Chase savings accounts have no monthly minimum balance requirement

Chase does not require you to keep a set amount of money in a savings account to avoid fees or to keep the account open. You can open a Chase savings account, deposit $1, and leave it there without penalty. The account will remain active as long as you follow Chase's terms — mainly that you do not close it and do not engage in fraud.

However, "no minimum balance" does not mean "no fees." Chase charges a monthly maintenance fee on some savings products, and that fee applies whether your balance is $10 or $10,000. The fee structure depends on which type of Chase savings account you hold.

Key Takeaways

  • Chase savings accounts carry no minimum balance requirement, but some accounts charge a monthly maintenance fee regardless of how much money is in them.
  • Chase Savings and Chase Premier Savings both charge $5 per month in maintenance fees, though the fee can be waived by meeting one of several conditions.
  • You can avoid the monthly fee by maintaining a daily balance of $300 or more, or by setting up a direct deposit of at least $250 per month.
  • A $0 balance does not close your account, but Chase may close inactive accounts after a period of no deposits or withdrawals.

Monthly maintenance fees and how to waive them

Chase Savings and Chase Premier Savings both charge $5 per month in maintenance fees. This fee posts on the same day each month and reduces your account balance by $5 unless you meet one of the waiver conditions.

You can waive the $5 monthly fee in any of these ways: maintain a daily balance of $300 or more at any point during the month, set up a direct deposit of at least $250 in a single transaction during the month, or link the savings account to a Chase checking account where you maintain a $500 minimum balance. If you meet any one of these conditions, the fee does not post that month.

Chase Premier Savings has a higher fee structure: $25 per month. This fee can be waived by maintaining a $10,000 daily balance or by setting up a direct deposit of at least $500 per month.

What happens if your balance drops below $300

If your Chase Savings balance falls below $300 and you do not meet any other waiver condition, the $5 monthly maintenance fee will post. The fee is deducted from your account, which can push your balance even lower or into negative territory if your balance was already very small.

A negative balance means you owe Chase money. Chase will typically send you a notice and give you time to deposit funds to cover the negative amount. If you do not, Chase may close the account and report the debt to a collection agency.

Keeping your account open with zero or very low balances

You can keep a Chase savings account open indefinitely with $0 in it, as long as you do not incur fees that push the balance negative. However, Chase may close accounts that show no activity — no deposits, withdrawals, or transfers — for an extended period. The exact timeframe varies, but Chase typically closes dormant accounts after 12 months or more of no activity.

If you want to keep an account open but do not plan to use it regularly, deposit $300 once per month or set up a small direct deposit. Either action resets the activity clock and waives the monthly fee at the same time.

Differences between Chase savings account types

Chase offers three main savings products: Chase Savings, Chase Premier Savings, and Chase High Yield Savings. The minimum balance requirement is the same across all three — zero — but the fee structure and interest rate differ.

Chase Savings charges $5 per month and earns a very low interest rate. Chase Premier Savings charges $25 per month but earns a slightly higher rate and includes additional perks like priority customer service. Chase High Yield Savings has no monthly maintenance fee and earns a higher interest rate, making it the most cost-effective option if you want to avoid fees entirely. However, Chase High Yield Savings may have limited availability depending on your state and account history.

How to avoid fees when opening a new account

When you open a new Chase savings account, the first monthly fee typically posts 30 days after opening. You can avoid this first fee by meeting one of the waiver conditions before that date arrives. The easiest route is to deposit $300 or more and keep it there, or to set up a direct deposit of $250 or more.

If you are opening the account specifically to avoid fees, ask a Chase representative which account type has the lowest fee structure for your situation. Chase High Yield Savings has no monthly fee, but it is not available in all states. If it is available to you, it is the simplest option.

What to do if fees have already been charged

If you have been charged monthly maintenance fees and believe they were applied in error, contact Chase customer service with your account number and the dates the fees posted. Chase may reverse one or two recent fees as a courtesy, especially if you are a new customer or if you can show that you met a waiver condition but the fee posted anyway.

Reversals are not may provide, and Chase is not required to refund fees. However, it costs nothing to ask, and Chase representatives have discretion to make adjustments. If you speak with a representative who cannot help, ask to speak with a supervisor or call back and try again.

Frequently Asked Questions

Can I have a Chase savings account with $0 in it?

Yes. Chase has no minimum balance requirement, so you can open and maintain an account with zero dollars. However, if your account has a monthly maintenance fee and your balance is $0, the fee will push your account into negative territory, which can lead to overdraft charges and account closure if not corrected.

Does Chase close savings accounts for inactivity?

Chase may close accounts that show no deposits, withdrawals, or transfers for approximately 12 months or longer. To keep an account open, make at least one transaction every few months or set up a recurring deposit or transfer.

What is the difference between Chase Savings and Chase High Yield Savings?

Chase Savings charges a $5 monthly maintenance fee and earns minimal interest. Chase High Yield Savings has no monthly fee and earns a higher interest rate, but availability depends on your state. If you can open High Yield Savings, it is the better choice for avoiding fees.

If I link my savings account to a checking account, does that waive the fee?

Linking alone does not waive the fee. You must maintain a $500 minimum daily balance in the linked checking account. If the checking account balance drops below $500, the savings account fee will post the following month.

Can Chase reverse a monthly maintenance fee?

Chase may reverse one or two recent fees as a courtesy, especially if you are new to the account or if you can show the fee was applied in error. Call customer service with your account details and ask. Reversals are not may provide, but representatives have some discretion.