What you need to open a Chase savings account
Chase lets you open a savings account online, by phone, or in a branch. You will need a government-issued ID, your Social Security number, and an initial deposit. The deposit amount depends on which savings product you choose — some have no minimum, while others require $25 or more to start.
You will also need either a Chase checking account or an external bank account to link for transfers. If you do not have a Chase checking account yet, you can open both at the same time. Chase will verify your identity during the process, which usually takes a few minutes online or in person.
Key Takeaways
- You can open a Chase savings account online, by phone, or in a branch, and the process takes about 10 to 15 minutes.
- You will need a government ID, Social Security number, and an initial deposit, though some accounts have no minimum deposit requirement.
- Chase offers several savings products with different interest rates and features, so compare them before you choose.
- Once your account is open, you can deposit money online, by mail, at an ATM, or in person at a Chase branch.
Chase savings account options and their features
Chase offers three main savings products: the Chase Savings Account, the Chase Premier Savings Account, and the Chase Secure Savings Account. Each one has different interest rates, minimum balance requirements, and monthly fees.
The Chase Savings Account has no minimum deposit to open and no monthly maintenance fee. The Chase Premier Savings Account requires a higher opening deposit and pays a higher interest rate, but also charges a monthly fee if your balance falls below a certain amount. The Chase Secure Savings Account is designed for people building credit and requires a deposit that becomes a loan collateral.
Interest rates change over time and vary based on market conditions. Check Chase's website or call 1-800-935-9935 to see the current rates before you open an account. The rate you receive may also depend on your relationship with Chase and the amount you deposit.
Opening your account online
Go to chase.com and select "Open an account" from the homepage. Choose "Savings" as the account type, then select which savings product you want. You will be asked to enter your name, address, date of birth, Social Security number, and contact information.
Chase will ask you to verify your identity by answering security questions based on your credit history. This takes a few minutes and happens automatically. Once you pass verification, you will choose a username and password, then set up your initial deposit.
You can fund your new account by transferring money from another bank account, using a debit card, or setting up a direct deposit. If you are opening a Chase checking account at the same time, you can transfer between them. Your savings account will be ready to use immediately, though it may take one to two business days for external transfers to appear.
Opening your account by phone or in person
Call Chase at 1-800-935-9935 to open a savings account over the phone. A representative will walk you through the same questions asked online and verify your identity. They will also help you choose which savings product fits your needs and set up your initial deposit. The call usually takes 15 to 20 minutes.
You can also visit a Chase branch near you to open an account in person. Bring your government ID, Social Security number, and your initial deposit (cash or a check). A banker will complete the paperwork, verify your identity, and activate your account on the spot. You will leave with a debit card if you are opening a checking account as well, though your savings account does not come with a debit card.
What happens after you open your account
Once your account is open, you can start depositing money right away. You can transfer funds from another bank account online through Chase's website or mobile app, deposit cash or checks at a Chase ATM, mail a check to Chase, or visit a branch to deposit in person.
Your savings account will have its own account number and routing number. You can give these to your employer or another bank if you want to set up direct deposits or automatic transfers. Chase will send you a monthly statement showing your deposits, interest earned, and any fees charged.
You can withdraw money from your savings account online, by phone, at an ATM, or in person at a branch. Keep in mind that federal rules limit you to six withdrawals per month from a savings account. Withdrawals beyond that limit may result in a fee or the account being closed.
Fees and things that cost money
The Chase Savings Account has no monthly maintenance fee. The Chase Premier Savings Account charges a monthly fee if your balance drops below the required minimum — typically $25 per month. The fee is waived if you maintain the minimum balance or have a may have access to Chase checking account linked to it.
You will not be charged for deposits, transfers between your own accounts, or most withdrawals. However, if you exceed six withdrawals in a month, Chase charges a fee for each withdrawal over that limit. ATM withdrawals at non-Chase ATMs may also incur a fee from the other bank, though Chase does not charge you for using a non-Chase ATM.
If your account goes negative, Chase will charge an overdraft fee. Savings accounts rarely overdraft, but it can happen if you set up automatic payments or transfers that exceed your balance. Review your account settings to prevent this.
Moving money in and out of your Chase savings account
You can link your Chase savings account to external bank accounts for transfers. Log into your Chase account online or through the mobile app, go to "Transfer & Pay," and select "Add external account." You will enter the other bank's routing number and your account number there. Chase will verify the account by depositing two small amounts, which you then confirm.
Once linked, you can transfer money between your Chase savings account and the external account. Transfers from an external bank to Chase usually take one to three business days. Transfers from Chase to an external bank also take one to three business days. You can set up recurring transfers if you want to move money on a schedule — for example, $100 every payday.
If you have a Chase checking account, transfers between your checking and savings accounts happen instantly online or through the mobile app. This makes it easy to move money between accounts without waiting.
Frequently Asked Questions
Do I need a Chase checking account to open a savings account?
No. You can open a Chase savings account on its own. However, you will need to link an external bank account for deposits and transfers. If you already have a Chase checking account, linking them together makes moving money between accounts instant and free.
How much money do I need to open a Chase savings account?
The Chase Savings Account has no minimum deposit. The Chase Premier Savings Account requires an opening deposit of $25 or more, depending on your state. Check Chase's website or call 1-800-935-9935 to confirm the current minimum for the account you want.
Can I open a Chase savings account if I do not have a Social Security number?
Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you have an ITIN, you can open an account using that instead. Call Chase at 1-800-935-9935 to discuss your situation.
How long does it take to open a Chase savings account?
Online applications usually take 10 to 15 minutes, and your account is ready to use immediately. Phone applications take 15 to 20 minutes. In-person applications at a branch take about 20 to 30 minutes. External transfers to fund your account may take one to three business days to appear.
What is the interest rate on a Chase savings account?
Interest rates change frequently and vary by account type and market conditions. Visit chase.com or call 1-800-935-9935 to see the current rates. Rates are typically higher for the Premier Savings Account than the standard Savings Account.