You can name a beneficiary on your Chase savings account through online banking, by phone, or in person at a branch
A beneficiary is a person you name to receive the money in your account if you die. Chase lets you add one or more beneficiaries to a savings account without needing to change your will or set up a trust. The process takes minutes if you do it online, and the beneficiary has no access to your account while you are alive—they only receive the funds after your death is reported to the bank.
You can add a beneficiary through Chase's website or mobile app, by calling the bank, or by visiting a branch in person. The online method is fastest and requires only your account number, the beneficiary's full name, date of birth, and Social Security number or tax ID. Chase does not charge a fee to add or change a beneficiary.
Key Takeaways
- You can add a beneficiary online through Chase.com or the Chase mobile app without visiting a branch or calling.
- Chase requires the beneficiary's full legal name, date of birth, and Social Security number or tax ID to complete the form.
- A beneficiary has zero access to your account while you are alive and receives funds only after the bank is notified of your death.
- You can name multiple beneficiaries and decide what percentage of the account each one receives.
- Changes take effect immediately online, but if you add a beneficiary by phone or in person, confirm in writing that the change was recorded.
Adding a beneficiary through Chase online banking
Log into Chase.com or open the Chase mobile app and navigate to your savings account. Look for a menu option labeled "Account Settings," "Manage Account," or "Profile"—the exact label varies by app version. Select the option to add or manage beneficiaries.
Enter the beneficiary's full legal name as it appears on their government ID, their date of birth, and their Social Security number or Individual Taxpayer Identification Number (ITIN). If you are naming multiple beneficiaries, you can assign each one a percentage of the account balance. For example, you might give 50 percent to one person and 50 percent to another, or split it three ways. The percentages must add up to 100 percent.
Review the information for accuracy before submitting. Chase will send you a confirmation email. The beneficiary designation takes effect immediately, and you can check your account settings anytime to see who is listed.
Adding a beneficiary by phone or at a Chase branch
Call Chase customer service at the number on the back of your debit card or on your account statement. Tell the representative you want to add a beneficiary to your savings account. Have the beneficiary's full name, date of birth, and Social Security number or ITIN ready.
If you prefer to do this in person, visit any Chase branch with a photo ID and your account number. A banker will complete the beneficiary form with you and file it in your account record. Ask for a written confirmation that shows the beneficiary's name and the date the change was recorded. Keep this confirmation with your important documents.
Whether you call or visit a branch, follow up by checking your online account within a few days to confirm the beneficiary was added. If it does not appear, contact Chase again—phone and branch changes sometimes take longer to show up in the system than online changes do.
What happens when you name multiple beneficiaries
You can name as many beneficiaries as you want on a single savings account. When you add more than one, you must specify what percentage of the account each person receives. If you name three people and want them to split the account equally, you would assign each one 33.33 percent (or as close as possible).
If you do not specify percentages, Chase will divide the account equally among all named beneficiaries. For example, if you name two people without stating percentages, each receives 50 percent of the balance at your death.
You can change the percentages or remove a beneficiary at any time through the same method you used to add them. The new arrangement takes effect immediately if you change it online, or within a few business days if you change it by phone or in person.
The difference between a beneficiary and a joint account holder
A beneficiary cannot access your account, withdraw money, or make deposits while you are alive. They receive the account balance only after you die and the bank is notified. A joint account holder, by contrast, has full access to the account right now and can withdraw or deposit money whenever they want.
If you want someone to help manage your money while you are alive, a joint account or a power of attorney is the right tool. If you want to leave money to someone after you die but keep full control now, a beneficiary is the right choice. The two are not interchangeable, and choosing the wrong one can create problems later.
What you need to provide to add a beneficiary
Chase requires the following information for each beneficiary you name:
- Full legal name (as it appears on a government ID)
- Date of birth
- Social Security number or ITIN
- The percentage of the account they will receive (if naming multiple beneficiaries)
You do not need the beneficiary's permission to name them, and they do not need to provide this information themselves. You will need to know or look up their Social Security number. If the person does not have a Social Security number, ask Chase whether an ITIN or passport number will work instead.
If you are unsure of someone's legal name or date of birth, ask them directly or check a document like a driver's license or birth certificate. Using incorrect information can delay the payout after your death, so take time to get it right.
How the beneficiary receives the money after your death
When you die, your family or the executor of your estate must notify Chase. Bring a death certificate to a Chase branch or mail it to the address provided by the bank. Chase will verify your death and release the account balance to the beneficiary or beneficiaries you named.
The beneficiary does not have to go through probate court to receive the money—it transfers directly from the bank to them. This is one reason people use beneficiary designations: the money reaches the person you chose quickly, without delays from the court system.
The timeline for receiving the funds varies. Chase typically processes the transfer within one to two weeks of receiving the death certificate, though it can take longer if the bank needs additional documentation or if there are complications with the account.
Changing or removing a beneficiary
You can change a beneficiary's name, remove a beneficiary entirely, or update the percentages at any time. Use the same method you used to add them: online through Chase.com or the app, by phone, or in person at a branch.
If you are removing a beneficiary because you no longer want them to receive the money, make sure you have named someone else or confirmed that you want the account to go to your estate instead. If you remove all beneficiaries and do not name new ones, the account will be treated as part of your estate and distributed according to your will or state law.
Keep track of when you make changes. If you update your beneficiary online, you will receive an email confirmation. If you make changes by phone or in person, ask for written confirmation and save it with your important documents.
Frequently Asked Questions
Can I name my minor child as a beneficiary?
Yes, but the money cannot be released to them directly until they reach the age of majority (usually 18). Chase will hold the funds or transfer them to a court-appointed guardian or conservator. To avoid this delay, some people name a trusted adult as beneficiary with instructions to use the money for the child, or they set up a trust that names the child as the ultimate recipient.
What if I name someone as a beneficiary and then get divorced?
The beneficiary designation does not automatically change when you divorce. You must update it yourself through Chase. If you do not, your ex-spouse will still receive the money if you die. Review your beneficiary designations after any major life change and update them if needed.
Can I name my estate as a beneficiary?
No, Chase does not allow you to name your estate directly. If you do not name a beneficiary, the account becomes part of your estate by default and is distributed according to your will or state law. If you want the money to go through your estate for a specific reason, simply do not add a beneficiary.
Does naming a beneficiary affect my taxes?
The beneficiary does not owe income tax on the money they receive from your savings account. However, if the account has earned interest, that interest may be taxable to your estate. Consult a tax professional or attorney if you have questions about how beneficiary designations affect your specific situation.
What if the beneficiary dies before I do?
If your beneficiary dies before you, the designation remains in place but is no longer valid. You should update it as soon as possible. If you do not and you die while that person is still listed, Chase will likely hold the funds while your estate is settled, which can delay the payout to whoever should actually receive the money.