Chase Total Checking is a checking account only
Chase Total Checking is a standalone checking account. It does not come with a savings account attached, and opening one does not automatically open the other. If you want both a checking and savings account at Chase, you need to open them as separate products.
Chase offers a savings account called Chase Savings, but you must request it separately when you open your checking account, or add it later to an existing checking account. The two accounts operate independently—they have different account numbers, different terms, and different monthly fees.
Some banks bundle checking and savings together as a single product. Chase does not. This separation means you control which accounts you open and which fees you pay.
Key Takeaways
- Chase Total Checking and Chase Savings are two separate accounts that must be opened individually.
- You can open a savings account at the same time as your checking account, but it is not automatic.
- Each account has its own monthly maintenance fee, though both can be waived under certain conditions.
- You can link the two accounts for transfers, but they remain distinct products with different interest rates and rules.
How to open both a checking and savings account at Chase
If you want both accounts, you can open them together online, in a branch, or by phone. When you start the application for Chase Total Checking, you will see an option to add a savings account to your application. Selecting that option lets you complete both applications in one session.
You do not have to open them at the same time. You can open checking now and add savings later. If you already have Chase Total Checking, you can open a Chase Savings account through your online banking portal or by visiting a branch. Chase will assign each account its own number and routing information.
Once both accounts exist, you can transfer money between them instantly through your Chase online banking dashboard or mobile app. The accounts remain separate for fee purposes and interest calculations, but the transfer link makes moving money between them seamless.
Monthly fees for each account
Chase Total Checking has a $12 monthly maintenance fee. Chase Savings has a $5 monthly maintenance fee. These are charged separately—you pay both if you hold both accounts and do not meet the waiver conditions.
The checking account fee is waived if you maintain a minimum daily balance of $500 or set up a direct deposit of at least $500 per month. The savings account fee is waived if you maintain a minimum daily balance of $300 or link it to a Chase checking account (which most people do). Since linking the accounts is simple and free, most people who hold both accounts avoid the $5 savings fee automatically.
If you hold only the checking account and do not meet the balance or direct deposit requirement, you pay $12 per month. If you hold only the savings account without a linked checking account, you pay $5 per month.
Interest rates and how they differ
Chase Savings and Chase Total Checking earn interest at different rates. Chase Savings earns a variable interest rate set by Chase, which changes based on market conditions. Chase Total Checking does not earn interest—it is a non-interest-bearing account.
The savings account rate is typically very low, often less than 0.01% annually. This means a $1,000 balance might earn a few cents per year. Chase publishes current rates on its website and in your account disclosures, and rates can change at any time without notice.
If earning interest is important to you, a Chase Savings account will earn more than keeping money in checking, but the amount is small. Many people use savings accounts for their fee waiver benefit and their separation from checking rather than for interest income.
What happens if you only want checking
You can hold Chase Total Checking without opening a savings account. Many people do this. You will pay the $12 monthly maintenance fee unless you meet the waiver conditions (minimum $500 daily balance or $500 monthly direct deposit).
If you do not want a savings account and do not meet the fee waiver conditions, you might consider whether the monthly fee is worth the checking features you need. Chase Total Checking includes unlimited debit card transactions, no overdraft fees on overdrafts under $50, and access to Chase's ATM network and branches.
You can always add a savings account later if your situation changes. There is no penalty for opening accounts separately or at different times.
Linking and transferring between accounts
Once you have both a checking and savings account at Chase, they are automatically linked in your online banking and mobile app. You can transfer money between them instantly at no cost, 24 hours a day, seven days a week.
Transfers between your own Chase accounts are immediate and do not count against any transfer limits. This is different from transferring money to an external bank account, which may take one to three business days and may have limits depending on your account type.
The linking is for your convenience only. It does not combine the accounts or change their fees, interest rates, or terms. Each account remains separate in Chase's system.
Frequently Asked Questions
Can I open Chase Total Checking without opening a savings account?
Yes. Chase Total Checking is a standalone product. You can open it alone and never open a savings account. If you do, you will pay the $12 monthly maintenance fee unless you meet the waiver conditions.
Do I have to open a savings account when I open checking?
No. When you apply for Chase Total Checking, you will see an option to add a savings account, but it is optional. You can skip it and open only checking. You can add savings later whenever you want.
What is the difference between Chase Savings and Chase Money Market?
Chase Savings is a basic savings account with a variable interest rate and a $5 monthly fee (waived if linked to checking). Chase Money Market is a different product with higher interest rates but higher minimum balance requirements. They are separate accounts with different terms.
If I close my checking account, do I have to close my savings account too?
No. Your savings account is independent. You can close checking and keep savings, or close savings and keep checking. Closing one does not affect the other.
Can I transfer money from Chase Savings to an external bank account?
Yes. You can transfer money from your Chase Savings account to another bank account you own. The transfer typically takes one to three business days. You can set this up through your Chase online banking portal.