Few tools are better for meeting your long- and short-term financial goals than a good savings account. With so many options for savings accounts on offer, you have an opportunity to select a bank that will seamlessly integrate your accounts with the rest of your financial life in addition to paying you a competitive interest rate.
One such option is to put your money into a savings account offered by the largest bank in the country, Chase Bank, the commercial arm of JPMorgan Chase. With a Chase Bank savings account, you’re getting a tried and tested product that currently serves nearly half of America’s households with one of its financial products.
Chase Bank Savings Account Review
Two options are available for opening a savings account with Chase: Chase Savings and Chase Premier Savings. The Chase Premier account is available to anyone with a linked Chase Premier Plus Checking account or a Chase Premier Platinum Checking account that has at least five customer-initiated transactions a month. Both options come with account alerts, FDIC protection and online and mobile banking.
- 0.01% APY on all deposits
- $5 monthly service fee, waived for accounts linked to a Chase checking account or maintaining a balance of $300 or more
- $25 minimum deposit to open
Chase Premier Savings
- 0.04%-0.09% APY depending on the size of the deposit
- $25 monthly service fee, waived when linked to a Chase Premier or Platinum Checking account or maintaining a balance of $15,000 or more
- $100 minimum deposit to open
Check Out: How to Find Chase Bank ATMs Near Me
Chase Bank Savings Accounts: Pros
One thing you’re getting when you bank with Chase is size, and that can matter. Chase Bank controls over $2 trillion in assets and serves an enormous number of customers through its 5,100 branches and 16,000 ATMs. This can make a difference for its customers, with the relative ubiquity of physical branches and ATMs meaning you should have an easy time accessing in-person service or an ATM at any time. And even if you can’t, you’ll be able to access Chase Bank online either by visiting their website or downloading their mobile app.
Furthermore, opening a savings accounts with Chase means that you can link it to your Chase Bank checking account, giving you all of your banking needs in a single place as well as overdraft protection to avoid the $34 fee associated with overdrawing your account. You can also sign up for the Automatic Savings Program to have a regular, recurring transfer into your savings from your checking account.
You also have the option to go with either Chase Savings or the Chase Premier Savings account, where you can earn better rates by pairing it with a Chase Premier Plus Checking account or Chase Premier Platinum Checking. What’s more, opening a new checking and savings account together could qualify you for a $350 bonus.
Chase Bank Savings Accounts: Cons
If there is one glaring issue with a Chase Savings account, it’s the interest rates. A Chase Savings account only offers a 0.1% APY, which is relatively low when compared to the competition, particularly the high-yield options on offer from many other banks.
And although you can significantly improve that rate by upgrading to the Premier Savings option and linking to a qualifying checking account, those improved rates start at 0.04% APY and rise to 0.09% APY only after you have at least a quarter of a million dollars in your account.
Also, some fees are associated with the account, most notably a $5 monthly service fee that’s assessed to accounts with monthly balances under $300 that aren’t linked to a Chase checking account. For a premier account, those numbers rise to $25 and $15,000, respectively. A standard $2.50 ATM fee applies for using a non-Chase ATM — which is in addition to anything charged by the ATM owner — and that $34 overdraft fee.
Is a Chase Bank Savings Account Right for You?
The benefits of a Chase savings account appear to be strongest for someone who is already banking with Chase via a checking account or someone who plans to open both a checking and savings account with Chase. The ability to link your accounts, avoid the monthly fee and supply your checking account with overdraft protection can be key.
Likewise, this might be a good option if you’re a person who finds themselves frequently in need of a visit to the ATM or a physical bank branch. Again, even the occasional ATM fee is going to more than counterbalance the potential gains of a better APY at another bank, and if you value being able to talk to a representative in person, Chase has those 5,000-plus branches and a 24-hour telephone support line.
Up Next: Chase Bank Checking Account Review
More on Savings Accounts
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- Here’s How the Average Savings Account Interest Rate Compares to Yours
- 12 Essential Money Tips for Every Phase of Your Financial Life
GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
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