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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 per month
Fee
$0
Minimum deposit to open
Details
| APY | 0.01% |
|---|---|
| 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 |
| Minimum deposit to open | $0 |
| Minimum balance to earn interest | $0 |
| Interest compounding | Daily |
| Monthly transaction limit | 6 |
| Fee per transaction over the limit | $5 |
| 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. Perhaps Chase’s biggest draw is its Automatic Savings Program, which lets you set up recurring transfers from your Chase checking account.
But the interest rate for this account is 0.01%, which is almost nonexistent. If you’re looking for a high-yield savings account, this may not be the one for you.
Finder experts pick Chase Savings as a 2020 best product for savings accounts.
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:
- 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.
- 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.
- 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
- Visit the Chase site and 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.
- At least 18 years old
- Valid Social Security number
- US residential address
- Name
- Date of birth
- Address
- Government-issued ID
- Social security number — or passport for foreign applicants
- Income information
- At a branch
- Via direct deposit
- At an ATM
- Through online transfers
- By mail
- With Chase QuickDeposit
- At an ATM
- At a branch
- Through online transfers
- 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
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What should I look out for?
The Chase Savings account has these potential drawbacks:
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
What states does Chase have branches in?
How do I apply?
Open a Chase Savings by visiting a branch or by applying online. Here’s how to apply online:
Eligibility
Open a Chase Savings account when you meet these requirements:
Required information
Whether you apply online or at a branch, you’ll need to provide the following info to open an account:
How do I deposit or withdraw money?
Chase makes it easy to deposit and withdraw money with this account:
Deposits:
Withdrawals:
How can I get in touch with customer service?
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.