Does Chase Have a High Yield Savings?
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Curious if Chase offers a high-yield savings account? Read on to find out.
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Chase is one of the biggest banks in the US. They offer various products, ranging from personal banking to investing and more. However, there may be some limitations to what they offer.
So, let's find out: Does Chase offer high-yield savings?
Does Chase Have a High-Yield Savings?
No. Chase currently does not offer a high-yield savings account. However, it has Chase SavingsSM and Chase Premier SavingsSM, which are its main savings options with standard rates.
Like other large traditional retail banks, Chase's savings accounts are very low. In comparison, online banks with low overhead costs usually offer significantly higher rates on their high-yield savings.
Chase Savings℠
- 0.01% APY on all balances
- Monthly Service Fee of $5 can be waived in multiple ways, including having a balance of $300 or more at the beginning of each day.
Rate is for zip code 91107, and may vary per location. The information for Chase Savings℠ has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.
Chase Premier Savings℠ (Standard Rates)
- 0.01% APY on all balances on Premier Standard Rates
- Monthly service fee of $25 can be waived with a balance of $15,000 or more at the beginning of each day or if account is linked to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking.
Rate is for zip code 91107, and may vary per location. The information for Chase Premier Savings℠ has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.
Chase Premier Savings℠ (Relationship Rates)
- 0.02% APY on all balances on Premier Relationship Rates
- Monthly service fee of $25 can be waived with a balance of $15,000 or more at the beginning of each day or if account is linked to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking.
Rate is for zip code 91107, and may vary per location. The information for Chase Premier Savings℠ has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.
Chase SavingsSM vs Chase Premier SavingsSM
Here's a quick look at the Chase SavingsSM and Chase Premier SavingsSM accounts:
- Chase Savings: $5 monthly service fee waived with either a $300 daily balance OR $25 automatic transfer every month from a linked Chase checking account, OR a linked Chase College Checking for Overdraft Protection, OR a linked qualifying Chase checking account, OR for owners under 18. $0 to open.
- Chase Premier Savings: Earn a higher interest rate when you have a bigger balance and meet certain relationship requirements when linked with a Chase Premier Plus Checking or Sapphire Checking account.
Fees to Look Out For
Both Chase SavingsSM and Chase Premier SavingsSM have monthly service fees that can be waived.[2]
For Chase SavingsSM, you can avoid the $5 monthly service charge by meeting any of the following:
- Are under 18 years old
- A daily balance of $300 or more in your account
- $25 or more in Autosave from your personal Chase checking account
- Link your Chase College CheckingSM account for Overdraft Protection
- Link your Chase Premier Plus CheckingSM, Chase SapphireSM Checking, or Chase Private Client CheckingSM account
With Chase Premier SavingsSM, you can skip the $25 monthly fee by doing either of these two:
- Keep a daily balance of $15,000+
- Link your Chase Premier Plus CheckingSM or Chase SapphireSM Checking account
How Chase Savings Compares
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
High Yield Savings Account - 5.24% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank SSB
Pros and Cons
Pros
- Fees can be waived
- FDIC-insured up to $250,000
- No initial deposit requirement
- Option to link to a checking account
Cons
- Very low rates
- Monthly service fee of $5 or $25
Can You Lose Money with a Chase Savings Account?
No, you typically won't lose any money with a Chase savings account. Both Savings and Premier accounts are safe because Chase is an FDIC member (Cert #628).
This means deposits are insured up to $250,000 per depositor, per ownership category.
But you can still lose a bit of your balance to monthly maintenance fees if you are unable to waive them.
Is a Chase Savings Account Worth It?
If your goal is to earn money through high rates, then Chase's savings accounts may not be worth your time. You're better off checking other options like online banks or credit unions.
However, if you're looking for a savings account that is convenient, easily accessible, and reliable, then Chase is a great choice.
How to Open a Chase Savings Account
You can open a Chase savings account either online or at one of their physical branches.
Here's the step-by-step process on how to do it through their website:
- Go to Chase' Savings page.
- Click Open Now on your preferred savings product.
- Answer the application form with your personal information.
- Set up your online banking details and fund your account.
You can easily fund your savings account if you have a linked personal Chase checking account. If not, you can also fund it either by transferring funds from an existing Chase account or from an external bank account.[3]
Bottom Line
While Chase doesn't currently offer a high-yield savings account, you can consider Chase SavingsSM or Chase Premier SavingsSM if you're determined to open an account with them.
The rates aren't that great, and you may have to pay monthly charges. But you will be banking with ease and convenience through their wide presence nationwide and online.
However, if you are on the hunt for high rates, it would be best to explore other options such as online banks and credit unions.
References
- ^ Chase. Chase Premier Savings Interest Rates, Retrieved 12/07/2023
- ^ Chase. Additional Banking Services and Fees, Product Features and Addendum, Retrieved 11/17/2023
- ^ Chase. Add money to your account, Retrieved 11/17/2023
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Personal Checking Account - $200 Bonus
Open an eligible Fifth Third checking account. Make direct deposits totaling $500 or more within 90 days of account opening to qualify for bonus. The cash bonus will be deposited into your new checking account within 10 business days of completing qualifying activity requirements.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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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