Open a savings account directly in the Chase app in about five minutes
You can open a Chase savings account entirely through the mobile app without visiting a branch. The process takes roughly five minutes: you'll enter your personal information, verify your identity, link a funding source, and make your initial deposit. The account opens immediately, and you can start using it the same day.
The app walks you through each step in order. You'll need a valid government ID, a Social Security number, and a debit card or checking account to fund the new savings account. Chase will verify your identity by asking questions about your credit history—questions only you should know the answers to.
Key Takeaways
- You need a valid government ID, Social Security number, and an existing Chase checking account or debit card to fund the savings account.
- The app verifies your identity by asking security questions based on your credit file, not by uploading documents.
- Your new savings account is active immediately after you complete the steps, and you can transfer money into it right away.
- Chase savings accounts earn interest at a rate that changes based on market conditions, so check the current rate before you open.
- If you already have a Chase checking account, linking the savings account takes one additional step in the app.
Step-by-step process in the Chase app
Open the Chase mobile app and tap the menu icon (three horizontal lines) at the bottom right. Select "Open an account" or look for a button labeled "Open a savings account." The app will ask you to choose between a regular savings account and a high-yield savings account—both are available through the app, though rates and features differ.
Enter your full name, date of birth, email address, and phone number exactly as they appear on your government ID. Chase will ask for your Social Security number and current address. If you've moved recently, use your current address, not the one on your ID.
When Chase asks you to verify your identity, you'll answer multiple-choice questions about your credit history—things like "Which of these addresses have you lived at?" or "Which lender issued a loan in your name?" These questions come from your credit file and are designed so only you can answer them. You don't upload your ID or take a photo; the app handles verification automatically.
Next, choose how you'll fund the account. If you already have a Chase checking account, you can link it directly and transfer money between them. If not, you can use a debit card from another bank. Enter the card number, expiration date, and CVV. Chase will make a small deposit (usually under $1) to verify the card works, and you'll confirm that amount in the app within a few days.
Review the account terms and disclosures, then confirm. Your savings account opens immediately. You can start transferring money into it right away through the app.
What happens after you open the account
Your new savings account number appears in the app as soon as you finish opening it. You can see your account balance, transfer money, and set up automatic transfers from your checking account. If you funded the account with a debit card from another bank, that card will show a pending deposit of a few cents—confirm the amount in the app to complete the verification.
Chase will send you a debit card for the savings account by mail within 7 to 10 business days, though you don't need it to use the account. You can withdraw money through the app, transfer it to another account, or use it at any Chase ATM with your PIN.
Interest on your savings account begins accruing the day you make your first deposit. Chase compounds interest daily and deposits it monthly. The rate changes based on Federal Reserve decisions and market conditions, so the rate you see when you open may not be the rate six months from now.
Differences between regular and high-yield savings accounts
Chase offers two savings account types through the app. A regular savings account earns a lower interest rate but has no monthly fee and no minimum balance requirement. A high-yield savings account earns a higher rate but may have different terms depending on your account type and balance.
The app shows the current rate for each type before you choose. Rates change frequently, so the rate displayed when you open is the one that applies to your account going forward—future rate changes will apply to all accounts of that type, not just new ones.
Both accounts let you make up to six withdrawals per month without penalty. Withdrawals beyond that may result in a fee or account closure, though Chase has relaxed this rule in recent years. Check the current terms in the app or on Chase's website for the exact limit.
If you don't have a Chase checking account yet
You can open a savings account without an existing Chase checking account, but you'll need a debit card from another bank to fund it. Chase will verify the card by depositing a few cents and asking you to confirm the amount within a few days.
If you plan to use Chase for both checking and savings, you may want to open the checking account first through the app. Linking the two accounts makes transferring money between them instant and free. Many people find it easier to manage one bank rather than splitting deposits across multiple institutions.
What to do if the app won't let you open an account
If the app stops you during the process, it's usually because of one of these reasons: your identity verification failed, your Social Security number doesn't match your name in the system, or you already have a savings account with Chase. The app will tell you which step failed.
If identity verification fails, you can try again, but if it fails twice, you'll need to visit a Chase branch in person. Bring your government ID and Social Security card. A banker can open the account for you on the spot, and it will appear in your app within a few hours.
If the app says you already have a savings account, check your existing accounts in the app first. You may have opened one previously and forgotten about it. If you're certain you don't have one, contact Chase customer service at the number on the back of your debit card or checking account statement.
Frequently Asked Questions
Can I open a savings account if I don't have a checking account with Chase?
Yes. You'll need a debit card from another bank to fund it. Chase deposits a few cents to verify the card, and you confirm the amount in the app within a few days. After that, you can transfer money between your savings account and any other bank account you own.
How much money do I have to put in when I open the account?
Chase has no minimum opening deposit for savings accounts opened through the app. You can open the account and fund it with $1 if you want. However, some account types may have minimum balance requirements to earn the advertised interest rate—check the terms before you open.
Will opening a savings account hurt my credit score?
No. Opening a savings account is not a credit inquiry and does not affect your credit score. Chase checks your credit history to verify your identity, but this is an internal verification, not a hard inquiry that lenders see.
How long does it take for money to show up after I transfer it?
If you transfer from an existing Chase checking account, the money appears instantly in your savings account. If you transfer from another bank, it typically takes one to two business days. Transfers out of your savings account to another bank take one to two business days as well.
What's the difference between a savings account and a money market account?
Chase savings accounts are simpler: you deposit money, earn interest, and withdraw when you need it. Money market accounts (also available through Chase) often have higher interest rates but may require a larger minimum balance and limit how many checks you can write per month. The app shows both options when you open an account.