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finder.com’s rating: 3.3 / 5.0
★★★★★
The information about Chase Savings has been collected independently by Finder and has not been reviewed or provided by the issuer.
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, and it has a waivable monthly fee for eligible customers.
0.01%
APY
$5 per month
Fee
$0
Minimum deposit to open
Annual percentage yield (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 Better Banking Checking, Premier Checking, Premier Plus Checking, Sapphire Checking, or Private Client 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 | $0.01 |
Interest compounding | Daily |
Monthly transaction limit | 6 |
Fee per transaction over the limit | $5 |
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.
The Chase Savings account is best for those who can maintain a minimum $300 balance to avoid the monthly fee.
This account’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 only 0.01%, which is almost nonexistent. For comparison, the average savings account earns around 0.07% 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.
Open a Chase Savings by visiting a branch or by applying online. Here’s how to apply online:
Open a Chase Savings account when you meet these requirements:
You’ll need this information when opening an account:
We gathered a quick comparison of similar accounts to help you decide if Chase Savings is right for you. For more options, select Compare accounts to compare even more savings accounts.
Chase Savings |
UFB Best Savings |
Lemmata Savings Bank Money Market Account |
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★★★★★ |
★★★★★ |
★★★★★ Finder rating 4.6 / 5 |
|
|
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Fee $5 per month |
Fee $0 |
Fee $0 |
APY 0.01% |
APY 4.21% |
APY 3.95% |
Minimum deposit to open $0 |
Minimum deposit to open $0 |
Minimum deposit to open $1 |
Minimum balance to earn interest $0.01 |
Minimum balance to earn interest $0 |
Minimum balance to earn interest $0 |
Compare even more savings accounts
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 |
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:
The Chase Savings account has these potential drawbacks:
If you prefer a higher yield interest rate, keep looking. As always, consider your options when choosing a savings account.
Chase has branch locations in these states:
Chase offers plenty of options to deposit and withdraw money with this account:
There are several ways to reach Chase customer support:
★★★★★ — 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.
Chase Savings is not currently available on Finder
Have you considered U.S. Bank Elite Money Market?
With a tiered interest rate, U.S. Bank Elite Money Market pays you more interest for higher balances. Earn 0.01% APY for balances under $10,000. Earn up to 1.07% APY for balances $500,000+. Get overdraft protection. Monthly fee is waived for a $10,000+ balance.