Chase Savings Account 2020 Review
As one of the nation's largest banks, Chase offers a variety of products for savers who want to grow their money over time with interest.
The Chase Savings account is one option you might consider if you're looking for a new place to stash your hard-earned cash.
Chase Savings Account Essentials
Here are some of the key things to know about this account:
- Deposits earn interest, which is compounded and credited monthly.
- A single annual percentage rate applies to all balances.
- There is no minimum amount required to open an account.
- There is a monthly service fee that can be waived by meeting certain requirements.
- An automatic savings program is available.
- Accounts are accessible at 16,000 ATMs and nearly 5,000 branches.
- Mobile, online and text banking is included.
- You don't need to be a Chase customer already to open an account.
At a glance, those are all good features to have. Before you open a savings account from Chase, however, it's helpful to take a closer look at the pros and cons.
Read on to learn more about how these accounts work and what benefits they offer to savers to decide if it's a good place to keep your money.
MoneyRates Editor's Analysis: Pros & Cons
- Chase is a large, national bank with more than 5,000 branch locations and 16,000 ATMs.
- No minimum balance is required to open a savings account.
- Monthly fees can be waived by meeting certain requirements.
- The interest rate is one of the lowest in the industry.
Chase Savings Account Interest Rates
Some savings accounts offer tiered rates based on your balance. This account, however, offers one flat rate on all balances.
As of January 11, 2020, that rate is a 0.01% annual percentage yield (APY). This is comparable to what you'll find with many big-bank Chase competitors.
To put the APY in perspective, the national average rate for savings accounts is 0.09%. So, the interest you could earn with this savings account lags behind the average - but that's not necessarily unusual.
If earning a great rate is your biggest priority, you can always check out other banks or credit unions.
Credit unions can offer better rates and lower fees than traditional banks. For the absolute best rates, however, you might want to try an online bank.
Online banks tend to have lower overhead costs than brick-and-mortar banks. They pay that forward by offering higher interest rates on savings accounts.
It is possible to find online savings accounts that earn a much higher interest rate. Ally, for instance, is one of the banks that consistently offers one of the top rates for online savings accounts.
Online banks can also offer higher rates on other savings products, such as money market accounts or CDs.
The trade-off is that you don't have a branch you can visit. That might not matter, however, if you already do most of your money management online.
Chase Savings vs. Chase Premier Savings Account
The Chase Savings account is a basic savings option. The Chase Premier Savings account may be worth a look if you want a higher rate.
Rates on this account are tiered based on your balance and account status.
The rate for Premier Standard accounts is 0.01%. But you can earn Premier Relationship rates if you:
- Link your savings 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.
The range of rates you can earn is 0.04% to 0.11%, based on balance. You'll need to keep at least $250,000 in your Premier Savings account to get the highest rate.
This account also has a monthly service fee. The fee is $25, or $0 if:
- You maintain a daily balance of $15,000 or more.
- You link a Chase Premier Plus Checking or Chase Sapphire Checking account.
If you're a super-saver, you'll get more interest from a Premier account. But you could still come out further ahead by saving in an online high-yield savings account instead.
Chase Savings Account Monthly Fees
You are more likely to pay a monthly service fee for a savings account at a brick-and-mortar bank than an online bank. Chase is no exception.
The Chase Savings account comes with a standard $5 monthly service fee. The good news is, there are ways to reduce that down to $0.
You can avoid paying the fee by meeting one of these conditions each month:
- Maintain a balance of $300 or more daily.
- Have at least one repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid® Card into your linked savings account.
- Link a Chase College Checking account to your savings for overdraft protection.
- Add an owner to the account who is under 18.
- Link a Chase Better Banking Checking, Chase Premier Checking, Chase Premier Plus Checking, Chase Sapphire Checking or Chase Private Client Checking account to your savings.
If you're already a Chase checking customer, avoiding the fee shouldn't be too difficult.
And if you don't bank with Chase already, you can open a new checking account to link. The other option is making sure you keep an average daily balance of $300 or more in savings.
As a side note, this account can be good for parents who want to introduce kids to savings. You can add your child to the account to avoid the fee while they learn the ropes of saving and earning interest.
Other Savings Account Fees
Any time you're looking for a savings account, it's good to check for other fees you might pay.
Chase charges a $5 savings-withdrawal-limit fee for each withdrawal or transfer from your account in excess of six per statement period.
Savings accounts are subject to a federal regulation on how many withdrawals you can make each month. You're limited to six altogether.
There are two exceptions to the six-withdrawal limit. You won't be penalized for withdrawals or transfers made in person at a branch or ATM.
If you go over the six-withdrawal limit, Chase can charge a fee for each additional transaction. The fee applies to any excess withdrawal you make.
Your savings account could also be converted to a Chase Total Checking account.
There are no other service fees associated with the Chase Savings account, but you'll want to watch out for ATM fees. If you use a non-Chase ATM, you'll pay:
- $2.50 for any inquiries, transfers or withdrawals in the U.S., Puerto Rico and the U.S. Virgin Islands.
- $5 per withdrawal and $2.50 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands.
The ATM's owner can also charge you a fee, so it pays to stick to Chase ATMs only as much as possible.
Accessing Your Account
If you are using your savings account as an emergency fund or for a long-term money goal, you'll want to be able to get to your money when you need it.
Chase lets you access your savings account in the following ways:
- Online banking
- Mobile banking
- Text banking
You can manage your account at 16,000 ATMs and nearly 5,000 branches.
If you want to make a deposit, you can do that via direct deposit or Chase QuickDeposit. Just snap a picture of your check through the Chase app and you're all set.
You can link your Chase Savings to a Chase checking account or a checking account at another bank. From there, you can set up automatic recurring deposits into your account to grow your money.
The Autosave feature is designed for auto transfers from a Chase checking account to savings. You can set up automatic deposits online at Chase.com or through the Chase mobile app.
It's up to you to set the rules for transfers.
For example, you can set them up to recur weekly or monthly on a specific schedule - or, you can set up transfers only for when you get a deposit into your checking account.
Other online and mobile banking features include:
- Chase QuickPay with Zelle
- Account alerts
- Paperless statements
- Online bill pay
If you need help with your account, you can go online or call customer service 24 hours a day.
Is a Chase Savings Account Right for You?
You may consider a savings account from Chase if you already have a checking account with the bank and want to keep things simple.
You'll earn interest on what you save and the Autosave feature is handy for growing your balance. Plus, you'll have convenient access to your money at Chase's extensive network of branches and ATMs.
On the other hand, this savings account may not be the best fit if you want to earn serious interest.
The 0.01% is well below what you could find at other banks, particularly ones that offer savings accounts online. Aside from that, you're less likely to pay a service fee with an online bank.
If you are on the fence about which savings account to choose, Chase or otherwise, ask yourself what matters most.
Saving with Chase might appeal to you if you just want to park your money for a while and you're not focused on the interest rate. And you may want to stick with Chase if you've been a loyal customer for some time already.
Taking time to compare all your savings options can help you find the right account for you.