Chase Bank Review

Chase Bank Savings

0.01% APY

While Chase is a big bank, it doesn’t offer big interest rates for savings account holders. In fact, it offers some of the lowest-earning interest rates in the industry. To snag Chase’s highest rates, you’ll need to open a long-term CD or link two accounts together to earn relationship rates. You may also need to have the highest account balance to earn at a better rate, as Chase structures its APYs to reward those with larger accounts.

The Sapphire Checking account is perhaps the most unique offering at Chase. It features a solid checking account that earns interest, waives all ATM fees, has no wire transfer fees and also provides access to an Invest by J.P. Morgan investment account. In addition, the bank offers Sapphire Checking account holders specials on tickets to concerts and sports games, as well as access to banking, mortgage and small business specialists.

If you’re looking for high-yield savings accounts, Chase likely isn’t the bank for you, as it does not offer competitive interest rates. However, the bank does offer a ton of account perks and features that make banking in the modern world much easier. These include an easily navigable website and mobile app where you can pay bills, make quick transfers and deposit checks.

Financial advisors are known for their knowledge of investing, retirement planning, tax planning and more. However, many of the advisors in today's landscape can also help with banking, as your bank account choices often have a significant impact on your short- and long-term financial plans. If you're unsure of whether Chase or any other bank is the right choice for you, consider consulting with a financial advisor in your area.

Chase Bank Interest Rate Comparison

Chase Bank Overview

Chase doesn’t just offer bank accounts and credit cards. In fact, you can also get business loans, mortgages, investment advice and more with the institution. Plus, it’s easy to take advantage of the many offerings with the thousands of branches and online access. Chase also provides 24/7 customer service for late-night account management questions or concerns.

Save more with these rates that beat the National Average

• Savings & MMAs
• CDs

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Chase Bank Savings Overview

All Chase savings accounts come with a few different perks. For starters, you have easy and convenient access to online and mobile banking, where you can manage your money. You can even deposit checks from your smartphone app. You also have the ability to setup the automatic savings program which makes a recurring deposit into your savings account from your checking account, making saving easier. Your checking account habits will also be kept in check with overdraft services by linking your savings and checking accounts together.

Chase Bank Savings Account: Chase Savings and Chase Premier Savings

Chase Bank offers two basic savings accounts, the Chase Savings and Chase Premier Savings accounts. The Chase Savings account is the more standard of the two, without any extra perks. It also earns at the lowest APY no matter your account balance. There is a low monthly fee to hold the account. However, you can easily waive that fee by either maintaining a minimum daily balance of $300, having at least $25 in repeating automatic transfers or Autosave, having an account owner younger than 18 years old or linking the account to a Chase Premier Plus Checking account, Chase Sapphire Checking account or Chase Private Client Checking account.

The Chase Premier Savings account offers opportunities to earn at higher rates. First, you can earn “relationship rates” by linking your savings account to either a Chase Premier Plus Checking account or Chase Sapphire Checking account. Whichever account you link must have at least five customer-initiated transactions per statement period. Then once you’ve linked an account, a higher account balance can get you higher interest rates.

The Premier Savings account does come with a higher, $25 monthly fee which you can waive in a couple of different ways. First, the fee will be waived if you maintain a minimum daily balance of at least $15,000. Second, it will also be waived if you link to a Chase Premier Plus Checking or Chase Sapphire Checking account.

Both accounts are limited to six outgoing transactions per statement cycle per federal law. However, this doesn’t apply to transactions you make at a branch or at an ATM. Each transaction you make over that limit will incur a $5 fee. You can waive this fee when you have a balance of at least $15,000 in a Chase Premier Savings account when you make the transaction. If you go over the limit too often, Chase may convert your account to a Chase Total Checking account.

Chase Bank Certificates of Deposit (CDs) 

Chase CDs come in a variety of term lengths from 1 month to 120 months. This allows you to save with Chase for both the long term and the short term, whichever fits your financial situation. Regardless of the term length you choose, your funds are guaranteed to grow at the same rate.

You stand to benefit more when you link your Chase CD to a Chase personal checking account. Without this account relationship, your CD will earn at standard rates at all balance tiers. However, when you link a checking account, you can earn at higher relationship rates. Relationship rates also unlock different balance tiers. So the higher your account balance, the higher the rate.

If you would like to open a CD with an initial deposit greater than $100,000, you will need to visit a Chase branch.

Chase Bank Checking Accounts: Chase Total Checking, Chase Premier Plus Checking and Chase Sapphire Checking

Chase offers a few different checking accounts, each one adding various features to the basic Chase checking account perks. These given perks include a Chase debit card enabled with chip technology, thousands of ATMs, thousands of branches, Chase DepositFriendly ATMs and online and mobile banking.

The Chase Total Checking® account is your everyday checking account. This allows you to simply deposit money into the account and access it later online or with your debit card or mobile phone. There is no minimum deposit requirement, as well as a $12 monthly fee. However, you can waive the monthly fee with direct deposits of at least $500 each statement cycle, a minimum daily balance of at least $1,500 or an average daily balance of at least $5,000 between this account and linked qualifying deposits/investments.

