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Chase Savings account review

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Has low fees and an automatic savings program to help your money grow.’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.



$5 per month



Minimum deposit to open


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 compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$5
More Info

Expert review

Peter Carleton

Review by

Peter 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.

Best of 2020
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.

    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

    Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
    American Express® Personal Savings High Yield Savings
    Go to site
    View details
    Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
    CIT Bank Savings Builder High Yield Savings Account

    0.95% on balances of $25,000+ or set up a direct deposit of $100+ each month
    0.79% on balances of $0 to $24,999
    Go to site
    View details
    No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
    Citibank® Account Package
    Citibank® Account Package

    0.13% on balances of $500,000+
    0.08% on balances of $25,000 to $99,999.99
    0.04% on balances of $0 to $24,999.99
    $25 per month
    (can be waived)
    Go to site
    View details
    Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
    BBVA Money Market

    0.19% on balances of $1,000,000+
    0.10% on balances of $100,000 to $999,999
    0.05% on balances of $0 to $99,999
    $15 per month
    (can be waived)
    Go to site
    View details
    Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.
    UFB Direct High Yield Savings
    Go to site
    View details
    Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.

    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?

    Open a Chase Savings by visiting a branch or by applying online. Here’s how to apply online:

    1. Visit the Chase site and click Open an account.
    2. Click Savings Accounts.
    3. Click Open an account under Chase Savings.
    4. Select whether you’re a new or returning customer and click Next.
    5. Fill in your personal information including your name, address and Social Security number, then click Next.
    6. Once your application is complete, make an optional deposit, then click Submit.


    Open a Chase Savings account when you meet these requirements:

    • At least 18 years old
    • Valid Social Security number
    • US residential address

    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:

    • 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

    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 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.

    Read the full methodology of how we rate savings accounts.

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