What you need to open a Chase savings account
Chase lets you open a savings account online, by phone, or in person at a branch. You will need a government-issued photo ID, your Social Security number, and an initial deposit (the amount varies by account type, but many accounts accept $0 to start). If you are opening online, you can complete the entire process in about 10 minutes.
Chase offers several savings account types: the basic Chase Savings Account, the Chase Premier Savings Account (which requires a higher balance), and the Chase Youth Savings Account (for minors). Each has different monthly fees, minimum balance requirements, and interest rates. The account you choose depends on how much you plan to keep in savings and what features matter to you.
You will also need a way to fund the account—either a debit card, a bank transfer from another bank, or cash if you open in person. If you already have a Chase checking account, you can transfer money between them immediately after opening.
Key Takeaways
- You can open a Chase savings account online in about 10 minutes using your ID, Social Security number, and an initial deposit.
- Chase offers three main savings account types with different fees and minimum balances, so compare them before you choose.
- You can fund your new account by transfer from another bank, debit card, or cash at a Chase branch.
- Monthly fees vary by account type but can be waived if you maintain a minimum balance or set up direct deposit.
- Your account is active and usable the same day you open it online, though transfers from other banks may take one to three business days to appear.
Opening a Chase savings account online
Go to chase.com and select "Open an Account" from the homepage. Choose "Savings" as your account type, then select which savings account fits your needs. You will be asked to enter your name, date of birth, address, phone number, and Social Security number. Have your ID ready so you can verify your identity—Chase will ask you to confirm information from your ID or answer security questions based on your credit history.
Next, you will choose your initial deposit method. If you have another bank account, you can provide the routing and account numbers to transfer money in. If you are using a debit card, enter the card number and expiration date. Chase will process the transfer, though it may take one to three business days for the money to appear in your new savings account.
After you submit your application, Chase will tell you whether your account is approved. Most online applications are approved instantly. You will receive a confirmation email with your new account number, and you can log into your Chase online banking account to see your savings account right away. You can start using the account the same day, though any transfers from outside banks will not show up until they clear.
Opening a Chase savings account at a branch
Visit a Chase branch near you with your government-issued photo ID and Social Security number. Tell the banker you want to open a savings account. They will ask you the same questions as the online form—name, address, date of birth, Social Security number—and will verify your ID in person. This process usually takes 15 to 20 minutes.
You can fund the account with cash, a check, or a transfer from another bank. If you bring cash or a check, the banker will deposit it immediately. If you want to transfer money from another bank, provide your other bank's routing and account numbers, and Chase will initiate the transfer. You will leave the branch with your new account number and can use your savings account right away.
Opening in person is useful if you want to ask questions about which account type is right for you, or if you prefer to handle banking face-to-face. You will still need to set up online banking access before you can manage the account from home.
Understanding Chase savings account types and fees
The Chase Savings Account is the basic option. It has no minimum opening deposit, no minimum balance requirement, and a monthly maintenance fee of $5 (though the fee is waived if you maintain a $300 minimum balance or set up direct deposit of at least $500 per month). Interest rates on Chase savings accounts are typically low—currently around 0.01% APY, though this changes based on market conditions.
The Chase Premier Savings Account requires a higher opening deposit and minimum balance (amounts vary by region, but typically $10,000 to $25,000). It has a higher monthly fee ($25) but waives the fee if you maintain the minimum balance. The interest rate is slightly higher than the basic savings account but still modest.
The Chase Youth Savings Account is for customers under 18 and has no monthly fee. A parent or guardian must open it with the minor. This account is designed to teach young people about saving and has limited transaction rules.
Compare the monthly fees against how much you plan to keep in the account. If you will maintain a $300 balance or have direct deposit set up, the basic account's $5 fee disappears. If you cannot meet those requirements, the fee will reduce your savings over time.
What happens after you open your account
Your savings account is active the moment your application is approved. You can log into Chase online banking or the Chase mobile app to see your account number, balance, and transaction history. You can transfer money between your Chase savings and checking accounts instantly if you have both.
If you funded your account with a transfer from another bank, that money will arrive in one to three business days. Chase will send you a confirmation email when the transfer completes. You can also set up automatic transfers from your checking account or from another bank to build your savings on a schedule.
You will not receive a debit card for your savings account—savings accounts are designed for storing money, not everyday spending. If you need to withdraw cash, you can visit a Chase ATM or branch, or transfer money to your checking account and withdraw from there.
Funding your new savings account
You have three main ways to put money into your new Chase savings account: transfer from another bank, debit card, or cash at a branch.
Bank transfer: Provide your other bank's routing number and your account number. Chase will pull the money from that account. This takes one to three business days. You can set up recurring transfers so money moves automatically each month.
Debit card: Enter your debit card number, expiration date, and CVV during account opening. Chase will charge the card for your initial deposit. This is instant, though some debit card issuers may flag the charge as unusual and ask you to confirm it.
Cash at a branch: Bring cash to a Chase branch and give it to a banker. They will deposit it into your new account immediately. There is no limit on how much cash you can deposit, but Chase will file a report with the federal government if you deposit more than $10,000 in a single day—this is routine and not a problem.
Frequently Asked Questions
Can I open a Chase savings account if I do not have a checking account?
Yes. You do not need a Chase checking account to open a savings account. However, if you want to transfer money between accounts, you will need to set up transfers from an external bank, which takes one to three business days. Having both a checking and savings account at Chase makes moving money between them instant.
How long does it take to open a Chase savings account online?
The application itself takes about 10 minutes. Most applications are approved instantly, and your account is usable the same day. However, if you fund the account with a transfer from another bank, that money will not arrive for one to three business days.
What is the minimum deposit to open a Chase savings account?
The basic Chase Savings Account has no minimum opening deposit—you can open it with $0. However, you will owe a $5 monthly fee unless you maintain a $300 balance or set up direct deposit of at least $500 per month. The Premier Savings Account requires a higher opening deposit, typically $10,000 to $25,000 depending on your region.
Can I open a Chase savings account for someone else?
You can open a Chase Youth Savings Account for a minor with you as the parent or guardian. For adults, each person must open their own account using their own ID and Social Security number. You cannot open an account in someone else's name.
What if I already have a Chase account and want to add a savings account?
Log into your Chase online banking account and select "Open an Account." You can open a new savings account in minutes without visiting a branch. The new account will be linked to your existing Chase login, and you can transfer money between your checking and savings accounts instantly.