Chase savings accounts have no opening fee
Chase does not charge you to open a savings account. There is no account opening fee, no activation fee, and no setup cost. You can open an account online, by phone, or in a branch at no charge.
What you do pay depends on which savings product you choose and how you use it. Chase offers several savings options, each with different monthly fees and minimum balance requirements. The fee structure is straightforward: meet the account's terms, and you pay nothing. Fall short, and a monthly maintenance fee applies.
Key Takeaways
- Opening a Chase savings account costs nothing; there is no opening fee or activation charge.
- Monthly maintenance fees range from $0 to $25 depending on the account type and whether you meet balance or deposit requirements.
- Chase offers three main savings products: regular savings, high-yield savings, and money market accounts, each with different fee structures.
- You can waive most monthly fees by maintaining a minimum balance or setting up direct deposit, depending on the account.
Monthly fees vary by account type
Chase's regular savings account charges a $5 monthly maintenance fee unless you maintain a minimum balance of $300 or more. If your balance stays at or above $300, the fee is waived. This is the lowest-cost option if you can keep that balance.
Chase High Yield Savings Account charges a $25 monthly maintenance fee unless you maintain a $15,000 minimum balance. This account pays higher interest on your money, which can offset the fee if you have a substantial balance. If your balance drops below $15,000, you pay the full $25 per month.
Chase Money Market Account also charges a $25 monthly maintenance fee unless you maintain a $2,500 minimum balance. This account combines features of savings and checking accounts and typically pays higher interest than regular savings.
How to avoid monthly fees
The simplest way to avoid fees is to keep your balance above the minimum. For regular savings, that is $300. For high-yield savings, it is $15,000. For money market, it is $2,500. As long as your balance never drops below the threshold, you pay no monthly fee.
Some Chase accounts also waive fees through direct deposit. Check the current terms for each account type, as Chase periodically updates fee structures and waiver options. You can confirm the exact requirements before opening by calling Chase at 1-800-935-9935 or visiting a branch.
What happens if you cannot meet the minimum
If you open a regular savings account and your balance falls below $300, Chase charges $5 that month. If you open high-yield savings and drop below $15,000, you pay $25. These fees are deducted from your account automatically.
If you know you cannot maintain the minimum balance, the regular savings account is your best option. The $5 monthly fee is the lowest Chase charges. Over a year, that is $60 in fees, but you avoid the $25 monthly charge that applies to other accounts.
Interest rates and how they affect your choice
Chase High Yield Savings Account pays a higher interest rate than regular savings. The exact rate changes based on market conditions and is published on Chase's website. If you have $15,000 or more, the higher interest may earn you enough to cover the $25 monthly fee and still come out ahead.
For example, if high-yield savings pays 4.5% annually and regular savings pays 0.01%, the difference on a $15,000 balance is roughly $675 per year in extra interest. That more than covers the $25 monthly fee. However, if your balance is smaller, the interest earned may not offset the fee, so regular savings becomes the better choice.
How to open an account and what you need
You can open a Chase savings account online, by phone, or in person. Online is the fastest option and takes about 10 minutes. You will need a valid government-issued ID, your Social Security number, and an initial deposit. Chase does not require a minimum opening deposit, so you can open with $1.
If you open online, you can fund the account immediately using a bank transfer, debit card, or wire transfer. If you open in a branch, a banker can help you choose the right account type and answer questions about fees and minimums. Phone applications are also available; call 1-800-935-9935 to speak with someone.
Frequently Asked Questions
Can I open a Chase savings account with no money?
Chase does not require a minimum opening deposit. You can open an account with $1 and add money later. However, you will still owe monthly maintenance fees if your balance falls below the minimum for your account type.
What if I close my account within a few months?
Chase does not charge a fee to close a savings account. You can close it anytime without penalty. If you had a monthly maintenance fee charged before closing, that fee is not refunded, but no additional charges apply to the closure itself.
Do I need a Chase checking account to open savings?
No. You can open a Chase savings account on its own without a checking account. However, if you have both, you can transfer money between them instantly online.
Can I waive the fee with a Chase credit card?
No. Chase credit cards do not waive savings account fees. The only ways to avoid fees are to maintain the minimum balance or, for some accounts, to set up direct deposit. Check your specific account terms for current waiver options.