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Chase Savings and Savings Plus Accounts Review
JP Morgan Chase Savings/Savings Plus accounts review 2024: bank fees, APR/APY interest rates/high yields. New client promotions.
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Chase Bank's Savings Accounts - Are They the Right Option for You?
As the name suggest, Chase Bank is part of JPMorgan Chase & Co. coming in at #18, JPMorgan Chase has the honor of being the highest-ranking bank on the Fortune 500 list for 2013. Chase has 5.574 full service branch locations across 26 states. They offer personal, business and commercial banking services. Today we are focusing on their personal savings account options.
Account Creation
Future and current customers can open new accounts online through Chase's website or in person at a local branch. Either method requires the individual to provide the same information. You will need to provide your legal name, address, a valid contact phone number, your state identification (either a state issued id or a driver's license) and your social security number.
Which Savings Account Option to Choose?
Chase Bank offers two personal savings account options, both offer debit card access to over 20,000 ATMs and can be linked to a Chase checking account and used for overdraft protection. The chart below shows the differences and similarities between the two account options, their features and associated monthly fee.
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Savings |
Savings Plus |
| Earns Interest |
Yes |
Yes
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| FDIC Insured |
Yes |
Yes
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| Non-Chase ATM Fee |
$2 |
No
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| Online Banking |
Yes |
Yes
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| Mobile Banking |
Yes |
Yes
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| Account Alerts |
Yes |
Yes
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| Auto Saving Program |
Yes |
Yes
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| Higher Interest Rate for Higher Balances |
No |
Yes
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| Relationship Interest Rates for Linked Checking |
No |
Yes
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| Minimum Require to Open |
$25 |
$100
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| Monthly Fee |
$4 |
$20
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| Requirements to Waive Monthly Fee |
Minimum Daily Balance of $300 or Monthly Repeating Automatic Transfers of $25 or more |
Minimum Daily Balance of $15,000 or Linked To A Premier Plus Checking Account, Premier Platinum Checking Account, or Private Client Checking Account
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The Fine Print
Customers needing to replace their debit card can have it delivered via standard delivery free, if rush shipping is required there is a fee of $5. Requesting a stop payment fee for an ACH transfer at a branch location is $30 per request; customers can save themselves $5 by requesting it online. If an item that is deposited or chased is returned unpaid, the customers will have to pay a $12 fee. Customers can request additional copies of their statements to be picked up at a branch, mailed or faxed. There is a $6 fee per statement or customers can view and print their statements online free.
Both accounts have a $5 savings withdrawal limit fee for each transfer or withdrawal over six per statement period. This fee is waived for Plus savings accounts that have a balance over $15,000 at the time of each withdrawal. It should be noted that Federal laws limit certain types of withdrawals out of any savings account. The limit is six per statement period. Withdrawals at an ATM or in person at a branch are not subject to federal limits.
Current Interest Rates
At the time of this writing, Chase Savings accounts are earning 0.01% interest. Savings Plus accounts have a tiered interest rate structure. These accounts earn even higher interest when they are linked to any one of the following Chase checking accounts: Private Client, Premier Plus or Platinum. The higher interest rate is applied to the linked savings accounts throughout the next statement period. The chart below shows the tiered interest rate structure for standard and relationship savings.
| Balance |
Plus Standard Rates |
Plus Relationship Rates |
| $0 - $9,999 |
0.01% |
0.05%
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| $10,000 - $24,999 |
0.01% |
0.05%
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| $25,000 - $49,999 |
0.01% |
0.05%
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| $50,000 and higher |
0.05% |
0.10%
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Chase Savings Accounts Review Summary
Chase Bank's personal savings accounts offer neighborhood convenience to those who have a branch nearby. Although their Plus Savings account offers higher rates, they are not very attractive when you take into consideration the required minimum daily balance to avoid the monthly fee. These accounts are not recommended for those seeking long-term returns on their deposited funds as higher rates can be found elsewhere. However, these accounts are acceptable for those who need to keep a relatively low amount of accessible cash on hand for emergency purposes, especially if there is a branch location or ATM nearby.
Savvy investors, however, will prefer to invest elsewhere.
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