Do you want to build a solid financial foundation? Perhaps you're saving for a down payment on a house, a dream vacation, or simply building an emergency fund. Opening a savings account is a fantastic first step, and Chase Bank, one of the largest financial institutions in the U.S., offers a variety of options. This comprehensive guide will walk you through every step of opening a Chase Bank savings account, ensuring you have all the information you need to make an informed decision.
Ready to embark on your savings journey? Let's get started!
Step 1: Discover Your Savings Needs and Choose the Right Chase Account
Before you even think about forms or documents, the very first and most crucial step is to understand what you need from a savings account. Chase offers a few different savings options, each designed for varying financial goals and customer profiles.
 |
| How To Open Chase Bank Savings Account |
Understanding Chase's Savings Account Offerings
Chase Savings℠ Account: This is Chase's most popular and basic savings account. It's a great starting point for many individuals.
Key Features: Earns interest (though typically a low APY), offers an Autosave feature for automatic transfers, and provides access to Chase's extensive ATM and branch network.
Monthly Service Fee: There's a monthly service fee, but it can be easily waived by meeting certain criteria (we'll cover this in detail soon!).
Chase Premier Savings℠ Account: This account is designed for those who maintain higher balances and often have a linked Chase Premier Plus Checking℠ or Chase Sapphire℠ Banking account.
Key Features: Offers slightly higher "Premier relationship rates" on interest compared to the standard Chase Savings account.
Monthly Service Fee: A higher monthly service fee applies, but again, it can be waived with specific linked accounts or higher balances.
Chase Private Client Savings℠ Account: Exclusively for existing Chase Private Client Checking℠ customers, this account provides enhanced benefits and relationship rates.
Tip: Don't just jump for the first option! Take a moment to consider your current financial situation, how much you plan to save, and whether you might link other Chase accounts. This will help you select the savings account that best aligns with your objectives.
Step 2: Gather Your Arsenal - Essential Documents You'll Need
Once you've identified the Chase savings account that fits your needs, it's time to assemble the necessary documentation. Having these ready beforehand will significantly streamline your application process, whether you apply online or in person.
Identity Verification Documents (Primary ID)
You'll need at least one form of primary identification. This usually includes a photo ID.
Valid U.S. Driver's License or State-Issued ID: This is a common and widely accepted form of identification.
U.S. Passport: Your passport is also an excellent option.
For Non-U.S. Citizens/Permanent Residents: A valid passport is usually required. Other acceptable forms might include a Matr�cula Consular Card or a photo U.S. Employment Authorization Card.
Secondary Identification (Proof of Address & SSN/ITIN)
In addition to your primary ID, you'll need documents to verify your address and provide your tax identification number.
QuickTip: Re-reading helps retention.
Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): For U.S. citizens and permanent residents, your SSN is essential. If you are a non-U.S. citizen residing in the U.S. and don't have an SSN, you'll likely need an ITIN.
Proof of Address: This confirms where you live. Accepted documents often include:
Recent Utility Bill: (e.g., electricity, gas, water, internet) in your name and current address.
Bank Statement or Credit Card Statement: From another financial institution, showing your name and address.
Lease Agreement or Mortgage Document: If applicable.
Important Note for Non-U.S. Residents: While Chase does offer accounts to non-U.S. citizens and permanent residents, you will typically need a U.S. residential address and either a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). Opening an account online might be restricted to those with a U.S. SSN and a local U.S. driver's license or state-issued ID. If you don't meet these online criteria, an in-person visit to a Chase branch will be necessary.
Step 3: The Application Odyssey - Applying for Your Chase Savings Account
With your chosen account in mind and your documents in hand, you're ready to apply! Chase offers a couple of convenient ways to do this.
Option A: Applying Online (The Quickest Route for Many)
For many U.S. citizens over 18 with a valid SSN and a driver's license/state ID, applying online is the fastest and most convenient method.
Visit the Official Chase Website: Go to chase.com and navigate to the "Savings Accounts" section.
Select Your Account: Click on "Open Now" for the savings account you've chosen (e.g., Chase Savings℠).
