Chase savings accounts have no monthly fee if you meet one straightforward requirement

Chase does not charge a monthly maintenance fee on most of its savings accounts as long as you keep a minimum balance. For the Chase Savings Account, that minimum is $300. If your balance drops below $300, Chase charges $5 per month until you bring it back up. There is no fee if you stay at or above $300.

The Chase Premier Savings Account works differently — it requires a $10,000 minimum balance to avoid the $25 monthly fee. This account is designed for people with larger amounts to save and offers a higher interest rate in return.

Beyond the monthly fee, you should know about other costs that can appear on your account. These are not automatic charges, but they happen if you use certain services or break certain rules.

Key Takeaways

  • The Chase Savings Account costs nothing per month if you keep at least $300 in the account.
  • If your balance falls below $300, you pay $5 per month until the balance goes back up.
  • The Chase Premier Savings Account requires $10,000 to avoid a $25 monthly fee and pays higher interest.
  • Withdrawals beyond six per month cost $10 each, though this rule is less strictly enforced than it once was.
  • Overdraft fees, wire transfer fees, and other charges explore only when you use those specific services.

Other charges that may appear on your account

If you withdraw money from your savings account more than six times in a calendar month, Chase charges $10 for each withdrawal over that limit. This includes transfers to other accounts, not just cash withdrawals. In practice, many banks have stopped enforcing this rule strictly, but Chase still lists it in their fee schedule, so it is worth knowing about.

If you send money to another bank using a wire transfer, Chase charges $15 for a domestic wire (within the United States) and $15 for an outgoing international wire. Incoming wires are free. If you need to cancel a wire that has already been sent, that costs $20.

If your account goes negative and you do not cover it right away, you may face an overdraft fee. Chase charges $35 per overdraft transaction on savings accounts. This happens when you try to withdraw or transfer more money than you have, and Chase covers the difference. You then owe them that money back plus the fee.

How the $300 minimum balance actually works

The $300 minimum is a daily balance requirement, meaning your account must hold at least $300 every single day of the month. If it drops to $299 on even one day, you owe the $5 fee for that month. This is stricter than some banks, which only look at your balance on the last day of the month.

The balance is calculated using the money in your savings account only — it does not include money in a checking account, even if both accounts are at Chase and linked together. If you have both accounts, you need to keep $300 in the savings account and whatever minimum is required in the checking account separately.

Interest earned on your savings does count toward the minimum balance. So if you start the month with $300 and earn $0.50 in interest, your balance is now $300.50 and you are safe.

When you might choose the Premier account instead

The Premier Savings Account costs $25 per month if you do not keep $10,000 in it, but it pays a higher interest rate than the regular savings account. Whether this makes sense depends on how much money you have and how long you plan to keep it there.

If you have $10,000 or more sitting in savings and plan to leave it there, the Premier account usually pays enough extra interest to be worth the higher minimum. You would need to do the math with the current interest rates, which change over time. Chase publishes these rates on their website.

If you have less than $10,000, the regular savings account with the $300 minimum is almost always the better choice. You avoid the risk of paying a $25 monthly fee, and the interest rate difference is usually small enough that it does not matter.

Fees you can avoid by using Chase differently

The six-withdrawal limit is easier to work around than it sounds. If you need to move money out of savings regularly, consider using a Chase checking account for everyday spending instead. Transfer money from savings to checking once a month, then spend from checking. That way, you only make one transfer per month and stay well under the limit.

Wire transfer fees can be avoided by using a free transfer method instead. If you are sending money to another bank, ask if they accept ACH transfers, which are free from Chase and usually arrive within one to three business days. Wire transfers are faster but cost money, so use them only when speed matters.

Overdraft fees are the easiest to prevent: do not spend money you do not have. If you are worried about accidentally overdrawing, you can turn off overdraft protection in your Chase account settings. This means transactions will be declined if you do not have enough money, rather than going through and charging you a fee.

How Chase savings accounts compare on cost

Chase is not the cheapest option for a savings account, but it is not the most expensive either. Some online banks offer savings accounts with no monthly fee and no minimum balance at all. However, those banks typically pay higher interest rates, which is their main advantage.

Traditional banks like Chase, Bank of America, and Wells Fargo all charge monthly fees unless you meet a minimum balance. Chase's $300 minimum is lower than some competitors, which makes it easier to avoid the fee. The trade-off is that Chase usually pays less interest than online banks.

If you value having a physical branch you can visit, Chase has thousands of branches nationwide, which many people find worth the slightly lower interest rate. If you do most of your banking online and want the highest interest rate possible, an online bank might save you money in the long run.

Frequently Asked Questions

What happens if my balance drops below $300 for just one day?

You will be charged the $5 monthly fee. Chase uses a daily balance requirement, so even one day below $300 triggers the fee for that entire month. If this happens, you can bring the balance back up the next day, but the fee for that month is already owed.

Do I have to pay the $5 fee if I just opened the account?

Chase typically waives the fee for the first month after you open a new savings account. After that, the $300 minimum applies. Check your account welcome materials or call Chase to confirm the exact timing for your account.

Can I link my savings account to my checking account to meet the minimum?

No. The $300 minimum applies only to money in the savings account itself. Money in a linked checking account does not count, even though the accounts are connected. You need to keep $300 in savings and meet any separate minimum for checking.

If I keep $10,000 in my savings account, should I switch to the Premier account?

Maybe. The Premier account charges $25 per month but pays higher interest. Compare the interest rates on both accounts and calculate whether the extra interest over a year exceeds $300 (12 months × $25). If it does, the Premier account saves you money. If not, stick with the regular account.

Are there any hidden fees I should know about?

The main fees are the monthly maintenance fee, the excess withdrawal fee, wire transfer fees, and overdraft fees. Chase does not charge fees for deposits, balance inquiries, or statements. Read your account agreement or call Chase if you are unsure about a specific service.