Chase College is a checking account, not a savings account

Chase College is a checking account designed for students. It comes with a debit card, online bill pay, and unlimited transactions — the tools you use to spend and manage money day-to-day. It does not earn interest on your balance, which is the defining feature of a savings account.

If you are looking at Chase College because you want a place to set money aside and watch it grow, you will need a separate savings product. Chase offers savings accounts alongside their checking accounts, and you can open both at the same time.

Key Takeaways

  • Chase College is a checking account for students, not a savings account, so it has no interest earnings.
  • The account includes a debit card, online bill pay, and mobile banking, but no monthly maintenance fee for students under 25.
  • You can open a Chase savings account at the same time to hold money you want to keep separate from spending.
  • Chase College requires a minimum opening deposit, which varies by location and changes over time — call your local branch or check Chase.com for the current amount.

What Chase College actually includes

Chase College gives you a checking account with a debit card, which means you can withdraw cash at ATMs, make purchases, and pay bills online. You get access to Chase's mobile app and online banking. There is no monthly maintenance fee as long as you are a student under 25 years old.

The account does not charge overdraft fees if you set up overdraft protection linked to a savings account or credit card, though overdraft protection itself is optional. Once you turn 25 or are no longer a student, the account converts to a standard Chase checking account, which does have a monthly fee unless you meet certain balance or deposit requirements.

Why checking and savings are different products

A checking account is built for spending: you get a debit card, write checks, and move money in and out frequently. A savings account is built for holding: it earns interest on your balance and typically limits how many times per month you can withdraw money.

Chase College is checking because it is meant to be your everyday account — the one you use to pay for groceries, split rent with roommates, or withdraw cash. If you want to set aside money for a goal (a spring break trip, an emergency fund, a laptop you are saving for), a savings account is the better choice because it earns interest, even if the rate is small.

How to use Chase College alongside a savings account

Many students open both a Chase College checking account and a Chase savings account at the same time. You can transfer money between them instantly through the mobile app or online banking. A common approach is to deposit your paycheck or student loan funds into checking, then move the amount you want to save into the savings account each month.

This separation makes it harder to spend money you meant to keep. If all your money sits in one checking account, it is easy to dip into savings when you want to go out. With two accounts, you have a deliberate step between the money and the spending.

Minimum deposit and account opening requirements

Chase College requires a minimum opening deposit to start the account. The amount varies by branch and changes periodically, so you will need to check with your local Chase branch or visit Chase.com for the current requirement. Some branches may waive the minimum for student accounts, so it is worth asking.

You will need a government-issued ID and proof of enrollment (a student ID or acceptance letter). If you are under 18, a parent or guardian will need to co-sign the account. You can open the account in person at a branch or online through Chase's website.

When Chase College converts and what happens next

When you turn 25 or are no longer a student, Chase automatically converts your College account to a standard Chase checking account. At that point, a monthly maintenance fee applies unless you maintain a minimum balance, set up direct deposit, or meet other requirements that vary by location.

You do not have to do anything — the conversion happens automatically. However, you should review the new account terms before the conversion date so you understand what fees may apply and whether you want to adjust your banking setup.

Frequently Asked Questions

Can I earn interest with Chase College?

No. Chase College is a checking account, and checking accounts do not earn interest. If you want to earn interest on your money, you need a separate savings account. Chase offers savings accounts that earn a small amount of interest, though the rate changes based on market conditions.

What happens to my money if I close Chase College?

Your money stays yours. If you close the account, Chase will return your balance to you by check or transfer to another account you specify. You do not lose the money — you just lose access to that particular account and debit card.

Can I have both Chase College checking and a Chase savings account at the same time?

Yes. You can open both accounts together and link them so you can transfer money between them instantly. Many students do this to keep spending money separate from savings.

Is there a limit to how many times I can withdraw from Chase College?

No. Checking accounts have no withdrawal limits. You can withdraw money as many times as you want. Savings accounts do have limits on certain types of withdrawals, but Chase College is checking, so this does not apply.

What fees should I expect once I turn 25?

Chase College converts to a standard checking account with a monthly maintenance fee, which varies by location and account type. The fee is typically waived if you maintain a minimum balance, set up direct deposit, or meet other conditions. Contact your branch for the exact fee and waiver options for your area.