Chase Savings Account Review 2024

Interested to open a Chase Savings account? Read this Chase Savings account review to learn if it's the right place to keep your money.
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As one of the nation’s largest banks, Chase offers a variety of products for savers who want to grow their money over time with interest.

The Chase Savings account is one option you might consider if you’re looking for a new place to stash your hard-earned cash.

Chase Savings Account Essentials

Here are some of the key things to know about this account:

  • Deposits earn interest, which is compounded and credited monthly.
  • A single annual percentage rate applies to all balances.
  • There is no minimum amount required to open an account.
  • There is a monthly service fee that can be waived by meeting certain requirements.
  • An automatic savings program is available.
  • Accounts are accessible at 16,000 ATMs and over 4,700 branches.
  • Mobile, online, and text banking are included.
  • You don’t need to be a Chase customer already to open an account.

Which Banks Have the Best Savings Account Rates?

Before you open a savings account from Chase, compare it with other savings accounts. Use our tool to shop for the best rates and lowest fees.

Compare Chase Savings to Other Savings Accounts

Some savings accounts offer tiered rates based on your balance. This account, however, offers one flat rate on all balances.

The interest you could earn with this savings account lags behind the national average, but that’s not necessarily unusual.

It is possible to find online savings accounts that earn a higher interest rate. Ally, for instance, is one of the banks that consistently offers one of the top rates for online savings accounts.

Online banks can offer higher rates on other savings products, such as money market accounts or CDs.

The trade-off is that you don’t have a branch you can visit. That might not matter, however, if you already do most of your money management online. 

Chase Savings vs. Chase Premier Savings Account

The Chase Savings account is a basic savings option. The Chase Premier Savings account may be worth a look if you want a higher rate.

Rates on this account are tiered based on your balance and account status.

The rate for Premier Standard accounts is 0.01%. But you can earn the Premier Relationship rate of 0.02% if you:

  • Link your savings account to a Chase Premier Plus Checking or Chase Sapphire Checking account.
  • Make at least five customer-initiated transactions in a monthly statement period using your linked checking account.

This account also has a monthly service fee. The fee is $25, or $0 if:

  • You maintain a daily balance of $15,000 or more
  • You link a Chase Premier Plus Checking or Chase Sapphire Checking account.

If you’re a super-saver, you’ll get more interest from a Premier account. But you could still come out further ahead by saving in an online high-yield savings account instead.

Chase Savings Account Monthly Fees

You are more likely to pay a monthly service fee for a savings account at a brick-and-mortar bank than an online bank. Chase is no exception.

The Chase Savings account comes with a standard $5 monthly service fee. The good news is there are ways to reduce that down to $0.

You can avoid paying the fee by meeting one of these conditions each month:

  • Maintain a balance of $300 or more daily.
  • Have at least one repeating automatic transfer of $25 or more from your personal Chase checking account.
  • Link a Chase College Checking account to your savings for overdraft protection.
  • Add an owner to the account who is under 18.
  • Link a Chase Better Banking Checking, Chase Premier Checking, Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking account to your savings.

If you’re already a Chase checking customer, avoiding the fee shouldn’t be too difficult.

And if you don’t bank with Chase already, you can open a new checking account to link to your Chase savings account. The other option is making sure you keep an average daily balance of $300 or more in savings.

As a side note, this account can be good for parents who want to introduce kids to savings. You can add your child to the account to avoid the fee while they learn the ropes of saving and earning interest.

Other Chase Savings Account Fees

Any time you’re looking for a savings account, it’s good to check for other fees you might pay.

Chase charges a $5 savings-withdrawal-limit fee for each withdrawal or transfer from your account in excess of six per statement period.

Savings accounts are subject to a federal regulation on how many withdrawals you can make each month. You’re limited to six altogether.

There are two exceptions to the six-withdrawal limit. You won’t be penalized for withdrawals or transfers made in person at a branch or ATM.

If you go over the six-withdrawal limit, Chase can charge a fee for each additional transaction. The fee applies to any excess withdrawal you make.

Your savings account could also be converted to a Chase Total Checking account.

There are no other service fees associated with the Chase Savings account, but you’ll want to watch out for ATM fees. If you use a non-Chase ATM, you’ll pay:

  • $2.50 for any inquiries, transfers, or withdrawals in the U.S., Puerto Rico, and the U.S. Virgin Islands.
  • $5 per withdrawal and $2.50 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico, and the U.S. Virgin Islands.

The ATM’s owner can also charge you a fee, so it pays to stick to Chase ATMs only as much as possible.

Accessing Your Chase Savings Account

If you are using your savings account as an emergency fund or for a long-term money goal, you’ll want to be able to get your money when you need it.

Chase lets you access your savings account in the following ways:

  • Online banking
  • Mobile banking
  • Text banking

You can manage your account at 16,000 ATMs and over 4,700 branches.

If you want to make a deposit, you can do that via direct deposit or Chase QuickDeposit. Just snap a picture of your check through the Chase app, and you’re all set.

You can link your Chase Savings to a Chase checking account or a checking account at another bank. From there, you can set up automatic recurring deposits into your account to grow your money.

The Autosave feature is designed for auto transfers from a Chase checking account to savings. You can set up automatic deposits online at Chase.com or the Chase mobile app.

It’s up to you to set the rules for transfers.

For example, you can set them up to recur weekly or monthly on a specific schedule – or, you can set up transfers only for when you get a deposit into your checking account.

Other online and mobile banking features include:

  • Chase QuickPay with Zelle
  • Account alerts
  • Paperless statements
  • Online bill pay

If you need help with your account, you can go online or call customer service 24 hours a day.

Is a Chase Savings Account Right for You?

You may consider a savings account from Chase if you already have a checking account with the bank and want to keep things simple.

You’ll earn interest on what you save, and the Autosave feature is handy for growing your balance. Plus, you’ll have convenient access to your money at Chase’s extensive network of branches and ATMs.

On the other hand, this savings account may not be the best fit if you want to earn serious interest.

The 0.01% is well below what you could find at other banks, particularly ones that offer savings accounts online. Aside from that, you’re less likely to pay a service fee with an online bank.

If you are on the fence about which savings account to choose, Chase or otherwise, ask yourself what matters most.

Saving with Chase might appeal to you if you want to park your money for a while and you’re not focused on the interest rate. And you may want to stick with Chase if you’ve been a loyal customer for some time already.

Taking time to compare all your savings options can help you find the right account for you.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.