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Chase serves more than 66 million households in the US. With more than 4,700 branches in 48 states plus Washington, DC, and 16,000 ATMs nationwide, customers are never too far from access to cash.
Despite this massive network, Chase's savings rates can't compete with other banks -- particularly online banks. Unless branch access is the most important factor to you, we recommend finding another bank to store your savings.
Read on for more information about Chase's savings account rates and how this bank stacks up against competitors.
Chase Savings℠ account options, compared
Chase offers two savings accounts: Chase Savings℠ and Chase Premier Savings℠. The main differences between the two boil down to interest yields -- though both are very low -- and their monthly service fees, which are based on minimum balance requirements.
Chase Savings℠ account options
| Account name | Interest rate | APY | Minimum deposit | Monthly service fee* |
|---|---|---|---|---|
| Chase Savings | 0.01% | 0.01% | None | $5 |
| Chase Savings Premier | 0.02% | 0.02% | None | $25 |
*Rates as of Feb. 2, 2023. To earn the 0.02% interest rate on a Chase Savings Premier account, you must link the account to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account and make at least five transactions per monthly statement period with the linked checking account. APYs vary by region, and Chase's savings account may not be available everywhere. You'll need to check your ZIP code on Chase's website to see your options.
Chase Savings℠ standard account
The Chase Savings standard account offers a 0.01% APY, which is extremely low. There's a $5 monthly fee for this account, which Chase waives if you maintain a daily balance of $300, transfer $25 or more from a linked checking account each monthly statement period, link a qualifying Chase checking account or if the account owner is under 18. If you make more than six withdrawals or transfers out of the account per monthly statement period, you'll also pay a $5 withdrawal limit fee for every withdrawal after the sixth (up to $15 total).
You might consider this option if you are looking for a physical bank with convenient locations across the country or are already a Chase customer and prefer to keep all of your accounts under one roof. Otherwise, there are plenty of better savings accounts on the market.
Chase Premier Savings℠
Chase's higher-end savings account comes with Premier branding, but there isn't anything that feels VIP here. You'll need to maintain a minimum balance of $15,000 or link to a qualifying Chase checking account -- either a Chase Premier Plus Checking or Chase Sapphire Checking account -- to avoid a monthly fee of $25.
On top of that, you'll only get the Premier relationship rate of 0.02% APY if you make at least five monthly transactions from one of the qualifying linked checking accounts mentioned above -- otherwise, you'll only earn 0.01% APY. The Chase Premier Savings has the same $5 withdrawal limit fee as the Chase Savings standard account, but you can avoid it by maintaining a balance of $15,000 or more at the time of the withdrawal.
For comparison, Wells Fargo also offers just 0.02% APY on its upper-tier savings account, but only charges $12 a month -- a fee that can be waived if you meet the daily minimum requirement of $3,500.
How Chase Savings℠ account APYs compare to other banks
With savings interest rates topping out at 0.02%, there aren't many financial reasons to keep your money in a Chase Savings℠ account. Here's how Chase compares with our top picks for best high-yield savings accounts:
| Account name | APY | First year interest earnings on $5,000 |
|---|---|---|
| Chase Savings | 0.01% | $0.50 |
| Chase Premier Savings (upon meeting requirements for elevated rate) | 0.02% | $1.00 |
| Bask Interest Savings | 4.15% | $207.50 |
| Capital One 360 Performance Savings | 3.30% | $165 |
Chase certificate of deposits
In addition to standard savings accounts, Chase offers a wide range of certificates of deposit. While most of the bank's CD rates fit into the same category as its savings rates -- nothing to write home about -- there are some exceptions.
As of February 2023, Chase is currently offering 2% to 4% APYs on three-month CDs (the exact APY depends on your deposit amount, which can range from $1,000 to over $100,000), 3% to 3.75% on 12-month CDs and 2% on 24-month CDs -- a respectable rate, even though many online banks offer better CD rates.
However, there are a few catches. First, CD relationship rates are only available to customers with a linked Chase checking account. Otherwise, you'll earn a paltry 0.01% APY on all CD terms. Second, these elevated rates are only available for specific terms. A three-month CD may net you 2% APY, and a 12-month CD may offer 3%, but if you want a six-month CD, you'll only earn 0.02% APY. Third, all Chase CDs require a $1,000 minimum deposit, and the highest APYs for each term require a $100,000 deposit.
If you want to keep your savings with Chase, a CD will offer a better return than this bank's savings accounts, assuming you qualify for the relationship rates. For example, if you deposit $10,000 in a Chase 12-month CD and have a linked Chase checking account, you'll qualify for an APY of 3.25% and can earn $325 in interest over a year. Depositing the same amount into a Chase Premier Savings account would only earn you $2.
CDs require you to lock your money up for a certain amount of time and typically come with a penalty if you withdraw your funds early. With Chase, this penalty ranges from 90 days to 365 days of interest on the amount withdrawn (up to the total amount of interest earned on the current term), depending on the CD term. Because of this, CDs aren't a smart savings strategy for an emergency fund, which you want to be able to access immediately if the need arises. But if you want to earn a return on your savings and won't need the money for a while, a CD is the best place to store your cash at Chase.
Who should open a Chase Savings℠ account?
