The main ways to dodge Chase savings fees
Chase charges a monthly maintenance fee on most savings accounts unless you meet one of their conditions. The fee is currently $5 per month, but the easiest way to avoid it is to keep a minimum balance—usually $300 to $500 depending on the account type—or set up a direct deposit of at least $500 per month into that account. If neither of those works for you, linking your savings to a Chase checking account and maintaining a combined balance across both accounts can also waive the fee.
The specific requirement depends on which Chase savings product you hold. Chase offers several: the regular Chase Savings, the Chase Premier Savings (which requires higher minimums), and the Chase Youth Savings (which has no monthly fee for minors). Before you open an account or after you already have one, log into your Chase account online or call 1-800-935-9935 to confirm which fee waiver option applies to your particular account.
Key Takeaways
- Chase savings accounts charge a $5 monthly maintenance fee unless you maintain a minimum balance (usually $300–$500) or receive a may have access to direct deposit of $500 or more each month.
- Linking your savings account to a Chase checking account and keeping a combined minimum balance across both can waive the fee on the savings side.
- Chase Youth Savings accounts have no monthly maintenance fee, making them a no-cost option for minors.
- You can view your account's specific fee waiver requirements by logging into Chase online, calling customer service, or visiting a branch.
Meeting the minimum balance requirement
The simplest fee waiver for most people is maintaining a minimum daily balance. For Chase Savings, that threshold is typically $300. This means your account balance must not drop below $300 on any day of the month. If it does, you will be charged the $5 fee at the end of that statement cycle.
The balance is calculated on a daily basis, so even a single day below the minimum triggers the fee. If you are close to the threshold, be cautious about withdrawals near the end of the month. Some people find it easier to treat their savings account as untouchable and use a separate checking account for everyday spending, which naturally keeps the savings balance above the minimum.
Chase Premier Savings, their higher-tier product, requires a larger minimum—typically $10,000 to $25,000 depending on your region and account setup. If you cannot maintain that amount, the regular Chase Savings with its $300 minimum is the better choice.
Using direct deposit to waive the fee
If your employer or a government program (like Social Security or unemployment benefits) deposits money directly into your account, you can use that to waive the fee. Chase requires a direct deposit of at least $500 per month into the savings account. This is separate from any direct deposits into a checking account.
Not all employers allow you to split direct deposits between multiple accounts, so check with your payroll department first. If your employer can only deposit into one account, ask whether they can deposit into your checking account instead, then manually transfer $500 per month to savings—though this does not count as a direct deposit and will not waive the fee.
Government benefits like Social Security, SSI, or unemployment insurance do count as direct deposits. If you receive any of these, you can set them to go directly to your Chase savings account and meet the $500 threshold. Verify the deposit amount with the agency sending it to make sure it meets the minimum.
Combining accounts to meet the threshold
Chase allows you to link your savings account to a checking account and count the combined balance toward the fee waiver. If you have a Chase checking account with a minimum balance requirement of its own, the two accounts can work together. For example, if your combined checking and savings balance is $500 or more, you may waive fees on both accounts—though the exact rules depend on which checking product you hold.
This option works best if you already have a Chase checking account or are willing to open one. Some Chase checking accounts have no monthly fee regardless of balance, while others charge $12 per month unless you meet their own conditions (direct deposit, minimum balance, or linked savings). Before you open a checking account just to waive a savings fee, calculate whether the combined cost is worth it.
To set up linking, log into your Chase account online, go to your account settings, and look for the option to link accounts. You can also call Chase or visit a branch and ask them to link the accounts for you.
Chase Youth Savings for minors
If you are opening an account for a minor (typically under 18), Chase Youth Savings has no monthly maintenance fee. This account is designed for young people and does not require a minimum balance or direct deposit. The account does have withdrawal limits—typically six per month—but there is no fee to maintain it.
A parent or guardian must open the account with the minor, and the account converts to a regular Chase Savings account once the minor reaches the age limit (usually 18). At that point, the regular fee rules apply unless the new account holder meets one of the fee waiver conditions.
What happens if you get charged the fee
If you are charged the $5 monthly maintenance fee, you can contact Chase and ask them to reverse it—especially if it is your first time being charged or if you recently met the fee waiver requirement but the fee posted before the change took effect. Chase customer service representatives have some discretion to waive fees as a one-time courtesy.
Call 1-800-935-9935 or visit your local branch with your account statement showing the fee. Explain your situation clearly: whether you thought you met the minimum balance, whether a direct deposit was delayed, or whether you recently linked accounts. A representative may remove the fee from your account.
If you are charged repeatedly, it is a sign that your current account type or fee waiver method is not working for you. Consider switching to a different Chase savings product, closing the account and moving to a different bank, or adjusting your banking habits to reliably meet one of the waiver conditions.
Frequently Asked Questions
Does a direct deposit into my checking account count toward the $500 requirement for my savings account?
No. Chase requires the $500 direct deposit to go directly into the savings account itself. If your employer deposits into checking, you would need to manually transfer $500 to savings each month, but that transfer does not count as a direct deposit for fee waiver purposes.
If I link my checking and savings accounts, do I have to maintain the minimum balance in both?
No. When accounts are linked, Chase counts the combined balance across both. So if your checking has $200 and savings has $300, the combined $500 may waive fees on both—depending on your specific account types. Check your account details online or call Chase to confirm the exact requirement.
Can I avoid the fee by closing my savings account and reopening it later?
Closing and reopening accounts repeatedly can flag your account for fraud monitoring and may prevent you from opening new accounts for a period of time. It is not a reliable strategy. Instead, focus on meeting one of the actual fee waiver conditions or switching to a different bank if Chase's requirements do not fit your situation.
What if my balance drops below the minimum for just one day?
Chase calculates the minimum balance on a daily basis, so even one day below the threshold will result in the monthly fee. If you are close to the minimum, avoid large withdrawals near the end of your statement cycle, or keep a small buffer above $300 to account for unexpected transactions.
Does Chase offer any savings accounts with no monthly fee?
Chase Youth Savings has no monthly fee for minors. For adults, all standard Chase savings accounts charge a monthly fee unless you meet one of the waiver conditions (minimum balance, direct deposit, or linked account). If you want a no-fee savings account, you may need to look at other banks or credit unions.