What You Need to Open a Chase Savings Account

Chase offers two main savings products: a regular savings account and a money market account. To open either one, you will need a government-issued photo ID, your Social Security number, and an initial deposit. The minimum opening deposit varies by account type — some Chase savings accounts require $25, while others have no minimum. You can open an account online, on the Chase mobile app, or in person at a Chase branch.

Chase will run a soft credit check and verify your identity through ChexSystems, which is a banking history database. This does not affect your credit score. If you have had accounts closed for overdrafts or fraud in the past, Chase may decline you, but you will find out during the application process, not weeks later.

Key Takeaways

  • You need a photo ID, Social Security number, and an opening deposit to start a Chase savings account online or in a branch.
  • Chase savings accounts currently earn interest, but the rate changes with the market — check Chase's website for the current rate before you open.
  • If you already have a Chase checking account, opening a savings account takes about five minutes online.
  • Chase will check ChexSystems to verify your banking history, and accounts with a history of overdrafts or fraud may be declined.

Opening an Account Online or Through the Mobile App

The fastest route is the Chase website or mobile app. Go to chase.com, click "Open an Account," and select the savings product you want. You will enter your personal information, Social Security number, and initial deposit amount. Chase will verify your identity by asking security questions based on your credit history — questions like "Which address did you live at in 2019?" — and will confirm your phone number and email.

The entire process takes 5 to 10 minutes if you already have a Chase account, because the system already has your information on file. If you are new to Chase, it may take slightly longer. Once you submit, you will receive a confirmation number immediately, and your account will be active within one business day. You can set up transfers and start depositing money right away, though you may not see the full account number until you log in to your online banking portal.

Opening an Account in a Chase Branch

If you prefer to open an account in person, bring your photo ID, Social Security number, and the amount you want to deposit. A Chase representative will walk you through the application on a tablet or computer, which takes about 15 minutes. You can fund the account with cash, a check, or a transfer from another bank account that day.

The advantage of opening in branch is that you can ask questions about which account type fits your situation and get immediate answers about current interest rates. The disadvantage is that you have to travel to a branch during business hours. If you do not have a Chase branch nearby, online is your only practical option.

What Happens After You Open Your Account

Once your account is open, you will receive a debit card in the mail within 7 to 10 business days if you opened a checking account, but savings accounts do not come with debit cards. You will access your savings account through online banking or the mobile app. You can set up automatic transfers from your checking account to your savings account, which is the easiest way to build the habit of saving regularly.

Chase allows six transfers or withdrawals per month from a savings account without penalty — this is a federal rule that applies to most banks. After six, Chase charges a fee per transaction. If you need to move money more often, ask about a money market account, which may have different rules, or consider keeping your savings in a checking account instead.

Interest Rates and Account Features

Chase savings accounts earn interest, but the rate is set by Chase and changes as the Federal Reserve raises or lowers its benchmark rate. The current rate is posted on Chase's website and changes throughout the year. Before you open, check what the rate is right now — it may be higher or lower than it was last month.

Chase also offers a savings account with a tiered rate structure, meaning you earn a higher rate if you keep a larger balance. Read the account terms carefully to understand whether the rate applies to your opening deposit amount or only to balances above a certain threshold. Some Chase savings accounts have no monthly fee, while others waive the fee only if you maintain a minimum balance or have a Chase checking account linked to it.

If You Already Have a Chase Checking Account

If you bank with Chase already, opening a savings account is even simpler. Log into your online banking portal, click "Open an Account," and select savings. You will not need to re-enter your Social Security number or verify your identity again — Chase already has that information. The account will be open within minutes, and you can transfer money from your checking account to fund it immediately.

Linking a savings account to an existing checking account also makes it easier to move money between them without fees. You can set up automatic transfers on a schedule — for example, $50 every Friday — which helps you save without thinking about it.

Frequently Asked Questions

Do I need a minimum balance to keep the account open?

It depends on the specific account. Some Chase savings accounts have no minimum balance requirement, while others require you to keep $300 or more to avoid a monthly fee. Check the account terms before you open, or ask a representative in the branch what the requirement is for the account you are interested in.

Can I open a Chase savings account if I have been declined by another bank?

Chase uses ChexSystems to check your banking history. If you were declined because of overdrafts, fraud, or unpaid fees, Chase may decline you too. However, policies vary — some Chase branches may work with you if the issue was years ago. Call Chase customer service or visit a branch to ask about your specific situation before you apply online.

How long does it take to access my money after I open?

Your account is active immediately after you open it online or in branch. You can transfer money from another Chase account or set up an external transfer right away. If you are transferring from a bank outside Chase, the transfer usually takes one to three business days, depending on the other bank's processing time.

What is the difference between a Chase savings account and a money market account?

A money market account typically earns a higher interest rate than a regular savings account, but it may require a larger opening deposit and a higher minimum balance. Money market accounts also sometimes come with a debit card or checkbook, which a regular savings account does not. Ask Chase which product makes sense for how much money you plan to keep and how often you plan to withdraw.