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Chase is one of the most popular banks in the United States, and its savings account offers competitive rates on your deposits. In addition, these accounts come with other benefits, such as automatic savings programs that can make saving more convenient than ever.
A savings account is one of the essential elements of financial stability and success. However, it’s not the kind of thing you can just set up without knowing how to do it right.
This guide will help you learn how to open a Chase savings account and choose one with the right features to start saving money today.
Table of Contents
- How To Open a Chase Savings Account (Step-by-Step)
- Is a Chase Savings Account Free?
- Differences Between a Chase Savings and Checking Account?
- Can I Open a Chase Savings Account Online?
- How Much are Fees with a Chase Savings Account?
- Do Chase Savings Accounts Earn Interest?
- What is the Minimum Balance for a Chase Savings Account?
- How Many Chase Savings Accounts Can I Have?
- Can You Overdraft a Chase Savings Account?
- Can I Use Zelle with a Chase Savings Account?
- Wrapping Up
How To Open a Chase Savings Account (Step-by-Step)
Opening a savings account at Chase is similar to opening any other bank account. However, there are some specific steps you’ll want to follow to ensure you don’t run into problems or roadblocks along the way.
The bank designed these steps to get you through the experience quickly and efficiently so you can begin saving money immediately.
Here are some crucial steps you will encounter when opening a Chase savings account.
Find the Right Chase Savings Account
Chase offers four primary savings accounts for their customers, namely:
- Traditional savings account
- Money market account
- Certificate of deposit (CD) account
- Specialty accounts
Each comes with its benefits, so choosing one that aligns with your goals is vital. Once you have decided to start saving, the next step is to find the best savings account to meet your needs.
These accounts include the basic Chase Savings℠ , which is the most popular, and Chase Premier Savings. These two accounts offer a variety of benefits, which include:
- Online and mobile banking options.
- Automated savings programs.
- Regular account alerts and 24/7 customer support.
- Easy access to ATMs and branches.
- They also offer FDIC insurance protection.
- Competitive interest rates for accounts with higher balances.
- Paperless statements.
The other popular chase savings account comprises certificates of deposit (CDs). A CD account allows you to lock your money for a specific period to earn interest while avoiding potential losses if interest rates rise.
Assemble Your Personal Information
Once you choose your preferred savings account, it is time to assemble your personal information. When opening a new account with Chase, you can use many different forms of identification for verification purposes.
- A valid driver’s license.
- A government-issued ID card.
- Your valid passport.
- Social security card.
- Contact information, including your name, address, phone number, and email address.
Proceed to Apply
Opening a Chase savings account can be done in two ways online or in person at any Chase branch in the United States. Here is how.
To open a savings account at Chase, you’ll need to visit any of the bank’s branches. You’ll need to provide the bank with your name, address, Social Security number, and ID proof.
After filling out an application form, the banker will review it before opening your account. Once your account is approved, the banker will set up your electronic fund transfer (EFT) account.
You can make automatic deposits from your checking or payroll account with this account. They may also offer you the option of setting up a direct deposit if you don’t already have one.
As soon as these transactions are complete, you’ll be able to start using your new Chase savings account.
Opening a Chase savings account online is a straightforward process. Follow this step-by-step guide to open your account in minutes.
Step 1: Visit the chase website or download the mobile application on your phone.
Step 2: Once on the website, at the top left corner, click on checking and savings, and select the “compare savings” option.
Step 3: The next page will redirect you to select a preferred savings account. Choose one that suits your needs.
Step 4: After selecting, you will be redirected to a page asking if you are a Chase customer. Suppose you are already a customer. Most of the information will be pre-filled for you.
Step 5: If you are not a Chase customer, select “No.” You will also have an option asking if you want to add a joint applicant. Once you have made these choices, proceed.
Step 6: On the next page, fill out your personal information such as your name, citizenship, DOB, social security number, home address, and contact information.
Step 7: Check two boxes, one of which is to authorize the social security admin to disclose your SSN verification. The other comprises consumer report authorization, which enables you to receive consumer reports.
Step 8: Confirm that everything is correct and click next.
Step 9: Set up your account preferences for online access, alerts, or monthly transfers into your savings account.
If everything is okay, submit your application and await approval.
Fund the Account
Once the bank approves your savings account, you can begin depositing money into it. You can fund your account with cash at any branch location or by mailing a check. You can also use an electronic transfer or debit card, depending on the options offered by your bank.
Is a Chase Savings Account Free?
When opening a chase savings account, you might wonder if it is free. The answer is that there are fees for using the service.
For instance, if your balance falls below $300, you’ll be charged a $5 Service Fee monthly. You will also incur additional fees such as $5 per withdrawal and $2.50 for inquiries or transfers at ATMs outside the US.
You can avoid the Service Fee altogether by completing one of the following milestones.
- Your account has a balance of $300 or more at the start of each day.
- You own a Chase College Checking account linked to the savings account for overdraft protection purposes.
