Chase Savings account review November 2018 | finder.com

Chase Savings account review November 2018

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A simple savings account with low fees and an automatic savings program to help your money grow.

Growing a savings account can help you reach short- and long-term financial goals. With the Chase Savings, you’ll earn interest while your money is kept safe. New customers can even qualify for a cash bonus. You may get dinged with a monthly service fee, however, and Chase only has branches in 28 states.

APY0.01%
Fee$5 per month
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, Chase Sapphire Checking or Chase Private Client Checking account
Minimum deposit to open$25
Minimum balance to earn interest$0
Interest compoundingDaily

What are the benefits of the Chase Savings account?

  • Bonus offer. Deposit $10,000 within 20 business of opening your account — and maintain that balance for 90 days — and get a $150 bonus.
  • Earn interest. This account pays 0.01% APY while your money sits in your account.
  • 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.
  • Convenient deposits. Deposit money at branches, ATMs, by mail, online or through the app using Chase QuickDeposit.
  • Security. Chase is the largest bank in the country and is FDIC-insured, meaning that deposits up to $250,000 are covered by FDIC deposit insurance.
  • Bill pay. Make one-time or recurring payments from your account online or with your mobile device.
  • Wide-ranging support. Chase has over 5,100 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.
  • Account alerts. You’re alerted by text, email and push notifications when there is a charge, refund or other transaction on your account.
  • Text banking. This feature allows you to check account balances, view credit card bills and more — all from your phone.
  • Mobile payments. Use the Chase mobile app to send money to friends or family through QuickPay with Zelle.

What should I look out for?

  • 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, Chase Sapphire Checking or Chase Private Client Checking account.
  • Opening deposit requirement. This account requires a $25 minimum deposit to open.
  • Withdrawal limits. More than six withdrawals per month can cost you $5. Chase can convert your account to a Total Checking account if you often exceed this amount.
  • Limited availability. Although Chase has over 5,100 branches, it only operates in 28 states.

Compare with other savings accounts

Name Product Fee Minimum deposit to open Minimum balance to earn interest APY
$0
$0
$1
1.9%
Enjoy no monthly fees and a competitive APY with this online-only savings account.
CIT Bank Savings Builder High Yield Savings Account
CIT Bank Savings Builder High Yield Savings Account
$0
$100
$25,000
or set up a direct deposit of $100+ each month
2.15%
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
$0
$0
$0
1.9%
Earn one of the highest interest rates without the fees.
$0
$0
$0
1.9%
The most common services and transactions are free with Ally Bank.
$15 per month
(can be waived)
$25
$0
1.8%
Earn one of the highest interest rates if you have at least $10,000 in savings, and access your money by ATM, check or bill pay.
CIBC Agility Savings
CIBC Agility Savings
$0
$1,000
$0.01
2.16%
With no maintenance fees, it's easy to grow your savings. Put your money to work with an online account from CIBC Bank USA.

Compare up to 4 providers

What states does Chase have branches in?

  • 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 apply?

You can open a Chase Savings by visiting a branch with your government-issued ID and a way to fund your deposit or by applying online.

1. Visit the Chase site and click Savings accounts & CDs.
2. Click Open account under Chase Savings.
3. Fill in your personal information including your name, address and Social Security number, then click Next.
4. Once your application is complete, make your initial $25 deposit.
5. After your deposit is made, submit your application.
Chase savings account screenshot

Eligibility

The only eligibility requirement is a $25 deposit to open the account.

To get the $150 introductory bonus, you must be a new Chase customers and deposit $10,000 within 20 business days — and maintain that balance for 90 days.

Required information

Whether you apply online or at a branch, you’ll need to provide the following info to open an account:

  • Name
  • Date of birth
  • Address
  • Government-issued ID
  • Social security number — or passport for foreign applicants
  • Income information

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

How can I get in touch with customer service?

  • 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 5,100 branches
  • On Twitter: @ChaseSupport
  • By mail: National Bank By Mail, P O Box 36520, Louisville, KY 40233-6520

Bottom line

The Chase Savings is a simple savings account that encourages you to save money while providing easy access when you need it. It offers the security and convenience of banking with Chase, along with low monthly fees — that can be waived. However, the interest rate is lower than other similar accounts, and it doesn’t offer many perks.

As with any major financial decision, it never hurts to compare your options to find the best one for your situation.

Frequently asked questions

Peter Carleton

Peter Carleton is a writer at finder.com who specializes in credit cards, life insurance, mortgages and more. In his free time, you can find him cooking, writing or honing his skills in WordPress development.

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