Start the Application: You'll be prompted to provide personal information such as:
Full Legal Name
Date of Birth
Social Security Number (SSN)
Residential Address
Phone Number
Email Address
Identity Verification: Chase will electronically verify your identity using the information you provide. In some cases, they may require you to upload images of your supporting documents (e.g., driver's license or passport). Follow the on-screen instructions carefully.
Review and Consent: Carefully review all the information you've entered. Read and agree to the terms and conditions, disclosures, and privacy policy. This is crucial – understand the fees, interest rates, and any other important details.
Initial Deposit (Optional but Recommended): While Chase often has no minimum opening deposit requirement to complete the application, you can usually make an initial deposit to fund your account right away. This can be done by transferring funds from an existing checking or savings account at another bank.
Submit Your Application: Once everything is filled out and reviewed, submit your application.
What happens next? You'll typically receive an email confirmation of your application. Chase will then review your information, and you'll receive a second email with the results of your application (approval or denial). If approved, you can usually log in to your new account through the Chase website or mobile app within a few minutes or hours.
Option B: Applying In Person (For Personalized Assistance)
If you prefer face-to-face assistance, have questions, or if your circumstances require it (e.g., you're a non-U.S. resident without an SSN, or opening a joint account), visiting a Chase branch is the way to go.
Locate a Branch: Use the "Branch & ATM Locator" tool on the Chase website to find the nearest branch.
Schedule an Appointment (Recommended): While walk-ins are often accepted, scheduling an appointment can save you time and ensure a banker is available to assist you.
Bring All Documents: Crucially, bring all the original documents you gathered in Step 2. The banker will need to verify your identity and address.
Consult with a Banker: A Chase representative will guide you through the application form, explain the different savings accounts in detail, and answer any questions you may have about fees, interest rates, and features.
Complete the Application: The banker will help you fill out the application form.
Initial Deposit: You can make your initial deposit right there at the branch with cash, a check, or a transfer from another account.
Receive Account Information: Once approved, the banker will provide you with your new account number and other essential details. You may also receive a temporary debit card on the spot.
Key Consideration: Joint accounts generally cannot be opened online and will require a visit to a branch with all account holders present.
Step 4: Navigating the Fees - Understanding Monthly Service Charges and Waivers
Chase savings accounts, like many traditional bank accounts, often come with monthly service fees. However, Chase provides multiple ways to avoid these fees, making it quite manageable to keep your account free of charge.
 |
QuickTip: Repetition signals what matters most.
Chase Savings℠ Account Fee Waiver Criteria
The standard monthly service fee for the Chase Savings℠ account is $5. You can avoid this fee if you meet any one of the following conditions each statement period:
Maintain a Minimum Daily Balance: Have a balance of $300 or more at the beginning of each day in your Chase Savings account.
Set Up Automatic Transfers: Have $25 or more in total Autosave or other repeating automatic transfers from your personal Chase checking account (these can be set up easily through chase.com or the Chase Mobile® app).
Linked Chase College Checking℠ Account: Have a Chase College Checking℠ account linked to this savings account for Overdraft Protection.
Linked Premier or Private Client Account: Have a linked Chase Premier Plus Checking℠, Chase Sapphire® Checking, or Chase Private Client Checking℠ account.
Age Requirement: The account owner is an individual younger than 18.
Chase Premier Savings℠ Account Fee Waiver Criteria
The monthly service fee for the Chase Premier Savings℠ account is higher, typically $25. This fee can be waived if you meet specific criteria, often involving higher linked balances:
Maintain a minimum balance (usually $15,000 or more) in your Chase Premier Savings account OR link it to a qualifying Chase checking account (like Chase Premier Plus Checking or Chase Sapphire Checking).
Pro Tip: Always review the most current Account Disclosures and Rates on the Chase website or ask a banker for the latest fee schedules and waiver requirements. These can sometimes change.
Step 5: Activating and Managing Your New Savings Account
Congratulations! You've successfully opened your Chase Savings account. Now it's time to get it activated and learn how to manage your funds effectively.
Activating Online Access and Mobile Banking
Online Banking: If you applied in person, you'll need to enroll in Chase Online℠ Banking. Visit chase.com and click "Sign Up" or "Enroll." You'll create a username and password.
