Review of Chase Bank’s Two Best Savings Accounts

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If you have a mortgage, credit card or auto loan through Chase Bank, and you’re more than pleased with the level of service you receive, you’ve got a great incentive to open additional accounts with the bank. But, what type of account should you open? Of course, this all depends on your current financial needs. In all cases, you can’t go wrong with a savings account.

A savings account gets you closer to financial goals and provides an accessible, secured home for your funds. But although most savings accounts work the same, there are noteworthy differences between accounts offered by different banks. Some financial institutions only offer one savings product, and many savings accounts don’t come with any special perks.

A plain vanilla account might work for some, but if you’re trying to grow your funds, you need to minimize fees and receive a better rate. Fortunately, a Chase savings account has what you’re looking for and more.

Related: My Love-Hate Relationship With Big Banks: Why I Just Can’t Break Up With Chase

Simple Savings Options with Chase

Chase offers not one, but two savings options: Chase Savings and Chase Savings Plus. Take a look at these account features and then decide which one is right for your money.

1. Chase Savings

Open a Chase Savings account with a minimum $25 deposit and you’ll enjoy a host of benefits, such as the option to join the bank’s Automatic Savings Program. Set up automatic transfers from your checking to your savings and grow your account with little effort. There’s a $5 monthly service fee to maintain a Chase Savings account, but the bank will waive this fee if one of the following conditions is met:

  • A minimum daily balance of $300
  • At least one repeat monthly automatic transfer from a Chase checking account of at least $25
  • You’re under the age of 18
  • Your Chase Savings is linked with a qualifying Chase checking product, such as a Chase Premier Plus Checking account.

Related: This Map Shows You The Best Savings Account In Every State

2. Chase Plus Savings

Get started with a Chase Plus Savings account with only a $100 minimum opening deposit. Just like Chase Savings, there’s the option of setting up automatic monthly transfers from your Chase checking account, which ensures you never neglect your savings account — a major perk if you’re chasing a major savings goal. Also, if you link your Chase Plus Savings with a Chase Premier Plus Checking account or a Chase Premier Platinum Checking account, you can enjoy relationship interest rates, which are higher than the bank’s standard 0.00% APY for savings account.

There’s a $20 monthly maintenance fee, but you can avoid this fee with a minimum daily balance of $15,000 in your Chase Plus Savings account, or if you link your savings account with a Chase Premier Plus Checking, Chase Premier Platinum Checking or a Chase Private Client Checking account.

Related: 5 Important Facts You Never Knew About Your Savings Account

What You Get with a Chase Savings Account

Whether you open a Chase Savings or a Chase Plus Savings, you can easily access (withdraw or deposit) your funds at one of 20,000 Chase ATMs and 5,600 branches. It doesn’t matter if you move to another region or travel for business and pleasure, you’re never far from your money. Online and mobile banking is also available, which is a convenient way to manage your account 24/7 from any location. Simply sign onto the bank’s website from your computer or laptop, or download the mobile app to your phone or tablet. Request paperless statements, check your balance, set up alerts, pay bills online, deposit checks directly from the mobile app, and more.

Open Your Chase Savings Account Today

In 10 to 15 minutes, your new savings account can be up and running. It doesn’t take much to get started. Visit the bank’s website, choose your product, complete the application and fund your account. Have your Social Security number and driver’s license (or other state-issued ID) nearby, and make sure a printer’s ready to print your documents.

Funding your new savings account is just as simple as opening the account. Use your debit or check card to transfer funds from another bank, or transfer funds from an already existing Chase checking or savings account into your new account.

In three simple steps you can establish or continue a relationship with Chase and possibly enjoy a higher interest rate on your savings deposits.

Disclaimer: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

Photo credit: Jimmy Baikovicius

Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.