Opening a Chase savings account costs nothing upfront

Chase does not charge an opening fee to start a savings account. You can open an account online, by phone, or in a branch at no cost. However, Chase does charge a monthly maintenance fee on most savings accounts unless you meet certain conditions to waive it.

The monthly fee varies by account type. Chase's standard savings account (called Chase Savings) charges $5 per month, but you can avoid this fee by maintaining a minimum daily balance of $500 or more, or by setting up a direct deposit of any amount into the account. Some Chase savings products have different fee structures and different ways to waive them.

Key Takeaways

  • Opening a Chase savings account has no upfront cost, but most accounts charge a $5 monthly maintenance fee unless you meet a waiver condition.
  • You can waive the monthly fee by keeping at least $500 in the account at all times, or by setting up any direct deposit to that account.
  • Chase offers multiple savings products with different fee structures, so the monthly cost depends on which account you choose.
  • If you do not meet the fee waiver conditions, the $5 monthly charge will be deducted from your account balance automatically.

How to avoid the $5 monthly maintenance fee

Chase gives you two straightforward ways to waive the monthly fee on a standard Chase Savings account. The first is to keep a minimum daily balance of $500 or more in the account every day of the month. This means the balance cannot drop below $500 at any point during the billing cycle.

The second way is to set up a direct deposit to the account. This can be a paycheck, a government benefit, a pension, or any other recurring deposit from an employer or institution. The amount does not matter—even a $1 direct deposit counts. Once the direct deposit is set up, the monthly fee is waived for that month and every month going forward, as long as the direct deposit continues.

If you meet either condition, Chase will not charge the $5 fee. If you meet neither condition, the fee is deducted automatically from your account balance each month.

Other Chase savings products and their fees

Chase offers several savings account options beyond the standard Chase Savings account, and each has its own fee structure. Chase High Yield Savings Account also charges a $5 monthly maintenance fee, waived by the same two methods: a $500 minimum daily balance or a direct deposit. This account typically offers a higher interest rate than the standard savings account, though rates change frequently.

Chase also offers savings accounts designed for specific purposes, such as the Chase Savings Account for Kids and Teens, which has no monthly maintenance fee at all. If you are opening an account for a minor, this option costs nothing to maintain.

Before opening any Chase account, check the current fee schedule on Chase's website or ask a representative in a branch, because fee structures and interest rates can change.

What happens if you do not meet the fee waiver conditions

If your account balance falls below $500 and you have no direct deposit set up, Chase will charge the $5 monthly maintenance fee. This fee is deducted automatically from your account on the statement closing date each month. The fee reduces your balance, which can make it harder to stay above the $500 minimum the following month.

If your balance is very low, the $5 fee can push you into overdraft territory, especially if other transactions are pending. There is no grace period or warning before the fee is charged—it simply comes out of your account.

Minimum opening deposit requirements

Chase does not require a minimum deposit to open a savings account. You can open an account with $0 and add money later. However, to avoid the monthly maintenance fee, you will need to either deposit at least $500 to meet the minimum balance requirement, or set up a direct deposit.

If you open with a small amount and do not set up a direct deposit, you will be charged the $5 monthly fee until you either reach the $500 balance or establish the direct deposit.

How to open a Chase savings account

You can open a Chase savings account online through Chase.com, by calling 1-800-935-9935, or by visiting a Chase branch in person. Online opening is usually the fastest option and takes about 10 minutes. You will need to provide your Social Security number, date of birth, address, and government-issued ID.

Once your account is open, you can fund it by transferring money from another bank account, depositing cash at a Chase ATM or branch, or setting up a direct deposit from your employer or benefit provider. If you choose to set up a direct deposit right away, you will waive the monthly fee from the start.

Other fees to know about

Beyond the monthly maintenance fee, Chase charges fees for certain transactions and services. An overdraft fee applies if you spend more than your account balance, though the amount varies. ATM fees may apply if you use an out-of-network ATM. Wire transfer fees, stop payment fees, and other service fees also exist, though they are not charged simply for having the account open.

The monthly maintenance fee is the only charge you will face just for holding the account. All other fees are triggered by specific actions or circumstances.

Frequently Asked Questions

Can I open a Chase savings account with no money?

Yes, you can open an account with $0. However, you will need to either deposit $500 to avoid the monthly fee, or set up a direct deposit. Without either, you will be charged $5 per month.

Does the $500 minimum have to stay in the account forever?

No. You only need to maintain the $500 minimum daily balance during each month to waive that month's fee. If your balance drops below $500 in the next month and you have no direct deposit, you will be charged the fee for that month. The requirement resets each billing cycle.

What counts as a direct deposit for fee waiver purposes?

Any recurring electronic deposit from an employer, government agency, or financial institution counts. This includes paychecks, Social Security, pension payments, unemployment benefits, and transfers from another bank. A one-time transfer does not count—the deposit must be set up to recur.

Can I have multiple Chase savings accounts?

Yes, you can open more than one Chase savings account. Each account is charged the $5 monthly fee separately unless you meet the waiver conditions for each one individually. A $500 balance in one account does not waive the fee for another account.

What if I close my Chase savings account?

Closing an account costs nothing. You can close it online, by phone, or in a branch. Make sure to withdraw or transfer any remaining balance before closing, or Chase will send it to you by check or transfer it to another account on file.