Chase is the largest U.S. bank -- and one of the largest in the world. But for all its banking power and acumen, there's one thing Chase lacks: a high-yield savings account that can compete in today's high-rate environment.
The closest thing Chase has to a high-yield savings account is its Premier Savings. When this account is linked to a Chase Premier Plus Checking℠ or Chase Sapphire Checking account, its APY becomes a steady 0.02% on all balances. Without that relationship perk, however, the account reverts to Chase's standard savings rate of 0.01%. This is hundreds of times lower than the top rates on today's best savings accounts.
If you're storing wads of cash in a Chase account, that might make you wonder how much you could be missing out on. Well, when you start to crunch the numbers, it could be a lot.
The average American could be missing out on $400 per year
The median savings balance in 2022 was about $8,000, according to the latest survey of U.S. Family Finances by the Federal Reserve. That means if you save $8,000 in a Chase account with a 0.01% APY, you would earn $0.80 over 365 days.
Our Picks for the Best High-Yield Savings Accounts of 2024
Capital One 360 Performance Savings 
APY 4.25% Rate infoSee Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY)is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening. Open Account for Capital One 360 Performance Savings Member FDIC. | APY 4.25% Rate infoSee Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY)is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening. | Min. to earn $0 |
American Express® High Yield Savings
APY 4.25% Rate info4.25% annual percentage yield as of July 6, 2024 Open Account for American Express® High Yield Savings Member FDIC. | APY 4.25% Rate info4.25% annual percentage yield as of July 6, 2024 | Min. to earn $1 |
Citizens Access® Savings
Open Account for Citizens Access® Savings Member FDIC. | | Min. to earn $0.01 |
How does that compare to today's best high-yield savings account? It's a wide gap. For example, here's how much the same amount ($8,000) would yield in three of today's best savings accounts.
| Savings Account | APY | Return After 1 Year |
|---|
| NexBank High-Yield Savings Account from Raisin | 5.26% | $420.80 |
| UFB Secure Savings Account | 5.25% | $420 |
| LendingClub High-Yield Savings | 5.00% | $400 |
Data source: Individual banks' websites
Better yet, these three savings accounts are free and don't have any minimum balance requirements to earn the highest APY. The NexBank High-Yield Savings Account from Raisin and LendingClub High-Yield Savings also have low minimum opening deposits ($1 and $100 respectively), whereas the UFB Secure Savings Account doesn't have one at all.
Chase savings accounts, on the other hand, have waivable account fees. The fee for the Chase Savings℠ account is $5 monthly, and the fee for the Chase Premier Savings is $25. The Chase Private Client Savings doesn't have an account fee, but you'll need a Private Client Checking with a waivable monthly fee of $35 to open it.
When is a Chase savings account worth it?
A Chase savings account might be worth it if you want to use a brick-and-mortar financial institution. The benefit of banking with a national institution is that you're never far from a branch location. You can get in-person support from banking experts, withdraw or deposit cash with few hiccups, and get help with other products and services, like loans and mortgages.
Online-only savings accounts, which have the highest APYs, don't typically offer this level of in-person support. Since they're not paying overhead costs on building leasing and staff, they're able to offer higher APYs. It's a trade-off, but might be worth it if you're not interested in those additional services.
To be sure, you could combine high-yield savings accounts with a checking account that has branch access. For example, a free Capital One 360 Checking would give you access at Capital One Cafes, as well as the ability to deposit cash at CVS or Walgreens locations (I've done this before and it's very easy).
All things considered, if most of your savings is in a Chase savings account, take a look at other top-paying savings accounts to see how much you could earn. If you have $8,000 or more in savings, you could potentially add $400 to your balance by switching.
These savings accounts are FDIC insured and could earn you 11x your bank
Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.
FAQs
The Chase Savings account has a monthly fee of $5 monthly fee which can be waived with a minimum balance at the beginning of each day of $300 in the account, at least $25 in total Autosave or other repeating automatic transfers from a personal Chase checking account, a Chase College Checking℠ account linked to this ...
Why is Chase savings so bad? ›
Chase is a reputable bank and financial institution, and it has no minimum opening deposit. However, it offers less-than-stellar interest rates on savings accounts, and you can find significantly higher APYs from other banks and credit unions.
What is the minimum balance to avoid fees Chase savings? ›
Account details include:
$5 monthly service fee or $0 with one of the following, each monthly statement period: A balance at the beginning of each day of $300 or more in this account.
