Chase Savings Account Review
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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
- More than 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:
- Maintain a balance of $300 or more at the beginning of each day.
- Make at least 1 repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid Card.
- If you're younger than 18.
- Link to one of these Chase checking accounts: Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking.
Pairing with a Chase checking account and making at least $25 in auto-transfers per month. This way, you can waive the monthly fee and build up a savings account at the same time.
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.
- $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:
- Maintain a balance of $15,000 or more at the beginning of each day.
- 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:
- Link to a Chase Premier Plus Checking or Chase Sapphire Checking, AND.
- Initiate at least 5 transactions every monthly statement period using your linked checking account.
Those who can afford to leave large balances in their bank accounts. It's best if you link to a Chase Premier Plus or Chase Sapphire Checking account so you can earn the higher interest rate. But note that both require large balances in order to waive the monthly service fee.
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 QuickDepositSM
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.
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.
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
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
High Yield Savings Account - 5.05% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
CIT Bank Platinum Savings - 4.85% APY
- 4.85% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Bottom Line
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.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
TD Beyond Checking - $300 Cash Bonus
- Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
- Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Overdraft Payback and more.
- Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more within a statement cycle, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
- TD ATM fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
- Get overdraft fees automatically reversed up to two times a year.
- Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
- TD checking accounts come with an instant-issue debit card - and, you can pay with confidence with contactless technology Visa Zero Liability protection and 24/7 fraud monitoring.
- Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
CIT Bank Platinum Savings - 4.85% APY
- 4.85% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Write to Anna G at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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