JPMorgan Chase is one of the largest banks in the country, and to keep up with its competitors – they usually offer great perks for new account holders. So, if you’re shopping around for a new savings account (or even a new banking experience all together), Chase Bank is a trusted name in the industry that may be worth looking into further for your banking needs.
In addition to offering checking accounts, Chase also offers savings accounts with rates comparable to its competitors such as Wells Fargo or Bank of America – but to set themselves above the rest, they are currently offering a $150 bonus (now through October 14, 2019) when you open a savings account with at least $10,000 and maintain the balance for 90 days.
What Is A Chase Savings Account ?
Chase currently offers two types of Savings Accounts (Chase Savings and Chase Premier Savings) as a place for customers to stash away any extra funds for anything they want (such as for a big vacation, a one-time big purchase or to save for emergency purposes).
What is the the APY for a Chase Savings Account?
The current annual percentage yield (APY) for a Chase Savings Account is 0.1%, and interest is compounded and credited monthly, based on your daily collected balance.
Do Chase Savings Accounts Have A Service Fee?
Chase Savings has a monthly service fee of $5, while Chase Premier Savings has an associated $25 monthly fee. Monthly fees on these accounts can be waived if you meet certain criteria.
What is the Minimum Deposit to open a Chase Savings Account?
- Chase Savings: $25
- Chase Premier Savings: $100
How Do I Avoid Chase Savings Monthly Fees?
Chase gives their customers a few options to avoid their monthly service charges:
|Chase Savings||Chase Premier Savings|
|Monthly Service Fee||$5||$25|
|How to Avoid The Fee||· A balance at the beginning of each day of $300 or more in this account
· OR have at least one repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid Card
· OR an account owner who is an individual younger than 18
· OR with a linked Chase personal checking account (excluding Chase High School Checking, Chase College Checking, Chase Secure Checking, Chase Total Checking, and Chase Checking)
· A balance at the beginning of each day of $15,000 or more in this account
· OR with a linked Chase Premier Plus Checking or Chase Sapphire Checking
How Do I Deposit and Withdraw Money From A Chase Savings Account?
Here are the ways you can deposit and withdraw money from a Chase savings account.
- First of all through Cash Deposits / Withdrawal (Deposit at Branch only / Withdraw via Branch or ATM)
- Secondly, Check Deposit / Withdrawal
- Thirdly, Mobile Deposit / Withdrawal
- Fourth, through Wire Transfers / Withdrawal
- Fifth, via Direct Deposit
What Are Chase Bank’s Account Fees?
Here is a breakdown of fees associated with Chase Bank accounts (Updated September 2019)
|Monthly Service Fee||$5 for Chase Savings
$25 for Chase Premier Savings
|Non-Chase ATM||$2.50 (inside U.S.)|
*Note: Chase will not charge an Insufficient Funds Fee if your account balance at the end of the business day is overdrawn by $5 or less
• Furthermore, Chase will not charge these fees for any item that is $5 or less, even if your account balance at the end of the business day is overdrawn
• If Chase returns the same item multiple times, Chase will only charge you one Returned Item Fee for that item within a 30-day period
• These fees do not apply to withdrawals made at an ATM
|Stop Payment||$30 / request|
|Online Stop Payment||$25 / request|
|Deposited item returned or cashed check returned||$12 per item|
|Non-ATM Cash (such as teller at other bank)||3% of transaction OR $5 – whichever is greater|
|Domestic and International Incoming Wire||$15/transfer or $0 if transfer was sent with help of Chase.|
|Domestic Outgoing Wire||$35/ transfer|
|Online Domestic Outgoing Wire||$25/ transfer|
|Consumer UDS/ FX International Fee||$50/ transfer|
|Consumer Online FX International Fee||$5 per transfer OR $0 per transfer if the amount
is equal to $5,000 USD or more
|Statement Copy||$6 per statement OR $0 if you view or print your
statement on chase.com
|Counter Check||$2 per page|
|Money Order||$5 per check|
|Cashier’s Check||$8 per check|
|Legal Processing||Up to $75 per order|
*You can avoid overdrawing your account by making a deposit or transferring funds to cover the overdraft before the business day ends. If you deposit a check, this assumes Chase does not place a hold and the check is not returned. Here are the cutoff times for some ways of making a deposit or transferring funds from another Chase account:
- At a branch before it closes
- At an ATM or when transferring money at chase.com / Chase Mobile app before 11pm EST.
