Article updated on Aug 23, 2024
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Written by Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech. Based in Boston, Marcos Cabello is a personal finance reporter for NextAdvisor and CNET. Marcos has covered cryptocurrency, investing, banking, and the US economy, among other personal finance subjects. If you don't find Marcos behind his computer screen, you'll probably find him behind another screen, playing the newest Nintendo Switch title, streaming the latest TV show or reading a book on his Kindle. Liliana Hall Associate Writer Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
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You’ve likely heard of Chase because -- it’s the largest US bank based on assets according to the Federal Reserve. It has more than 4,700 branches and 16,000 ATMs across the country. If you value convenience and the option to bank both in person and online, a Chase savings account may come in handy. But there are some drawbacks.
The annual percentage yields, or APYs, on Chase’s savings accounts are dismal. High-yield savings accounts will accelerate your interest growth beyond any options available with Chase. Chase also charges a monthly maintenance fee, although it’s possible to waive it if you meet certain requirements.
Chase Savings℠ account options, compared
Chase offers two savings accounts: Chase Savings℠ and Chase Premier Savings℠. The main differences between the two are their interest yields -- although both are paltry -- and their monthly service fees, which are based on minimum balance requirements.
| Account name | APY* | Minimum deposit | Monthly service fee |
| Chase Savings | 0.01% | None | $5 ($0 with fee waiver) |
| Chase Savings Premier | 0.02%** | None | $25 ($0 with fee waiver) |
**To earn the 0.02% interest rate on a Chase Savings Premier account, you must link the account to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account and make at least five transactions per monthly statement period with the linked checking account. APYs vary by region, and Chase’s savings account may not be available everywhere. Check your ZIP code on Chase’s website to see your options.
Chase Savings℠ standard account
The Chase Savings standard account offers a mere 0.01% APY. There’s a $5 monthly fee for this account, which Chase waives if you maintain a daily balance of $300, transfer $25 or more from a linked checking account each monthly statement period, link a qualifying Chase checking account, or if the account owner is under 18.
If you make more than six withdrawals or transfers out of the account per monthly statement period, you’ll also pay a $5 withdrawal limit fee for every withdrawal after the sixth (up to $15 total).
Chase Premier Savings℠
Chase’s higher-end savings account is branded “Premier,” but there isn’t anything particularly VIP here. You’ll need to maintain a minimum balance of $15,000 or link to a qualifying Chase checking account -- either a Chase Premier Plus Checking or Chase Sapphire Checking account -- to avoid a monthly fee of $25.
On top of that, the Premier relationship rate of 0.02% APY requires at least five monthly transactions from one of the qualifying linked checking accounts mentioned above. Otherwise, you’ll earn only 0.01% APY.
For comparison, Wells Fargo offers a 0.26% APY relationship rate on its Platinum Savings account on balances of less than $100,000, but it charges only $12 a month -- a fee that’s waived if you meet the daily minimum requirement of $3,500.
If you can’t meet the requirement to waive this fee, we recommend you open a no-fee savings account instead.
How Chase Savings℠ account APYs compare with other banks
With savings interest rates topping out at 0.02% and monthly maintenance fees potentially eroding your earnings, there aren’t many financial reasons to keep your money in a Chase Savings℠ account. Here’s how Chase compares with our top picks for best high-yield savings accounts:
| Account name | APY |
| Chase Savings | 0.01% |
| Chase Premier Savings (upon meeting requirements for elevated rate) | 0.02% |
| My Banking Direct | 5.35% |
| Newtek Personal High Savings | 5.25% |
| UFB Direct | 5.15% |
| TAB Bank | 5.02% |
| Synchrony Bank | 4.65% |
| Capital One 360 Performance Savings | 4.25% |
Chase CDs
In addition to standard savings accounts, Chase offers a wide range of certificates of deposit. While most of the bank’s CD rates are nothing to write home about, there are some exceptions.
Chase offers relationship rates -- available if you have a linked Chase personal checking account -- for CDs with rates as high as 4.75%, depending on the balance. You’ll need a $1,000 minimum deposit to open a CD account. You can find banks that offer better CD rates with no minimum deposit or tiered APY ranges.
Chase CDs have an early withdrawal penalty that’s standard compared to other banks. The penalty ranges from 90 days to 365 days’ worth of interest on the amount withdrawn (up to the total amount of interest earned on the current term), depending on the CD term.
Who should open a Chase Savings℠ account?
If you value the convenience of a big bank with a vast network of branches and ATMs nationwide, and you’re willing to sacrifice yield for that convenience, a Chase savings account may be right for you. You can get in-person help at more than 4,700 branches nationwide, plus access your accounts through online and mobile banking. If you already have a credit card or checking account with Chase, you may find it easier to keep all your accounts at one bank.
If you’re looking for yield, there are plenty of better options on the market. The best savings accounts offer much higher interest rates with no monthly account fees or minimum balance requirements.
Even if you want a big bank with physical branches across the country, you can still get a better yield than with Chase. Capital One -- another major financial institution -- currently offers 4.25% APY on its 360 Performance Savings Account, and it doesn’t charge monthly maintenance fees.
How to open a Chase Savings℠ account
Opening a savings account at Chase is easy. Here’s how to do it.
- Gather your personal documents: Have your Social Security number or Individual Taxpayer Identification Number and your driver’s license or state ID on hand. Chase needs to be able to verify your identity to open an account.
- Choose your account type: Decide if this account will be yours alone or if you want to have a joint account with a partner or spouse. If someone else will be on the account, you’ll need their information too.
- Complete an application: You can do this online, drop by your local branch or schedule a meeting online for an in-person appointment.
- Set up mobile banking: Follow the instructions provided to establish your online and mobile banking accounts.
- Deposit your funds: Link another bank account from Chase or another bank to make an initial deposit. You may be able to use other funding sources, like a check or cash, if you open your account in a branch. If you want to make regular contributions to your savings account, you can update your direct deposit information with your employer or set up recurring transfers from another bank account.
- Start saving: Whether you’re saving for an emergency fund or a specific goal, start adding money to your savings account.
FAQs
Online-only banks and online-only credit unions typically offer higher rates because they have lower overhead costs than big banks. However, some of the biggest banks, such as Capital One, offer competitive rates on savings accounts.
Trying out a lesser-known bank can be a great way to find better returns. Just remember to make sure a bank is insured by the National Credit Union Administration or Federal Deposit Insurance Corporation to protect your money.
Series I bonds and CDs are less liquid alternatives than savings accounts. They’re better suited to saving for financial goals you know you won’t need the money for until a specific time. You should keep your emergency fund, or any other money you may need to access on short notice, in a savings account.
You can withdraw from a Chase savings account six times per monthly statement period without penalty. After you reach that limit, Chase charges you $5 for each subsequent withdrawal for a maximum of three times or a total penalty of $15 (unless you qualify for the fee waiver conditions of the Chase Premier savings account).
No. Online banks often don’t charge monthly maintenance fees -- and they have higher interest rates. That’s because online banks don’t have physical locations to manage, which reduces their overhead and allows them to offer customers higher APYs or no-fee savings accounts.
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Written by
Dashia Milden
Editor
Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
Based in Boston, Marcos Cabello is a personal finance reporter for NextAdvisor and CNET. Marcos has covered cryptocurrency, investing, banking, and the US economy, among other personal finance subjects. If you don't find Marcos behind his computer screen, you'll probably find him behind another screen, playing the newest Nintendo Switch title, streaming the latest TV show or reading a book on his Kindle.
Written by
Liliana Hall
Associate Writer
Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.