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There are two main types of Chase savings account for the average consumer: Chase Savings and Chase Premier Savings. Below, I will go into detail about each of these accounts. I will show you all of the fees and how to avoid those fees and also give you some insight into the interest rates you can expect with a Chase savings account. And finally, I will also talk to you about the different types of bonuses you can get with these accounts and how valuable those can be.

At Chase, deposit accounts such as savings, MMDA (money market accounts), CD accounts and checking accounts that are interest bearing are eligible for eligible for FDIC insurance up to the applicable limits. For more information please the www.fdic.gov website. How to open a Chase Savings Account.

Depending on the type of Chase account you open, you might have to pay $5 to $25 to keep your account open although there are several ways to get the fee waived.

At Chase, deposit accounts such as savings, MMDA (money market accounts), CD accounts and checking accounts that are interest bearing are eligible for eligible for FDIC insurance up to the applicable limits. For more information please the www.fdic.gov website. How to open a Chase Savings Account. Jan 13, 2021 Chase Savings Account. When you're on the search for a new savings account, Chase is an easy choice given that you might have a branch nearby. The Chase Savings account is worth your consideration. Jan 13, 2021 On the other hand, interest is guaranteed with a savings account, and Chase Bank gives its customers two ways to maximize their deposits and grow their personal net worth. Whether it’s your first. High-yield savings accounts help you earn a higher yield than a typical savings account. The national average savings account annual percentage yield (APY) is just around 0.07 percent APY.

Chase Savings fee & minimum daily balance

The monthly service fee for a Chase Savings account is five dollars but you can get this waived if:

• You have a balance at the beginning of each day of $300 or more in the account
• You have at least one repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid Card
• You are an account owner who is younger than 18
• You have a linked Chase personal checking account (excluding Chase High School Checking, Chase College Checking, Chase Secure Checking, Chase Total Checking, and Chase Checking)

Chase Premier Savings fee & minimum daily balance

The monthly service fee for a Chase Savings account is $25 but you can get this waived if:

• You have a balance at the beginning of each day of $15,000 or more in this account or you’re linked with Chase Premier Plus Checking or Chase Sapphire Checking.

Both accounts are subject to the $5 savings withdrawal limit fee. This applies to each withdrawal or transfer out of the account over six per monthly statement. However for the Chase Premier Savings this fee is waived if you have a balance of $15,000 or more in the account at the time of the transfer out.

Federal regulations (“Regulation D” to §204.2(d)(2)) restricts you to only six savings account withdrawals or transfers per monthly statement (this limit does not apply to withdrawals or transfers that are made in person at a branch office or at an ATM).

If you happen to exceed the federal limitations then Chase may convert your savings account into a checking account (a Chase Total Checking Account). They likely would only do this if it happen multiple times.

The big question a lot of people have with Chase savings accounts is what kind of interest rates you get. If you are hoping for industry leading yields for your savings accounts you will not find those with Chase.

Also, the interest rate that you get will depend on the type of account you open up and potentially how much money you keep in the account.

Below, I will show the interest rates as of April 2019 for my area of Texas but keep in mind that these can change in the future and based on your geographic location (although they often apply nationwide).

Chase Savings interest rates

The Chase Savings interest rate for all balances is .01%. This is not an impressive annual percentage yield and you can do much better than this with other savings accounts.

It is not that difficult to find savings accounts that offer 2% or more for the annual percentage yield. And some of those accounts don’t even require you to make any deposit or a large deposit. Therefore, if you are looking for one of the best APYs then this is not the account for you.

However, you also need to keep in mind the value that you can get from special bonuses offered when you open up an account and meet certain requirements. Keep reading below to see how lucrative these bonuses can be and what types of requirements that you need to meet.

Chase Premier Savings interest rates

The interest rates for the Chase Premier Savings accounts depend on the amount in your account. Here are the rates that I found:

$0-$9999

.04%

$10,000-$24,999

.04%

$25,000-$49,999

.04%

$50,000-$99,999

.07%

$100,000-$249,999

.07%

$250,000-$499,999

.09%

$500,000-$999,999

.09%

$1 million-$4,999,999

.09%

$5 million-$9,999,999

.09

$10,000,000+

.09%

Once again keep in mind that this was only a snapshot of the interest rates and that these could fluctuate depending on where you live and the time of checking.

If you open up a Chase savings account you also get the following benefits:

• Mobile check deposit
• Banker guidance
• Text banking
• Real-time fraud monitoring
• Paperless statements

If you are interested in a banking solution that has more substantive perks you might look into Chase Private Client or Sapphire banking.

If you would like you can open a Chase savings account online. To do so simply click here to get the process started.

It should not take very long for you to set up your account. If you are already a Chase customer you can sign in and the process will be faster since they already have some of your information.

You will need to provide some of your personal details such as your name and some of your identification information such as your citizenship, date of birth, social security number, and ID number (your drivers license works).

You will also need to provide your home address and your email address along with your phone number. If you are opening up a Chase joint savings account then be sure to have all of their information with you as well.