If you value the convenience of a big bank with a vast network of branches nationwide and are willing to sacrifice yield for that convenience, a Chase savings account may be right for you. You can easily get in-person help at over 4,700 branches nationwide, as well as do your banking through a well-designed online and mobile banking platform. And if you already have a credit card or checking account with Chase, you may find it easier to keep all your accounts at one bank.
But if you're looking for yield, there are plenty of better options on the market. The best savings accounts offer much higher interest rates with no monthly account fees or minimum balance requirements.
Even if you want a big bank with physical branches across the country, you can still get a better yield than with Chase. Capital One – another huge financial institution – currently offers 3.30% APY on its Performance Savings Account, and it doesn't charge any fees. If you deposit $10,000 in that account, you'll earn $330 in interest per year versus just $2 in interest from a Chase Premier account.
How to open a Chase Savings℠ account
- Gather your personal documents. Have your Social Security Number and your driver's license or state ID on hand. Chase needs to be able to verify your identity to open an account.
- Choose your account type. Decide if this account will be yours alone or if you want to have a joint account with a partner or spouse. If someone else will be on the account, you'll need their information, too.
- Complete an application. You can do this online, drop by your local branch or schedule a meeting online for an in-person appointment.
- Deposit your funds. Link another bank account from Chase or another bank to make an initial deposit. You may be able to use other funding sources, like a check or cash, if you open your account in a branch. If you want to make regular contributions to your savings account, you can update your direct deposit information with your employer or set up recurring transfers from another bank account.
- Start saving. Whether for an emergency fund or a specific goal, start adding money to your savings account.
FAQs
What's the current situation on savings interest rates?
Savings account interest rates have been remarkably low in recent years but began to increase in 2022 as the Federal Reserve began raising the federal funds rate to combat inflation. The federal funds rate determines the interest rate banks charge each other for borrowing money, and a higher federal funds rate means higher interest rates on consumer loans like personal loans and credit cards. On the flip side, it's good news for savers because rates on products like savings accounts and CDs also go up, particularly at online banks.
What's the average savings account interest rate?
The average savings account interest rate is 0.33% as of January 2023, according to the Federal Deposit Insurance Corporation. That's a sizable jump from January 2022's average rate of 0.06% -- but still a paltry return. Even Chase's highest savings account rate of 0.02% is well below the national average.
However, some online banks and credit unions may offer rates more than 10x the average rate. See how much you can earn with our picks for the best high-yield savings accounts.
Which banks offer the highest savings interest rates?
You'll typically find higher savings rates at online-only banks and credit unions. These financial institutions can typically offer higher rates because they have lower overhead costs than big banks. In return, online banks pass these savings along to customers in the form of higher savings APYs. However, some of the biggest banks in the country have been increasing their rates, too.
Trying out a lesser-known bank can be a great way to find better returns. Just remember to make sure a bank is FDIC-insured -- meaning the government insures your deposits in case the base goes out of business -- before storing your cash there.
Check out our picks for the best savings accounts and best high-yield savings accounts.
What are high-interest alternatives to savings accounts?
Series I Savings Bonds, or I bonds – secure government-backed investments sold directly to the public – currently offer a considerably more appealing interest rate of 6.89%. The rate adjusts every six months based on inflation, and they are typically better investments when inflation is high. The drawback is that your money is tied up for at least one year, and you'll pay a penalty equal to three months of interest if you withdraw your money before five years. After five years, you can take out the money from your I bond without penalty.
CDs are another popular alternative to savings accounts. You deposit a lump sum of money and earn a fixed interest rate on the amount for the CD term, which typically ranges from a few months to a few years. Unlike I bonds, CDs are issued by banks, not the government. Each bank determines its own CD rates, terms, and withdrawal rules. Some banks offer CDs with no early withdrawal penalties, but those typically have a lower interest rate than standard CDs. Longer-term CDs tend to have higher rates than shorter-term ones, but you'll be locking your money up for longer.
I bonds and CDs are less liquid than savings accounts, so they're better suited to saving for financial goals with a definite timeline. You should keep your emergency fund, or any money you may need to access on short notice, in a savings account.
How often can you withdraw money from a Chase Savings℠ account?
You can withdraw from Chase savings accounts six times per monthly statement period without penalty. After you reach that limit, Chase charges you $5 for each subsequent withdrawal for a maximum of three times or a total penalty of $15 (unless you qualify for the fee waiver conditions of the Chase Premier savings account).
This withdrawal limit used to be the standard in the US due to a Federal Reserve rule called Regulation D. In April 2020, the Fed eliminated this rule to allow consumers unfettered access to their savings throughout the pandemic. As a result, some banks -- but not Chase -- have eliminated the withdrawal limit or increased the number of withdrawals you can make before an overdraft charge kicks in.
Do all savings accounts have monthly fees?
No. Online banks often do not charge monthly maintenance fees and have higher interest rates. That's because online banks don't have physical locations to manage, which reduces their overhead and allows them to offer customers higher APYs or no-fee savings accounts.
Brick-and-mortar banks like Chase may charge a monthly fee for a savings account with options to waive the fee by meeting certain conditions. If you have concerns about maintaining the minimum balance at Chase or another big bank, you're better off looking for an account that never charges fees.
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*Rates as of Feb. 2, 2023.