- You are under the age of 18.
- Also, if your account has $25 or more in autosave or recurring transactions from your personal Chase Checking account, then you can waive the fees.
- Linking your account to any other Chase personal checking account
Differences Between a Chase Savings and Checking Account?
To better understand the two accounts, you must look at the differences in features of each account.
Components of a checking account
The checking account is ideal for transactions because it offers many features that make your day-to-day banking activities much more manageable. These features include:
- Provision of a debit card
- Access to ATMs
- Paper checks
- Overdraft protection
- Online and mobile banking services.
Features and Benefits of a Savings Account
On the other hand, the savings account lacks many features and has fewer benefits that customers enjoy compared to their bank’s checking account. Some of its features include:
- Interest on savings
- Access to branches and ATMs
- Direct deposits
- Mobile and online banking services.
Apart from features, a Chase checking account and savings account differ also in their usability, as highlighted below.
- A checking account has no frequency withdrawal limit per month. On the contrary, a savings account has withdrawal limits, usually limited to six transactions monthly.
- A savings account will earn you interest, while a traditional checking account does not earn interest on deposited funds.
- You can use your Checking account for day-to-day transactions such as paying bills and making purchases. On the other hand, a savings account is limited and hence not suitable for daily transactions.
- A savings account requires a minimum balance for you to waive monthly fees, while a Checking bill does not require a minimum balance.
Can I Open a Chase Savings Account Online?
You can open Chase savings account online in a few minutes. All you need is your personal information, like your Social Security number and a valid form of ID.
You’ll also need some money to deposit into your new account. Once you have everything ready, follow the steps.
- Go to the Chase website.
- Select the Savings account you want from the account options.
- Enter your personal information.
- Set up your account preferences.
- Wait for approval.
- Once approved, follow the instructions to fund your account and start saving.
- That’s it. You’re on your way to becoming a savvy saver.
How Much are Fees with a Chase Savings Account?
Fees associated with a Chase savings account are low. For instance, there is a $5 monthly service fee.
However, you can waive this fee if you maintain a $300 minimum daily balance or link your account to a Chase checking account. You’ll also earn interest on your deposits, which can help offset any fees you may incur.
Additionally, a chase savings account will charge you $5 as a withdrawal limit fee and $3-$5 for out-of-network ATM fees. Withdrawing money at a Chase in-network ATM doesn’t come with this cost.
When withdrawing money from an ATM outside the Chase network, you will have to pay a $3 surcharge plus whatever fee the ATM owner charges.
Do Chase Savings Accounts Earn Interest?
Yes, your Chase savings account will earn interest. The interest rate and the annual percentage yield (APY) depend on the amount of money you deposit in the account.
The APY can be as high as 0.01%, depending on how much you deposit. However, these rates will vary and are determined daily at the discretion of Chase bank.
The market may cause variable rates with account fees reducing your potential earnings.
What is the Minimum Balance for a Chase Savings Account?
The minimum balance for a Chase savings account is $25. You can open an account online, by phone, or in person at a local branch.
Once you have opened your account, you need to fund it with your initial $25 deposit. You can transfer money from another account you own, mail in a check, visit a local branch, and make a deposit in person.
There are no fees for depositing funds into your account, but there may be fees if you withdraw them early.
For example, if you withdraw funds before the maturity date of a CD, you could lose some interest. It’s essential to review the terms of your account agreement to understand the rules before opening an account.
How Many Chase Savings Accounts Can I Have?
When it comes to savings, there is usually no limit on how many accounts you can have. At Chase bank, you can have as many as ten savings accounts with them.
Each version will have its unique account number and routing number. Both are required when making a deposit or withdrawing from the account.
Can You Overdraft a Chase Savings Account?
No, you cannot currently overdraft a Chase savings account. If you try to make a withdrawal that would take your account balance below $0, the transaction will decline completion.
Chase overdraft services comprise all Chase checking accounts except Chase First Checking℠, Chase High School Checking℠ , and Chase Secure Checking℠.
However, Chase offers an Overdraft protection option where you can link your Chase savings account as a backup to any of your checking accounts. That way, Chase can transfer the money you need from your savings account to cover the overdraft transaction.
Can I Use Zelle with a Chase Savings Account?
The simple answer is no. There is no option for you to use Zelle with your savings account. The service requires that you have a checking account to utilize the app.
Zelle is a convenient way to send and receive money from friends, family, and businesses. The service is free to use and can link to your bank account or debit card.
A savings account with Chase Bank is a great way to save money. The process is simple and only takes a few minutes. You can open an account online or in person at any Chase Bank branch. You will need to provide some personal information and an initial deposit, but once you set up, you can start saving money immediately.
Additionally, you’ll earn interest on your deposited funds, which can help you reach your financial goals even faster. Be sure to keep your account balance above the minimum balance required to avoid fees. With discipline, you can watch your savings grow over time.