Chase savings accounts have no minimum balance requirement to open or maintain

You can open a Chase savings account with $0 and keep $0 in it indefinitely. Chase does not charge a monthly fee for most of its savings accounts, and there is no penalty for letting your balance drop to zero or staying there. The account will remain open and active as long as you do not close it yourself.

The only exception is the Chase Premier Savings account, which requires you to maintain a $10,000 minimum balance to avoid a $25 monthly fee. If your balance falls below $10,000 for even one day during a statement period, the fee applies. Most people use the standard Chase Savings account instead, which has no such requirement.

Key Takeaways

  • Chase Savings and Chase Savings Plus accounts have no minimum balance to open or maintain, and no monthly maintenance fee.
  • Chase Premier Savings requires a $10,000 minimum balance or you pay $25 per month.
  • Interest rates on Chase savings accounts are low and change frequently, so the rate you see today may not be the rate you earn next month.
  • If you need to earn more interest, money market accounts and certificates of deposit (CDs) at Chase pay higher rates but have their own rules about withdrawals and minimums.

What happens if your balance falls below zero

If you overdraw your Chase savings account—meaning you try to withdraw or transfer more money than you have—Chase will decline the transaction. Savings accounts are not linked to overdraft protection by default, so you cannot go negative. The transaction simply fails, and you keep whatever balance you had.

If you have overdraft protection turned on and a linked checking account, Chase may cover the shortfall from your checking account instead. This counts as an overdraft on the checking side, which does carry a fee (currently $35 per overdraft, though this varies by region and account type). You can turn off overdraft protection in your Chase mobile app or online banking to prevent this.

Interest rates and how they affect your savings

Chase savings accounts earn interest, but the rate is very low—typically well below 1% annually. The exact rate changes frequently and depends on what the Federal Reserve does with interest rates. When the Fed raises rates, banks eventually raise savings rates. When the Fed cuts rates, banks cut savings rates.

The interest you earn is calculated daily but paid monthly. If you have $1,000 in your account for an entire month and the annual rate is 0.01%, you would earn roughly $0.08 that month. The amount is so small that most people do not notice it. If you are saving money specifically to earn interest, a Chase money market account or CD will pay more, but both come with restrictions on how often you can withdraw.

When you might want a higher-balance account

Chase Premier Savings is designed for people who already have large sums of money and want to keep it all in one place. The account pays a slightly higher interest rate than the standard savings account, but only if you maintain the $10,000 minimum. If your balance dips below $10,000 even once, you lose the higher rate and pay the $25 monthly fee, which erases any interest you would have earned.

If you have $10,000 or more to save and want to keep it at Chase, the Premier account makes sense only if you are confident your balance will never drop below $10,000. If there is any chance you will need to withdraw money, the standard savings account is safer because it has no minimum and no fee.

Alternatives if you want to earn more

Chase money market accounts require a $2,500 minimum balance to open and pay a higher interest rate than savings accounts. However, you are limited to six withdrawals per month (a federal rule that applies to all banks). If you need to access your money more often, you will pay a fee for each withdrawal beyond six.

Chase CDs lock your money away for a set period—anywhere from three months to five years—and pay a fixed interest rate. The longer the term, the higher the rate. If you withdraw before the term ends, you pay an early withdrawal penalty, which is usually a few months' worth of interest. CDs make sense only if you know you will not need the money until the term is up.

How to avoid fees and keep your account healthy

Use the standard Chase Savings or Chase Savings Plus account and ignore the Premier option unless you have $10,000 sitting idle that you do not plan to touch. Set up direct deposit if you can—it does not affect fees, but it makes it easier to add money regularly. Link your savings account to your checking account so you can transfer money between them quickly if you need it.

Check your account statement monthly to make sure no unauthorized transactions have occurred. If you notice something wrong, report it to Chase within 60 days to get fraud protection. If you close the account, make sure your balance is zero first, or Chase will mail you a check for any remaining funds, which can take weeks.

Frequently Asked Questions

Can I have multiple Chase savings accounts?

Yes. You can open as many savings accounts as you want at Chase. Some people open separate accounts to save for different goals—one for an emergency fund, one for a vacation, one for a car. Each account earns interest separately, and each has its own debit card if you request one.

What is the difference between Chase Savings and Chase Savings Plus?

Chase Savings Plus requires you to maintain a $500 minimum balance to earn the higher interest rate, but there is no monthly fee if you fall below $500. Chase Savings has no minimum at all. Both accounts have the same withdrawal limits and features. Savings Plus is useful if you have at least $500 you can keep in the account consistently.

Do I lose interest if I withdraw money?

No. Interest is calculated daily, so you earn interest on whatever balance you have each day. If you withdraw $100 on day 15 of the month, you simply earn interest on the lower balance for the rest of the month. There is no penalty for withdrawing, and your interest does not reset.

What happens to my account if I do not use it for a long time?

Nothing. Chase will not close your account or charge you a fee for inactivity. Your money stays there, earning interest (however small), until you withdraw it or close the account yourself. Some states have laws about unclaimed property, but Chase will not turn your money over to the state unless you have had no contact with the account for several years.

Can I transfer money from my Chase savings account to pay bills?

Yes, but only up to six times per month (a federal rule). You can transfer to your own Chase checking account as many times as you want, and from there pay bills however you normally do. If you need to move money out of savings more than six times a month, use your checking account instead.