Business Insider's personal finance team compared Chase savings accounts with the best high-yield savings accounts and found them in need of improvement. Both accounts offer interest that's significantly lower than the national average, and both accounts charge monthly service fees, although they are at least waivable.
Chase is one of the best banks, notably because it has a large branch network and a variety of bank accounts. That being said, its savings accounts don't offer high interest rates — even other brick-and-mortar banks offer accounts with higher rates.
The bank has two savings accounts: Chase Savings℠ and the Chase Premier Savings℠ Account. If you're specifically looking to open a savings account, see how these savings rates compare to other options below.
Compare Chase Savings Rates
- Chase Savings℠: 0.01% APY
- Chase Premier Savings℠ Account: 0.01% to 0.02% APY
Current Chase Savings Rates
Chase Savings Account
Chase Savings℠ is a straightforward savings account that pays 0.01% APY. This is slightly lower than what the Chase Premier Savings℠ Account offers, but both accounts offer interest rates significantly below the average savings rate.
Chase Premier Savings Account
Chase Premier Savings℠ Account pays 0.01% to 0.02% APY. While higher than Chase Savings℠, this is still a pretty low rate compared to online bank and credit union rates, and you'll need to meet requirements to get the top rate. Here's how it works:
To obtain a relationship rate on the account, you must link Chase Premier Plus Checking℠ or Chase Sapphire℠ Banking, and make five debit card transactions per month.
| Account Tier | APY |
| Chase Premier Savings standard rate | 0.01% |
| Chase Premier Savings relationship rate | 0.02% |
Overview of Chase Savings Accounts
How Chase Savings Accounts Work
To open a savings account with Chase, you can either go into a branch, call customer service, or fill out an application online. The bank doesn't charge minimum opening deposits, so you won't need to link another bank account to open an account, but you will need to provide some personal information, such as your Social Security number or individual taxpayer identification number and your physical address.
You'll need to be mindful of monthly service fees, out-of-network ATM fees, and overdraft fees at the bank. Depending on the checking account you have, you might be able to waive certain fees. That said, other banks make it easier to avoid common bank fees entirely. For example, some banks have eliminated overdraft fees and do not charge ATM fees if you use an outside provider.
If you'd rather avoid monthly bank maintenance fees entirely, other banks are more suitable for you. The best online banks have free savings accounts that do not charge most common bank fees.
Chase Savings℠'s interest rate is slightly lower than what the Chase Premier Savings℠ Account offers, but its $5 monthly service fee is lower and easier to waive.
You'll need to meet one of the following requirements each month to avoid the fee: maintain a $300 balance, automatically transfer $25 each month from your Chase checking account, link to Chase College Checking for overdraft protection, or link to a qualifying Chase checking account. If you're under the age of 18, the fee will be waived for you automatically.
The Chase Premier Savings℠ Account has a $25 monthly service fee, which is pretty high. To waive the monthly bank maintenance fee, you must keep $15,000 or more in the account daily, or link a qualifying Chase checking account.
If you don't qualify to waive monthly service fees, you're better off going with the regular Chase Savings℠ account.
Chase Savings User Experience and Accessibility
Chase has one of the best mobile banking apps. The bank's mobile app has received 4.8 out of 5 stars in the Apple store and 4.4 out of 5 stars in the Google Play store.
You can also bank on your computer or phone using Chase's website. You'll be able to check the balances of all your bank accounts, transfer money, and pay bills on the website, among other things. Keep in mind, though, that the website doesn't have all of the features that the mobile app does. For example, you won't be able to access the bank's digital assistant through the website.
You can talk to a Chase customer service representative by phone or at a branch. This bank will stand out to you if you want a robust branch network. The bank has over 4,700 branches throughout the continental U.S. It doesn't offer 24/7 customer service. Hours vary depending on where you live, but most branches are open during weekdays from 9 a.m. to 5 p.m. for each time zone.
Chase Savings Security
Chase is a long-running bank with good ratings from Moody's, Fitch, and Bauer Financial.
The bank is FDIC-insured, so your money is safe in your savings account up to $250,000 per individual account and $500,000 per joint bank account. It also encrypts your personal information and monitors your accounts for fraud.
Chase Savings Rates Pros and Cons
Chase Savings Rates Pros
- Large national branch and ATM network
- Low minimum opening deposits on savings accounts
- Possible to waive monthly service fees on savings accounts
Chase Savings Rates Cons
- Low APY on savings accounts
- Monthly service fees on savings account
Chase Bank Savings Account Alternatives
Featured Nationally Available High-Yield Savings Account
Open a new bank account or cash management account and earn best-in-class rates.
| Account Name | APYs (Annual Percentage Yields) are accurate as of 03/27/2025 | Minimum Account Opening Balance |
| Axos ONE Savings and Checking Bundle | up to 4.86%* | $0 |
| LendingClub LevelUp Savings Account | up to 4.40%** | $0 |
| Western Alliance Bank High Yield Savings Account | 4.25% APY. Plus, new customers can earn $250 with code GET250 at sign-up. | $1 to open an account. $25,000 minimum to earn new customer bonus. |
| CIT Bank Platinum Savings | 4.10% (with $5,000 minimum balance) and a one-time bonus of up to $300 with use of the code PS2025*** | $100 |
Chase Savings vs. Bank of America Savings
Both Chase and Bank of America savings rates are low overall: the former offers 0.01% to 0.02% APY, while the latter offers a slightly higher 0.01% to 0.04% APY on its standard savings account. Each offers multiple ways to waive monthly fees — but if you don't qualify to waive the fee at either bank, you may prefer Chase. Chase charges $5 monthly service fee on Chase Savings℠, while Bank of America charges $8 monthly service fee on the Bank of America Advantage Savings Account.
