It’s easy to open a Chase Savings Account for savers with an immediate bank account need. However, we highly advise using it if you’ve been a previous Chase customer with an active Chase Checking Account or Chase Savings Account.
Read more about our in-depth review of the Chase Savings Account below.
Pros
- APY: Chase Savings Accounts have
- Monthly Service Fee: $35, which you can waive by complying with the following requirements:
- You maintain at least a $300 minimum daily balance.
- You set up at least one repeat automatic transfer of $25 from a Chase checking account.
- Linked qualifying Chase Checking Account, such as Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking account
- You’re 18 years old and currently studying.
- Minimum Deposit: $25
- Insurance: Chase Savings Account has a $250,000 FDIC insurance in case something happens to your deposits or the exchange.
- Easy Requirements: You can submit all your requirements online through Chase’s dedicated application portal.
- Link Ready: You can link your Chase savings account to your other checking accounts. Users who do this have the bank automatically waive their monthly service fees.
Cons
- High But Easy to Waive Monthly Fees: Link any checking account or comply with the requirements we’ve mentioned above.
- Lower APY Than Online Savings Accounts: You can fare with better APY from online banks
Money Accessibility
A Chase account offers convenience in many ways. The following deposit options in any Chase Savings Accounts are available for any Chase bank savings and checking account, Chase Total Checking Account, and Chase College Checking Account.
Deposit and Withdrawal Options
- Deposit your checks in your Chase checking account using a photograph
- Use its Zelle money-sending feature
- Use its mobile and online banking features
Chase Savings Account vs. Other Banks
How does a Chase Savings Account do against the top contenders of American savings banking? Here’s a handy table you should keep with you in finalizing your decision.
| APY | Fees | Minimum Balance To Waive Monthly Fees | Bonuses | |
| Marcus by Goldman Sachs | 0.50% | None | None. Savers have to keep a positive balance to avoid account closure | $100 after depositing $10,000 in new funds within 10 days of enrollment |
| Chase Savings Account | 0.06% | $5 Monthly Maintenance $30 Stop Payment $25 Online or Automated Phone Stop Payment $12 Returned Deposit or Cashed Check $15 Domestic and international incoming $35 Domestic wire $40 Consumer Online USD/FX International Wire Transfer Fee $6 Statement Copy | $300 Other factors: You maintain at least a $300 minimum daily balanceYou set up at least one repeat automatic transfer of $25 from a Chase checking accountYou link your savings to a Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking account | $150 after opening a new account with a $10,000 deposit within ten days or maintaining $10,000 for 90 days. |
| Comenity Direct | 0.55% | $5 Paper Request Statement $15 Official Check Request $25 Outgoing Wire | $100 minimum opening balance | None |
| Bank of America | 0.01% | $8 Monthly Maintenance Fee $10 Withdrawal Limit Fee $35 Overdraft Fee $35 NSF Returned Item Fee $12 Overdraft Protection $2.50 Non-Bank ATM Withdrawal Fees $5 Statement Copies $12 Deposited Item Returned $8 Check Cashing Fee for $50 and beyond cash amounts | $500 daily | Use a unique offer code during the promotion period to receive a $100 bonus after depositing $1,000 minimum within 60 days on a new account. |
| Wells Fargo | 0.01% | $35 Overdraft (limited to three per day$25 Monthly Fee | $300Other options:Under the age of 18Recurring automatic savings Save-As-You-Go Transfer Option | Occasionally, Wells Fargo will give you $400 for a $4,000 deposit/receive and hold for 90 days. |
How to Apply
You can visit Chase’s official Savings Account application to learn about their zip-code-based offers. Fill out the form on the website to know more about the available Chase Savings Account benefits just for you.
Other Chase Accounts to Consider
Here are other Chase products that can complement and serve as Chase Savings Account supports. We’ve included a few details about them before
Chase Checking Account
1. Chase Total Checking Account
A basic checking account that’s the equivalent of a basic Chase Savings Account. You can transfer money using Zelle, make mobile check deposits, and have active alerts for all your transactions.
2. Chase Premier Plus Checking
Premier Plus Checking offers higher interest than a Total Checking Account. In addition, you have access to better wealth-building options from Chase.
3. Chase Sapphire Checking
The penultimate investor’s personal Chase checking account offers a basic 0.01% APY but provides you with excellent investment-building assets suitable for any risk level.
Chase Savings Accounts
1. Chase Premier Savings
Premier Savings is similar to a Chase Savings Account but offers more avenues to build wealth with asset-building features.
Frequently Asked Questions
1. Is Chase Savings Account The Same As Other Banks?
Chase is the same as any other savings account in the country, with a few caveats. It can have different APY, fees, and other features. In addition, all savings accounts have various terms and conditions that make them different or a disadvantage to other savers.
2. Do I Get Signup Bonuses With Chase?
On occasion, Chase provides a savings account signup bonus for any of its services. These include a Chase Premier Savings Account, Chase Savings SM account, and other similar savings accounts.
