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 latest account promotion, fees and minimum balance details.

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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

  • 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.

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 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 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.

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.

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

Discover Bank
Member FDIC

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 or by phone. Enter Offer Code CY21 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 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2021
CIT Bank
Member FDIC

CIT Savings Builder - 0.40% APY

Earn up to 0.40% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC

Axos Bank
Member FDIC

High Yield Savings

  • 0.61% APY on balance < $25,000
  • 0.25% APY on balance $25K-$100K
  • 0.15% APY on balance > $100K
  • No minimum balance requirements
  • No fees to open or maintain account
  • Free ATM card upon request
  • FDIC Insured

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
Member FDIC

Chase Total Checking® - $225 Bonus

Expires 1/19/2022
  • New Chase checking customers enjoy a $225 bonus when you open a new Chase Total Checking® account and set up direct deposit
  • Access to 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.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
Citibank

Citi Priority Account - Up to $1,500 Cash Bonus

Expires 1/4/2022
  • Earn up to $1,500 cash bonus when you open a new account with required activities
  • Open a new eligible checking account in the Citi Priority Account during the offer period 10/5/21-1/4/22
  • Within 20 days of opening, deposit $50,000 in New-To Citibank funds between the new checking and savings accounts
  • Maintain a minimum balance of $50,000 in the checking account for an additional 60 consecutive calendar days from the 21st day
  • After all required activities are met, the cash bonus will be deposited to your account within 90 calendar days
TD Bank
Member FDIC

TD Beyond Checking - $300 Cash Bonus

  • New customers who apply online for a TD Beyond Checking account can earn a $300 cash bonus after receiving direct deposits of $2,500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
  • 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, Rush Bill Payments and more.
  • Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
  • TD fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
  • Overdraft Payback - 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 Zero Liability protection and 24/7 fraud monitoring.
  • Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings and Money Market accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
Discover Bank
Member FDIC

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 or by phone. Enter Offer Code CY21 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 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2021
CIT Bank
Member FDIC

CIT Bank Money Market Account - 0.45% APY

  • 0.45% APY
  • $100 minimum opening deposit
  • No monthly maintenance fee

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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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