You can earn cash-back rewards with Bank of America when you have a savings account, but Chase has automatic savings tools. You must opt into any of these services, so you don't have to use them if you don't want to.
Chase Savings vs. Wells Fargo Savings
Chase and Wells Fargo savings accounts have a similar structure. Both standard savings accounts have a $5 monthly service fee (with options to waive) and pay low interest rates on savings accounts. Wells Fargo offers 0.01% APY, so neither bank offers great interest rates. Choosing between these two bank accounts will likely depend on minor preferences between accounts.
Chase doesn't require a minimum opening deposit and makes it easier to waive the $5 monthly service fee. Meanwhile, Wells Fargo has a feature called Save As You Go®, which transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card.
Chase Specialty Accounts
Chase doesn't offer any specialty accounts for savings, but it does offer specialty checking accounts.
Chase has three teen checking accounts: the Chase First Banking℠ Account, Chase High School Checking, and Chase College Checking℠. Each of these three accounts is focused on different age groups, and they come with different perks and requirements.
If you have a child, these checking accounts can be a good choice to start teaching your child about banking and how to budget.
Chase Savings vs. Chase CDs
Certificates of deposit are a type of federally-insured bank account that offers fixed interest, as opposed to the variable interest rates savings accounts offer. This means you'll be locked into the same interest rate for the CD's entire term length. In exchange, you won't be able to withdraw money before the end of the term length without paying heavy early withdrawal penalties.
Depending on the term length and whether you qualify for relationship rates, Chase CD rates can range from 0.01% to 4.00% (vary by location) APY. This means you can get a significantly higher interest rate from a Chase CD than from a savings account. If you don't mind losing access to your funds, this could be a good choice for you.
However, keep in mind that the best CD rates are a little higher than what Chase offers.
Is a Chase Savings Account Right for You?
Chase savings accounts are best for people who prefer a traditional banking experience and want to use multiple products. Your choice between the bank's savings accounts will likely depend on which monthly service fees you can waive. There are also more distinctions between the bank's checking accounts, so your top pick among those accounts can also influence your decision.
If you want to earn a significantly better rate, try the best high-yield savings accounts instead. Chase has lackluster savings rates compared to other banks.
Why You Should Trust Us: How We Review Chase Savings Accounts
We rate bank accounts on a scale from one to five stars. For our Chase Savings Account review, we used our bank account methodology which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, miscellaneous features, and ethics and security of the company.
We weigh some categories, such as monthly service fees or interest rates, heavier than others because they have a larger impact on your banking experience.
Chase Savings Account FAQs
What savings accounts does Chase offer?
Chase offers two savings accounts: the Chase Savings℠ account, which pays 0.01% APY with a $5 monthly service fee, and the Chase Premier Savings℠ Account, which offers 0.01% to 0.02% APY with a $25 monthly service fee. Both monthly service fees can be waived, although it's easier to waive the Chase Savings℠ fee.
What interest rates do Chase savings accounts offer?
Chase Savings℠ offers a current rate of 0.01% APY, and Chase Premier Savings℠ Account pays a current rate of 0.01% to 0.02% APY.
How do I open a Chase savings account?
You can open a Chase savings account online, in person at a physical branch, or over the phone. You'll need to provide personal information like your Social Security number or individual taxpayer identification number and your physical address.
Are there any fees associated with Chase savings accounts?
There are several fees associated with Chase savings accounts, including monthly service fees, overdraft fees, and out-of-network ATM fees. Fees can be waived if you meet certain criteria within your account, are part of a specific age group, or have an eligible Chase checking account.
Are Chase savings accounts secure?
Chase savings accounts are secure because they're FDIC-insured, up to $250,000 for an individual account or $500,000 for a joint account. The bank also encrypts your personal information and monitors accounts for fraud.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
*Axos ONE Savings and Checking Bundle: Earn 4.86% APY on your savings account balance and 0.51% APY on yoaur checking account balance by getting at least $1,500 in monthly direct deposits by the 25th of each month and by maintaining an average daily balance of $1,500. If you don't meet those requirements, you'll earn 1.00% APY on savings account balances and no interest on checking account balances.
**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
***CIT Bank Platinum Savings: Transfer a one-time deposit of $50,000+ for a Bonus of $300 or a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225
****SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
*****Public High-Yield Bonds: All investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. This is not a recommendation or offer to buy/sell securities or engage in any investment strategy. Brokerage services for treasuries in a Treasury Account and US-listed securities, options, and bonds in a self-directed brokerage account are offered by Open to the Public Investing, member FINRA & SIPC. Public Advisors and Public Investing are affiliates. Self-directed Individual Retirement Accounts and Bond Accounts are offered by Public Investing. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 3/13/2025. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not "locked in" until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The "locked in" YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See Public's fee schedule for more information. https://public.com/disclosures/fee-schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more. https://public.com/disclosures.
