What you need to open a Chase savings account

You can open a Chase savings account online, by phone, or in person at a branch. The fastest route is online at chase.com, which takes about 10 minutes. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—usually $25 minimum, though this varies by account type and current promotions.

Chase offers several savings account types: the basic Chase Savings Account, Chase Premier Savings (which requires a higher opening balance), and Chase Secure Savings. Each has different minimum balance requirements and interest rates. The basic account is the most common choice for people starting out.

If you already have a Chase checking account, opening a savings account takes even less time because Chase already has your information on file. You can add the savings account to your existing online login and move money between the two instantly.

Key Takeaways

  • You can open a Chase savings account online in about 10 minutes with a valid ID, Social Security number, and a minimum deposit of $25.
  • Chase offers three main savings account types with different minimum balance requirements; the basic account is the easiest to open and maintain.
  • If you already bank with Chase, you can add a savings account to your existing login without repeating identity verification.
  • Once your account is open, you can transfer money from checking to savings instantly through the Chase app or website.

Opening an account online

Go to chase.com and click "Open an Account" or "Savings" in the main menu. You will be asked to enter your email address and create a login password. Chase will then ask for your full name, date of birth, address, phone number, and Social Security number. This information is used to verify your identity and check your banking history.

Next, you will choose which type of savings account you want and review the terms. Chase will show you the current interest rate (called APY, or annual percentage yield), monthly fees if any, and minimum balance requirements. Read these carefully because they change over time. Then you will link a bank account to fund your new savings account with the minimum deposit. This can be a Chase checking account or an account at another bank.

After you submit, Chase typically approves the account within minutes. You can start using it right away through the Chase app or website. Your debit card and checks (if you ordered them) will arrive by mail within 7 to 10 business days.

Opening an account at a Chase branch

Walk into any Chase branch with your ID, Social Security number, and the minimum deposit amount in cash or a check. A banker will fill out the account paperwork with you, answer questions about the different account types, and process everything on the spot. This takes 20 to 30 minutes.

Branch staff can also help you decide which account type fits your situation—for example, if you plan to keep a large balance, Premier Savings might earn you more interest. They can show you the current rates and explain any promotional offers that might be running.

If you do not have the minimum deposit with you, you can still open the account and fund it later, though some branches may ask you to do it that day. Ask the banker about their policy before you leave.

Opening an account by phone

Call Chase customer service at 1-800-935-9935 to open a savings account over the phone. Have your ID, Social Security number, and information about your funding source ready. A representative will walk you through the same questions as the online process and can answer questions about account types and rates in real time.

Phone opening takes about 15 to 20 minutes. After the call, you will receive a confirmation email with your new account number and login details. You can fund the account immediately by transferring from another Chase account or by providing routing and account information from another bank.

What happens after you open the account

Once your account is open, you can start depositing money right away through the Chase app, website, or ATM. You can transfer money from a Chase checking account instantly. Transfers from other banks typically take 1 to 3 business days, depending on the other bank's processing speed.

Chase will send you a welcome packet by mail with your account number, routing number, and information about online banking. You do not need to wait for this to use your account—your login works immediately. Set up alerts in the Chase app if you want to be notified when your balance drops below a certain amount or when interest is deposited.

Interest on your savings account is deposited monthly. The amount depends on the current APY and your balance. Chase publishes its rates on the website, and you can see your earned interest in your account history.

Fees and minimum balance requirements

The basic Chase Savings Account has no monthly maintenance fee as long as you maintain a $300 minimum daily balance. If your balance drops below $300, Chase charges $5 per month until you bring it back up. This is a low bar for most people, but it is worth tracking if you are running a tight budget.

Chase Premier Savings requires a $10,000 minimum balance and pays a higher interest rate in exchange. If your balance falls below $10,000, you are charged $25 per month. Chase Secure Savings is designed for people building credit and has different terms.

There are no fees for transferring money between your Chase accounts, making deposits, or withdrawing cash at a Chase ATM. Withdrawals at non-Chase ATMs may incur a fee charged by the other bank, though Chase does not charge you directly.

Moving money in and out

You can deposit money into your Chase savings account by transferring from another Chase account (instant), transferring from another bank (1 to 3 business days), depositing a check through the mobile app (2 to 3 business days), or depositing cash at a Chase branch or ATM (instant).

Withdrawals work the same way in reverse. You can transfer money back to a Chase checking account instantly, transfer to another bank (1 to 3 business days), or withdraw cash at any Chase ATM or branch. There is no limit on how many transfers you can make per month, though some banks restrict savings account transfers—Chase does not.

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 even if you have never banked with Chase before. You will need a valid ID, Social Security number, and a minimum deposit, but no prior relationship is required. If you do have a Chase checking account, the process is faster because Chase already has your information.

Can I open a Chase savings account if I have bad credit or a history with ChexSystems?

Chase checks ChexSystems, a banking history database, when you open an account. If you have unpaid overdrafts or fraud flags, Chase may deny your application. If this happens, ask Chase what triggered the denial and whether you can resolve it. Chase Secure Savings is sometimes an option for people with banking history issues, though it has different terms and requirements.

What is the difference between APY and interest rate?

APY (annual percentage yield) is the total interest you earn in a year, including compound interest. It is the number Chase displays on its website and in account disclosures. The interest rate is slightly lower because it does not account for compounding. For savings accounts, APY is what matters—it tells you exactly how much you will earn.

Can I open a savings account for someone else, like a child?

Chase offers accounts for minors, but a parent or guardian must open it and be the account owner. The child can be added as an authorized user. Visit a branch or call customer service to learn about Chase's youth account options and age requirements.

How long does it take to receive my debit card and checks?

Debit cards and checks arrive by mail within 7 to 10 business days. You can use your account online and at ATMs immediately—you do not need to wait for the physical card. If you need a card faster, some branches can issue a temporary card on the spot.