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 process takes about 10 to 15 minutes if you do it online. 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 a standard Chase Savings account, the minimum is typically $0 to $25, depending on whether you open online or in a branch. Some Chase savings products, like Chase Premier Savings, have higher minimums. Check the current requirements on Chase's website or ask at a branch, since these can change.
You will also need either a current mailing address in the United States or a Chase checking account already open. If you are opening online, have your Social Security number, date of birth, and a valid email address ready.
Key Takeaways
- You can open a Chase savings account online in about 10 to 15 minutes with a valid ID, Social Security number, and initial deposit.
- The minimum opening deposit is usually $0 to $25 for a standard savings account, though some products require more.
- Online account opening is the fastest route; in-branch opening takes longer but lets you ask questions in real time.
- After opening, you can link external bank accounts for transfers, set up automatic deposits, or move money from an existing Chase checking account.
- Chase savings accounts earn interest, but the rate changes based on market conditions and the Federal Reserve's actions.
Opening your account online
Go to Chase.com and select "Open an account" or "Savings" from the main menu. You will be asked to choose which type of savings account you want—Chase Savings, Chase Premier Savings, or Chase Secure Savings. Read the features and interest rates for each, since they differ.
Enter your personal information: full name, date of birth, Social Security number, email address, and phone number. Chase will ask for your current address and whether you are a U.S. citizen or permanent resident. Answer honestly; Chase uses this information to verify your identity and comply with federal banking rules.
Next, you will choose how to fund the account. You can transfer money from an external bank account (which takes one to three business days), link a debit card, or if you already have a Chase checking account, move money from there instantly. Enter the amount you want to deposit and confirm the details.
Chase will ask you to review and sign the account agreement electronically. Read it or at least skim the sections on fees, interest rates, and withdrawal limits. Once you sign, your account opens immediately, and you can see your account number and routing number right away. You can start using the account the same day, though external transfers may take a few days to clear.
Opening your account in person at a branch
Bring your valid ID, Social Security number, and initial deposit (cash or a check) to any Chase branch. Tell the banker you want to open a savings account. They will walk you through the same questions as the online process but can answer questions in real time and help you choose the right account type.
In-branch opening usually takes 20 to 30 minutes because the banker will print and review documents with you. You will sign the account agreement on paper. Your account opens the same day, and you will receive a debit card and checks (if you opened a checking account) either that day or within five to seven business days by mail.
Opening in person is useful if you want to deposit cash immediately, prefer to ask questions face-to-face, or have a complicated financial situation that the online system might flag.
Linking external accounts and setting up transfers
After your account is open, you can link external bank accounts from other institutions. Log into your Chase account online or in the mobile app, go to "Transfers," and select "Add external account." Enter the bank name, account number, and routing number of the account you want to link.
Chase will verify the account by depositing two small amounts (usually under $1 each) into that account. You will need to confirm those amounts in your external bank's system, which typically takes one to two business days. Once verified, you can transfer money between the accounts instantly (for transfers into Chase) or within one to three business days (for transfers out of Chase).
You can also set up automatic recurring transfers—for example, moving $100 from your checking account to savings every payday. This is done in the same "Transfers" section; you choose the amount, frequency, and start date.
Understanding interest rates and account features
Chase savings accounts earn interest, which means the bank pays you a small percentage of your balance each month. The interest rate changes based on what the Federal Reserve does with its benchmark rate. When the Fed raises rates, savings rates usually go up; when it cuts rates, savings rates usually fall.
You can see your current interest rate (called the Annual Percentage Yield or APY) on your account details page or in the app. The APY is the amount you will earn in a year if you do not withdraw any money. For example, if your APY is 0.01% and you have $10,000 in the account, you will earn about $1 per year.
Chase savings accounts have no monthly maintenance fee if you maintain a minimum balance (usually $0 to $300, depending on the account type). They also have no limit on how many times you can withdraw money per month, though federal rules once capped this at six—those rules have been relaxed, but some banks still enforce limits. Check your account agreement or call Chase to confirm.
Setting up online banking and the mobile app
Once your account is open, download the Chase Mobile app or log into Chase.com to manage your account. You will use the same username and password for both. The app lets you check your balance, transfer money, deposit checks by taking a photo, and set up alerts.
Set up alerts for low balance, deposits, or large withdrawals. Go to "Settings" in the app or online, select "Alerts," and choose which transactions you want to be notified about. You can receive alerts by text, email, or push notification.
Enable two-factor authentication for security. This means Chase will ask for a code (sent to your phone or email) when you log in from a new device. It takes an extra 30 seconds but makes it much harder for someone to access your account if they get your password.
What happens after you open your account
Your account is ready to use immediately after opening, but some features take a few days. If you linked an external account, transfers out of Chase take one to three business days. If you deposited a check through the app, it takes one to two business days to clear. If you transferred money from another bank, that also takes one to three business days.
You will receive a debit card by mail within five to seven business days if you opened a checking account. Savings accounts do not come with a debit card, but you can withdraw money at any Chase ATM or branch, or transfer it to your checking account instantly.
Interest is deposited into your account monthly. You will see it as a small credit on your statement. The amount depends on your balance and the current APY.
Frequently Asked Questions
Can I open a Chase savings account if I do not have 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 banking requirement, not a Chase policy. If you have an ITIN, you can open an account, but you will need to provide it during the application.
What is the difference between Chase Savings and Chase Premier Savings?
Chase Premier Savings requires a higher minimum balance (usually $25,000 or more) but may offer a slightly higher interest rate. Chase Savings has a lower or no minimum and is better for most people. Compare the current rates and minimums on Chase's website, since these change.
How long does it take to transfer money from another bank into my Chase savings account?
Transfers into Chase usually take one to three business days. The exact timing depends on the other bank's processing speed. Transfers out of Chase to another bank also take one to three business days. Transfers between two Chase accounts are instant.
Can I withdraw money from my Chase savings account anytime?
Yes. Federal rules no longer limit how many times you can withdraw per month. However, some banks still enforce limits in their account agreements. Check your Chase account agreement or call Chase to confirm whether your specific account has withdrawal limits.
What should I do if I forget my online banking password?
Go to Chase.com and click "Forgot username or password?" Enter your username or the email address associated with your account. Chase will send you a link to reset your password. If you cannot access your email, call Chase customer service at the number on the back of your debit card or on your account statement.