Chase savings accounts have no minimum opening deposit
You can open a Chase savings account with $0. Chase does not require you to deposit any money when you create the account — you can fund it later, or start with $1. This applies to their standard savings products: Chase Savings, Chase Premier Savings, and Chase Sapphire Savings.
However, some Chase savings accounts do charge a monthly fee if your balance falls below a certain threshold. The fee ranges from $5 to $25 per month depending on which account type you choose. You can avoid the fee by maintaining the minimum balance, by setting up direct deposit, or by linking the account to a Chase checking account.
The account you pick matters more than the opening deposit. Different Chase savings accounts have different balance requirements, interest rates, and fee structures. Knowing which one fits your situation will save you money over time.
Key Takeaways
- Chase requires $0 to open any of their savings accounts, but some accounts charge a monthly fee if your balance drops below a set amount.
- Chase Savings charges $5 per month if your balance falls below $500, but the fee is waived if you have a linked Chase checking account.
- Chase Premier Savings and Chase Sapphire Savings have higher minimum balance requirements ($10,000 and $25,000 respectively) to avoid monthly fees.
- You can waive most monthly fees by setting up direct deposit or maintaining the required balance, so your opening deposit does not have to be large.
Chase Savings: the standard option with a low fee threshold
Chase Savings is the most basic savings account Chase offers. You can open it with $0, and there is no monthly fee as long as you keep a $500 balance or have a linked Chase checking account. If your balance drops below $500 and you do not have a checking account linked, Chase charges $5 per month.
This account earns interest, though the rate changes based on market conditions and is typically low compared to online banks. The interest rate is the same whether you have $1 or $10,000 in the account. You can make up to six withdrawals or transfers per month before Chase charges a fee for excess transactions.
If you already have a Chase checking account, linking it to Chase Savings eliminates the monthly fee entirely, regardless of your balance. This makes it the cheapest option for most people who bank with Chase.
Chase Premier Savings: higher balance, higher interest
Chase Premier Savings requires you to maintain a $10,000 balance to avoid a $25 monthly fee. You can open the account with less, but you will be charged the fee each month until your balance reaches $10,000. The interest rate on this account is higher than Chase Savings, but only if you maintain the $10,000 minimum.
If your balance drops below $10,000, you lose the higher interest rate and start paying the $25 monthly fee. This account makes sense only if you have at least $10,000 to deposit and plan to keep it there. For most people, Chase Savings with a linked checking account is the better choice.
Chase Sapphire Savings: premium account with the highest minimum
Chase Sapphire Savings is designed for customers with larger balances. It requires a $25,000 minimum balance to avoid a $25 monthly fee. The interest rate is the highest of Chase's savings accounts, but again, only if you maintain the full $25,000.
This account also comes with additional perks like priority customer service and higher withdrawal limits. However, if your balance falls below $25,000, you pay the monthly fee and lose the higher interest rate. This account is only worth opening if you have $25,000 or more to deposit and can keep it there.
How to avoid monthly fees when you open
The easiest way to avoid fees is to link your new savings account to an existing Chase checking account. This waives the monthly fee on Chase Savings regardless of your balance. If you do not have a checking account, you can open one at the same time — Chase checking accounts also have no minimum opening deposit.
Direct deposit also waives fees on some Chase savings accounts. If your employer deposits your paycheck directly into your Chase account, you may avoid the monthly fee even without a linked checking account. Check with Chase about which accounts may have access to for this waiver.
If you cannot meet the balance requirement or set up direct deposit, you will pay the monthly fee. For Chase Savings, that is $5 per month, or $60 per year. Over time, this fee eats into any interest you earn, so it is worth the effort to avoid it.
What happens if you cannot maintain the minimum balance
If you open Chase Savings with $0 and your balance stays below $500 without a linked checking account, Chase will charge you $5 each month. The fee comes out of your account automatically. If your balance is very low, the fee can wipe out your entire balance in a few months.
You can close the account at any time without penalty. If you close it, any remaining balance is returned to you by check or transferred to another account. There is no early closure fee or waiting period.
If you think you cannot maintain the minimum balance, consider opening a Chase Savings account linked to a checking account instead. This eliminates the fee and gives you a place to save without the risk of monthly charges.
Frequently Asked Questions
Can I open a Chase savings account online?
Yes. You can open any Chase savings account through their website or mobile app without visiting a branch. You will need a valid ID, Social Security number, and an initial deposit method (though the deposit can be $0). The account opens immediately in most cases.
Do I need a checking account to open a savings account with Chase?
No. You can open a Chase savings account without a checking account. However, linking a checking account waives the monthly fee on Chase Savings, so it is worth opening both if you plan to use Chase for banking.
What is the interest rate on Chase savings accounts?
Chase savings rates change based on market conditions and are typically lower than online banks. The exact rate depends on which account you choose and your balance. Check Chase's website for current rates before opening, as they vary by account type and change frequently.
Can I transfer money from my Chase checking account to savings?
Yes. You can transfer money between your Chase checking and savings accounts online, through the app, or at a branch. Transfers between your own accounts are free and usually process the same day.
What if I want to close my savings account after opening it?
You can close a Chase savings account at any time by calling customer service, visiting a branch, or using the mobile app. Any remaining balance will be returned to you by check or transferred to another account. There is no fee for closing.