Chase savings accounts have no minimum opening deposit
You can open a Chase savings account with any amount of money, including $0. Chase does not require you to deposit a minimum balance when you create the account, and you do not have to maintain a minimum balance to keep it open. This applies to their standard savings products: Chase Savings, Chase Premier Savings, and Chase Sapphire Savings.
The only money that matters is what you choose to put in. You can fund the account with $1 on day one and add more later, or start with a larger deposit if you prefer. There is no penalty for starting small.
Key Takeaways
- Chase savings accounts require no minimum deposit to open and no minimum balance to maintain.
- Interest rates on Chase savings accounts vary by product and change over time, so the amount you deposit affects how much interest you earn, not whether you can open the account.
- You can open a Chase savings account online, by phone, or in a branch, and funding can happen immediately or after account creation.
- If you already have a Chase checking account, opening a linked savings account takes minutes and can be done entirely online.
How to fund your account when you open it
When you create a Chase savings account online or in a branch, you will be asked how you want to fund it. You have several options: transfer money from another Chase account you already have, transfer from an external bank account, deposit cash in a branch, or skip funding entirely and add money later.
If you transfer from an external account, Chase will ask for your routing number and account number. This transfer typically takes one to three business days. If you deposit cash in a branch, the money is available immediately. If you do nothing at account opening, your account sits empty until you deposit money yourself.
Interest rates and why deposit size matters
Chase savings accounts earn interest, but the rate changes based on market conditions and the specific product you choose. The amount you deposit does not change the rate you receive — a $1 balance and a $10,000 balance earn the same percentage. However, the larger your balance, the more interest you earn in dollars.
For example, if Chase Savings pays 0.01% annual percentage yield (APY), a $100 balance earns roughly $0.10 per year, while a $10,000 balance earns roughly $10 per year. The rate itself is identical; only the dollar amount of interest changes. Interest is usually deposited monthly.
Differences between Chase savings products
Chase offers three main savings accounts, and they differ in interest rates and features, not in opening requirements:
- Chase Savings is the basic option with no monthly fee and no minimum balance.
- Chase Premier Savings offers a higher interest rate but requires you to maintain a $25,000 minimum balance to avoid a $25 monthly fee. If your balance drops below $25,000, the fee applies that month.
- Chase Sapphire Savings is available only to Chase Sapphire Banking customers and offers a higher rate than standard Chase Savings.
If you are starting with little or no money, Chase Savings is the right choice because it has no minimum balance requirement and no monthly fee. You can move to Premier Savings later if your balance grows to $25,000.
Opening online versus in a branch
Opening online is faster and requires no visit. You will need a valid government ID, your Social Security number, and proof of your current address (a recent utility bill or bank statement works). The process takes about 10 minutes, and your account number is issued immediately. Funding can happen right away if you transfer from another Chase account or an external bank account.
Opening in a branch takes longer but allows you to ask questions and deposit cash on the spot. Bring your ID, Social Security number, and proof of address. A banker will walk you through the process and can fund the account immediately with cash or a check.
What happens if you never deposit money
If you open a Chase savings account and never add funds, nothing negative happens. The account remains open with a $0 balance. You will not be charged a fee, and you will not be forced to close it. However, Chase may eventually close inactive accounts if they show no activity for an extended period (typically several years), though this is rare for savings accounts.
If you want to keep the account active without depositing large amounts, you can set up a small automatic transfer from checking to savings each month, even if it is just $5. This keeps the account in active use and helps you build the habit of saving.
Frequently Asked Questions
Do I need to be a Chase customer already to open a savings account?
No. You can open a Chase savings account as your first Chase product. However, if you already have a Chase checking account, the process is faster because you can link the accounts and transfer money between them immediately.
Can I open a Chase savings account if I have bad credit or a negative banking history?
Chase does not run a credit check for savings accounts. However, they do check ChexSystems, a banking history database. If you have unpaid overdrafts or fraud flags from another bank, Chase may deny the account. Contact Chase directly to ask about your specific situation.
What is the difference between a savings account and a money market account at Chase?
Chase savings accounts have no minimum opening deposit and no monthly fee (for basic Chase Savings). Money market accounts typically require a higher minimum balance and offer check-writing privileges. For most people starting out, a savings account is simpler.
How long does it take to open a Chase savings account online?
The application takes about 10 minutes. Your account number is issued immediately, and you can begin using it right away. If you transfer money from an external bank, that transfer takes one to three business days to appear in your new account.
Can I have multiple Chase savings accounts?
Yes. You can open more than one savings account at Chase and use them for different goals — one for emergency savings, one for a vacation fund, and so on. Each account earns interest separately, and you can transfer money between your own accounts instantly.