What happens when you open a Chase savings account
A Chase savings account is a deposit account where you store money and earn interest on the balance. When you open one, Chase holds your money in their bank, and you can withdraw it whenever you need it. The account comes with a debit card or online access so you can check your balance, move money between accounts, and make transfers.
You start by choosing which type of savings account fits your situation. Chase offers several versions—some with higher interest rates if you keep a larger balance, others with lower minimums. The account itself costs nothing to open, though some accounts charge a monthly fee if your balance drops below a certain amount (this varies by account type and changes over time).
Once your account is open, you can deposit money by transferring it from another bank account, depositing a check through the mobile app, or visiting a Chase branch in person. Your money is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, which means if Chase fails, the government protects your deposits.
Key Takeaways
- Chase holds your money in a savings account and pays you interest on the balance each month, though the rate changes based on what the Federal Reserve does.
- You can deposit money online, through the app, by mail, or at a branch, and withdraw it the same ways without penalty.
- Some Chase savings accounts charge a monthly fee if your balance falls below a set amount, so check which account type you have.
- Your deposits are protected by FDIC insurance up to $250,000 per account, so your money is safe even if the bank fails.
- Interest deposits into your account monthly, and you can move that money to checking or withdraw it whenever you want.
How interest works on a Chase savings account
Chase pays you interest on the money you keep in your savings account. The rate they offer changes regularly—usually when the Federal Reserve raises or lowers its benchmark interest rate. You can see Chase's current rates on their website, but the rate you receive depends on which savings account you have and how much money you're keeping in it.
Interest is calculated daily based on your account balance and added to your account once a month. If you have $10,000 in the account and Chase is paying 0.01% annual interest (rates vary significantly), you would earn roughly $1 per year, added in monthly increments. The interest becomes part of your balance immediately, so you earn interest on the interest in future months.
The interest rate is not may provide—Chase can change it at any time. If rates go up, you may earn more; if they go down, you earn less. You'll receive notice before a rate change happens, and you can move your money to a different bank if the new rate doesn't work for you.
Deposits and how money gets into your account
You can put money into a Chase savings account in several ways. The most common is an electronic transfer from another bank account you own—this usually takes one to three business days. You can also deposit checks using the Chase mobile app by photographing the front and back, and the funds typically appear within one to two business days.
If you have a Chase checking account, you can transfer money between your checking and savings instantly online or through the app. At a Chase branch, you can deposit cash or checks directly with a teller. Some Chase ATMs also accept cash deposits, though not all locations have this feature.
There is no limit to how many deposits you can make or how much money you can deposit into a savings account. Chase does not charge you for deposits.
Withdrawals and moving money out
You can withdraw money from a Chase savings account without penalty at any time. The most common way is an electronic transfer to another bank account, which takes one to three business days. You can also transfer money to a Chase checking account instantly online, or withdraw cash at a Chase ATM or branch.
Unlike some older savings account rules, there is no limit on how many withdrawals you can make per month. You can move money out as often as you need it. The only restriction is that you cannot withdraw more than the balance in your account.
If you need cash immediately, visiting a Chase branch or ATM is fastest. If you can wait a few business days, a transfer to another bank account works fine and costs nothing.
Monthly fees and account minimums
Most Chase savings accounts do not charge a monthly fee if you meet the minimum balance requirement. The minimum varies by account type—some require $300, others $500 or more. If your balance falls below the minimum, Chase charges a monthly maintenance fee (usually $5 to $25, depending on the account). You can avoid the fee by keeping your balance above the minimum or by setting up a direct deposit to the account.
Some Chase savings accounts waive the fee entirely if you maintain a certain balance or have a linked Chase checking account. Check your account documents or log into your Chase account online to see which rules apply to you.
If you are charged a fee and believe it was a mistake, you can contact Chase customer service and ask them to reverse it. They sometimes do, especially if it is your first time being charged.
How to access your account and check your balance
You can check your savings account balance online through Chase's website, using the Chase mobile app, by calling their customer service number, or by visiting a branch. The online and app options show your balance instantly and let you see recent transactions, interest earned, and any fees charged.
The Chase mobile app also lets you transfer money between accounts, deposit checks, and set up alerts so you know when your balance drops below a certain amount. You can set up automatic transfers to move money from checking to savings on a schedule—for example, $100 every payday.
If you forget your password, you can reset it online using your email address or phone number. If you lose access to your account, call Chase customer service and they will verify your identity before helping you regain access.
What happens if you close your account
You can close a Chase savings account at any time without penalty. If there is money in the account, Chase will transfer it to another account you specify or mail you a check. If there is a negative balance (you owe Chase money), you must pay it before closing.
Once closed, the account is gone—you cannot reopen the same account number. If you want a savings account again later, you would open a new one. Closing an account does not hurt your credit score.
Frequently Asked Questions
Can I use my savings account debit card to make purchases?
Chase savings accounts do not come with a debit card for purchases. If you have a linked Chase checking account, you can use that debit card to spend money. Some savings accounts come with an ATM card that lets you withdraw cash, but not make purchases at stores.
What if I need to withdraw money but don't have online access?
You can visit a Chase branch or ATM to withdraw cash, or call Chase customer service and ask them to transfer money to a linked checking account or another bank. Transfers by phone take one to three business days.
Does Chase report my savings account to credit bureaus?
No. Savings accounts are not reported to credit bureaus, so opening or closing one does not affect your credit score. Only credit accounts like credit cards and loans show up on your credit report.
What if my balance goes below zero?
If you overdraw your savings account (withdraw more than you have), Chase will charge an overdraft fee, usually $35 per transaction. You must deposit money to cover the negative balance and the fee. Some accounts let you link a checking account so overdrafts are covered automatically.
Is my money safe in a Chase savings account?
Yes. Your deposits are insured by the FDIC up to $250,000. If Chase fails, the government protects your money. If you have more than $250,000, only the first $250,000 is protected in each account type at that bank.