Chase, the largest US bank according to the Federal Reserve, has more than 4,700 branches across the country. Chase is a full-service bank, and its savings accounts offer tools that help you manage a budget and track your expenses. If you prefer the option to bank in person or online and like to keep all of your accounts in one place, a Chase savings account may come in handy.
However, you won’t earn the most interest here. Chase’s savings rates can’t compete with other banks -- particularly online banks offering average annual percentage yields, or APYs, of 5% or higher right now. And Chase charges a monthly maintenance fee, though it’s possible to waive it if you meet certain requirements.
If you’re considering a Chase savings account, here’s the latest on its rates and how they stack up against other savings accounts.
Chase Savings℠ account options, compared
Chase offers two savings accounts: Chase Savings℠ and Chase Premier Savings℠. The main differences between the two are their interest yields -- though both are paltry -- and their monthly service fees, which are based on minimum balance requirements.
| Account name | APY* | Minimum deposit | Monthly service fee |
| Chase Savings | 0.01% | None | $5 ($0 with fee waiver) |
| Chase Savings Premier | 0.02%** | None | $25 ($0 with fee waiver) |
Chase Savings℠ standard account
The Chase Savings standard account offers a mere 0.01% APY. There’s a $5 monthly fee for this account, which Chase waives if you maintain a daily balance of $300, transfer $25 or more from a linked checking account each monthly statement period, link a qualifying Chase checking account, or if the account owner is under 18.
If you make more than six withdrawals or transfers out of the account per monthly statement period, you’ll also pay a $5 withdrawal limit fee for every withdrawal after the sixth (up to $15 total).
Chase Premier Savings℠
Chase’s higher-end savings account is branded “Premier,” but there isn’t anything particularly VIP here. You’ll need to maintain a minimum balance of $15,000 or link to a qualifying Chase checking account -- either a Chase Premier Plus Checking or Chase Sapphire Checking account -- to avoid a monthly fee of $25.
On top of that, you’ll only get the Premier relationship rate of 0.02% APY if you make at least five monthly transactions from one of the qualifying linked checking accounts mentioned above -- otherwise, you’ll earn only 0.01% APY.
For comparison, Wells Fargo offers a 0.25% APY on its Platinum Savings account on balances of less than $100,000, but it charges only $12 a month -- a fee that’s waived if you meet the daily minimum requirement of $3,500.
If you can’t meet the requirement to waive this fee, we recommend a free savings account instead.
How Chase Savings℠ account APYs compare with other banks
With savings interest rates topping out at 0.02% and monthly maintenance fees potentially eroding your earnings, there aren’t many financial reasons to keep your money in a Chase Savings℠ account. Here’s how Chase compares with our top picks for best high-yield savings accounts:
| Account name | APY |
| Chase Savings | 0.01% |
| Chase Premier Savings (upon meeting requirements for elevated rate) | 0.02% |
| Newtek Personal High Savings | 5.25% |
| EverBank Yield Pledge Online Savings | 5.15% |
| SoFi High-Yield Savings | 4.60% |
| Capital One 360 Performance Savings | 4.35% |
Chase CDs
In addition to standard savings accounts, Chase offers a wide range of certificates of deposit. While most of the bank’s CD rates are nothing to write home about, there are some exceptions.
Chase offers relationship rates -- available if you have a linked Chase personal checking account -- for CDs with rates as high as 3% to 5%, depending on the balance. You’ll need a $1,000 minimum deposit to open a CD account. You can find banks that offer better CD rates with no minimum deposit or tiered APY ranges.
Chase CDs have an early withdrawal penalty that’s standard compared to other banks. The penalty ranges from 90 days to 365 days’ worth of interest on the amount withdrawn (up to the total amount of interest earned on the current term), depending on the CD term.
Who should open a Chase Savings℠ account?