I highly recommend that you wait to sign up for a Chase Savings Account until you can jump on a special bonus and get a lot of free money. Click here for the latest bonus. If you sign-up right away the coupon code is automatically applied. Otherwise, you can have the coupon code emailed to you.

Note: if there is no branch in your state you may have issues proceeding with the enrollment online.

These special bonuses come in different forms but a lot of times they will look like the following.

Checking bonuses

There will often be a designated bonus for opening up a checking account. These bonuses can differ but it’s not uncommon to see a $200 to $300 bonus for opening up an account and doing some kind of action like setting up direct deposit.

Savings bonuses

For the Chase savings account bonuses you may be looking at something like a $200 bonus after opening up an account and performing certain actions. For example, you may have 20 days to deposit $15,000 in cash and then you will need to maintain that for 90 days in order to get the bonus.

Packaged bonuses

Then there are also bonuses that are a package deal. This allows you to capitalize on these earnings by opening up both a personal checking account and a personal savings account. When you meet the requirements above you might be given a sweet deal like a $600 bonus.

Once you have met the requirements you can expect to receive funds within 10 business days.

You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date and only one bonus per account. There are usually deadlines for the special bonuses but they tend to be extended very often. So you don’t necessarily always have to be in a rush to open up these accounts.

The bonuses are considered interest so your earnings may be reported to the IRS.

These offers are typically not available to current customers. For example the terms and conditions usually state:

Checking offer is not available to existing Chase checking customers. Savings offer is not available to existing Chase savings customers.

Also if your accounts have been closed within 90 days or you have a negative balance you will not be eligible.

Am I automatically approved?

You will not be automatically approved for a Chase savings or checking account. It is not that difficult to get approved for one of these accounts but if you have very bad banking history with negative balances and a lot of closed accounts for example that could count against you.

Will there be a hard pull on my credit?

Whenever you open up a Chase savings account there will not to be a hard pull on your credit report. Therefore your credit score should not be impacted whatsoever by applying for an account.

How to close a Chase savings account

You cannot close your accounts online with an easy click. Instead, you can call the Chase customer service phone number 1(800) 935-9935 (representatives available 24 hours a day, 7 days a week).

You can also visit an in-branch office to close your savings account. Click here to search for Chase branches near you and be aware that many might not be open on Sunday. (You can use the filter feature to find banks open on Sunday.)

If you want to try to handle things online you can send a secured message and try that route though that’s not the quickest route to go.

Also, you can mail in your request with snail mail if you’d like as well. If you want to do that you’ll need to fill out this form and send it to the following address:

National Bank By Mail
P O Box 36520
Louisville, KY 40233-6520

Deliveries by Overnight or Certified Mail:
National Bank By Mail
Mail Code KY1-0900
416 West Jefferson, Floor L1
Louisville, KY, 40202-3202, United States

Is there a Chase savings account for college students?

I’m not aware of a Chase savings account for college students but they do have a Chase checking account for college students for college students 17 to 24 years old at account opening with proof of student status.

They also have checking accounts for high school students too (for students 13 to 17 years old at account opening with their parent/guardian as a co-owner and the account must be linked to the parent/guardian’s personal checking account). So if you’ve got kids 13 or older, you might look into this option for them.

Note: When the student turns 19, the Chase High School Checking account will become a Chase Total Checking account.

Is there a Chase health savings account?

Yes, the Chase Health Savings Account (HSA) is a special, tax-advantaged account you can use to pay for qualified medical expenses if you have a High Deductible Health Plan (HDHP) and meet all other eligibility requirements. You can find out more about it here.

Chase does not offer the best annual percentage yield for your savings account. In fact, it is very easy to find much more lucrative rates by shopping around with a quick search. The good news is that you can often jump on these bonus promotions where you can earn a lot of free money up front if you can meet certain requirements. In those situations, these savings accounts and checking accounts can actually be quite lucrative.

UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers. Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.

Chase Savings Account has a coupon for new customers. But how does it work? Read this review for the latest account promotion, fees and minimum balance details.

• Pros & Cons
  
• Promotions
  
• Chase Savings
  
• Chase Premier Savings
  
• Account Features
  
• Is Chase Savings Account Good?
  
• How to Open a Chase Savings Account
  
• How to Deposit and Withdraw Money
  
• Chase Savings for Military
  

Note: The information for the Chase Savings has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.

Pros & Cons of Chase Bank

Chase is one of the biggest banks in the U.S. First, let's take a quick look at the pros and cons of banking with Chase.

Pros

• 16,000 Chase ATMs and more than 4,700 branches
  
• Bonus for new customers
  
• Automatic Savings Program
  
• Online and mobile banking from anywhere
  
• Free online bill pay, mobile deposits, and text banking
  
• 24/7 customer service with real reps
  
• Highly rated mobile app
  
• FDIC insured up to $250,000
  
• Full service bank with checking, savings, credit cards, mortgages, loans, and investing

Cons

• Low interest rates
  
• Not located in all states
  
• Requirements to waive monthly service fee

Now, we'll take a more in-depth look at each account, fees, and features.

