Chase Savings Account Interest

Dec 27, 2020 Credit: Chase Bank Chase Savings Review. This account is the bank’s basic savings product. On its own, it’s not particularly impressive, offering small interest rates (0.01% APY, as of October 2020).

1. $200 To Open Savings Account
2. Chase Savings Account Interest Rate Today
3. Chase Savings Account Interest Rate Today
4. Chase Savings Account Interest Rate
5. Bank Of America Savings Account

Chase Savings Account has a coupon for new customers. But how does it work? Read this review for the latest account promotion, fees and minimum balance details.

• Pros & Cons
  
• Promotions
  
• Chase Savings
  
• Chase Premier Savings
  
• Account Features
  
• Is Chase Savings Account Good?
  
• How to Open a Chase Savings Account
  
• How to Deposit and Withdraw Money
  
• Chase Savings for Military
  

The Chase Savings℠ account interest rate is 0.01% APY (effective 9/14/2020; rates are variable and subject to change). Rates for the bank's premium relationship savings accounts are slightly. Link the account to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account, and; Make at least five customer-initiated transactions in a monthly statement period using your linked checking account. See interest rates. Automatic Savings Program; Online and mobile banking; Account. Other savings options at Chase Beyond CDs, Chase offers savings accounts. While the bank is known for giving out bonuses to new customers, the rates on their savings accounts are lackluster. Chase offers savings accounts with yields that are next to nothing. Even the payout on its top-yielding account is low and would require you to jump through a series of hoops to get the best rate.

Note: The information for the Chase Savings has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.

Pros & Cons of Chase Bank

Chase is one of the biggest banks in the U.S. First, let's take a quick look at the pros and cons of banking with Chase.

Pros

• 16,000 Chase ATMs and more than 4,700 branches
  
• Bonus for new customers
  
• Automatic Savings Program
  
• Online and mobile banking from anywhere
  
• Free online bill pay, mobile deposits, and text banking
  
• 24/7 customer service with real reps
  
• Highly rated mobile app
  
• FDIC insured up to $250,000
  
• Full service bank with checking, savings, credit cards, mortgages, loans, and investing

Cons

• Low interest rates
  
• Not located in all states
  
• Requirements to waive monthly service fee

Now, we'll take a more in-depth look at each account, fees, and features.

New Customer Promotions

Chase Savings

Chase Savings is Chase's basic savings account. It has the fewest requirements to open and it's easy to waive the monthly service fee. But there aren't any perks.

• $0 opening deposit
  
• $0 minimum balance requirement
  
• $5 monthly service fee

Waiving the Service Fee
The $5 monthly service fee can be waived with just ONE of the following actions:

1. Maintain a balance of $300 or more at the beginning of each day.
2. Make at least 1 repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid Card.
3. If you're younger than 18.
4. Link to one of these Chase checking accounts: Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking.

Chase Premier Savings

Chase Premier Savings allows you to earn a higher interest rate when you have a bigger balance and meet certain relationship requirements.

$200 To Open Savings Account

• $100 opening deposit
  
• $0 minimum balance requirement
  
• $25 monthly service fee

Waiving the Service Fee:
The $25 monthly service fee can be waived with ONE of the following actions:

1. Maintain a balance of $15,000 or more at the beginning of each day.
2. Link to a Chase Premier Plus Checking or Chase Sapphire Checking.

Earning Higher APY:
You can earn higher Premier relationship rates when you perform BOTH these actions:

1. Link to a Chase Premier Plus Checking or Chase Sapphire Checking, AND.
2. Initiate at least 5 transactions every monthly statement period using your linked checking account.

Account Features

Both Chase Savings and Chase Premier Savings offer these account features and tools:

• Automatic Savings Program
  Create a recurring transfer from a Chase checking account so you can grow your savings without thinking. You can choose the amount and frequency.
• Direct Deposit
  Can choose to directly send paychecks into your savings.
• Chase QuickDeposit
  Deposit checks from anywhere by taking a photo with your phone.
• Online Bill Pay
  Pay thousands of billers online or on mobile app.
• QuickPay with Zelle
  Easily send money to another person with just their email or phone number.
• Text Banking
  Check balances and transaction history by simply texting.
• Checking Overdraft Protection
  When a Chase checking account is linked, Chase will transfer funds from your savings to cover overdrafts.
• Paperless Statements
  See up to 7 years of statements online.
• Account Alerts
  Set up alerts for account activity, such as for low balance, large transactions, and more.

Is Chase Savings Account Good?

Chase's savings accounts are a decent place to park your savings. However, the interest rate is very low and your money won't grow a whole lot (even with the Premier account). There are other savings accounts that pay over 2% in interest. So if your top priority is to grow your money, you'll want to look elsewhere.

But there are advantages to banking with Chase. It's convenient because there are a lot of physical locations. So if you still need certain in-person banking services, Chase is a solid choice.

Another big advantage is that you can start developing a good banking relationship with Chase. This can help open you up to more possibilities, like a better chance of getting their credit cards and loans.

Chase Savings accounts are best used with a Chase checking account, so your service fees can be waived. But take note of balance/deposit requirements for Chase checking accounts so you don't incur a fee there.

Chase Savings Account Interest Rate Today

How to Open a Chase Savings Account

You can open a Chase savings account either in person at a branch or online.

• Social Security number
  
• Driver's license or state ID
  
• Name and address
  
• Date of birth
  
• Phone number and email

After filling in the application, just make your first deposit and that's it. You must be a U.S. citizen or resident alien to open an account online.

Chase Savings Account Interest Rate Today

How to Deposit or Withdraw Money

Chase makes depositing and withdrawing funds easy, so your money is easily accessible when you need it. There are a number of online and in-person ways.

Depositing money:

• Direct deposits of paychecks.
• Mobile deposit by taking photo of your check.
• In person at a branch.
• Deposit cash or checks at an ATM.
• Electronic transfers from other bank accounts.
• Receive money through QuickPay with Zelle.

Withdrawing money:

• Electronic transfer into another bank account.
• In person at a branch.
• At an ATM with your Chase debit card.
• At an ATM by tapping your phone (at ATMs with cardless symbols).
• Send money through QuickPay with Zelle.

Chase Savings for Military

Current and veteran members of the U.S. Armed Forced can receive free Chase checking and savings accounts with no monthly service fee and no balance requirements.

• Get a Chase Premier Plus Checking account with no $25 monthly service fee
• Link up to 2 additional personal Chase checking accounts with no monthly service fees (excludes Chase Sapphire Checking and Chase Private Client Checking)
• Link Chase personal savings accounts for no service fees (excludes Chase Private Client Savings)
• Additional benefits include no monthly service fees on Chase Liquid Cards, no annual rent for a 3x5 safe deposit box, and no fee for money orders, counter checks, and cashier's checks

How Chase Savings Compares

Online Savings Account - Earn 0.40% APY

• No fees
• No minimum opening deposit
• No minimum balance required

Bottom Line

Chase Savings Account Interest Rate

Chase offers solid savings accounts. It's good if you're looking for a bank with physical locations, lots of ATMS, and good mobile banking. It's also good for developing a relationship so you can access other offerings. However, typical of most brick-and-mortar big banks, don't expect much in interest. And there are service fees unless you meet certain requirements.

If your top priority is getting the best interest rate, then look into a high yield savings account instead.

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