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Chase Savings Account Review
Chase has two savings account options available for customers to choose from — Chase Savings and Chase Premier Savings. For consumers looking for a savings account from a reputable bank with a low monthly fee (that’s easy to get waived), you may want to consider Chase Bank.
While the bank doesn’t publicly post the account deposit minimum, the fee-waiving requirements signal that it’s probably quite low. The bank also has a highly-rated mobile app available for managing your Chase savings account and any other accounts you have already or choose to open.
Chase Bank currently operates out of its headquarters in New York, New York. The bank was founded in 2004 and now controls assets of over $2.6 trillion. Customers looking for a full list of banking and financial products will not be disappointed by the lengthy list of offerings at Chase Bank.
Chase at a glance
|Bank||Min. Deposit||APY||Fees||Key Benefit|
|Chase Bank||Not listed||0.01% – 0.05%||$5 monthly maintenance, but waivable||Discounts for connected accounts|
What we like about it
One of the standout features of the Chase savings account is the ability to manage your account through the highly-rated mobile app. This becomes especially helpful if you already have other accounts with the bank or plan to open more in the future.
The monthly fee on the Chase Bank savings account is also one of the lowest at $5. While this is still higher than the fee-free options you can get at an online bank, the fee is easily waivable through any one of five different options.
Chase also has automatic savings programs that can be used with linked checking accounts. Deposits can be set up to move to savings daily, periodically or as percentages of deposits. You can also set up goals to help you track your savings success, which is a great feature.
Things to consider
The fee on the basic Chase Savings account is only $5, but the fee on the Chase Premier Savings account is quite high at $25. While this fee is also waivable, it does require you to meet more eligibility criteria. The low fee on the basic savings account is nice, but you miss out on the higher APY rates with that account.
What you need to know
Chase savings account interest rates are right around the average of traditional brick and mortar banks. APY rates span from 0.01% to 0.05%, depending on your status with the bank and how much money you have in your account. Relationship rates (the highest available rates) are available to savings customers with a linked Chase checking account and who make at least five transactions monthly using the linked checking account. The bank refers to these as Chase Premiere Savings accounts.
Monthly maintenance fees are $5 on the basic savings account and $25 on the premiere option but can be waived through one of five defined ways.
Getting started with a Chase savings account is easy and can be completed online or at a branch location.
1. Gather the necessary documents. Whether you are applying online or at a branch location, you will need your SSN and a driver’s license or state ID.
2. Apply online or in-person at one of the 4,900 branch locations. You have flexibility in how you open your Chase Savings account. Choose the option that works best for you.
3. Complete the application. The last step of the process is to complete the application. If you do this online, you will input all of the necessary information. If you apply at a branch location, the teller or agent can assist you in inputting all the necessary data correctly.
Fees and charges
Currently, a Chase savings account fees include a monthly maintenance fee of $5 that is waivable if you meet one of five different criteria. These requirements include a daily balance over $300, $25 or more in automatic transfers from a Chase checking account or Liquid Card, a linked Chase College Checking account, an account owner under the age of 18 or a linked, upgraded Chase account.
If you make over the six federally limited transactions a month, you will incur a $5 fee. Compared with other banks, this is lower than the usual $10 fee. That being said, if this is overused, the bank may look to convert your account to a checking account.
Chase will let you link your savings account to your Chase checking account to provide overdraft protection. The bank charges a $34 fee on overdrafts, which is on par with the industry standards.
Mobile app platform
Chase savings accounts can be fully managed from the Chase mobile app, along with any other Chase banking products you may have. The app scored well in both major marketplaces with a 4.8/5.0 in the App store and a 4.4/5.0 in the Google Play store. The app allows users to send money with Zelle, mobile deposit checks, set up travel notifications, transfer money and manage all accounts in one streamlined location.
Other products and tools
If you’re looking for a full-service banking partner to meet more needs than just a savings account, Chase Bank could be the right choice. The bank offers an extensive list of financial products and services, including, but certainly not limited to, credit cards, CDs, car loans, mortgages, investment accounts, personal loans and business accounts.
The bank also offers credit monitoring services and educational products to help customers improve their overall credit profile. The program is called Chase Credit Journey and is available to current and prospective Chase customers.
How do I pick the best savings account?
Choosing the best savings account for you involves a deep dive into the different account features and factors that are available. Some of the most important things to look at include the APY rate, applicable fees, if those fees are avoidable, overdraft protection for your checking account and how you can link your savings account to existing banking accounts.
Additionally, make sure you look to find the right type of savings account for you. Chase Bank keeps it simple and only offers two savings account option, but other banks may offer more.
Compare top bank accounts
We welcome your feedback on this article and would love to hear about your experience with the checking accounts we recommend. Contact us at email@example.com with comments or questions.