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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.






Minimum deposit to open


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 offerEarn 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 compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$5
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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.

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.

Best of 2020
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:

  1. Click Apply now.
  2. From Chase’s website, click Open an account.
  3. Click Savings Accounts.
  4. Click Open an account under Chase Savings.
  5. Select whether you’re a new or returning customer and click Next.
  6. Fill in your personal information including your name, address and Social Security number, then click Next.
  7. 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

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.

AccountAPY1 year2 years3 years4 years5 years
Chase Savings account0.01%$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.

Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
CIT Bank Money Market
A savings account with a higher-than-average rate and minimal fees.
SoFi Money
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.

Compare up to 4 providers

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:

  • 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

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.

Read the full methodology of how we rate savings accounts.

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