Business Insider's personal finance team compared Chase savings accounts with the best high-yield savings accounts and found them in need of improvement. Both accounts offer interest that's significantly lower than the national average, and both accounts charge monthly service fees, although they are waivable.
Chase is one of the best banks, notably because it has a large branch network and a variety of bank accounts. That being said, its savings accounts don't offer high interest rates — even other brick-and-mortar banks offer accounts with higher rates.
Chase has two savings accounts: Chase Savings℠ and the Chase Premier Savings℠ Account. If you're specifically looking to open a savings account, see how Chase savings rates compare to other options below.
Overview of Chase Savings Account
Chase Savings Account
Chase Savings℠'s interest rate is slightly lower than what the Chase Premier Savings℠ Account offers, but its $5 monthly service fee is lower and easier to waive.
You'll need to meet one of the following requirements each month to avoid the fee: maintain a $300 balance, automatically transfer $25 each month from your Chase checking account, link to Chase College Checking for overdraft protection, or link to a qualifying Chase checking account. If you're under the age of 18, the fee will be waived for you automatically.
Chase Premier Savings Account
The Chase Premier Savings℠ Account has a $25 monthly service fee, which is pretty high. To waive the monthly bank maintenance fee, you must keep $15,000 or more in the account daily, or link a qualifying Chase checking account. That being said, you can earn a slightly higher interest rate with this account when compared to Chase Savings℠ as long as you meet the requirements.
If you don't qualify to waive the $25 monthly service fee with Chase Premier Savings℠ Account, you're better off going with the regular Chase Savings℠ account.
Chase Bank Savings Account Rates
Chase Savings℠ is a straightforward savings account that pays 0.01% APY. The Chase Premier Savings℠ Account pays 0.01% to 0.02% APY. Here's how it works:
| Account Tier | APY |
| Chase Premier Savings standard rate | 0.01% |
| Chase Premier Savings relationship rate | 0.02% |
To obtain a relationship rate on the Chase Premier Savings Account, you must link Chase Premier Plus Checking℠ or Chase Sapphire℠ Banking, and make five debit card transactions per month.
$5 monthly service fee
0.01%
$0
- No minimum opening deposit
- Relatively easy to waive $5 monthly fee
- Link to a Chase checking account for free overdraft protection
- Low APY
- Interest compounded monthly, not daily
- $5 monthly service fee
- Access to 15,000 Chase ATMs and over 4,700 branches
- Link this account to your Chase checking account for Overdraft Protection
- Waive $5 monthly service when you maintain a $300 balance, automatically transfer $25 each month from your Chase checking account, link to Chase College Checking for Overdraft Protection, link to a qualifying Chase checking account, or are under age 18
- 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
- Member FDIC
$25 monthly service fee
0.01% to 0.02%
$25
- Earn slightly better APY with relationship rates
- Link to a Chase checking account for free overdraft protection
- Low APY
- $25 monthly fee
- Access to 15,000 ATMs and over 4,700 branches
- Earn a standard rate on 0.01% APY; Earn a relationship rate of 0.02% APY when you link to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account AND make 5 monthly transactions from your linked checking account
- Waive $25 monthly maintenance fee when you maintain a $15,000 daily balance, OR when you link to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account
- 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
How Chase Savings Accounts Works
Chase Savings Account Setup Process
To open a savings account with Chase, you can either go into a branch, call customer service, or fill out an application online. Chase doesn't charge minimum opening deposits, so you won't need to link another bank account to open an account, but you will need to provide some personal information, such as your Social Security number or individual taxpayer identification number and your physical address.
Chase Savings Account Earnings
Both Chase Savings℠ and the Chase Premier Savings℠ Account pay low savings account interest rates. The average savings account interest rate is 0.41% APY, and you can find regional or local brick-and-mortar banks with higher savings rates.
If you're strictly looking for a competitive savings account, online banks offer the best savings rates right now. Online financial institutions have high-yield savings accounts are similar to standard savings accounts but pay better rates.
Chase Savings Account Fees and Charges
At Chase, you'll need to be mindful of monthly service fees, out-of-network ATM fees, and overdraft fees. Depending on the checking account you have, you might be able to waive certain fees. That said, other banks make it easier to avoid common bank fees entirely. For example, some banks have eliminated overdraft fees and do not charge ATM fees if you use an outside provider.
If you'd rather avoid monthly bank maintenance fees entirely, other banks are more suitable for you. The best online banks have free savings accounts that do not charge most common bank fees.
