What Chase savings accounts actually offer

Chase offers several savings products, each with different interest rates, minimum balances, and monthly fees. The main ones are the Chase Savings Account (their basic option), Chase Premier Savings, and Chase Sapphire Preferred savings features. Whether one is "good" depends on what you need: how much you plan to keep in savings, how often you withdraw money, and whether you want to link it to checking for overdraft protection.

Chase is a large national bank, so you get access to thousands of branches and ATMs, online banking that works on most devices, and customer service by phone. That stability and reach matter if you value being able to walk into a physical location. But size also means Chase is not the only option, and comparing their rates and fees to smaller banks or online-only banks will show you what you're trading off.

Key Takeaways

  • Chase savings accounts charge a monthly maintenance fee unless you meet a minimum balance requirement, which varies by account type and typically ranges from $300 to $25,000.
  • Interest rates at Chase are lower than many online banks and credit unions, so the money you save grows more slowly than it would elsewhere.
  • Chase's strength is branch access and integration with their checking accounts, not competitive rates or low fees.
  • You should compare Chase's current rates and fees directly to at least one online bank and one local credit union before deciding.

Monthly fees and minimum balance requirements

Chase charges a monthly maintenance fee on most savings accounts unless you keep a minimum balance. For the basic Chase Savings Account, that minimum is typically $300. If your balance drops below that at any point during the month, you pay a fee (usually $5 or $12, depending on the account). If you maintain the minimum, there is no fee.

Chase Premier Savings has a higher minimum—often $25,000—but also pays a slightly higher interest rate. For most people starting out or building savings gradually, the basic account's $300 minimum is more realistic. But if you cannot keep $300 in savings at all times, you will pay the monthly fee, which adds up quickly. A $5 monthly fee is $60 a year—money that does not go toward your savings goal.

Interest rates compared to other banks

Chase's savings account interest rates are typically lower than what you will find at online banks or credit unions. As of early 2024, Chase's basic savings account pays a rate that is well below what online banks like Marcus, Ally, or Discover offer. The difference matters: on $5,000 saved for a year, a 0.01% rate (typical for Chase) earns you about 50 cents, while a 4.5% rate (available at some online banks) earns you $225.

Chase's rates change over time and vary by location, so you should check their current rate before deciding. But historically, Chase has not been competitive on savings rates. If earning interest on your savings is important to you, you will find better returns elsewhere. If you are only using the account to hold money temporarily or as a safety net, the rate matters less.

When a Chase savings account makes sense

A Chase savings account is most useful if you already have a Chase checking account and want the convenience of managing both in one place. Chase allows you to link savings and checking accounts, which can help prevent overdrafts on your checking account—if you set it up, Chase will transfer money from savings to checking automatically if you run short. That integration is valuable if you tend to overspend or have unpredictable expenses.

Chase's branch and ATM network is also an advantage if you prefer to deposit cash in person or withdraw money without using an ATM that charges a fee. If you live or work near a Chase branch and use it regularly, that convenience might outweigh the lower interest rate. But if you rarely visit a branch and do most banking online, that advantage disappears.

Comparing Chase to online banks

Online banks like Ally, Marcus, Discover, and American Express have lower overhead costs because they do not operate physical branches. They pass those savings to customers through higher interest rates and lower or no monthly fees. Most online banks charge no monthly maintenance fee at all, regardless of your balance. Their interest rates are typically 10 to 50 times higher than Chase's.

The trade-off is that you cannot walk into a branch or deposit cash directly. You deposit money by transferring it from another bank account or by mailing a check. Withdrawals happen the same way—you transfer money back to your checking account at another bank. For most people, this is not a problem. But if you handle a lot of cash or need immediate access to physical locations, it is a real limitation.

Comparing Chase to credit unions

Credit unions are member-owned financial institutions that often offer competitive rates and lower fees than big banks. Many credit unions charge no monthly maintenance fee on savings accounts, and some pay higher interest rates than Chase. Credit unions also tend to be more flexible about minimum balance requirements. The downside is that credit unions have smaller branch networks, so access depends on where you live and work.

To find a credit union you can join, search for one in your area or check whether your employer, school, or professional association has a credit union partnership. Some credit unions let you join based on where you live or work; others are restricted to specific groups. If you find one you can join, it is worth comparing their savings rates and fees to Chase's.

What to check before opening a Chase savings account

Before you decide, gather the current information directly from Chase: the exact monthly fee, the minimum balance required to avoid it, and the current interest rate. These details change, and what was true last year might not be true now. You can find this information on Chase's website or by calling their customer service line.

Then check the rates and fees at one online bank and one credit union in your area. Write down the monthly fee, minimum balance, and interest rate for each. Calculate what you would actually pay or earn in each account based on how much you plan to save and how long you plan to keep the money there. That comparison will show you whether Chase's convenience is worth the cost.

Frequently Asked Questions

Does Chase charge a fee if I never withdraw money from my savings account?

No. The monthly fee only applies if your balance falls below the minimum requirement. If you keep the minimum balance and never touch the account, you pay no fee. But you also earn very little interest, so your money is not growing much.

Can I use a Chase savings account with a checking account from a different bank?

Yes. You can open a Chase savings account and link it to a checking account at another bank for transfers. However, you lose the overdraft protection feature that Chase offers when both accounts are with Chase.

What happens if my balance drops below the minimum for one day?

Chase charges the monthly maintenance fee if your balance falls below the minimum at any point during the statement period, even if it is only for one day. So you need to keep the minimum consistently, not just on average.

Is my money safe in a Chase savings account?

Yes. Chase is a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type are protected if the bank fails. Your savings account is covered separately from a checking account, so you have $250,000 protection in each.

Can I move my money to a different bank later if I change my mind?

Yes. You can transfer your savings to another bank at any time. There is no penalty for closing a Chase savings account. Just make sure you keep the account open long enough to avoid any early closure fees, though Chase typically does not charge them on savings accounts.