Chase Bank Savings Account Review 2020: Should You Go for It?
Chase Bank Saving Account: Chase is a convenient option when you’re looking for a new savings account, because you may have a branch nearly. Has low fees and an automatic savings program to help your money grow.
Chase offers several savings accounts that pair with a highly regarded mobile banking app to help you achieve your financial goals.
However, these accounts do little to help you grow your savings; even the big bank’s top-yielding account is very low, and you can easily find higher rates elsewhere.
While Chase’s yields don’t impress, the well-known bank brand is known for offering bonuses to new customers.
Chase Savings Account Pros & Cons
Occasional account sign-up bonuses
Can be used for overdraft protection
Access to physical branches
Mobile apps available
Interest rate is much lower compared to online savings accounts
Rather, rates depend on the type of account and your account balance. With a regular Chase savings account, all balances earn very low APY. This may not be anything to get excited about.
The good news, however, is that Chase offers an additional way to grow your money. If you’re looking for a higher return, a Chase Plus Savings account is a better fit. If you don’t link your Chase Plus Savings to an eligible Chase checking account, you’ll earn tiered interest rates based on your balance.
However, link your Chase Plus Savings to a Chase Premier Plus Checking account or a Chase Premier Platinum Checking account, and you’ll qualify for relationship rates which can increase earning potential.
Chase Plus Savings accounts tiered relationship rates are as followed:
Chase Plus Savings Accounts Tiered Relationship Rates
When shopping for any type of bank account, you owe it to yourself to compare interest rates and options. Chase savings account rates may be higher than some financial institutions, but its rates may not be as favorable as those offered by some online banks.
Some people prefer a brick and mortar bank, and they like the idea of being able to speak with a banker face-to-face if a problem arises.
If you don’t care about face-to-face interaction, an online high-yield savings account can offer a higher return.
What are the Benefits of the Chase Savings Account?
The Chase Savings account is backed by the financial security of the largest bank in the country. It comes with FDIC insurance, mobile banking and these benefits:
Automatic Savings Program. This feature allows you to set up a repeating, automatic transfer from your Chase checking account to your Chase Savings, helping you grow your savings faster.
No opening deposit requirement. You can open this account without an initial deposit.
Convenient deposits. Deposit money at branches, ATMs, by mail, online or through the app using Chase QuickDeposit.
Wide-ranging support. Chase has nearly 4,900 branch locations and offers 24/7 customer service. You can also get in touch by email, mail and Twitter, or find FAQs on the Chase site.
Chase Savings Account Monthly Fees
Earning interest is an effortless way to grow a savings account. But unfortunately, many banks charge a monthly service fee. Chase Bank is no exception.
Consumer Online USD/FX International Wire Transfer Fee
If you don’t want monthly maintenance or service fees eating away at your balance, Chase offers severals options to help its customers avoid monthly fees.
There’s a $5 monthly service fee for a Chase Savings account, but the bank will waive this fee if at least one of the following conditions applies to you each statement cycle:
you’re under the age of 18
also, you maintain at least a $300 minimum daily balance
you set up at least one repeat automatic transfer of $25 from a Chase checking account
you link your savings to a Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking account
There’s a $20 monthly service fee with a Chase Plus Saving, which the bank waives if you maintain at least a $15,000 minimum daily balance in your account, or if you link the account to a Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking account.
What You Can Expect From a Chase Savings Account
Features of every Chase savings account include:
1. Automatic savings program
Even if you know the importance of saving money, paying yourself first takes discipline. Fortunately, every Chase savings account features an automatic savings program.
If you have a Chase checking account, you can opt-in this program and set up recurring automatic transfers from your checking into your savings account. You determine the schedule and the amount of each transfer.
2. Overdraft protection
Because of a miscalculation or a forgotten transaction, you might overdraw your account.
Chase Bank’s overdraft protection lets you link a Chase savings account to a Chase checking account. If a transaction results in an overdraft, funds are automatically transferred from your savings account to cover the transaction, which helps you avoid overdraft fees.
There’s no fee to enroll in overdraft protection. Currently, Chase has a $10 overdraft protection fee for each transfer (fee waived for Chase Premier Platinum accounts).
3. Online/mobile banking
Online banking is convenient and simplifies the banking experience. As long as you have a computer and Internet, you can manage your Chase savings account 24 hours a day, seven days a week from anywhere.
Transfer funds, set up alerts, and monitor your account activity. You can even download the bank’s app to your mobile device and monitor your account when you’re away from a computer.
4. Chase savings account coupon code
Chase Bank periodically offers sign up bonuses for opening a checking or savings account.
The current promotion offers $150 when you open a new Chase savings account and deposit $10,000 or more within ten business days, or maintain a $10,000 balance for 90 days.
Visit the bank’s website to get your Chase savings account coupon and bring it to a branch. If unable to take advantage of this bonus, check back for future promotions.
Open a Chase Savings by visiting a branch or by applying online. Here’s how to apply online:
Visit the Chase site and click Open an account.
Click Savings Accounts.
Click Open an account under Chase Savings.
Select whether you’re a new or returning customer and click Next.
Fill in your personal information including your name, address and Social Security number, then click Next.
Once your application is complete, make an optional deposit, then click Submit.
How do I Deposit or Withdraw Money?
Chase makes it easy to deposit and withdraw money with this account:
At a branch
Via direct deposit
At an ATM
Through online transfers
With Chase QuickDeposit
At an ATM
At a branch
Through online transfers
With more than 15,500 ATMs and 5,300 branches, a Chase Bank savings account is a good fit if you want to access your money nationwide. Funds are FDIC-insured up to $250,000 per account, so you can deposit your money with confidence.
This simple account offers several ways to avoid a monthly service fee, and overdraft protection keeps your account in good standing. But although your interest rate can increase as your savings account balance increases, Chase Bank doesn’t offer the most favorable savings rates.
If you typically maintain a high balance in your savings account, you’ll do better with an online high-yield savings account which offers a better return on your money.
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