What you need to open a Chase savings account
Chase offers several savings account types—basic savings, high-yield savings, and money market accounts—and you can open one online, by phone, or in a branch. To start, you will need a government-issued photo ID, your Social Security number, and an initial deposit (the amount varies by account type, but many require $0 to $25 to open). If you already have a Chase checking account, the process is faster because Chase already has your information on file.
You can open an account from anywhere in the United States if you do it online or by phone. If you go to a branch, you will need to visit one in a state where Chase operates—primarily the Northeast, Mid-Atlantic, Midwest, Southeast, Southwest, and West Coast. Chase does not have branches in every state, so check their branch locator first if you plan to visit in person.
The entire process usually takes 5 to 10 minutes online or over the phone. In a branch, plan for 15 to 30 minutes depending on how busy it is. Your account will be active the same day or the next business day, and you can start depositing money immediately.
Key Takeaways
- You need a government photo ID, Social Security number, and an opening deposit to start a Chase savings account online, by phone, or in a branch.
- Chase savings accounts come in three main types—basic savings, high-yield savings, and money market—each with different interest rates and minimum balance requirements.
- Opening online or by phone takes 5 to 10 minutes and works from anywhere in the United States; branch opening takes longer but lets you hand over cash or a check in person.
- If you already have a Chase checking account, opening a linked savings account is faster because Chase has your identity information already verified.
Opening online through Chase.com
Go to Chase.com and click "Open an Account" or "Open a Savings Account." You will be asked to enter your email address, create a password, and confirm your state of residence. Chase will then ask for your full name, date of birth, Social Security number, and current address. Have your ID ready to verify the information matches.
Next, choose which savings account type you want. Chase's basic savings account has no monthly fee and no minimum balance requirement. The Chase Savings account (sometimes called the "Chase Savings" or "Chase Savings Plus") earns interest and has similar terms. The Chase Premier Savings account requires a higher opening deposit and balance but pays a higher interest rate. Compare the current rates on Chase.com because they change and vary by region.
Enter your opening deposit amount and choose how to fund it—from a linked external bank account, a debit card, or a wire transfer. If you link an external account, the transfer takes 1 to 3 business days. If you use a debit card, the deposit posts immediately. After you confirm everything, your account opens and you will receive a confirmation email with your account number.
Opening by phone with Chase customer service
Call Chase at 1-800-935-9935 (the main customer service line) and say you want to open a savings account. A representative will walk you through the same questions as the online process: name, date of birth, Social Security number, address, and ID verification. Have your ID in front of you so you can answer questions about it quickly.
Tell the representative which account type you want and how much you will deposit to open it. They will ask how you want to fund the account—from an external bank account, a check you mail in, or a wire transfer. If you fund it from an external account, the representative will guide you through linking it, and the money will transfer within 1 to 3 business days. If you mail a check, write your new account number on the back and mail it to the address the representative provides; processing takes 5 to 7 business days after Chase receives it.
After the call ends, you will receive a confirmation email and your debit card will arrive by mail within 7 to 10 business days. You can start using your account online or through the Chase mobile app immediately, even before the card arrives.
Opening in a Chase branch
Visit a Chase branch near you with your government photo ID, Social Security number, and opening deposit. You can bring cash, a check, or a debit card to fund the account. Tell a banker you want to open a savings account and they will walk you through the paperwork, verify your identity, and process the deposit on the spot.
If you bring cash or a check, the deposit posts immediately. If you use a debit card, it posts the same day. The banker will give you your account number and temporary access information so you can log into your account online or through the app right away. Your debit card will be mailed to you within 7 to 10 business days.
Opening in a branch is useful if you prefer to hand over cash, want to ask questions face-to-face, or do not have online banking set up yet. It is also the fastest way to have money in your account the same day.
Linking your new savings account to an existing Chase checking account
If you already have a Chase checking account, you can open a linked savings account even faster. Log into your Chase account online or through the mobile app, go to "Accounts," and select "Open a New Account." Choose "Savings" and pick which type you want. Chase will use your existing identity information, so you will not need to re-enter your Social Security number or address.
You can fund the new savings account by transferring money from your checking account immediately, or you can leave it empty and transfer money later. The transfer between your two Chase accounts is instant and free. This route is the quickest if you are already a Chase customer.
What happens after you open your account
Your savings account is active the same day you open it, and you can log in through Chase.com or the mobile app to check your balance, transfer money, and set up automatic transfers. You will receive a debit card by mail within 7 to 10 business days, though you do not need it to use your savings account—you can withdraw money at any Chase ATM using your card number or by visiting a branch with your ID.
Chase will send you a welcome packet by mail with your account number, routing number, and information about the interest rate and any fees. Read this carefully so you know the current rate and any balance requirements. Interest is usually deposited monthly, and you can see it in your account history.
If you want to set up automatic transfers from your checking account to savings, you can do this through the app or online banking. Many people set up a weekly or monthly transfer to build savings without thinking about it. You can change or cancel automatic transfers anytime.
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 account with Chase. However, if you already have a Chase checking account, the process is faster because Chase has already verified your identity.
What is the difference between Chase's savings account types?
Chase's basic savings account has no monthly fee and no minimum balance. The Premier Savings account requires a higher opening deposit and minimum balance but pays a higher interest rate. Money market accounts also require a higher minimum but offer check-writing and higher rates. Compare current rates on Chase.com because they change.
Can I open a savings account if I do not have a Social Security number?
Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you have an ITIN, you can use that instead. Call Chase at 1-800-935-9935 to ask about opening an account with an ITIN.
How long does it take to transfer money from another bank into my new Chase savings account?
If you link an external bank account during signup, the transfer takes 1 to 3 business days. If you mail a check, it takes 5 to 7 business days after Chase receives it. If you open in a branch and deposit cash, the money is available immediately.
Can I withdraw money from my Chase savings account without a debit card?
Yes. You can withdraw money at any Chase ATM using your account number, or visit a Chase branch with your ID and ask a teller to withdraw cash for you. You can also transfer money from your savings account to your checking account through the app or online banking and withdraw from there.