What Are The Benefits of A Chase Savings Account?
- Account sign-up bonuses
- Access to ~ 5,100 branches and ~16,000 ATMs
- Monthly fee is fairly easy to avoid
- Can be used for overdraft protection
- Mobile and online banking available – including with Zelle
- Ability to set up account alerts
- Higher balances may earn a better interest rate
- Ability to earn “relationship” rates if you have an accompanying Chase checking account.
- 24/7 customer support online
What Are The Disadvantages of A Chase Savings Account?
- Lower APY/ interest rates compared to online savings accounts
- Opening deposit requirement
- Rates are variable and subject to change
- Chase only currently operates in 28 states
- Withdrawal limit (6 per billing cycle). If you go over limit, you’ll be charged $5 per additional withdrawal
- Low mobile deposit limits. Their daily mobile check deposit limit is $2,000, and the monthly limit is $5,000. You’ll have to visit a branch if you need to deposit more
Similarly, because the APY at a traditional bank like Chase is relatively low, we’d recommend that you also learn more about online savings if you’d like to make a larger return on your investment.
As of September 2019, here are some competitors you might want to take a look at:
- Vio Bank – 2.52% APY
- MySavingsDirect – 2.40% APY
- TAB Bank – 2.40% APY
- CIT Bank Savings Builder – 2.30% APY
- Citibank – 2.21% APY
- CIBC Bank – 2.20% APY
- HSBC – 2.20% APY
- Citizens Access – 2.20% APY
- Barclays Bank – 2.00% APY
- Goldman Sachs Bank USA – 2.00% APY
- Synchrony Bank – 2.00% APY
- Ally Bank – 1.90% APY
- American Express Personal Savings – 1.90% APY
- Discover– 1.90% APY
- Capital One 360 – 1.00% APY
Is A Chase Savings Account FDIC-Insured?
Yes. Chase Bank is a FDIC member. Therefore, any funds deposited in a Chase Savings Account are insured up to the maximum allowed by law.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. Furthermore, FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). For instance, the current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
How Do You Open A Chase Account?
- Start by Going to Chase.com
- Secondly, Click “Open Account”
- Thirdly, Select “Savings Account” from the drop down menu
- Fourthly, Select if you’d like to open a “Chase Savings” or “Chase Premier Savings” Account
- Fifth, Enter your personal information
- Sixth, Fund your account
How To Access Your Chase Savings Account:
Online: Access your account by logging in with your username and password on: chase.com
Mobile Device: Bank on your phone/tablet through their mobile app.
How To Contact Chase About Your Account:
- Personal Accounts:
- Main phone number: 1-800-935-9935
- Spanish: 1-877-312-4273
- International calls: 1-713-262-1679
- Website: chase.com
- Chase Mobile or Online Banking: 1-877-242-7372
- Deaf and Hard of Hearing:
- Operator Relay calls: Personal Accounts: 1-800-935-9935
- Direct TTY calls: 1-800-CHASETD
- Written Correspondence:
JPMorgan Chase Bank, N.A.
PO Box 659754
San Antonio, TX 78265-9754
In conclusion, Chase Savings Accounts are simple accounts with “automatic savings” features to help your money grow. Furthermore, Chase offers a comparable APY to their major competitors, but a substantial cash back bonus for new customers who are signing up for a Chase account for the first time.
In other words, if you’re looking to open a savings account with a stable, reliable bank that has a strong online presence and intuitive mobile app, this is certainly one to check out.
In the aftermath of the 2008 financial crisis, Kate found herself surrounded by friends and family who were concerned about the safety of their money and needed help navigating banks and bank accounts. Her desire to share her knowledge led to the development of BankProfessor.com