Chase Student Account Is a Checking Account, Not Savings

Chase Student Checking is a checking account, not a savings account. It gives you a debit card, online banking, and the ability to write checks. It does not earn interest on your balance the way a savings account does.

If you want both checking and savings with Chase, you would open two separate accounts — the Student Checking for everyday spending and a separate Chase savings product if you want to set money aside and earn interest. Many students do this because checking is for money you use regularly, and savings is for money you want to keep growing.

Key Takeaways

  • Chase Student Checking is a checking account with a debit card and check-writing ability, not a savings account.
  • The account earns no interest on your balance, so money sitting in it does not grow.
  • You can open a separate Chase savings account at the same time if you want a place to earn interest on money you are not spending right away.
  • Most Chase Student Checking accounts have no monthly fee if you meet basic requirements like having direct deposit or maintaining a minimum balance.
  • You need to be under 18 (or sometimes under 25, depending on your Chase branch) and have a parent or guardian co-sign to open the account.

What Chase Student Checking Actually Includes

Chase Student Checking comes with a debit card you can use at ATMs and stores, online banking access through Chase's website or mobile app, and the ability to order checks. You get a routing number and account number so employers can set up direct deposit of paychecks or school refunds.

The account also includes access to Chase's ATM network, which is one of the largest in the country. If you use an ATM outside the Chase network, you may pay a fee — this varies by location and the other bank's policies.

There is no interest paid on money in the account. Your $500 balance stays $500 unless you add more money to it. This is standard for checking accounts across most banks.

When You Might Want a Savings Account Instead or In Addition

If you are saving money for a specific goal — a car, college expenses, or an emergency fund — a savings account makes more sense than checking. Savings accounts earn interest, which means your money grows on its own. Chase offers several savings products, including a regular savings account and a high-yield savings account.

The interest rate on Chase savings accounts changes over time and depends on which product you choose. You can check Chase's website or call a branch to see current rates. Even a small interest rate adds up if you leave money untouched for months or years.

Many students keep both: checking for money they spend regularly (rent, food, gas) and savings for money they want to grow (work study earnings, birthday money, tax refunds).

How Chase Student Checking Fees Work

Chase Student Checking typically has no monthly maintenance fee if you meet one of these conditions: you have direct deposit set up, you maintain a minimum balance (usually $100 to $500, depending on your branch), or you are under a certain age (often 18 or 21). Once you age out of the student account, Chase will convert it to a regular checking account, which may have different fee rules.

You will not pay a fee for using your debit card at Chase ATMs or for basic transactions like transfers and bill pay. You may pay a fee if you overdraw your account (spend more than you have), if you use an out-of-network ATM, or if you order checks.

Ask your local Chase branch about the exact fee structure for student accounts in your area, because rules can vary slightly by location.

Opening a Chase Student Account With a Parent or Guardian

To open Chase Student Checking, you need to be under 18 (some branches allow up to 25) and have a parent or guardian co-sign. Both of you will need to go to a Chase branch in person with a government-issued ID. The parent or guardian becomes a co-owner of the account, which means they can see transactions and manage it alongside you.

You will need to bring proof of identity and proof of address. A school ID or report card can work for identity; a utility bill or lease in your parent's name can work for address. Ask your local branch what documents they accept before you go in.

Once the account is open, you can use it immediately. Your debit card usually arrives in the mail within 7 to 10 business days.

Checking vs. Savings: The Core Difference

Checking accounts are built for spending money regularly. You get a debit card, online access, and the ability to pay bills or send money to others. Savings accounts are built for holding money and watching it grow through interest.

Banks limit how many times per month you can transfer money out of a savings account (though these rules have loosened in recent years). Checking accounts have no such limit — you can spend as many times as you want. This is why checking is for everyday use and savings is for money you want to keep separate.

Chase Student Checking is a checking account, so it is designed for the first purpose. If you need both, you open both accounts.

Moving Money Between Chase Checking and Savings

If you have both a Chase checking and savings account, you can transfer money between them for free through online banking or the mobile app. This takes one to two business days. You can also transfer money instantly at a Chase ATM or in a branch.

This flexibility means you can keep most of your money in savings (where it earns interest) and move it to checking when you need to spend it. Many students do this weekly or as needed.

Frequently Asked Questions

Does Chase Student Checking earn interest?

No. Chase Student Checking earns no interest on your balance. If you want your money to grow, you need a separate savings account. Chase offers savings accounts that do earn interest, though the rate changes based on market conditions.

Can I have both a student checking and student savings account at Chase?

Yes. You can open both accounts at the same time with the same parent or guardian co-signing. Many students do this to keep spending money separate from savings. You can transfer money between them for free through online banking.

What happens to my student account when I turn 18 or 21?

Chase will convert your student account to a regular checking account. The conversion is automatic and happens on your birthday. Your account number and routing number stay the same, but the fee structure may change — ask Chase what fees apply to regular accounts at your branch.

Can I write checks from my Chase Student Checking account?

Yes. You can order checks and write them just like on any checking account. There is usually a small fee to order checks, but using them is free. Many students do not write checks often, but the option is there if you need it.

Is there a minimum balance requirement to avoid fees?

Most Chase Student Checking accounts waive the monthly fee if you maintain a minimum balance (often $100 to $500) or have direct deposit. The exact requirement varies by branch, so ask when you open your account what you need to do to avoid fees.