The Chase Premier Plus Checking account comes with all the features of a Total Checking® account, and then some. For starters, your account balance can earn interest no matter its size. You also gain free access to Chase checks, your first four non-Chase ATM transactions, a 3x5 inch safety deposit box, money orders, cashier’s checks and counter checks. To gain further perks, you can link this account with another Chase deposits account. Then you can waive the $25 monthly service fee on up to two additional personal Chase checking accounts (except Chase Sapphire Checking and Chase Private Client Checking), the monthly service fee on Chase personal savings accounts (except Chase Private Client Savings) and the monthly service fee on the Chase Liquid Card.

The Chase Sapphire Checking account also earns interest on your balance. You will need a much higher $75,000 average daily balance to waive the account's $25 monthly fee, making this a better choice for people with more funds. Having a Sapphire Checking account gives you access to the perks of the previous two accounts, including the waiving of all ATM fees regardless of where in the world you incur them. You also get to dodge the fees for debit card replacements, insufficient funds and returned items, extended overdrafts, deposited item returns or cashed check returns, stop payments, incoming wire transfers, statement copies, counter checks, money orders and cashier’s checks.

The Chase Sapphire Checking account also gives you access to a free Invest by J.P. Morgan brokerage account. There's no minimum needed to open the account, and all online stock and exchange-traded fund (ETF) trades are completely commission-free. There are also other types of investment available, including fixed-income securities, mutual funds and more. If you're new to investing, consider speaking with a financial advisor before you choose your investments.

Chase Bank Student Checking Accounts: Chase High School Checking and Chase College Checking Accounts

The final two checking accounts are tailored for high school students and college students, respectively. The Chase High School Checking account is made for students 13 to 17 years old to co-own with a parent or guardian. The adult must already have a qualifying Chase checking account of their own. When the student turns 19, the account will convert to a Chase Total Checking® account.

The Chase College Checking account is for college students 17 to 24 years old with proof of student status.

Neither of these accounts include anything out of the ordinary. Rather, they’re meant to help students manage their money in a more accessible way. Like the previous three checking accounts, the student accounts include a debit card with chip technology, access to thousands of branches, normal ATMs and Chase DepositFriendly ATMs. You will need to contact a banker directly to open a student checking account.

Where Can I Find Chase Bank?

You can find the bank online at its website, on your mobile device, at one of its 16,000 ATMs or at one of its over 4,700 physical branches worldwide. To find the closest physical location, you can use the location finder on the website by clicking “ATM & branch” and entering your location. The bank's physical locations are limited to 26 states, however, seen in the map above.

What Can You Do Online With Chase Bank?

You can do just about anything you need to do banking-wise online with Chase Bank. You can learn about its many account offerings, open accounts, manage your accounts and more. Even non-customers can access Chase’s financial tools.

Once you have an account, or accounts, you’ll be able to sign in and manage those accounts online. If you do have multiple accounts, you can manage them all with one login.

How Do I Access My Money?

You can easily access your money online, on the mobile app, at a branch or at an ATM. Online, you have access to a thorough dashboard, which is shown here. There, you can make transfers, transactions and simply check on your balances. You can do the same on mobile. Plus, you can deposit checks with your camera on your smartphone.

To make transfers, whether sending or requesting money, you use Chase QuickPay® with Zelle. This is a safe and secure money transfer service. You can even send and receive money from people with non-Chase bank accounts.

How Can I Save More Money With a Chase Bank Account?

You can save more money with a long-term CD account. These accounts, with the relationship rate boost, earn at the highest interest rates of the bank’s savings options. Other than that, however, the bank’s rates don’t really compete with other institutions’ rates.

You can potentially save on monthly fees though. Most accounts do come with a monthly maintenance fee. However, each fee can be waived in a number of ways depending on the specific account.

What’s the Process for Opening an Account With Chase Bank?

For starters, you will have to enter your zip code on the bank’s website to find the most accurate list of accounts available to you. To open any of the above banking accounts, you can simply click an “Open Account” button for the account of your choice. As shown here, you’ll then have to provide personal information that includes your Social Security number, driver’s license or state-issued ID, address and phone number. You will also have to make your opening deposit at the time with a debit or check card or funds from an existing checking or savings account (whether with Chase or not).

What’s the Catch? 

The catch of banking with Chase is that although you gain access to a number of different perks, your money does not grow at the highest rates available. In fact, the bank offers some of the lowest rates, especially for its basic savings accounts. If you’re looking for a savings account that can grow your money in no time, this isn’t the bank for you.

Bottom Line

Chase is a well-known name in the financial industry. This allows the bank to offer a wide variety of products from certificates of deposit to mortgages. However, when it comes to banking, you can find better offers elsewhere. If you’d like to keep your accounts linked and with one institution, however, Chase may be a good fit for you.