Unfortunately, no best way to time Chase signup bonuses exist. We highly suggest that you follow their official social network pages, email newsletters, or Filife to never miss their latest offers.
3. Can I Invest With a Chase Bank Account?
Yes, you can. Chase Premier Savings gives you a slightly higher APY than a regular account. You can then apply for a Chase Premier Plus Checking Account or higher to use their investment resources.
A Premier Plus account gives you access to investment and wealth-development professionals who will provide you with financial advice in building your portfolio. In addition, they can manage your portfolio on your behalf.
Keep in mind that you’ll pay to use Chase wealth-building services. Plus, your Premium Plus checking account financial advisers will receive a commission on your investments.
4. What’s The Difference Between Savings Account and CDs?
Savings accounts from Chase are more useful money storage than personal safes at home. The US dollar and other currencies have fluctuating values daily. Thus, a savings account gives you an APY that helps your savings adapt to real-time currency valuations.
A Certificate of Deposit (CD) is an alternative, non-liquid account that you can open with your Chase account. CDs lock your deposit for a fixed amount of time. Then, the bank provides you a guaranteed high APY after one year. Therefore, savers who don’t mind long-term non-liquid fund savings can use CDs to their advantage.
On the other hand, Chase checking accounts have virtually the same APY with savings accounts. However, Chase checking can give you access to wealth-building tools and financial advisers that can increase the checking account’s value over time.
5. Will My Savings Grow With Chase’s Current APY?
Customers have always found Chase’s base APY too low to grow the money’s value or adapt to current inflation values. The national APY average is 0.06%, while Chase has 0.01%.
Savers looking for higher APY should consider using online banks that can reach 0.50% APY. However, online banks’ non-traditional and modern methods carry huge risks, too.
6. What Are The Most Outstanding Benefits of Chase Savings Accounts?
Chase accounts are well-known for their child-friendliness. Parents can teach their children about saving money by giving them a linked Chase Savings Account that they can manage. Plus, teenagers and college students learn about proper financial management and an immediate fiscal link to their parents.
Chase’s family-friendly system makes it an excellent savings account that can help families cut down costs and fight currency inflation at the same time. In addition, professionals can reinvest their savings using Chase’s Premier Plus Checking Accounts to increase their value within acceptable valuations.
7. What Are Good Alternatives to A Savings Account?
Here are a few other financial products that we believe will suit a savings account owner’s needs.
Investment Accounts
A new savings account gives you big benefits with initial account bonuses. However, they do not expose your cash to economic and corporate growth.
Investment accounts can accommodate those with higher risk appetites and need for financial growth. Chase Premier Plus Checking can give you these benefits. On the other hand, you can open an external investment account to avoid any Chase fees included in investment Checking accounts.
Retirement Funds
A retirement account is much more useful than a savings account for savers with retirement objectives in mind. Retirement accounts will lock access to your contributions and release them by your retirement age. Plus, retirement funds will give you higher release values by reinvesting your money in conservative investments.
Most retirement funds have life plans or insurance policies that protect savers from total disability or death. The insurance policy will release their savings and benefits to their next of kin or anyone they’ve named beneficiaries after the event.
Life Plans
Savers with retirement funds already in place can use life plans from another company. On the other hand, most retirement funds offer accompanying but limited life plans. Individually sold life plans have added benefits that retirement fund-included insurance policies might not have. Thus, you can use an alternative or add another life plan that effectively provides for your needs.
Some retirement funds allows you to remove the included life plan and allow you to select from their available life plans or have third-party products protect you instead.
Educational Plans
Parents who open savings accounts might forget the purpose-oriented alternative. Educational plans allow companies to share your college expenses for a child beneficiary. Therefore, these plans help you and your child avoid or decrease any possible dependence on college student loans.
Educational plans work like CDs and retirement plans. They lock your cash for a fixed amount of time and release it upon the maturity date near your child’s high school graduation. Plus, the cash you’ll receive is much higher than your initial savings because the investment company had grown your cash and gave you a guaranteed return.
Insurance Plans
Everyday activities carry inherent risks that can cause massive budgeting disruption. Insurance plans can protect you against these events.
You can find single and multi-premium insurance policies that can protect you against high-risk situations. Lower-risk individuals can pay lower premiums and have cash during the direst situations possible. Therefore, younger professionals planning to grow their cash can provide small insurance contributions to protect them from high-risk situations.
To Sum Up This Review
- Chase Savings Accounts have a lower APY than the market’s average
- Their products are best suited to families saving and managing money together
- Chase has an excellent mobile banking experience and ATM accessibility
- You can easily waive monthly service fees by linking your Chase checking accounts
- You can’t grow cash using Chase Savings Accounts
If you’re waiting on the next Chase signup bonus offers and other promotions from the best American banks, you should subscribe to FiLife’s newsletter today. We’ll send handpicked content on investment advice, financial promotions, and plenty of ways to grow and save your money. Subscribe now!
