack funds, which prevents the fee but may cause a merchant to reject your card.
Minimum balance requirements vary by account type
Chase Savings requires a $300 minimum balance. Chase Premier Savings requires $10,000. Chase Private Client Savings requires $25,000. Falling below these amounts does not automatically trigger a fee, but it may disqualify you from earning the account's stated interest rate or from waiving other fees.
If you cannot maintain the minimum, you can close the account without penalty. There is no early closure fee on Chase savings accounts. However, if you drop below the minimum and keep the account open, you simply earn a lower interest rate or no interest at all, rather than paying a direct fee.
Some customers with multiple Chase accounts consolidate their balances into one account to stay above the minimum, or they move to a different account tier that matches their typical balance.
ATM fees and out-of-network charges
Using a Chase ATM to withdraw from your savings account is free. Using an out-of-network ATM typically costs $2.50 to $3.00, depending on the ATM operator's fee. Chase does not charge you directly for using another bank's ATM, but the other bank does, and that fee comes out of your account.
Chase has one of the largest ATM networks in the United States, so most customers can find a Chase ATM nearby without paying a fee. If you travel frequently or live in an area with few Chase branches, the out-of-network fee may be a real cost to factor in.
Wire transfer fees and other service charges
Sending a domestic wire transfer from a Chase savings account costs $15. Receiving a wire transfer is free. International wire transfers cost $45 outbound. These are separate from monthly maintenance fees and apply only when you use these specific services.
Cashier's checks, stop payments on checks, and account research requests also carry fees ranging from $5 to $30. Most savings account holders never use these services, so they never pay these fees. But if you need one, the cost is real.
How to avoid or reduce fees
The simplest way to avoid fees is to keep your savings account for actual savings. Make deposits regularly and limit withdrawals to once or twice a month. This keeps you well under the six-transaction limit and avoids excess withdrawal fees.
Maintain your minimum balance. For Chase Savings, $300 is low enough that most people can manage it. For Premier Savings, $10,000 is higher but still achievable for many. If you cannot, use the basic Chase Savings account instead.
Link your savings to checking and enroll in overdraft protection. This prevents overdraft fees on your checking account, though you still need to monitor your total balance across both accounts. Some customers set up automatic transfers from savings to checking on payday to keep checking funded.
Use Chase ATMs. With thousands of branches nationwide, you can usually find one without traveling far. This eliminates out-of-network ATM fees entirely.
Fee waivers for certain customers
Chase waives some fees for customers who meet specific criteria. If you maintain a high balance, have multiple Chase accounts, or receive direct deposit into your account, you may may have access to for fee waivers. The exact thresholds change, so contact Chase directly or check your account terms to see what applies to you.
Students under 25 may also have access to accounts with reduced or waived fees. Chase has offered student checking accounts with no monthly fee and no minimum balance, though the terms of these accounts change periodically.
Frequently Asked Questions
Do I pay a fee just for having a Chase savings account?
No. Chase savings accounts have no monthly maintenance fee. You only pay fees if you trigger specific actions, like exceeding six withdrawals per month or overdrawing your checking account.
What happens if I go over six withdrawals in a month?
Chase charges $35 for each withdrawal beyond six in a calendar month. The limit resets on the first day of the next month. This applies to all types of withdrawals: ATM, online transfer, or teller withdrawal.
Can I avoid overdraft fees by keeping money in savings?
Only if you enroll in overdraft protection and link your savings account to checking. Without that link, having a savings account does not prevent overdraft fees on checking. With the link active, Chase transfers money from savings to checking automatically when needed.
Is there a fee to close a Chase savings account?
No. Chase does not charge a fee to close a savings account. You can close it anytime without penalty, though you should withdraw or transfer your balance first.
Do I pay a fee if my balance drops below the minimum?
Not directly. Falling below the minimum does not trigger a fee, but it may lower your interest rate or disqualify you from other benefits. You can keep the account open with a low balance, but you will earn less interest.