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Chase Savings account review
Last updated:
Has low fees and an automatic savings program to help your money grow.
finder.com’s rating: 3.3 / 5.0
★★★★★
The Chase Savings account has a $0 opening deposit and an automatic savings program that helps you reach your financial goals even faster. But the APY is only 0.01%, which is much lower than other savings accounts.
0.01%
APY
$5
Fee
$0
Minimum deposit to open
Details
| APY | 0.01% |
|---|---|
| Fee | $5 |
| To waive the fee | • Maintain a balance of at least $300 at the beginning of each day • OR initiate at least one monthly automatic transfer of $25 or more from a Chase checking account • OR be younger than 18 years old • OR link your account to a Chase Premier Plus Checking |
| Minimum deposit to open | $0 |
| Intro or bonus offer | Earn a $150 bonus when you open a new Chase Savings account, deposit at least $10,000 in the first 20 days and maintain a balance of $10,000 for 90 days |
| Minimum balance to earn interest | $0 |
| Interest compounding | Daily |
| Monthly transaction limit | 6 |
| Fee per transaction over the limit | $5 |
| Go to site More Info |
Expert review
Review by
Peter Carleton
peter.carleton@findercrew.comPeter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
Expert review
The Chase Savings account is best for those who can maintain a minimum $300 balance to avoid the monthly fee.
Chase’s biggest draw is its $150 welcome offer and Automatic Savings Program, which lets you set up recurring transfers from your Chase checking account.
But the interest rate for this account is only 0.01%, which is almost nonexistent. For comparison, the average savings account earns around 0.06% interest and the best high-yield accounts earn around 1%. Some even come with welcome bonuses too.
Unless you’re loyal to Chase, you could earn more in a high-yield savings account with no monthly fee.
Finder experts pick Chase Savings as a 2020 best product for savings accounts.
How do I open a Chase Savings account?
Open a Chase Savings by visiting a branch or by applying online. Here’s how to apply online:
- Click Apply now.
- From Chase’s website, click Open an account.
- Click Savings Accounts.
- Click Open an account under Chase Savings.
- Select whether you’re a new or returning customer and click Next.
- Fill in your personal information including your name, address and Social Security number, then click Next.
- Once your application is complete, make an optional deposit, then click Submit.
Eligibility
Open a Chase Savings account when you meet these requirements:
- At least 18 years old
- Valid Social Security number
- US residential address
Required information
You’ll need this information when opening an account:
- Name
- Date of birth
- Address
- Government-issued ID
- Social security number — or passport for foreign applicants
- Income information
Can I open it as a joint savings account?
Yes, you can open this as a joint Chase savings account. But you can only open individual accounts online. To open a joint account, both parties will need to visit a local Chase branch. Have your driver’s license and a second form of identification ready when you go. Chase will need this information to open your joint account.
Chase savings account interest rate: How much will I earn?
This table shows how much interest you’d earn with a Chase Savings account if you were to make a $1,000 initial deposit, then contribute $100 a month for up to five years.
| Account | APY | 1 year | 2 years | 3 years | 4 years | 5 years |
|---|---|---|---|---|---|---|
| Chase Savings account | 0.01% | $0.16 | $0.43 | $0.83 | $1.34 | $1.98 |
What are the benefits of the Chase Savings account?
The Chase Savings account is backed by the financial security of the largest bank in the country. It comes with FDIC insurance, mobile banking and these benefits:
- Bonus offer. Get a $150 bonus when you deposit $10,000 within 20 business days of opening your account — and maintain that balance for 90 days.
- Automatic Savings Program. This feature allows you to set up a repeating, automatic transfer from your Chase checking account to your Chase Savings, helping you grow your savings faster.
- No opening deposit requirement. You can open this account without an initial deposit.
- Convenient deposits. Deposit money at branches, ATMs, by mail, online or through the app using Chase QuickDeposit.
- Wide-ranging support. Chase has nearly 4,900 branch locations and offers 24/7 customer service. You can also get in touch by email, mail and Twitter, or find FAQs on the Chase site.
What should I look out for?
The Chase Savings account has these potential drawbacks:
- Monthly service fee. You’ll pay $5 monthly. But the fee can be waived if any of the following apply to you:
- Maintain a balance of at least $300 at the beginning of each day.
- Initiate at least one monthly automatic transfer of $25 or more from a Chase checking account.
- Are younger than 18 years old.
- Link your account to a Chase Premier Plus Checking.
- Low interest rate. This account pays 0.01% APY while your money sits in your account.
- Withdrawal limits. More than six withdrawals per month can cost you $5, and Chase can convert your account to a Total Checking account if you often exceed this amount. But many banks are waiving withdrawal limits due to COVID-19, so call Chase to see if you’ll still be charged a fee.
- Limited availability. Although Chase has nearly 4,900 branches, it only operates in 28 states.
If you prefer a higher yield interest rate, you’ll want to keep looking. As always consider your options when choosing a savings account.
Compare Chase savings with other accounts
Use this table to see how Chase compares to the competition. Enter your deposit amounts into the calculator to see how much interest you could earn based on today’s rates.
What states does Chase have branches in?
Chase has branch locations in these states:
- Arizona
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Kentucky
- Louisiana
- Massachusetts
- Michigan
- Nevada
- New Jersey
- New York
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Texas
- Utah
- Virginia
- West Virginia
- Wisconsin
How do I deposit or withdraw money?
Chase makes it easy to deposit and withdraw money with this account:
Deposits:
- At a branch
- Via direct deposit
- At an ATM
- Through online transfers
- By mail
- With Chase QuickDeposit
Withdrawals:
- At an ATM
- At a branch
- Through online transfers
Does Chase have a transfer or withdrawal limit?
Yes. As with all savings accounts, you can’t make more than six outgoing withdrawals or transfers a month. This includes withdrawals made at a branch or at an ATM. If you go over this limit, you’ll pay $5 for each additional withdrawal and risk having your account converted to a Total Checking account.
Does Chase offer any other savings accounts?
Chase also offers two other savings account options:
- Premier Savings account. This top-tier account has more features and higher interest rates than the Chase Savings account. But there’s a $25 monthly fee if you can’t meet the minimum account requirements.
- Fixed-rate CDs. These Chase CDs have a minimum $1,000 opening deposit with terms ranging from one month to 10 years.
How can I get in touch with customer service?
There are several ways to reach Chase customer support:
- By phone (24/7): 1-800-935-9935
- By email: Sign in to your account and use the Secure Message Center
- In person: Visit one of Chase’s nearly 4,900 branches
- On Twitter: @ChaseSupport
- By mail: National Bank By Mail, P O Box 36520, Louisville, KY 40233-6520
Frequently asked questions
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.