New Customer Promotions

Chase Savings

Chase Savings is Chase's basic savings account. It has the fewest requirements to open and it's easy to waive the monthly service fee. But there aren't any perks.

• $0 opening deposit
  
• $0 minimum balance requirement
  
• $5 monthly service fee

Waiving the Service Fee
The $5 monthly service fee can be waived with just ONE of the following actions:

1. Maintain a balance of $300 or more at the beginning of each day.
2. Make at least 1 repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid Card.
3. If you're younger than 18.
4. Link to one of these Chase checking accounts: Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking.

Chase Premier Savings

Chase Premier Savings allows you to earn a higher interest rate when you have a bigger balance and meet certain relationship requirements.

• $100 opening deposit
  
• $0 minimum balance requirement
  
• $25 monthly service fee

Waiving the Service Fee:
The $25 monthly service fee can be waived with ONE of the following actions:

1. Maintain a balance of $15,000 or more at the beginning of each day.
2. Link to a Chase Premier Plus Checking or Chase Sapphire Checking.

Earning Higher APY:
You can earn higher Premier relationship rates when you perform BOTH these actions:

1. Link to a Chase Premier Plus Checking or Chase Sapphire Checking, AND.
2. Initiate at least 5 transactions every monthly statement period using your linked checking account.

Account Features

Both Chase Savings and Chase Premier Savings offer these account features and tools:

• Automatic Savings Program
  Create a recurring transfer from a Chase checking account so you can grow your savings without thinking. You can choose the amount and frequency.
• Direct Deposit
  Can choose to directly send paychecks into your savings.
• Chase QuickDeposit
  Deposit checks from anywhere by taking a photo with your phone.
• Online Bill Pay
  Pay thousands of billers online or on mobile app.
• QuickPay with Zelle
  Easily send money to another person with just their email or phone number.
• Text Banking
  Check balances and transaction history by simply texting.
• Checking Overdraft Protection
  When a Chase checking account is linked, Chase will transfer funds from your savings to cover overdrafts.
• Paperless Statements
  See up to 7 years of statements online.
• Account Alerts
  Set up alerts for account activity, such as for low balance, large transactions, and more.

Chase Savings Account Interest Rate

Is Chase Savings Account Good?

Chase's savings accounts are a decent place to park your savings. However, the interest rate is very low and your money won't grow a whole lot (even with the Premier account). There are other savings accounts that pay over 2% in interest. So if your top priority is to grow your money, you'll want to look elsewhere.

But there are advantages to banking with Chase. It's convenient because there are a lot of physical locations. So if you still need certain in-person banking services, Chase is a solid choice.

Another big advantage is that you can start developing a good banking relationship with Chase. This can help open you up to more possibilities, like a better chance of getting their credit cards and loans.

Chase Savings accounts are best used with a Chase checking account, so your service fees can be waived. But take note of balance/deposit requirements for Chase checking accounts so you don't incur a fee there.

How to Open a Chase Savings Account

You can open a Chase savings account either in person at a branch or online.

• Social Security number
  
• Driver's license or state ID
  
• Name and address
  
• Date of birth
  
• Phone number and email

After filling in the application, just make your first deposit and that's it. You must be a U.S. citizen or resident alien to open an account online.

How to Deposit or Withdraw Money

Chase makes depositing and withdrawing funds easy, so your money is easily accessible when you need it. There are a number of online and in-person ways.

Depositing money:

• Direct deposits of paychecks.
• Mobile deposit by taking photo of your check.
• In person at a branch.
• Deposit cash or checks at an ATM.
• Electronic transfers from other bank accounts.
• Receive money through QuickPay with Zelle.

Withdrawing money:

• Electronic transfer into another bank account.
• In person at a branch.
• At an ATM with your Chase debit card.
• At an ATM by tapping your phone (at ATMs with cardless symbols).
• Send money through QuickPay with Zelle.

Chase Savings for Military

Chase Savings Account Interest Rate

Current and veteran members of the U.S. Armed Forced can receive free Chase checking and savings accounts with no monthly service fee and no balance requirements.

• Get a Chase Premier Plus Checking account with no $25 monthly service fee
• Link up to 2 additional personal Chase checking accounts with no monthly service fees (excludes Chase Sapphire Checking and Chase Private Client Checking)
• Link Chase personal savings accounts for no service fees (excludes Chase Private Client Savings)
• Additional benefits include no monthly service fees on Chase Liquid Cards, no annual rent for a 3x5 safe deposit box, and no fee for money orders, counter checks, and cashier's checks

How Chase Savings Compares

Online Savings Account - Earn 0.40% APY

• No fees
• No minimum opening deposit
• No minimum balance required

Bottom Line

Chase offers solid savings accounts. It's good if you're looking for a bank with physical locations, lots of ATMS, and good mobile banking. It's also good for developing a relationship so you can access other offerings. However, typical of most brick-and-mortar big banks, don't expect much in interest. And there are service fees unless you meet certain requirements.

If your top priority is getting the best interest rate, then look into a high yield savings account instead.

Write to Anna G at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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