You can open a Chase savings account online in about 10 minutes, or in person at a branch if you prefer to speak with someone

Chase offers two main savings products: a regular savings account and a high-yield savings account called Chase Savings (also called Chase Savings Account). The regular savings account earns minimal interest; the high-yield version earns more but requires a higher opening deposit and has monthly maintenance fees unless you meet balance requirements. Both can be opened through Chase's website, mobile app, or at a physical branch.

The online route is fastest. You'll need a valid government ID, your Social Security number, and an initial deposit (usually $25 minimum for the regular account, though the high-yield version may require more). If you already have a Chase checking account, the process takes even less time because Chase already has your information on file.

Key Takeaways

  • Chase Savings accounts can be opened online, through the mobile app, or at a branch, and the online process typically takes 10 to 15 minutes.
  • You will need a valid government ID, Social Security number, and an initial deposit, which is usually $25 for the regular savings account.
  • If you already have a Chase checking account, opening a linked savings account is faster because Chase has your information already.
  • The high-yield savings account earns more interest but charges a monthly fee unless you maintain a higher balance or set up direct deposit.
  • You can link your new savings account to an existing Chase checking account or open both at the same time.

Opening a Chase Savings Account Online

Go to chase.com and click "Open an Account" or use the Chase mobile app. Select "Savings" from the account type options. You'll be asked whether you want the regular savings account or the high-yield version (sometimes labeled as "Chase Savings Account" with higher interest rates). Choose based on how much you plan to keep in the account and whether you want to earn more interest.

Enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. Chase will ask about your employment status and income, though you don't need to be employed to open an account. You'll also choose a username and password for online banking.

Next, verify your identity. Chase uses an automated system that checks your information against credit bureaus and other databases. This usually takes seconds, but occasionally Chase asks you to answer security questions based on your credit history, or to upload a photo of your ID. Once verified, you'll choose your initial deposit method: from a linked external bank account, a debit card, or a wire transfer.

After your deposit clears (usually one to two business days), your account is active and you can begin using it.

Opening an Account at a Chase Branch

Bring a valid government ID (driver's license, passport, or state ID), your Social Security number, and your initial deposit. You can deposit cash, a check, or transfer money from another bank account on the spot. A banker will walk you through the account setup, answer questions about interest rates and fees, and help you link the savings account to an existing Chase checking account if you have one.

This route takes longer than online (usually 20 to 30 minutes) but is useful if you want to ask questions in person or prefer not to set up online banking yourself. You'll still receive login credentials before you leave the branch.

What Happens After You Open Your Account

Your account number and routing number will be provided immediately, either on screen (if you opened online) or on a receipt (if you opened at a branch). You can use these to set up direct deposit from your employer or to transfer money from other accounts. Chase typically sends a debit card for linked checking accounts, but savings accounts don't come with debit cards—you access the money through transfers, ATM withdrawals, or by visiting a branch.

Interest begins accruing on your balance the day your deposit clears. The interest rate varies depending on which account you chose and changes based on Federal Reserve decisions. Chase publishes current rates on its website, and you can see your account's specific rate in your online banking dashboard.

Fees and Balance Requirements

The regular Chase Savings Account has no monthly maintenance fee. The high-yield Chase Savings Account charges a monthly fee (typically $5 to $10, depending on your region) unless you maintain a minimum balance, set up direct deposit, or meet other conditions. Check your account's specific terms when you open it, as requirements vary by location.

Both accounts allow unlimited transfers and withdrawals, though federal regulations once limited savings account withdrawals to six per month. That rule was suspended, but some banks still enforce limits, so confirm Chase's current policy before opening.

Linking Your Savings Account to Checking

If you already have a Chase checking account, you can link the new savings account during setup or afterward through online banking. Linking lets you transfer money between accounts instantly and set up overdraft protection, where Chase automatically moves money from savings to checking if you overdraw. This is optional—you don't have to link them.

If you don't have a Chase checking account yet, you can open both at the same time. Many people do this to keep checking and savings separate while using one bank for both.

What to Do If Your Application Is Declined

Chase may decline your application if you have a history of overdrafts, unpaid fees, or fraud reported to ChexSystems (a banking history database). If this happens, you'll receive a letter explaining the reason. You can contact Chase to ask whether you can reapply after a waiting period, or you can dispute inaccurate information in your ChexSystems report by visiting chexsystems.com.

If you're declined, other banks with lower barriers to entry include online-only banks like Ally, Marcus, or Discover, which often have no monthly fees and competitive interest rates.

Frequently Asked Questions

Can I open a Chase savings account without a checking account?

Yes. You can open a savings account on its own. However, many people open both at the same time for convenience, since they can be linked and managed through one online banking login.

How much money do I need to open a Chase savings account?

The regular savings account typically requires a $25 minimum opening deposit. The high-yield version may require $500 or more, depending on your region. Check Chase's website for your specific location's requirements.

How long does it take to open an account online?

The application itself takes 10 to 15 minutes. Identity verification is usually instant, but occasionally Chase asks for additional information, which can add 5 to 10 minutes. Your initial deposit clears within one to two business days.

What interest rate will I earn?

Chase's savings rates change frequently based on Federal Reserve decisions. Current rates are posted on chase.com. The high-yield account earns more than the regular savings account, but the exact difference varies month to month.

Can I withdraw money from my savings account anytime?

Yes. You can transfer money to your checking account, withdraw at an ATM, or visit a branch to withdraw cash. There are no limits on the number of withdrawals per month, though your account terms may specify how quickly transfers process.