June 16, 2019

Chase Savings Account Review

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Chase Savings Account has a coupon for new customers. But how does it work? Read this review for the interest rate, fees, minimum balance and more.

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

  • 16,000 Chase ATMs and nearly 5,000 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.

Chase is also known for some of the best cash-back and travel rewards credit cards on the market. Having a good banking relationship with Chase may win you some extra points when applying for a Chase card.

New Customer Promotions

    Chase

    Chase Total Checking® + Chase Savings℠

    • Enjoy up to $350 when you open a new Chase Total Checking® account with Direct Deposit and/or open a new Chase Savings℠ account, deposit $10,000 or more in new money and maintain a $10,000 balance for 90 days
    • Enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit
    • Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 days, and maintain a $10,000 balance for 90 days
    • Access to 16,000 Chase ATMs and nearly 5,000 branches
    • Apply online in minutes. Open your account online now.
    • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
    • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
    Chase

    Chase Savings℠

    • Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 business days, and maintain a $10,000 balance for 90 days
    • Access to 16,000 Chase ATMs and nearly 5,000 branches
    • Link this account to your Chase checking account for Overdraft Protection.
    • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
    • Apply online in minutes. Open your account online now.
    • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.

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:

  1. Maintain a balance of $300 or more at the beginning of each day.

  2. Make at least 1 repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid Card.

  3. If you're younger than 18.

  4. Link to one of these Chase checking accounts: Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking.

Chase Savings is Best for:
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:

  1. Maintain a balance of $15,000 or more at the beginning of each day.

  2. 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:

  1. Link to a Chase Premier Plus Checking or Chase Sapphire Checking, AND.

  2. Initiate at least 5 transactions every monthly statement period using your linked checking account.

Chase Premier Savings is Best for
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 QuickDeposit
    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.

For example, Chase Total Checking (Chase's basic checking account) has a $12 service fee unless you maintain a balance of $1,500 OR have direct deposits totaling $500 or more. Chase Premier Plus Checking has a $25 service fee unless you maintain a balance of $15,000 or have a Chase mortgage.

How to Open a Chase Savings Account

You can open a Chase savings account either in person at a branch or online.

    Chase

    Chase Savings℠

    • Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 business days, and maintain a $10,000 balance for 90 days
    • Access to 16,000 Chase ATMs and nearly 5,000 branches
    • Link this account to your Chase checking account for Overdraft Protection.
    • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
    • Apply online in minutes. Open your account online now.
    • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.

Required Information:

  • 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.

Chase Routing Numbers: You can find your account's routing number by logging into your online account. See a complete list of Chase's routing numbers by state.

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.

Transfer Limit: Federal regulations limit you to 6 withdrawals and transfers per month for savings accounts (those made at an ATM or in-person at a branch do not apply). A $5 fee will apply for transfers and withdrawals over 6 per monthly statement period, including those made at an ATM or branch.

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

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 these banks instead.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service 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.

Disclaimer: This content was first published on June 16, 2019. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

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