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 — it takes about 10 minutes and you can start using the account the same day. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit.
Chase requires a minimum opening deposit that varies by account type. For most personal savings accounts, this is $0 to $25, depending on which savings product you choose. You can fund the account with a debit card, transfer from another bank, or cash if you open in person at a branch.
If you do not have a Social Security number, you can open an account with an Individual Taxpayer Identification Number (ITIN) at most Chase branches, though online opening may not be available. You will need to bring additional documentation to verify your identity in person.
Key Takeaways
- Online account opening takes about 10 minutes and requires a valid ID, Social Security number, and an initial deposit of $0 to $25.
- Chase offers several savings account types with different interest rates and features, so compare them before opening to match your savings goals.
- You can fund your new account immediately with a debit card, transfer from another bank, or cash at a branch.
- Once your account is open, you can set up automatic transfers, link it to your checking account, or manage it entirely through the Chase mobile app.
Opening online versus in person
Opening online is the fastest option if you have a valid ID and Social Security number ready. Go to chase.com, select "Open an Account," choose the savings product you want, and follow the prompts. You will enter your personal information, verify your identity (usually by uploading a photo of your ID), and choose how to fund the account. The account is typically active within minutes, and you can transfer money in or set up direct deposit right away.
Opening in person at a Chase branch takes longer but gives you a chance to ask questions and handle cash deposits on the spot. Bring your ID, Social Security number, and the cash or debit card you plan to use for the opening deposit. A banker will walk you through the account options and help you choose the right product. This route is useful if you want to discuss overdraft protection, link accounts, or set up additional services at the same time.
Opening by phone is also an option — call 1-800-935-9935 and a representative will guide you through the process. This takes 15 to 20 minutes and works well if you prefer talking to a person but do not want to visit a branch.
Chase savings account types and their features
Chase offers several savings products, and the one you choose affects your interest rate and monthly fees. The Chase Savings Account is the standard option with no monthly service fee if you maintain a $300 minimum balance or have a may have access to direct deposit. If your balance falls below $300, you pay $5 per month. Interest rates on savings accounts change regularly and vary based on market conditions.
The Chase Premier Savings Account requires a higher opening deposit ($25,000 minimum) and offers a higher interest rate in exchange. This account has no monthly fee if you maintain the minimum balance. It is designed for people who have larger sums to save and want better returns.
Chase also offers Money Market Accounts, which combine features of savings and checking accounts and typically offer higher interest rates than standard savings accounts. These accounts come with a debit card and check-writing ability but require a higher minimum balance to avoid fees.
Before opening, compare the current interest rates and fee structures on chase.com or ask a banker which account makes sense for your situation. Interest rates and fees change, so what is best today may shift in a few months.
Funding your account and setting up transfers
Once your account is open, you can add money in several ways. If you opened online or by phone, you can transfer funds from another bank account using the routing and account number Chase provides. This usually takes one to three business days. You can also link a debit card and transfer money immediately, though some cards may have daily limits.
If you opened in person, you can deposit cash directly at the branch. You can also set up a direct deposit from your employer so your paycheck goes straight into the savings account. To do this, provide your employer with your Chase account number and routing number (available in the Chase app or on your account statements).
After your account is funded, you can set up automatic transfers from your checking account to your savings account on a schedule that works for you — weekly, biweekly, or monthly. This helps you build savings without thinking about it. You can manage all transfers through the Chase mobile app or online banking.
What happens after you open your account
Your account is ready to use immediately after opening, though transfers from other banks may take a few business days to clear. You will receive a debit card in the mail within 7 to 10 business days if your account type includes one (Money Market Accounts do; standard savings accounts do not). You can access your account through the Chase mobile app, online banking, or by visiting a branch.
Chase will send you a welcome packet with your account details, routing number, and information about online banking and the mobile app. Set up online banking and the app right away so you can monitor your balance, make transfers, and set up alerts for low balances or large withdrawals.
You will also receive statements — Chase defaults to paperless statements, but you can request paper statements if you prefer. Statements show all deposits, withdrawals, interest earned, and fees charged to your account.
Fees and interest rates to watch
Chase savings accounts have no monthly fee if you meet the minimum balance requirement or have a may have access to direct deposit. If you fall below the minimum, you will pay $5 per month. There are no fees for deposits, transfers, or withdrawals, though federal law limits you to six withdrawals or transfers per month from a savings account (this limit applies to all banks).
Interest rates on savings accounts are set by Chase and change based on the Federal Reserve's actions and market conditions. Your rate is locked in when you open the account, but Chase can change it at any time with notice. Check your statements or log into online banking to see the current rate on your account and how much interest you have earned.
If you close your account within 90 days of opening, Chase may charge a $25 early closure fee. This is designed to discourage people from opening accounts just to take advantage of promotional rates and then closing them immediately.
Linking your savings account to checking and other services
Once your savings account is open, you can link it to a Chase checking account if you have one. This makes it easy to transfer money between accounts and set up overdraft protection — if your checking account balance drops too low, Chase can automatically transfer money from savings to cover the shortfall. You can set this up through online banking or ask a banker to help you.
You can also link your savings account to external accounts at other banks, though transfers to those accounts take one to three business days. Transfers from external accounts to your Chase savings account may take longer and require verification the first time.
If you have a Chase credit card, you can set up automatic payments from your savings account to pay your credit card bill. This ensures you never miss a payment and helps you manage your money across multiple accounts.
Frequently Asked Questions
Can I open a Chase savings account if I do not have a Social Security number?
Yes, you can open an account with an Individual Taxpayer Identification Number (ITIN) at a Chase branch in person. You will need to bring your ITIN documentation, a valid government-issued ID, and proof of address. Online opening is not available for ITIN holders, so you must visit a branch.
How long does it take to open a Chase savings account online?
Online account opening takes about 10 minutes from start to finish. Your account is active immediately, though transfers from other banks may take one to three business days to clear. You can start using your account and making transfers the same day you open it.
What is the minimum deposit to open a Chase savings account?
The minimum opening deposit is $0 to $25 for most Chase savings accounts, depending on which product you choose. Premier Savings Accounts require a $25,000 minimum opening deposit. You can fund your account with a debit card, transfer from another bank, or cash at a branch.
Can I have multiple savings accounts at Chase?
Yes, you can open multiple savings accounts at Chase. Many people open separate accounts for different savings goals — one for emergencies, one for a vacation, one for a down payment. Each account earns interest separately and can have its own automatic transfer schedule.
What happens if my balance falls below the minimum?
If your balance drops below the $300 minimum on a standard Chase Savings Account, you will be charged a $5 monthly fee. You can avoid this fee by maintaining the minimum balance, setting up a may have access to direct deposit, or choosing a different account type that has no minimum balance requirement.