Chase Premier Savings account review July 2019 | finder.com

Chase Premier Savings account review

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Chase Premier Savings
  • Account alerts
  • Online and mobile banking
  • Automatic Savings Program

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You’ll get relationship perks and ATM access, but you’ll earn next to no interest.

This savings account is backed by the safety and security of one of the Big Four banks and allows you to set up recurring transfers. But if it’s high interest rates you’re after, the 0.01% APY won’t do much for you.

APY0.01%
Fee$25 per month
To waive the feeMaintain a balance of $15,000 or more
OR link to a Chase Premier Plus Checking or Chase Sapphire Checking account
Minimum deposit to open$25
Intro or bonus offerEarn $150 when you open this account and deposit $10,000 of new money within 20 business days and maintain that balance for 90 days.
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$5

What are the benefits of the Chase Premier Savings account?

In addition to its massive network of ATMs and 24/7 customer service, this FDIC-insured account features the following perks:

  • Simple application. Quickly apply for this account online, by phone or at a branch.
  • Bonus offer. Earn $150 when you open this account and deposit $10,000 of new money within 20 business days and maintain that balance for 90 days.
  • Relationship perks. Earn better rates and fee waivers depending on your balance and linked accounts.
  • Automatic savings program. Set this up to make recurring transfers that could help you save.

What should I look out for?

There are a few things to look out for with this account:

  • Monthly fee. There’s a $25 monthly fee that can only be waived by holding a daily balance of at least $15,000 or linking an eligible Chase checking account.
  • Low interest rate. You’ll only earn 0.01% interest on your balance.
  • Minimum deposit. To open this account, you’ll need to deposit at least $25.
  • Branch availability. While Chase has over 5,000 branches, there are only branches in 28 states: AZ, CA, CO, CT, DE, WA, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, PA, TX, UT, VA, WV and WI.

Compare with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
2.57%
$0
$1
A first step in helping you build a free financial plan for the life you want and automate your investments at a low cost.
2.10%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account.
0.01%
$5 per month
(can be waived)
$0
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
2.30%
$0
$1
Get one of the highest interest rates available without high balance requirements or fees.
2.45%
$0
$100
With an APY of up to 2.45%, it's UFB Direct's highest-yielding savings account.
2.30%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.

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How do I apply?

This account can be opened online within minutes. Here’s how you can get started:

  1. Visit the Chase website, click Open an account, then click Savings accounts.
  2. Scroll down to Chase Premier Savings and click Open an account.
  3. Select account ownership and click Continue.
  4. Fill in your personal information, then click Next.
  5. Verify your information and agree to the terms and conditions, then click Next.
  6. Set up your account preferences, fund your account and submit your application.

Eligibility

  • At least 18 years old
  • Social Security number
  • Valid state-issued ID
  • Permanent US address
  • Initial deposit of at least $25

Required information

  • Name, date of birth and address
  • Phone number and email address
  • Social Security number
  • Employment information
  • Bank information to fund your account

How do I deposit or withdraw money?

There are a number of ways you can access the money in your account:

Deposits

  • At a branch or ATM
  • Mobile check deposit
  • Direct deposit
  • Online, phone or wire transfer
  • Mail a check

Withdrawals

  • At a branch or ATM
  • Bill pay
  • Online, phone or wire transfer
  • Cashback from participating retailer

How do I contact Chase customer service?

There are three ways to get in touch with customer service:

  • Phone: 800-935-9935
  • Email: Sign in to your account and use the Secure Message Center
  • In person: Visit one of Chase’s branches

Does Chase offer other savings accounts?

Yes. If this account isn’t right for you, Chase also offers the Chase Savings Account, which has fewer features but lower fees and is available to customers under the age of 18. For those looking for longer-term savings options, Chase also offers certificates of deposit.

Bottom line

The Chase Premier Savings account offers ATM access and the safety and security of banking with one of the Big Four. However, it pays almost no interest and fees could be high, so you might want to compare your options to see what else is out there.

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