What you need to open a Chase savings account

Chase lets you open a savings account online, by phone, or in a branch. You'll need a government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit. The deposit amount depends on which savings product you choose — some accounts have no minimum, while others require $25 or more to start.

You'll also need either a current mailing address in the United States or a Chase checking account already open. If you're opening online, have your ID ready to photograph or scan, since Chase will ask you to verify it digitally during the process.

Key Takeaways

  • Chase offers several savings products online, including a basic savings account and a high-yield savings account, each with different interest rates and minimum balances.
  • You can open an account in three ways: online at chase.com, by calling 1-800-935-9935, or by visiting a Chase branch in person.
  • The online process takes about 10 minutes and requires a government ID, Social Security number, and an initial deposit.
  • Once your account is open, you can link it to a checking account to move money between them, set up automatic transfers, or deposit checks using the Chase mobile app.

Opening an account online at Chase.com

Start at chase.com and look for the "Open an Account" button, usually near the top of the page. Select "Savings" from the account type menu. Chase will ask you to choose which savings product you want — this matters because different accounts have different interest rates, fees, and minimum balances.

Fill in your personal information: full name, date of birth, Social Security number, email address, and phone number. You'll create a username and password for online banking. Then Chase will ask for your ID. You can upload a photo of your driver's license or passport using your phone or computer camera. The system reads it automatically, so make sure the photo is clear and all four corners are visible.

Next, you'll provide your initial deposit method. You can link a bank account you already have and transfer money from it, or use a debit card. Chase will verify the account by depositing two small amounts (usually under $1 each) into your existing bank account, then asking you to confirm those amounts. This takes one to two business days. Once verified, your Chase savings account is active.

Opening an account by phone or in a branch

If you prefer to speak with someone, call Chase at 1-800-935-9935. A representative will walk you through the same information — personal details, ID verification, and deposit method — but over the phone. They can answer questions about which savings product fits your situation and explain the differences in interest rates and fees.

To open an account in a Chase branch, bring your government ID, Social Security number, and your initial deposit (cash or a check). A banker will complete the paperwork and set up your account on the spot. Your account is usually active the same day, and you can start using it immediately.

Chase savings account options and their differences

Chase offers a basic savings account and a high-yield savings account (sometimes called a money market account). The basic savings account typically has no minimum balance requirement and a lower interest rate. The high-yield account usually requires a higher opening deposit and pays more interest, but the exact rates change based on market conditions.

Both accounts let you make up to six withdrawals per month without penalty, though Chase may charge a fee if you exceed that limit. Both also let you link the account to a Chase checking account, set up automatic transfers, and deposit checks using the mobile app. The main trade-off is interest rate versus minimum balance — higher interest usually means you need to keep more money in the account to avoid fees.

Setting up transfers and linking accounts

Once your savings account is open, you can link it to a Chase checking account if you have one. Log into your Chase online banking or mobile app, go to "Transfers," and select "Link an Account." If both accounts are already at Chase, the link is instant. You can then move money between them anytime without waiting.

You can also set up automatic transfers — for example, moving $50 from checking to savings every payday. Go to "Transfers," choose "Set Up Recurring Transfer," pick the amount and frequency, and confirm. The transfer happens on the schedule you set, which helps build savings without thinking about it each time.

What happens after you open your account

Your account number and routing number will appear in your online banking dashboard and in the mobile app. You'll need these if you want to set up direct deposit from an employer or transfer money from another bank. Chase sends these details in a welcome packet by mail, but you can find them immediately in the app.

You can start depositing money right away through transfers, mobile check deposit, or ATM deposits at any Chase ATM. Interest begins accruing on your balance according to the rate for your account type. Chase calculates interest daily but deposits it monthly, so you'll see it added to your account on the first business day of each month.

Fees and things to watch for

Chase savings accounts don't charge a monthly maintenance fee. However, if you make more than six withdrawals in a month, Chase charges a fee per excess withdrawal — the amount varies but is typically $10. This limit applies to transfers, ATM withdrawals, and checks written against the account.

If your balance falls below the minimum required for your account type (if there is one), you won't lose the account, but you may stop earning the advertised interest rate. Some accounts also charge a fee if you close the account within a certain period after opening it, though Chase does not currently charge this fee on savings accounts.

Frequently Asked Questions

How long does it take to open a Chase savings account?

Online accounts are usually active within 10 minutes if you have an existing Chase account to link for your deposit. If Chase needs to verify a new bank account, add one to two business days. In-branch accounts are typically active the same day.

Can I open a Chase savings account without a Social Security number?

No. Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any deposit account. This is a federal requirement, not a Chase policy.

What's the difference between Chase's basic savings and high-yield savings?

The high-yield account pays significantly more interest but usually requires a higher opening deposit and minimum balance. The basic account has no minimum but earns less. Choose based on how much you plan to keep in savings and whether the higher interest rate justifies maintaining a larger balance.

Can I open a savings account for someone else?

No. The person whose name is on the account must open it themselves, even if you're a parent or guardian. For children under 18, Chase offers youth savings accounts that require a parent or guardian to co-own the account and sign the paperwork.

What if I already have a Chase checking account?

Opening a savings account is faster. Log into your existing online banking, go to "Open an Account," and select savings. Chase can link it to your checking account immediately and let you transfer your opening deposit from checking to savings in seconds.