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. Chase requires a government-issued ID, your Social Security number, and an initial deposit—usually $25 minimum, though this varies by account type and current promotions. You'll also need a way to fund the account: a debit card, another bank account, or cash if you go to a branch.
The entire process takes about 10 to 15 minutes online. Chase will run a soft credit check and verify your identity through their system. If you're opening in person, bring your ID and Social Security card. If you're opening online, have your ID ready to photograph or scan, and know your Social Security number.
Chase offers several savings account types—the basic savings account, high-yield savings accounts like Chase Savings, and money market accounts. Each has different interest rates and minimum balance requirements. The account you choose depends on how much you plan to keep in savings and whether you want higher interest earnings.
Key Takeaways
- You need a government-issued ID, Social Security number, and an initial deposit of at least $25 to open a Chase savings account.
- Online account opening takes 10 to 15 minutes and requires you to photograph or scan your ID for identity verification.
- Chase runs a soft credit check during signup, which does not affect your credit score.
- You can fund your new account immediately using a debit card, another bank account, or cash at a branch.
- Different Chase savings products have different interest rates and minimum balances, so compare before choosing.
Opening online through Chase.com
Go to Chase.com and select "Open an Account" or "Savings" from the main menu. You'll be asked to choose which type of savings account you want. Read the details of each: basic savings accounts typically earn lower interest, while high-yield savings accounts earn more but may have higher minimum balance requirements or monthly fees if your balance drops below a threshold.
Enter your personal information: full name, date of birth, address, phone number, and email. Chase will ask for your Social Security number. You'll then upload or photograph your government-issued ID—a driver's license, passport, or state ID card. The photo must be clear and show your full face and the ID details.
Next, choose how to fund the account. You can link an existing bank account and transfer money, use a debit card, or if you're opening in person, deposit cash. If you link another bank account, Chase will verify it by sending two small deposits (usually under $1 each) that you'll confirm in your Chase account within a few days. If you use a debit card, the deposit posts immediately.
Review the account terms and sign electronically. Chase will send you a confirmation email. Your account is usually active within minutes, though transfers from other banks may take one to three business days to complete.
Opening at a Chase branch in person
Bring your government-issued ID and Social Security card to any Chase branch during business hours. Tell the banker you want to open a savings account. They'll ask the same questions as the online form: your name, address, phone, email, and Social Security number. They'll verify your ID and may ask about your employment or income, though this is not required to open the account.
Choose your account type with the banker's help. They can explain the differences between basic and high-yield savings and show you current interest rates and fees. Bring a checkbook or debit card from another bank if you want to fund the account immediately, or you can deposit cash at the teller window.
The banker will print your account agreement and have you sign it. You'll receive a temporary debit card on the spot or it will arrive by mail within 7 to 10 business days. Your account is active immediately, and you can start using it right away.
What happens after you open the account
Chase will send you a welcome email with your account number and online banking login information. Set up your online password and security questions immediately. You can then log into Chase.com or the Chase mobile app to view your balance, set up automatic transfers, and manage your account.
Your debit card will arrive by mail within 7 to 10 business days if you didn't receive one in person. You can use it to withdraw money at any Chase ATM or any ATM in the Allpoint network (over 55,000 ATMs worldwide). You cannot use a savings account debit card to make purchases at stores—only to withdraw cash.
If you funded your account with a transfer from another bank, that money will arrive within one to three business days. If you used a debit card, the funds post immediately. If you deposited cash in person, it's available right away.
Fees and minimum balance requirements
Chase's basic savings account has no monthly maintenance fee and no minimum balance requirement. However, high-yield savings accounts and money market accounts may charge a monthly fee (typically $5 to $25) if your balance falls below a certain threshold—often $500 to $2,500 depending on the account type.
If you close your account within 90 days of opening it, Chase may charge an early closure fee of $25. This applies only if you initiated the closure, not if Chase closed it. Some accounts also limit the number of withdrawals or transfers you can make per month without a fee, though federal rules on this have changed in recent years.
Interest rates on savings accounts change frequently and vary by account type. Chase publishes current rates on their website. High-yield savings accounts typically earn more interest than basic savings accounts, but the difference depends on the current economic environment and Federal Reserve rates.
Identity verification and security during signup
Chase uses multiple methods to verify your identity during signup. Online, you'll photograph your ID and answer security questions based on your credit history. In person, the banker will check your ID visually and may ask for a second form of identification if something doesn't match.
The soft credit check Chase runs does not lower your credit score. It's an internal verification to confirm you are who you say you are and to check for fraud. If Chase suspects fraud or cannot verify your identity, they may ask for additional documents or deny the account.
Once your account is open, enable two-factor authentication in your online banking settings. This requires you to enter a code sent to your phone or email whenever you log in from a new device. This protects your account from unauthorized access.
What to do if your application is denied
Chase may deny your account application if you have a history of fraud, unpaid overdrafts at other banks, or a ChexSystems report showing problems with previous bank accounts. ChexSystems is a database that banks use to check your banking history. You can request a copy of your ChexSystems report for free at www.chexsystems.com.
If your application is denied, Chase will send you a letter explaining the reason. If it's due to ChexSystems, you can dispute inaccurate information directly with ChexSystems. If it's due to identity verification issues, you can call Chase at 1-800-935-9935 and ask what additional documents they need.
Some people denied by Chase can open accounts at other banks with less restrictive policies, such as online banks or credit unions. However, fixing the underlying issue—paying off overdrafts or resolving fraud disputes—will make it easier to open a Chase account in the future.
Frequently Asked Questions
Can I open a Chase savings account if I don't have a Social Security number?
No. Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use that instead. If you don't have either, you'll need to obtain one before opening an account.
How much money do I have to put in when I open the account?
The minimum initial deposit is usually $25, though Chase sometimes waives this during promotions. Check the account details before you start the application to see the current minimum for the specific account type you want.
Can I open a Chase savings account on my phone?
Yes. The Chase mobile app lets you open an account by photographing your ID with your phone camera. The process is the same as opening on a computer—you'll need your ID, Social Security number, and an initial deposit method.
How long does it take to access my money after I open the account?
If you deposit cash in person or fund the account with a debit card, your money is available immediately. If you transfer from another bank account, it takes one to three business days. You can start using your account and viewing your balance online within minutes of opening.
What's the difference between a Chase savings account and a Chase checking account?
A savings account is meant for money you want to keep and earn interest on. A checking account is for everyday spending and bill payments. Savings accounts have limits on how many times you can withdraw per month, while checking accounts don't. Checking accounts usually don't earn interest.