Comparing the Interest Rate of Chase Savings Accounts
SIMILAR OPTIONSAccounts for SavingBanking ServicesRating by NerdWallet NerdWallet's team of editors determines the ratings. The scoring equations evaluate numerous data points for every financial product and service.The interest rates for Chase's savings accounts are notably low. The rate for the Chase Savings℠ account is 0.01% effective as of 02/10/2023. The rates are variable and may change. While the bank's premium relationship savings accounts offer slightly higher rates, they still cannot match the rates offered by online savings accounts that have rates close to 4% or higher.
Chase rates and fees for savings0.01% effective as of 02/10/2023. The rates are variable and may change. This rate applies to Chase Savings℠.
The mean national rate for savings accounts stands at 0.42%.
Tips on how to avoid monthly charges:
- Establish a connection to an eligible Chase checking account, or
- Maintain a daily balance of at least $300, or
- Arrange a monthly automatic transfer of at least $25 from a Chase checking account, or
- Link to a Chase College Checking℠ account for overdraft protection.
APY on balances for premium savings accounts:
The relationship rate for Chase Premier Savings℠ is 0.02% APY. To earn relationship rates, you must have a linked Chase checking account and conduct a minimum number of transactions. Otherwise, the standard rate for Chase Premier Savings℠ stands at 0.01%.
» Discover more: Read NerdWallet's review of Chase.
Comparison of Chase with online banks:
Large banks like Chase, boasting thousands of branches, typically offer accounts with higher monthly fees and lower savings rates. If you seek accounts that yield higher returns, you will find superior options with online-only accounts. Besides offering higher rates, many online banks impose no monthly fees or minimum balance requirements.
SoFi Checking and Savings:
SoFi members with direct deposit have the opportunity to earn an annual percentage yield (APY) of up to 4.30% on savings balances, including Vaults, and 1.20% APY on checking balances. There is no minimum direct deposit amount needed to qualify for the 4.30% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings, including Vaults. Interest rates are variable and subject to change at any time. These rates are current as of 06/09/2023. For further details, please visit http://www.sofi.com/legal/banking-rate-sheet.
CIT Bank Platinum Savings.
The minimum balance required to earn an annual percentage yield (APY) is $5,000.
Click here to be redirected to the website for more information on the BMO Alto Online Savings Account.
Deposits made into these accounts are insured by the Federal Deposit Insurance Corporation (FDIC).
The UFB Premier Savings Account is another option for cash management.
These cash accounts offer a combination of services and features that resemble those of checking, savings, and investment accounts. They are typically provided by financial institutions that are not traditional banks.
To apply for the BMO Alto Online Savings Account, click here.
To apply for the Wealthfront Cash Account, visit their website by clicking here.
Wealthfront Cash Account
Find more information about the Betterment Cash Reserve – Paid non-client promotion on Betterment's website.
Betterment Cash Reserve – Paid non-client promotion
As of 5/8/23, the annual percentage yield (variable) is 4.50%.
Certificates of deposits (CDs) are a specific type of savings account that offer a fixed rate and term. Typically, CDs have higher interest rates compared to regular savings accounts. You can explore the BMO Alto Certificate of Deposit, which is FDIC insured, by visiting the provided link.
BMO Alto Certificate of Deposit
Utilize checking accounts for the management of daily cash transactions involving deposits and withdrawals. Such accounts serve as a reliable avenue for promptly handling your financial affairs. To gain a comprehensive understanding of the exceptional conveniences offered by checking accounts, we invite you to explore further information through the following link: [Insert tag with redirected hyperlink]
Be rest assured that all your deposits made into checking accounts are protected by FDIC insurance. This secure coverage ensures that your funds remain safeguarded, giving you peace of mind when it comes to your financial endeavors.
For a seamless banking experience that caters to your immediate cash needs, consider opting for a Current Account. Embrace the advantages of this specialized account designed for your everyday financial requirements. To embark on this exceptional banking journey, kindly refer to the ensuing link: [Insert tag with redirected hyperlink]
With our Current Account, your deposits are guaranteed by FDIC insurance, serving as a testament to our unwavering commitment to ensuring the safety and security of your monetary assets. Your hard-earned funds are shielded from any unforeseen circumstances, enabling you to confidently conduct your financial transactions.
Chime Checking Account
Axos Bank® Rewards Checking
Annual Percentage Yield3.30%The APY could potentially reach a promising 3.30%, subject to the following accumulation of rewards: monthly direct deposits (excluding intra-bank transfers from another account) totaling $1,500 or more will yield 0.40%. To qualify for the remaining interest rate conditions, a valid direct deposit is mandatory. Performing a minimum of ten (10) point-of-sale transactions per month with a minimum value of $3 per transaction using your Rewards Checking Visa® Debit Card for routine daily purchases, or opting for Account Aggregation/Personal Finance Manager (PFM), will amount to 0.30% in rewards. Maintaining an average daily balance of at least $2,500 in an Axos Self Directed Trading Invest account per month will yield 1.00%. Additionally, an average daily balance of $2,500 monthly in an Axos Managed Portfolio Invest account will also bring forth 1.00% in rewards. Lastly, making a monthly payment to an open Axos Bank consumer loan (excluding commercial and business loans) via transfer from your Rewards Checking account will grant a maximum reward of 0.60%.
Money market accounts offer interest rates similar to that of savings accounts while also providing certain checking features. Money market accounts offer interest rates similar to that of savings accounts while also providing certain checking features.UFB Premier Money Market
Discover Bank Money Market Account
In addition to this, Chase offers certificates of deposit (CDs), which are a form of savings account that functions with a fixed interest rate and requires a specific duration of deposit. Chase's CD options cover a wide range of time periods, ranging from one month to 10 years. However, please note that these CDs demand a minimum initial deposit of $1,000, and it may be worthwhile to explore alternative avenues for potentially higher interest rates.
» Delve deeper into the topic: Explore the insight offered in this article on Chase CD rates and their comparison to alternative options.
Have you ever thought about how much interest you could potentially earn? Discover the answer with the assistance of the calculator provided below. Remember, the higher the interest rate, the more rapidly your funds can multiply.
Be enlightened by the expertise of Margarette, an esteemed savings specialist at NerdWallet. She has garnered recognition for her noteworthy contributions, featured in esteemed publications like USA Today and The Associated Press. Learn more about her valuable perspectives.
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