Opening a Chase savings account takes about 10 minutes online or 15 minutes in a branch, and you can start with as little as $0
Chase offers two main savings accounts: the Chase Savings Bank account (online-only, no monthly fee) and the Chase Savings account (at physical branches, $5 monthly fee waived if you keep $300 minimum balance or set up direct deposit). Both let you open with zero initial deposit. You'll need a Social Security number, a government-issued ID, your current address, and a way to fund the account—either a debit card, bank account number, or cash if you go to a branch.
The fastest route is online at chase.com. You can complete the entire process on your phone or computer, fund it immediately from another bank account, and start saving the same day. If you prefer in-person help or want to deposit cash right away, any Chase branch can open an account while you wait.
Key Takeaways
- Chase's online savings account has no monthly fee and no minimum balance requirement, making it the lowest-barrier option.
- You can open an account online in 10 minutes with just an ID, Social Security number, and current address.
- Funding happens immediately if you link an existing bank account, or you can deposit cash at a branch the same day.
- Chase savings accounts earn interest, though the rate changes based on the Federal Reserve's decisions and varies month to month.
Opening online at chase.com
Go to chase.com and click "Open an Account" or search for "savings account." You'll land on a page showing both the online savings account and the branch-based option. Select the one you want, then click "Open Now" or "get your free guide."
Chase will ask for your Social Security number, date of birth, current address, and phone number. Have your government-issued ID (driver's license, passport, or state ID) ready—you won't upload it during signup, but Chase may request it later to verify your identity. The whole form takes 3 to 5 minutes.
Next, you'll choose how to fund the account. If you have another bank account, enter the routing number and account number to transfer money in. Chase can move funds between accounts instantly or within one business day, depending on the other bank. If you don't have another account yet, you can skip funding for now and deposit cash at a branch later, or wait for a paycheck to arrive via direct deposit.
Once you submit, Chase sends a confirmation email with your account number and login details. You can log in to the Chase app or website right away to see your new account, even if the funding is still processing.
Opening an account at a Chase branch
Walk into any Chase branch with your government-issued ID and Social Security number. Tell a banker you want to open a savings account. They'll ask for your address, phone number, and how much you want to deposit (if anything). Bring a debit card or checkbook from another bank if you want to link it for transfers, or bring cash to deposit on the spot.
The banker will walk you through the account agreement, show you the monthly fee structure, and explain the interest rate. They'll print your account number and temporary debit card before you leave. You can start using the account the same day, and your permanent debit card arrives by mail in 7 to 10 business days.
Branch opening takes longer than online—usually 15 to 20 minutes—but you get immediate answers to questions and can deposit cash without waiting for a transfer to clear.
What happens after you open the account
Your account is active as soon as Chase confirms your identity. You can transfer money in, set up direct deposit, or deposit checks using the Chase mobile app (which has a mobile check deposit feature). If you opened online, you won't have a physical debit card yet—Chase mails one within 7 to 10 business days, but you can use your account number to set up transfers or direct deposit immediately.
Chase sends a welcome packet by mail with your account details, debit card, and information about online banking. You can also download the Chase app and log in with your Social Security number and account number to manage your account from your phone.
Interest on your savings starts accruing as soon as money hits the account. Chase's savings rates change regularly—check chase.com or call 1-800-935-9935 to see the current rate. The rate applies to your entire balance, and interest is deposited monthly.
Linking your Chase savings to checking or other accounts
Once your savings account is open, you can link it to a Chase checking account (if you have one) or to accounts at other banks. In the Chase app, go to "Accounts" and select your savings account, then look for "Link Account" or "Transfer Money." You can set up transfers between your own accounts in seconds.
If you want to link a non-Chase account, Chase will ask for the routing number and account number. The first transfer may take one business day to verify, but after that, transfers usually move within hours. You can set up recurring transfers (for example, $50 every payday) to automate your savings.
Monthly fees and how to avoid them
The Chase Savings Bank account (online-only) has no monthly maintenance fee, no matter how much or how little you keep in it. This is the simplest option if you're just starting out.
The Chase Savings account at branches charges $5 per month, but the fee is waived if you maintain a $300 minimum balance or set up direct deposit of any amount. If you're building savings from scratch, the online account is usually the better choice because there's no fee to worry about.
Both accounts let you make up to six withdrawals or transfers per month without penalty. If you exceed six, Chase charges $10 per transaction after that. This rule applies to transfers to other banks and withdrawals at the teller window, but not to ATM withdrawals or debit card purchases.
Interest rates and how they change
Chase savings accounts earn interest, but the rate is not fixed—it moves up and down based on decisions made by the Federal Reserve. When the Fed raises rates, Chase usually raises its savings rate within a few weeks. When the Fed cuts rates, Chase's rate falls too. The exact timing and amount vary.
You can see Chase's current savings rate on their website or by calling 1-800-935-9935. The rate is the same whether you open online or at a branch. Interest is calculated daily and deposited to your account once a month, usually on the last business day of the month.
Because rates change frequently, don't expect the rate you see today to be the same in six months. If you're comparing Chase to other banks, check the current rates at each one—online banks sometimes offer higher rates than Chase, while Chase offers the convenience of physical branches.
Frequently Asked Questions
Can I open a Chase savings account without a Social Security number?
No. Chase requires a Social Security number to open any account. If you don't have one, you may be able to open an account with an Individual Taxpayer Identification Number (ITIN) at some branches, but policies vary by location. Call your local Chase branch or 1-800-935-9935 to ask.
How long does it take to fund my account after I open it online?
If you transfer from another bank account, the money usually arrives within one business day, sometimes instantly depending on the other bank. If you deposit a check using the mobile app, it takes 1 to 2 business days to clear. If you deposit cash at a branch, it's available immediately.
Can I have multiple savings accounts at Chase?
Yes. You can open as many savings accounts as you want. Some people open separate accounts for different goals (vacation fund, emergency fund, down payment fund) to keep savings organized. Each account earns interest separately.
What's the difference between the online savings account and the branch savings account?
The online account has no monthly fee and no minimum balance. The branch account charges $5 per month unless you keep $300 in it or set up direct deposit. Both earn the same interest rate. Choose the online account if you want simplicity; choose the branch account if you want access to a physical location and don't mind the fee or minimum balance.
Do I need a Chase checking account to open a savings account?
No. You can open a Chase savings account on its own, without a checking account. However, if you already have a Chase checking account, linking them makes it easy to move money between the two.