You can open a Chase savings account online in about 10 minutes, or in person at a branch

Chase offers several savings account types, each with different features and minimum balance requirements. The most common option is the Chase Savings Account, which requires a $25 minimum opening deposit and has no monthly maintenance fee if you keep a $300 minimum daily balance. If your balance drops below $300, Chase charges $5 per month. You can open an account through Chase's website, mobile app, or by visiting a branch in person.

The entire process takes roughly 10 minutes online. You'll need a valid government-issued ID, your Social Security number, and an initial deposit method — either a debit card, bank account, or wire transfer. Chase will verify your identity during signup and may place a temporary hold on your opening deposit while they confirm it.

If you already have a Chase checking account, opening a savings account is faster because Chase already has your information on file. You can link the two accounts immediately, which lets you transfer money between them without delay.

Key Takeaways

  • Chase Savings requires a $25 opening deposit and a $300 minimum daily balance to avoid the $5 monthly fee.
  • You can open an account online, through the mobile app, or at a Chase branch with just your ID, Social Security number, and an opening deposit.
  • The online process takes about 10 minutes and you can start using the account the same day in most cases.
  • If you have an existing Chase checking account, you can link your new savings account immediately for easy transfers.
  • Chase also offers a High Yield Savings Account with higher interest rates, though it has different minimum balance and fee structures.

What you need before you start

Gather these items before you begin the signup process. You'll need a valid government-issued photo ID — a driver's license, passport, or state ID card. Chase will ask you to verify your identity by checking your ID against their records, so make sure the name and address match what you'll enter during signup.

You also need your Social Security number. Chase uses this to run a background check and verify you don't have an existing account with them under a different name. Have your current address ready as well — Chase will ask for your street address, city, state, and ZIP code.

Finally, decide how you'll fund the opening deposit. You can use a debit card, transfer from another bank account via ACH, or arrange a wire transfer. If you're opening the account at a branch, you can also deposit cash. The minimum opening deposit is $25, but many people deposit more to avoid hitting the $300 minimum balance requirement that triggers the monthly fee.

Opening an account online or through the Chase mobile app

Go to Chase's website or open the Chase mobile app and look for the option to open a new account. Select "Savings Account" from the account type menu. Chase will walk you through a series of screens asking for your personal information: full name, date of birth, Social Security number, address, phone number, and email address.

Next, Chase will ask you to verify your identity. This usually means answering security questions based on your credit history — questions like "Which of these addresses have you lived at?" or "Which car have you owned?" Answer these accurately. If you can't answer enough questions correctly, Chase may ask you to upload a photo of your ID instead.

Once your identity is verified, you'll choose your opening deposit method. If you use a debit card, enter the card number and expiration date. If you transfer from another bank, provide the routing number and account number of the bank you're transferring from. Chase will process the deposit, which typically takes one to two business days to appear in your new savings account.

After your deposit is confirmed, Chase will send you a confirmation email with your new account number and routing number. You can start using the account immediately for transfers and deposits, though you may not be able to withdraw funds until the opening deposit has fully cleared.

Opening an account in person at a Chase branch

Bring your government-issued ID, Social Security number, and your opening deposit to any Chase branch. A banker will help you fill out the account opening form and answer questions about the account features. This process usually takes 15 to 20 minutes.

If you're depositing cash, the banker will count it and give you a receipt. If you're transferring from another bank account, provide your routing and account number. The banker will enter this information into the system, and Chase will initiate the transfer.

Before you leave, ask the banker to link your new savings account to any existing Chase checking account you have. This lets you move money between the two accounts instantly through the Chase app or website. The banker will also give you a temporary debit card or explain how to access your account online while you wait for your permanent card to arrive by mail.

Understanding Chase Savings account fees and minimums

The Chase Savings Account charges a $5 monthly maintenance fee if your daily balance falls below $300 at any point during the month. This is a hard floor — even one day below $300 triggers the fee. However, if you maintain the $300 minimum every single day, there is no monthly fee.

Chase does not charge fees for most common transactions: deposits, transfers between your own accounts, or balance inquiries. However, if you exceed six withdrawals or transfers per month (a federal limit that applies to all savings accounts), Chase charges $10 for each withdrawal or transfer over that limit.

There are no overdraft fees on a savings account because savings accounts cannot overdraft. If you try to withdraw more than your balance, the transaction simply declines. Chase also does not charge fees for closing the account, though they may ask why you're closing it.

Linking your savings account to checking and other accounts

Once your savings account is open, you can link it to a Chase checking account, external bank accounts, or both. Linking to a Chase checking account is instant — you can do it immediately through the app or website. This lets you transfer money between checking and savings with no delay and no fee.

To link an external bank account (from another bank), go to the Transfer section of the Chase app or website and select "Link External Account." Enter the routing number and account number of the external account. Chase will verify the account by depositing two small amounts (usually under $1 each) into that account. Check your external bank account for these deposits, then return to Chase and enter the amounts to confirm you own the account. This verification process takes one to two business days.

Once verified, you can transfer money from your Chase savings account to the external account, or from the external account to Chase. Transfers to external accounts typically take one to three business days. Transfers from external accounts to Chase may take longer depending on the other bank's processing speed.

Moving money into your new savings account

After your account is open, you have several ways to add money. The fastest method is a transfer from an existing Chase checking account — this happens instantly and costs nothing. You can also transfer from an external bank account, though this takes one to three business days depending on the other bank.

If you have a Chase debit card, you can deposit cash at any Chase ATM. The deposit posts immediately to your account. You can also deposit checks through the Chase mobile app by taking a photo of the front and back — Chase will credit the amount within one to two business days.

If you're at a Chase branch, you can deposit cash or checks directly to the teller. Cash deposits post immediately; check deposits typically post within one business day. You can also set up direct deposit from your employer or other income source, which will automatically deposit money into your savings account on your regular pay schedule.

Frequently Asked Questions

How long does it take to open a Chase savings account?

Online or through the app takes about 10 minutes. In person at a branch takes 15 to 20 minutes. Your account is usually active the same day, though your opening deposit may take one to two business days to clear depending on how you funded it.

Can I open a Chase savings account if I don't have a checking account?

Yes. You don't need an existing Chase account to open a savings account. However, if you do have a Chase checking account, linking them is simpler and faster because Chase already has your information.

What happens if my balance drops below $300?

Chase charges a $5 monthly maintenance fee. The fee posts at the end of the month if your daily balance was below $300 at any point during that month. You can avoid the fee by keeping at least $300 in the account every day, or by closing the account if you don't plan to use it.

Can I withdraw money from my savings account right after opening it?

You can withdraw money immediately if you deposited cash or transferred from another Chase account. If you transferred from an external bank, you must wait for that transfer to clear (one to two business days) before you can withdraw it. Chase holds the deposit until it's confirmed.

Is there a limit to how much I can deposit?

No. Chase has no limit on how much you can deposit into a savings account. However, deposits over $10,000 may trigger a Currency Transaction Report (CTR) that Chase files with the federal government — this is normal and not a sign of a problem.