Chase Savings User Experience and Accessibility
Chase Savings Mobile App Features
Chase has one of the best mobile banking apps. The bank's mobile app has received 4.8 out of 5 stars in the Apple store with over 5.6 million ratings and 4.4 out of 5 stars in the Google Play store with over 1.8 million ratings.
Chase Savings Online Banking Experience
You can also bank on your computer or phone using Chase's website. You'll be able to check the balances of all your bank accounts, transfer money, and pay bills on the website, among other things. Keep in mind, though, that the website doesn't have all of the features that the mobile app does. For example, you won't be able to access Chase's digital assistant through the website.
Chase Savings Customer Service and Support
You can talk to a Chase customer service representative by phone or at a branch. Chase will stand out to you if you want a robust branch network. The bank has over 4,700 branches throughout the continental U.S. Chase doesn't offer 24/7 customer service. Hours vary depending on where you live, but most branches are open during weekdays from 9 a.m. to 5 p.m. for each time zone.
Chase Savings Security
Chase is FDIC-insured, so your money is safe in your savings account up to $250,000 per individual account and $500,000 per joint bank account. Chase also encrypts your personal information and monitors your accounts for fraud.
Chase Savings Rates Pros and Cons
Chase Savings Rates Pros
- Large national branch and ATM network
- Low minimum opening deposits on savings accounts
- Possible to waive monthly service fees on savings accounts
Chase Savings Rates Cons
- Low APY on savings accounts
- Monthly service fees on savings account
Is a Chase Savings Account Right for You?
Chase savings accounts are best for people who prefer a traditional banking experience and want to use multiple Chase products. Your choice between Chase savings accounts will likely depend on which monthly service fees you can waive. There are also more distinctions between Chase checking accounts, so your top pick among those accounts can also influence your decision.
If you want to earn a significantly better rate, try the best high-yield savings accounts instead. Chase has lackluster savings rates compared to other banks.
Chase Bank Savings Account Alternatives
Chase Savings vs. Bank of America Savings
Both Chase and Bank of America savings rates are low overall: Chase offers 0.01% to 0.02% APY, while Bank of America offers a slightly higher 0.01% to 0.04% APY on its standard savings account. Each offers multiple ways to waive monthly fees — but if you don't qualify to waive the fee at either bank, you may prefer Chase. Chase charges $5 monthly service fee on Chase Savings℠, while Bank of America charges $8 monthly service fee on the Bank of America Advantage Savings Account.
You can earn cash-back rewards with Bank of America when you have a savings account, but Chase has automatic savings tools. You must opt into any of these services, so you don't have to use them if you don't want to.
Chase Savings vs. Wells Fargo Savings
Chase and Wells Fargo savings accounts have a similar structure. Both Chase Chase Savings℠ and the Wells Fargo Way2Save® Savings Account have a $5 monthly service fee (with options to waive) and pay low interest rates on savings accounts. Wells Fargo offers 0.01% APY, so neither bank offers great interest rates. Choosing between these two bank accounts will likely depend on minor preferences between accounts.
Chase doesn't require a minimum opening deposit and makes it easier to waive the $5 monthly service fee. Meanwhile, Wells Fargo has a feature called Save As You Go®, which transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card.
Why You Should Trust Us: How We Review Chase Savings Accounts
We rate bank accounts on a scale from one to five stars. For our Chase Savings Account review, we used our bank account methodology which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, miscellaneous features, and ethics and security of the company.
Chase Savings Account FAQs
Chase offers two savings accounts: the Chase Savings℠ account, which pays 0.01% APY with a $5 monthly service fee, and the Chase Premier Savings℠ Account, which offers 0.01% to 0.02% APY with a $25 monthly service fee. Both monthly service fees can be waived, although it's easier to waive the Chase Savings℠ fee.
Chase Savings℠ offers a current rate of 0.01% APY, and Chase Premier Savings℠ Account pays a current rate of 0.01% to 0.02% APY.
You can open a Chase savings account online, in person at a physical branch, or over the phone. You'll need to provide personal information like your Social Security number or individual taxpayer identification number and your physical address.
There are several fees associated with Chase savings accounts, including monthly service fees, overdraft fees, and out-of-network ATM fees. Fees can be waived if you meet certain criteria within your account, are part of a specific age group, or have an eligible Chase checking account.
Chase savings accounts are secure because they're FDIC-insured, up to $250,000 for an individual account or $500,000 for a joint account. Chase also encrypts your personal information and monitors accounts for fraud.
