Chase savings accounts have a monthly maintenance fee, but you can avoid it
Chase savings accounts are not free. Most Chase savings accounts charge a monthly maintenance fee of $5, but you can waive it by meeting one of these conditions: keep a minimum daily balance of $300, set up a direct deposit, or link the account to a Chase checking account with an active direct deposit.
The fee structure depends on which savings product you open. Chase offers several: the regular savings account, the high-yield savings account, and specialty accounts tied to checking products. Each has its own fee rules and balance requirements.
If you do not meet the waiver conditions and do not pay the fee, Chase will deduct $5 from your account each month. Over a year, that adds up to $60 in charges that reduce whatever interest you earn.
Key Takeaways
- Chase savings accounts charge a $5 monthly maintenance fee unless you maintain a $300 minimum daily balance, set up a direct deposit, or link to a Chase checking account with direct deposit.
- The high-yield savings account has the same $5 fee but pays a higher interest rate, making it worth the fee if you carry a larger balance.
- You can avoid the fee entirely by meeting just one waiver condition—the easiest for most people is linking to a checking account that already has direct deposit.
- If you carry less than $300 and have no direct deposit, the monthly fee will reduce your account balance over time.
How the $5 monthly fee works and when it applies
Chase charges the $5 maintenance fee on the first day of each billing cycle if you do not meet a waiver condition. The fee is automatic—you do not have to do anything to trigger it. It simply posts to your account and reduces your balance.
The waiver conditions are straightforward. You avoid the fee if any one of these is true: your account maintains a minimum daily balance of $300 for the entire statement period, you receive a direct deposit of any amount into the account, or you have a linked Chase checking account that receives direct deposits. Many people already have direct deposit set up for payroll or benefits, which means the fee is waived without any extra action.
If you fall below $300 and have no direct deposit, the fee posts that month. If it happens again the next month, another $5 is charged. There is no grace period or warning—the system deducts it automatically.
Comparing Chase savings products and their fees
Chase offers more than one savings account type, and the fees are the same across them, but the interest rates differ. The regular savings account and the high-yield savings account both charge $5 monthly maintenance, but the high-yield version pays a higher rate of interest. Which one makes sense depends on how much you plan to keep in savings.
If you carry a balance of $5,000 or more, the higher interest rate on the high-yield account will likely earn you more than the $60 annual fee costs you. If you are saving smaller amounts or keeping money there temporarily, the regular savings account works fine as long as you waive the fee.
Chase also offers savings accounts bundled with checking products—for example, the Chase Total Checking account can be paired with a savings account. If your checking account receives direct deposits, the linked savings account fee is automatically waived. This is often the simplest setup for people who already bank with Chase.
The easiest ways to waive the monthly fee
The simplest waiver for most people is direct deposit. If your employer or a government program (Social Security, unemployment, tax refunds) deposits money into your Chase account, the fee is waived automatically. You do not need to do anything after setting up the direct deposit—Chase checks for it each month.
If you do not have direct deposit, maintaining a $300 minimum daily balance is the next option. This means your account balance cannot drop below $300 on any day during the statement period. For people who keep a steady emergency fund or regular savings, this is often easier than it sounds. Chase shows your daily balance in the app, so you can track it.
The third option is linking a Chase checking account that receives direct deposits. If you already have a Chase checking account with payroll or benefits deposited into it, simply link a savings account to it. The savings account fee is waived as long as the checking account has active direct deposits. This is the route most Chase customers use because they already meet the condition.
What happens if you do not waive the fee
If you do not meet any waiver condition, Chase deducts $5 on the first day of your billing cycle. The fee comes out of your account balance, so if you have $200 in savings and no waiver, you will have $195 after the fee posts. The next month, if the balance is still below $300 and you still have no direct deposit, another $5 is charged.
Over time, the fees add up. A $200 balance with a $5 monthly fee loses $60 per year to charges. If you are earning interest on that $200—say, 4% annually—you might earn $8 in interest, but the fees would wipe out most of that gain. The account would actually shrink.
Some people close their Chase savings account rather than pay the fee. If you do close it, Chase will not charge a closing fee, but you will lose the account and any interest you were earning. Before closing, check whether you can meet one of the waiver conditions instead—it usually takes less effort than opening a new account elsewhere.
How to set up direct deposit to waive the fee
If you want to use direct deposit to waive the fee, you need your Chase account and routing numbers. Chase provides these in the app, on your statements, or by calling customer service. Your employer or benefits administrator will ask for these numbers to set up the deposit.
Once direct deposit is set up, it typically takes one or two pay cycles to process. Chase will waive the fee starting the first month after the deposit posts. You do not need to contact Chase or do anything else—the system recognizes the deposit and removes the fee automatically.
If you are receiving a one-time deposit (like a tax refund) rather than recurring direct deposit, that single deposit will waive the fee for that month only. The next month, if no new deposit arrives, the fee returns unless you meet another waiver condition.
Alternatives if the Chase fee does not work for you
If you cannot meet the $300 balance requirement and do not have direct deposit, other banks offer savings accounts with no monthly maintenance fee. Online banks like Ally, Marcus, and Discover often have no monthly fees and pay higher interest rates than Chase. The trade-off is that you cannot walk into a branch—everything is done online or by phone.
If you need in-person banking, some credit unions and regional banks offer free savings accounts with no minimum balance. The interest rate may be lower than online banks, but there is no monthly fee to worry about. You can search for credit unions in your area through the CO-OP network or Allpoint ATM network to see what is available.
Another option is to open a Chase checking account instead. Many Chase checking accounts have no monthly fee if you set up direct deposit or maintain a minimum balance. If you are already using Chase, consolidating to one account type might simplify things and eliminate the savings account fee altogether.
Frequently Asked Questions
Can I waive the fee by just keeping $300 in the account?
Yes, but it has to be the minimum daily balance for the entire statement period. If your balance drops to $299 on any single day, the fee is not waived that month. Chase shows your daily balance in the app so you can track it.
Does a one-time transfer count as direct deposit?
No. Direct deposit must be a recurring automatic deposit from an employer or government program. A one-time transfer from another account or a check deposit does not waive the fee beyond that single month.
What if I link my savings account to a checking account that does not have direct deposit?
The fee is not waived. The linked checking account must receive direct deposits for the savings account fee to be waived. If your checking account has no direct deposit, linking it does not help.
Can I avoid the fee by closing the account before the fee posts?
You can close the account anytime without a penalty, but closing it means losing the account and any interest earned. It is usually easier to meet one waiver condition than to open a new account elsewhere.
Does the high-yield savings account have a different fee?
No, the high-yield savings account has the same $5 monthly maintenance fee and the same waiver conditions. The only difference is the interest rate, which is higher. Whether it is worth it depends on your balance.