Chase Mobile® App: Download the Chase Mobile® app to your smartphone or tablet. It allows you to manage your account on the go, check balances, transfer funds, deposit checks, and more.
Set Up Alerts: Customize alerts for low balances, large transactions, or direct deposits to stay on top of your account activity.
Funding Your Account and Setting Up Autosave
Initial Deposit: If you didn't make an initial deposit during the application, you can do so now through:
Online Transfer: From an external bank account.
Mobile Check Deposit: Using the Chase Mobile® app.
Direct Deposit: Set up a portion of your paycheck or other regular income to go directly into your savings.
ATM or Branch Deposit: Cash or check deposits.
Autosave: This is a powerful tool to help you reach your savings goals. Set up recurring automatic transfers from your Chase checking account to your Chase Savings account. Even small, consistent transfers add up over time!
Monitoring Your Savings Progress
Regularly Check Balances: Use online banking or the mobile app to keep an eye on your savings balance.
Review Statements: Review your monthly statements (electronic or paper) to track transactions and ensure accuracy.
Set Goals: Link your savings account to specific goals within the Chase app or through personal budgeting tools to visualize your progress.
QuickTip: Every section builds on the last.
Related FAQ Questions
How to choose the best Chase savings account for me?
To choose the best Chase savings account, evaluate your saving habits, the amount you plan to keep in savings, and whether you have or plan to open a Chase checking account. If you plan to maintain a higher balance or already have a premium Chase checking account, Chase Premier Savings might offer better rates. For simpler needs, the standard Chase Savings account is a good start.
How to avoid monthly fees on a Chase savings account?
You can avoid monthly fees on a Chase Savings account by maintaining a daily balance of $300 or more, setting up $25 or more in automatic transfers from a linked Chase checking account, linking a Chase College Checking account for overdraft protection, linking a Chase Premier Plus, Sapphire, or Private Client Checking account, or if the account owner is under 18.
How to apply for a Chase savings account online?
To apply for a Chase savings account online, visit chase.com, select "Open Now" for your chosen savings account, fill in your personal details (SSN, address, etc.), verify your identity (uploading documents if requested), review the terms, and submit your application.
How to make an initial deposit into a new Chase savings account?
You can make an initial deposit into a new Chase savings account online via an electronic transfer from another bank, by using mobile check deposit through the Chase Mobile app, by setting up a direct deposit from your employer, or by visiting a Chase ATM or branch to deposit cash or a check.
How to link my Chase checking account to my new savings account?
If you opened your accounts simultaneously, they might be linked automatically. Otherwise, you can usually link them through your Chase Online℠ Banking portal or the Chase Mobile® app under "Account Services" or by visiting a Chase branch and asking a banker for assistance.
QuickTip: Pause when something feels important.
How to set up automatic transfers (Autosave) to my Chase savings account?
You can set up automatic transfers (Autosave) within Chase Online℠ Banking or the Chase Mobile® app. Navigate to your checking account, select the option to transfer funds, choose your savings account as the destination, specify the amount and frequency (e.g., weekly, bi-weekly, monthly), and confirm.
How to check my Chase savings account balance?
You can check your Chase savings account balance by logging into Chase Online℠ Banking on your computer, using the Chase Mobile® app on your smartphone or tablet, calling Chase customer service, or by visiting any Chase ATM or branch.
How to get a Chase savings account bonus?
Chase occasionally offers sign-up bonuses for new savings accounts, though these are more common for checking accounts. To qualify for a savings bonus, you typically need to open a new account, meet specific deposit requirements (e.g., deposit a certain amount within a timeframe), and maintain the balance for a set period. Check the Chase promotions page for current offers and their specific terms.
How to contact Chase customer service for savings account inquiries?
You can contact Chase customer service for savings account inquiries by calling the number on the back of your debit card or statement, visiting the "Contact Us" section on chase.com for relevant phone numbers, or by sending a secure message through your Chase Online℠ Banking portal.
How to close a Chase savings account?
To close a Chase savings account, it's generally best to contact Chase customer service via phone or visit a branch in person. Ensure your balance is zero or transferred out before requesting closure. Be aware of any potential fees for closing an account too soon after opening.
 |
💡 This page may contain affiliate links — we may earn a small commission at no extra cost to you.
