Evaluating Chase Savings: Clear path to avoid $5 monthly fee, but minimal interest gains.

Chase Savings offers various methods to avoid the $5 monthly charge. Our team of experts responds to readers' inquiries about banking and provides impartial evaluations of financial products. For more information on how we evaluate banking products, click here. While we may receive compensation from our partners, our opinions remain independent. Please note that terms and conditions apply to the offers mentioned on this page.

In summary, while Chase Savings makes it convenient to waive the monthly fee, it offers a low interest rate. If you desire a substantially higher rate, we recommend consulting Insider's comprehensive guide to the best high-yield savings accounts.

Chase Savings℠

Chase Savings℠

3.25/5

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

Annual Percentage Yield (APY)

Annual Percentage Yield (APY)

Annual Percentage Yield (APY)

3.25/5

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

Annual Percentage Yield (APY)

Pros & Cons

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No minimum initial deposit

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Relatively simple to avoid the $5 monthly fee

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Free overdraft protection by linking to a Chase checking account

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Low APY

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Monthly interest compounded, not daily

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$5 monthly service fee

Highlights

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Access to over 15,000 Chase ATMs and more than 4,700 branches

Link your account to a Chase checking account for overdraft protection

Waive the $5 monthly service fee by maintaining a $300 balance, automatic monthly transfers of $25 from your Chase checking account, linking to Chase College Checking for overdraft protection, connecting to a qualifying Chase checking account, or being under 18 years old

Manage your accounts, deposit checks, transfer funds, and more through your device

Available for online use nationwide, except in Alaska, Hawaii, and Puerto Rico. To find branch locations, visit locator.chase.com

Member FDIC

Additional Reading

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Chase Savings℠ is a respectable choice if you meet one of the criteria for waiving the $5 monthly service fee. For more information on monthly bank maintenance fees, click here.

To avoid the fee each month, you will need to fulfill one of the following requirements: maintain a balance of $300, transfer $25 automatically from your Chase checking account, link your account to Chase College Checking for Overdraft Protection, or link it to a qualifying Chase checking account. However, if you are under 18 years old, the fee will be waived automatically.

Comparison of Savings Accounts

Chase's Reputation and BBB Rating

JPMorgan Chase & Co. serves as Chase's parent company. The Better Business Bureau has awarded JPMorgan Chase & Co. with an excellent rating. An outstanding BBB rating indicates that the company responds efficiently to customer concerns, upholds truthful advertising practices, and maintains transparency in its business operations.

Although JPMorgan Chase & Co. holds a strong BBB rating, it has faced several controversies in recent years. Here are some notable instances:

  • In 2021, JP Morgan Chase & Co. came to a $125 million settlement with the SEC due to inadequate recordkeeping of certain documents. Additionally, JP Morgan Chase paid the Commodity Futures Trading Commission a million settlement for permitting unapproved communication, such as text and WhatsApp messages.
  • In 2020, the Department of Justice required the company to pay 0 million to settle allegations of wrongful trading.

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Comparison between Chase Savings and Bank of America Savings 

Both Chase and  Bank of America offer low interest rates on their savings accounts. Each bank provides various ways to waive the monthly fees. However, if you are unable to meet the eligibility criteria for fee waivers at either bank, Chase might be a more preferable choice. The monthly charge for Chase Savings℠ is $5, while Bank of America charges for the Bank of America Advantage Savings Account.

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Earn cash-back rewards by having a savings account with Bank of America, while Chase offers convenient automatic savings tools. These services are optional, meaning you can choose whether or not to utilize them.

A Comparison of Chase Savings and Wells Fargo Savings

Both Chase Savings℠ and Wells Fargo Way2Save® Savings Account have a similar structure. They both have a $5 monthly service fee (which can be waived) and offer low interest rates on savings accounts. When deciding between these two accounts, your preference for minor differences may play a role.

Chase does not require a minimum opening deposit and provides an easier way to waive the $5 monthly service fee. On the other hand, if you frequently use a debit card, Wells Fargo might be more appealing. Wells Fargo's Save As You Go® feature transfers $1 from your checking account to your Way2Save Savings Account every time you use your debit card.

Comparing Chase Savings and Chase Premier Savings

If you do not meet the requirements to waive the $25 monthly fee for Chase Premier Savings, it is better to go with the regular Chase Savings account.

The main advantage of Chase Premier Savings is that it offers a relationship rate of 0.02% APY (Annual Percentage Yield) if you link your Chase Premier Savings account to Chase Premier Plus Checking℠ or Chase Sapphire℠ Banking, and make at least five transactions from your checking account each month. However, even Chase's maximum savings rate is low, so it may not be worth it, especially if you have to pay a $25 monthly fee.

Laura Grace Tarpley, a Certified Educator in Personal Finance (CEPF), currently serves as the Personal Finance Reviews Editor at Insider. In her role, she is responsible for overseeing coverage on various financial topics including mortgage rates, refinance rates, lenders, bank accounts, investing, retirement, and borrowing and savings tips for Personal Finance Insider.

Aside from her current position, Tarpley has also made significant contributions as a writer and editor for Insider's award-winning series called "The Road to Home," which received recognition from the National Association of Real Estate Editors.

In her impressive seven-year career, Tarpley has worked as a freelance finance writer for reputable companies like SoFi and The Penny Hoarder. She has also gained experience as an editor at FluentU.

For inquiries or to get in touch with Laura Grace Tarpley, you can reach her at [email protected].

If you want to learn more about Personal Finance Insider's process of selecting, evaluating, and covering financial products and services, you can visit the link provided.

Please be aware that any opinions, analyses, reviews, or recommendations expressed in this article solely represent the author's viewpoint and have not undergone any review, approval, or endorsement from any card issuer. To understand our commitment to maintaining high editorial standards, please refer to our editorial standards page.

Please note that while the offers mentioned in this article were accurate at the time of publication, they are subject to change at any time. Therefore, it is possible that some offers may have changed or are no longer available.

**Enrollment is required for the following offers.

Explore the following Chase products:

- Chase

- Chase Savings

- Chase Premier Savings

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