| Account Name | APY Range | Monthly Fee |
|---|---|---|
| Chase Savings | 0.01% | $5 |
| Chase Premier Savings | 0.02% | $25 |
To earn the higher end of the rate range with the Chase Premier Savings account (the "relationship rate"), you’ll need to link a Chase Premier Plus Checking account or a Chase Sapphire Checking account. From there, you must make a minimum of five eligible transactions per month from your linked checking account to qualify for the higher APY on your savings account.
See the best high-yield savings account rates today before choosing the savings account that is best for you.
Chase Savings Accounts: Key Features
| Chase Savings Account Key Features | |
|---|---|
| APY Range | 0.01% |
| Minimum Balance to Earn Highest APY | $0.01 |
| Minimum Deposit | $0 |
| Withdrawal Limit | None |
| Monthly Service Fee | $5 |
| Chase Premier Savings Account Key Features | |
|---|---|
| APY Range | 0.02% |
| Minimum Balance to Earn Highest APY | $0.01 |
| Minimum Deposit | $0 |
| Withdrawal Limit | None |
| Monthly Service Fee | $25 |
Although both of Chase Bank’s savings accounts come with monthly maintenance fees, customers have a few different ways to qualify for fee waivers. If you’re interested in opening a savings account with Chase, here’s how to get the bank to waive the cost of your $5 or $25 monthly fee.
The monthly fee of the basic Chase Savings Account is waived for any of the following situations:
- $300 (or higher) balance at the beginning of each day
- $25 in automatic transfers or Autosave from your personal Chase checking account
- Link a Chase College Checking account for overdraft protection
- Link a Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking account
- Accountholder under the age of 18
The monthly fee of the Chase Premier Savings Account is waived for any of the following situations:
- $15,000 (or higher) balance at the beginning of each day
- Link a Chase Premier Plus Checking or Chase Sapphire Checking account
Although Chase’s savings accounts once came with withdrawal limits, they do not currently have any limits. You can make as many withdrawals as you'd like each month for no charge.
About Chase: Other Savings Options
As the largest bank in the United States, Chase has the capacity to serve many of your financial needs under one roof. Depending on where you live, it’s likely you have access to one of the bank’s 4,700 in-person branches (although some states do have a limited number of locations). Chase provides a network of around 16,000 Chase Bank ATMs that are free to use.
Chase is well-known for its wide array of credit card products, including some of the most popular rewards credit cards on the market. And Chase also offers some decent bank account bonuses for new banking customers who are eligible for the right accounts through the financial institution.
This large national bank also has another deposit account solution available for customers who are looking for options to store their cash savings: fixed-rate certificates of deposit (CD)s. Customers can open CDs with a variety of terms at varying interest rates; see Chase’s CD rates for more information.
Compare Savings Account Rates
Chase’s savings account interest rates fall well below the national average. So if you’re looking to grow your savings at a faster pace, you’ll want to look elsewhere for more attractive APYs. (However, some of the bank’s CD rates are typically more competitive, depending on the term.)
As a point of reference, here are the national average interest rates according to the Federal Deposit Insurance Corporation (FDIC) for several different types of deposit accounts as of October 16, 2023.
- Savings Accounts: 0.46%
- 12-Month CD: 1.79%
- 24-Month CD: 1.50%
- 36-Month CD: 1.38%
- 48-Month CD: 1.30%
- 60-Month CD: 1.38%
In the News: Savings account rates reached higher in 2023 than we’d seen in more than 20 years, pushed up by the Federal Reserve’s rate-hike campaign that began in March 2022 to tame decades-high inflation. For its last four meetings, however, the Fed has held the federal funds rate steady, and signaled on Jan. 31 that the committee’s rate-hike cycle has almost certainly ended. While most Fed members expect two to four ratedecreaseswill occur in 2024, the Fed has cautioned that it could be some timebefore the first cut is implemented.
Because savings account yields closely follow the fed funds rate, the Fed’s current holding pattern has caused savings rates to plateau, and declines should be expected once it appears the Fed is ready to make its first cut.
Is There a Minimum Balance Requirement for Chase Savings Accounts?
Chase Savings Accounts do not have minimum balance requirements to open a new account. However, if you want to avoid paying the $5 monthly fee (Chase Savings account) or the $25 monthly fee (Chase Premier Savings account), you’ll need to either maintain certain account minimums or satisfy other requirements to qualify for a fee waiver each month.
Many financial institutions charge bank fees to increase profits and help cover operating expenses. However, you can find free savings accounts and free checking accounts that offer fee-free banking services if these are important to you.
Are Chase Savings Accounts FDIC-Insured?
Yes, all Chase Bank deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC). With FDIC insurance, your deposits are protected for up to $250,000 (per ownership category) in the unlikely event of a bank failure.
Does Chase Have a High-Yield Savings Account?
Chase Bank does not currently offer a high-yield savings account option. Although for the most part it’s a full-service bank, it does not offer money market accounts either. To see the top rates on the market today, take a look at the best high-yield savings accounts or the best money market account rates.
How Often Do Chase Savings Accounts Pay Interest?
Chase Bank compounds interest paid to its customers on a monthly basis. The bank credits any interest earned to its customers’ deposit accounts once a month as well.
Your Guide to Savings Accounts
- What Is a Savings Account and How Does It Work?
- What Is a High-Yield Savings Account?
- How to Open a High-Yield Savings Account
- How to Close a Savings Account
- Besides a Savings Account, Where Is the Safest Place to Keep My Money?
- How Many Savings Accounts Should I Have?
- How Savings Account Interest Rates Are Determined
- How Interest Works on Savings Accounts
- How Is a Savings Account Taxed?
- Money Market Fund vs. MMA vs. Savings Account: What’s the Difference?
- Certificates of Deposit (CDs) vs. Savings Accounts: Which Is Better for You?
- 4 Savings Accounts for Investors
- Best High-Yield Savings Accounts
- Best Free Savings Accounts
- Best Savings Accounts for Kids and Teens
Article Sources
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Federal Reserve. "Large Commercial Banks."
JPMorgan Chase. "History of Our Firm."
Chase. "About Chase Bank."
Chase. "Chase Savings Account Interest Rates."
Chase. "Chase Premier Savings."
Chase. "Additional Banking Services and Fees for Personal Accounts."
FDIC. "National Rates and Rate Caps."
Federal Reserve System. "Open Market Operations.”
