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If you're interested in opening a new savings account, America's largest banks have a few options to consider: Chase Bank offers two savings accounts that help earn interest on the money you deposit: the Basic Account and the Premium Account.
But don't expect more than a small amount of interest. Chase savings account rates are comparable to those of other big banks, but they don't come close to those of online banks. If you're considering saving with Chase, here's a closer look at what you can expect in terms of interest rates. Rates accurate as of July 11, 2024.
Chase savings account interest rates
Chase offers two savings account options: Chase Savings and Chase Premier Savings. The APY for these accounts varies depending on your zip code. Below is a summary of the maximum interest rates for both accounts based on the 10001 zip code in New York:
Chase Savings Interest Rates Overview
There are no minimum deposit requirements for either of Chase's savings accounts, and both accounts have monthly fees.
Chase Savings charges a $5 per month fee, but you can waive it by:
Maintain a minimum balance of $300 Link an eligible Chase checking account Schedule automatic savings deposits of at least $25 each month from your Chase checking account
Chase Premier Savings has a $25 monthly service fee, but this fee is waived if you maintain a minimum balance of $15,000 or link a Chase Premier Plus Checking or Chase Sapphire Checking account.
The Premier Savings Account gives you the opportunity to earn what Chase Bank calls the “relationship rate.” To qualify for this higher interest rate, you must:
Link your account to Chase Premier Plus Checking or Chase Sapphire Checking. Make at least five transactions in your linked checking account within a monthly statement period.
The relationship rate is double the regular interest rate on Chase checking accounts, but it's still very small (0.02% vs. 0.01%).
Chase Savings and Chase Premier Savings account interest is compounded and deposited monthly based on your daily balance. You can grow your balance with Auto Savings, which deposits money periodically from most Chase checking accounts.
In addition to monthly maintenance fees, account holders will also want to avoid Chase's $5 savings withdrawal limit fee, which is charged every time you make more than six withdrawals during a monthly statement period.
All withdrawals and transfers, including ATM and teller transactions, count toward the six-per-month limit. Chase limits withdrawal fees to three per month, or $15 total.
Regular Chase Savings customers pay fees for non-Chase ATM transactions and receiving wire transfers, but Chase Premier Savings customers can use these services for free.
How much can you earn?
When opening a savings account, you need to consider whether you have room for your money to grow. So how much can you make in interest rates on a Chase savings account?
You input your initial deposit amount, monthly contributions, and a 0.01% or 0.02% APY, and it tells you how much you'll earn in a given number of months or years.
As you can see, neither account earns much interest, which is typical for savings accounts at large traditional banks.
Chase Bank and other banks
The national average savings rate for deposit accounts tracked by the FDIC is 0.45% as of June 17, 2024. This puts Chase's savings account interest rate below average.
Chase's interest rates are significantly lower than the best savings rates you'll find at online banks.
Many high-yield savings accounts today offer annual interest rates of 4.00% to 5.00% or higher, but the exact rate you get will depend on the bank you use. Some major online banks offer annual interest rates of 5.00% or higher.
Saving with an online bank means giving up the convenience of going into a branch, which is easy if you have a Chase savings account. The banking giant has more than 4,700 branches. But if earning the most interest on your savings is your top priority, choosing an online bank might make sense.
Other Chase Savings Options
In addition to savings accounts, Chase Bank also offers Certificate of Deposit accounts (CDs). Currently, Chase Bank offers 17 different CD options with terms ranging from 1 month to 120 months.
Chase CD rates are only slightly higher than Chase's less attractive savings account rates, and to get the maximum interest, you'll need to put a lot of money into a Chase CD and link a qualifying checking account to qualify for the relationship interest rate.
For example, if you open a nine-month CD with a minimum deposit of $1,000, the standard APY is 0.01%. If you deposit $10,000 or more, you'll get a relationship rate APY of 4.25%.
As with Chase savings account rates, it's easy to find higher CD rates at online banks, although Chase does offer some higher-interest CD specials: The company's nine-month CDs currently offer a 4.25% annual interest rate on a minimum deposit of $1,000 and a 4.75% annual interest rate on a minimum deposit of $100,000.
Find the best high-yield savings accounts for 2024
Conclusion
If you already have a checking or other account with Chase, you can open a savings account for convenience. However, Chase's savings account interest rates aren't the best, so we recommend spending some time researching the best savings account interest rates online to find the right bank for you.
About Chase Bank
Chase Bank is the consumer banking division of JPMorgan Chase & Co., the No. 1 bank in the United States by deposits, according to Federal Reserve data. With more than 4,700 branches and 16,000 ATMs nationwide, as well as online and mobile access, Chase customers can manage their accounts from almost anywhere in the world and enjoy a wide range of consumer banking and business products and services.
Frequently Asked Questions (FAQ)
Is Chase a good bank to open a savings account?
If you already have other business with Chase, you can also open a Chase savings account. However, Chase savings accounts have a nominal interest rate that is lower than the national average savings interest rate. Chase savings accounts also have monthly maintenance fees that you may be able to avoid.
Which Chase savings account is best?
The Chase Premier Savings Account offers a slightly higher interest rate and APY than a regular Chase Savings Account, but you must have a qualifying Chase checking account to open a Premier Savings Account.
Why are Chase's savings rates so low?
Chase's savings account interest rates are comparable to those offered by other large traditional banks. Large banks often offer lower interest rates on savings accounts because they have less need to attract new customers to their savings accounts.
Are Chase savings accounts safe?
Chase is an FDIC insured bank, which means that even if the bank were to fail, your account is protected. FDIC protection is limited to a maximum of $250,000 per account with any one bank. Savings accounts are generally a safe place to store cash because the risk of losing money is nearly zero.