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. Online is fastest — you can finish in about 10 minutes if you have the right documents ready. You will need a government-issued photo ID (driver's license, passport, or state ID card), your Social Security number, and an initial deposit. Chase does not require a minimum opening deposit for most savings accounts, but you do need to fund the account with at least $0.01 to activate it.
If you are opening online, you will also need a valid email address and a phone number where Chase can reach you. The bank will verify your identity by asking questions about your financial history — things like previous addresses or past accounts. This takes a few minutes and happens in real time.
If you already have a Chase checking account, opening a savings account is simpler. You can link it to your existing account and skip some of the identity verification steps. Chase will pull information from your current account to speed up the process.
Key Takeaways
- You need a government photo ID, Social Security number, and at least $0.01 to open a Chase savings account online or in person.
- Online account opening takes about 10 minutes and requires an email address and phone number for verification.
- Chase verifies your identity by asking questions about your financial history, which happens immediately during the online process.
- If you already have a Chase checking account, you can open a linked savings account faster because the bank already has your information on file.
- You can also open an account by phone or at a branch if you prefer to speak with someone, though this takes longer than the online route.
Opening a savings account online
Go to chase.com and click the link to open a new account. Select "Savings Account" from the account type menu. You will be asked to enter your email address, create a password, and confirm your phone number. Chase will send a verification code to your phone — enter it to proceed.
Next, enter your personal information: full name, date of birth, Social Security number, and current address. Chase will then ask identity verification questions based on your credit history. These questions are random and might ask about previous addresses, loan amounts, or account details. Answer as accurately as you can; if you are unsure, select "I don't know" rather than guessing. You typically get three chances to answer correctly.
Once identity verification is complete, you will choose which type of Chase savings account you want. Chase offers several options with different interest rates and features — the most common is the Chase Savings Account, which has no monthly fee. You will also set up how you want to fund the account: you can transfer money from another bank account, use a debit card, or have a check deposited.
After you submit your application, Chase will send a confirmation email. Your account is usually active within one business day. You can log in to your Chase account online or through the mobile app to see your new savings account and start using it right away.
Opening a savings account in person at a branch
Bring your government photo ID and Social Security number to any Chase branch. Tell the representative you want to open a savings account. They will ask for your address, phone number, and email address. Bring a debit card or checkbook from another bank if you want to fund the account immediately, or you can make an initial deposit in cash.
The representative will run the same identity verification process as the online route, asking questions about your financial history. This usually takes 10 to 15 minutes. Once verified, they will show you the savings account options and help you choose one. You will sign paperwork and receive a receipt with your new account number.
Your account is active immediately when you open it in person. You can use your debit card or mobile app to access it right away. If you did not bring an initial deposit, you can transfer money from another account online or at an ATM within a few days.
Opening a savings account by phone
Call Chase customer service at 1-800-935-9935 to open a savings account over the phone. Have your government photo ID, Social Security number, and current address ready. The representative will verify your identity by asking questions about your financial history, similar to the online process.
The phone representative will explain the different savings account options and help you choose one. You will need to provide an initial funding method — either a bank account to transfer from or a debit card. The representative will walk you through setting this up.
After you complete the call, Chase will send a confirmation email with your account number and login information. Your account is usually active within one business day. You can log in online or through the app to confirm your account is set up and start using it.
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 much faster. Log into your Chase account online or through the mobile app. Look for the option to "Open a New Account" or "Add an Account." Select "Savings Account" and choose which type you want.
Because Chase already has your information on file, you will skip most of the identity verification steps. You may be asked a few security questions, but the process is much quicker — usually just a few minutes. Your new savings account will appear in your Chase dashboard immediately after you complete the application.
Linking your accounts makes it easy to transfer money between checking and savings. You can set up automatic transfers, move money on demand through the app, or use online banking to manage both accounts in one place.
What happens after your account opens
Your Chase savings account is ready to use as soon as it opens. You can deposit money, set up automatic transfers from your checking account, or receive direct deposits. You can also set up savings goals in the Chase app to track how much you are saving toward a specific target.
Chase will send you a debit card in the mail if you requested one, though this is optional for a savings account. You can withdraw money from your savings account at any Chase ATM, through a branch, or by transferring it to another bank account online. There are no limits on how many times you can withdraw, though federal rules previously limited savings withdrawals to six per month — that rule is no longer in effect, but some banks still enforce limits on certain types of withdrawals.
Your account will earn interest based on the current Annual Percentage Yield (APY), which Chase publishes on its website. Interest is calculated daily and deposited monthly. The APY changes over time as interest rates move, so check chase.com periodically to see your current rate.
Frequently Asked Questions
Do I need a minimum deposit to open a Chase savings account?
No. Chase does not require a minimum opening deposit for most savings accounts. You can open an account with $0.01 and add more money later. However, you do need to make at least one deposit to activate the account — you cannot open an account with zero dollars.
Can I open a Chase savings account without a Social Security number?
No. Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. This is a federal requirement for banks. If you do not have a Social Security number, you may be able to open an account with an ITIN if you have one — call Chase at 1-800-935-9935 to ask about your specific situation.
How long does it take to open a Chase savings account online?
The online process usually takes 10 to 15 minutes from start to finish. Your account is active within one business day. If you open an account in person at a branch, it is active immediately. Phone applications typically take 15 to 20 minutes, and your account is active within one business day.
Can I open a Chase savings account if I have been denied before?
Chase uses ChexSystems, a banking history report, to screen new accounts. If you were denied in the past, it may have been because of activity on that report — like unpaid fees or fraud. You can request a copy of your ChexSystems report at chexsystems.com to see what is on file. If the issue has been resolved, you may be able to open an account now. Call Chase to discuss your situation before applying online.
What is the difference between Chase's savings account options?
Chase offers the standard Chase Savings Account and the Chase Savings Account with interest-bearing features. The main difference is the interest rate and any promotional offers. Check chase.com to compare current rates and features. Both have no monthly maintenance fee, so the choice mainly depends on which interest rate is higher at the time you open your account.