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Chase Savings
3.7
★★★★★
Finder score
4.4
★★★★★
APY
0.01%
Fee
$5 per month
(can be waived)
Minimum deposit to open
$0
The information about Chase Savings has been collected independently by Finder and has not been reviewed or provided by the issuer.

Our verdict

You likely won’t pay a fee if you’re a current customer, but the APY is on the floor.

A no-frills account, Chase Savings has a low $5 monthly service fee that can be easily waived multiple ways and no opening deposit requirement. But at the end of the day, the work to waive the $5 simply isn’t worth the poor APY. This account only earns 0.01% — a rate that is more than 40 times below the national average for savings accounts, according to the FDIC. You might qualify for relationship rates, but those rates are only up to 0.02%, and it has eligibility requirements. If you already bank with Chase and want to use this account’s Autosave feature for automatic deposits, it can be convenient, but the poor rate makes it hard to recommend.

Best for: Existing Chase customers.

Pros

  • $0 opening deposit
  • Autosave from Chase checking accounts
  • Large ATM and branch network

Cons

  • $5 monthly fee
  • Very poor APY
  • Relationship rates aren’t worth the work

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

What we like about Chase Savings

The majority of the benefits of the Chase Savings account have more to do with the bank Chase rather than the account itself.

Chase has over 15,000 ATMs and 4,700 branches nationwide, millions of positive ratings and reviews for its Chase Mobile app, and multiple products with high synergy between them. Being the owner of one of many Chase checking accounts can let you sync accounts for overdraft protection and waive monthly fees, offering Chase customers a real incentive to open multiple accounts.

Autosave feature

You can easily set up automatic transfers from your existing Chase checking account. As a bonus, setting up repeat auto transfers of at least $25 waives the $5 monthly fee on the account, giving you even more incentive to save. You can set up Autosave in the Chase mobile app, which also has millions of positive reviews and ratings.

Where it falls short

The main factor when comparing savings accounts is the APY — and the Chase Savings account can’t compete. With a very low APY of 0.01%, it’s significantly less than the best high-yield savings accounts in the market and considerably lower than the national average rate of 0.45% for savings accounts.(1)

The same can be said about the relationship rates, which barely increase, only offering a maximum APY of 0.02%. To enter the Premier relationships tier for the Chase Savings account, you must:

  • Link a Chase Premier Plus Checking or Chase Sapphire Checking account
  • Perform at least five transactions per month

On top of that, there’s a $5 monthly fee that cancels out the microscopic earnings. Nowadays, you can find free, high-yield savings accounts. So, for a savings account with a low 0.01% APY and a monthly fee, it isn’t what we’d call a good deal. While you can waive the fee, the effort doesn’t make up for the lack of earnings.

How to waive the $5 fee

You can avoid the Chase Savings $5 monthly fee by meeting one of these requirements:

Compare Chase Savings to other top savings accounts

Narrow down top high-yield savings accounts by APY, monthly fees and features. To see accounts side by side, tick the Compare box on multiple providers.

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1 - 6 of 29
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
SoFi Checking and Savings
Finder Score: 4.6 / 5: ★★★★★
Bonus
SoFi Checking and Savings
Traditional savings,Checking

4.60%

0.50%

1.20%

Up to $250,000
$0
$0
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
$1,046
Barclays Online Savings
Finder Score: 4.3 / 5: ★★★★★
Barclays Online Savings
Traditional savings

4.35%

Up to $250,000
$0
$0
$1,043.50
Step Black Card
Finder Score: 4.3 / 5: ★★★★★
Step Black Card
Savings app

5.00%

Up to $1 million
$0
$0
$1,050
Bask Bank Interest Savings Account
Finder Score: 4.6 / 5: ★★★★★
Bask Bank Interest Savings Account
Traditional savings

5.10%

Up to $250,000
$0
$0
$1,051
Cash App Savings
Finder Score: 4.4 / 5: ★★★★★
Cash App Savings
Savings app

4.50%

1.50%

Up to $250,000
$0
$1
$1,045
NexBank High-Yield Savings Account
Finder Score: 4.7 / 5: ★★★★★
Bonus
NexBank High-Yield Savings Account
Traditional savings

5.26%

Up to $250,000
$0
$1
Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.
$1,052.60
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Customer experience

Chase, or JPMorgan Chase, is one of the Big Four banks in the US. It has over 66 million US customers and offers dozens of personal and business financial services. It has thousands of customer complaints filed with the Better Business Bureau (BBB), but it holds the highest A+ rating awarded by the BBB thanks to Chase’s fast response time and attempts to resolve customer complaints.

The majority of Chase’s feedback is from customers citing difficulties resolving fraudulent charges, troubles with loans, accounts being closed without notice and poor customer service. Chase’s reviews on Trustpilot are similar to the BBB, with the majority being poor. All in all, the complaints are in line with what we normally see with large banks.

Chase has no current lawsuits or troubles with regulators at the time of writing. However, in 2013, Chase was ordered to pay customers $309 million for illegal credit card practices, which involved Chase billing customers for “add-on” products, such as credit reporting services, that customers didn’t receive. More than 2.1 million people were impacted, but refunds were issued.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

Ask a question

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Bethany Finder

Editor, Banking

Hi there, looking for more information? Ask us a question.

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