If you value the convenience of a big bank with a vast network of branches and ATMs nationwide, and you’re willing to sacrifice yield for that convenience, a Chase savings account may be right for you. You can get in-person help at more than 4,700 branches nationwide, plus access your accounts through online and mobile banking. And if you already have a credit card or checking account with Chase, you may find it easier to keep all your accounts at one bank.
But if you’re looking for yield, there are plenty of better options on the market. The best savings accounts offer much higher interest rates with no monthly account fees or minimum balance requirements.
Even if you want a big bank with physical branches across the country, you can still get a better yield than with Chase. Capital One -- another major financial institution -- currently offers 4.35% APY on its Performance Savings Account, and it doesn’t charge monthly maintenance fees.
How to open a Chase Savings℠ account
Opening a savings account at Chase is easy. Here’s how to do it.
- Gather your personal documents. Have your Social Security number and your driver’s license or state ID on hand. Chase needs to be able to verify your identity to open an account.
- Choose your account type. Decide if this account will be yours alone or if you want to have a joint account with a partner or spouse. If someone else will be on the account, you’ll need their information too.
- Complete an application. You can do this online, drop by your local branch or schedule a meeting online for an in-person appointment.
- Set up mobile banking. Follow the instructions provided to establish your online and mobile banking accounts.
- Deposit your funds. Link another bank account from Chase or another bank to make an initial deposit. You may be able to use other funding sources, like a check or cash, if you open your account in a branch. If you want to make regular contributions to your savings account, you can update your direct deposit information with your employer or set up recurring transfers from another bank account.
- Start saving. Whether you’re saving for an emergency fund or a specific goal, start adding money to your savings account.
FAQs
Online-only banks and credit unions typically offer higher rates because they have lower overhead costs than big banks. However, some of the biggest banks in the country have been increasing their rates too.
Trying out a lesser-known bank can be a great way to find better returns. Just remember to make sure a bank is insured by the National Credit Union Administration or Federal Deposit Insurance Corporation to protect your money.
One alternative to savings accounts is Series I Savings Bonds, or I bonds. These are secure government-backed investments sold directly to the public. The rate adjusts every six months based on inflation, so they’re typically better investments when inflation is high. The drawback is that you can’t access the funds for at least a year. And you’ll pay a penalty equal to three months of interest if you withdraw your money before five years. After five years, you can take out the money from your I bond without penalty.
CDs are another popular alternative to savings accounts. You deposit a lump sum of money and earn a fixed interest rate on the amount for the CD term, which typically ranges from a few months to a few years. Each bank determines its own CD rates, terms and withdrawal rules. Some banks offer CDs with no early withdrawal penalties, but those typically have a lower interest rate than standard CDs. Longer-term CDs tend to have higher rates than shorter-term ones, but you’ll be locking your money up for longer.
I bonds and CDs are less liquid than savings accounts, so they’re better suited to saving for financial goals you know you won’t need the money for until a specific time. You should keep your emergency fund, or any money you may need to access on short notice, in a savings account.
You can withdraw from a Chase savings account six times per monthly statement period without penalty. After you reach that limit, Chase charges you $5 for each subsequent withdrawal for a maximum of three times or a total penalty of $15 (unless you qualify for the fee waiver conditions of the Chase Premier savings account).
This withdrawal limit used to be the standard in the US due to a Federal Reserve rule called Regulation D. In April 2020, the Fed eliminated this rule to allow consumers unfettered access to their savings throughout the pandemic. As a result, some banks -- but not Chase -- have eliminated the withdrawal limit or increased the number of withdrawals you can make before an overdraft charge kicks in.
No. Online banks often don’t charge monthly maintenance fees -- and they have higher interest rates. That’s because online banks don’t have physical locations to manage, which reduces their overhead and allows them to offer customers higher APYs or no-fee savings accounts.
Brick-and-mortar banks like Chase may charge a monthly fee for a savings account with options to waive the fee by meeting certain conditions. If you have concerns about maintaining the minimum balance at Chase or another big bank, you’re better off looking for an account that never charges fees.
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