How much does Chase charge to take money out of savings? ›
The $5 fee is now charged on all withdrawals in excess of six each month for customers with a "Chase Savings" account. For customers with a "Chase Plus Savings" account, the fee is imposed for withdrawals in excess of six when the balance in the account is less than $15,000 at the time of the withdrawal.
Why was I charged a monthly service fee at Chase savings? ›
Chase Bank charges a $5 monthly fee on Chase Savings accounts. You can avoid the fee on your savings account if any one of the following requirements are met: Balance at the end of each day of at least $300 in your savings account.
How do I avoid the monthly service fee on Chase? ›
Service Fee: Chase Secure Checking has no Monthly Service Fee when you have electronic deposits made into this account totaling $250 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNowSM network, or (iii) third party ...
Is it bad to close Chase savings account? ›
Your credit score is not directly affected by your checking and savings account activity. That includes account closures. Checking and savings accounts are not considered credit accounts.
Is Chase safe for savings? ›
Is Chase safe? Chase is regulated by the Financial Conduct Authority (FCA) and customer deposits of up to £85,000 (£170,000 for joint accounts) are protected under the Financial Services Compensation Scheme (FSCS). This means, if Chase went out of business, the FSCS would step in to cover up to this threshold.
Which bank gives 7% interest on savings accounts? ›
Which bank gives 7% interest on a savings account? There are not any banks offering 7% interest on a savings account right now. However, two financial institutions are paying at least 7% APY on checking accounts: Landmark Credit Union Premium Checking Account, and OnPath Rewards High-Yield Checking.
Which bank has the best savings account? ›
Summary of Best High-Yield Savings Accounts of 2024
| Account | Annual Percentage Yield | Minimum Deposit Requirement |
|---|
| Laurel Road High Yield Savings® | 5.15% APY | $0 |
| Varo Savings Account | 3.00% to 5.00% APY | $0 |
| TAB Bank High Yield Savings | 5.02% APY | $0 |
| EverBank Performance℠ Savings | 5.05% APY | $0 |
7 more rowsWe charge a $34 Overdraft Fee per transaction during our nightly processing beginning with the first transaction that overdraws your account balance by more than $50 (maximum of 3 fees per business day, for a total of $102).
What is the difference between Chase savings and Chase Premier savings? ›
Chase Bank Savings Account Rates
Chase Savings℠ is a straightforward savings account that pays 0.01% APY. The Chase Premier Savings℠ Account pays 0.01% to 0.02% APY. Learn about the tiered savings rate for the Chase Premier Savings℠ Account, below.
Can I withdraw all my money from my Chase savings account? ›
You can also withdraw funds from a savings account for any reason, large or small. Typical features of traditional savings accounts include: Earned interest. Access to branches.
Why can't I withdraw money from my savings account? ›
Confirm you have enough money in savings to cover the amount you wish to withdraw. Writing a check for an amount exceeding your account balance can result in overdraft fees or a bounced check. Review your withdrawal limits. Many banks limit the frequency of savings withdrawals to six per month.
Can I move money from my savings account to my checking account Chase? ›
Tap 'Move money' Choose which accounts you want to move money between, how much you want to move and add a reference if you want to. You can also tap 'Schedule this payment' to pay it later or make it a regular payment. Tap 'Next' to check the details, and then move your money.
What is the minimum balance for a Chase account? ›
Chase Total Checking®
Monthly fee: $12; to waive, meet a minimum balance requirement of $1,500 at the beginning of each day or have at least $500 in monthly direct deposits or keep at least $5,000 across Chase accounts. Minimum opening deposit: $0. Interest on balances: No.
Why did Chase charge me a $12 service fee? ›
Chase Total Checking
Enjoy the same banking benefits you're used to, plus Chase Overdraft Assist℠. There's a $12 Monthly Service Fee that you can avoid with qualifying direct deposits or by meeting certain balance requirements each statement period.
What is the minimum balance in Chase Premier savings? ›
Account details include:
$25 monthly service fee or $0 with one of the following each monthly statement period: A balance at the beginning of each day of $15,000 or more in this account. OR when linked to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account.
What is the minimum amount I need to have in my checking account every month at Wells Fargo? ›
You can avoid the monthly service fee with one of the following each fee period: $500 minimum daily balance. $500 or more in total qualifying electronic deposits. The primary account owner is 17 - 24 years old.
