Chase is a good bank to open a savings account. The bank has more than 4700 branches in 49 states and Washington DC. Opening a savings account with Chase is quite easy.
Here is what you need to know though.
The interest rate on Chase savings accounts is 0.01% to 0.02% per month. This is the typical interest for most traditional big banks, so Chase bank is no exception. If the aim of opening a savings account with Chase is to save money and beat inflation, saving with Chase bank is not ideal for your financial goal.
You may want to read Where To Put Your Savings To Beat Inflation for other alternatives which will meet your end goals. So, what are the benefits of opening a Chase savings account then?
The benefits of opening a Chase savings account include access to its huge network branch and 15,000 ATMs. It is located in 49 states out of the 50 states in the United States. Besides these two, the bank is known to have excellent customer service too.
Different Types Of Savings Accounts At Chase
Chase offers two types of savings accounts: Chase Savings SM and Chase Premier Savings SM. Here is what to know about the Chase savings accounts below:
| Chase Savings SM | Chase Premier Savings SM |
|---|---|
| Interest rate is 0.01% | Interest rate is 0.02%. |
| Balance does not influence interest rate. | Higher balance will get you higher interest rates. |
| A monthly service fee of $5 or $0 | A monthly service fee of $25 or $0. |
| The monthly fee can be waived when you have $300 or more in this account. Or, when you are younger than 18. Or, have a Chase college checking account connected to this account. OR a linked Chase Premier Plus Checking℠, Chase Sapphire℠ Checking, or Chase Private Client Checking℠ account. You can read Opening A Chase Checking Account With Chase Bank for more information about Chase checking accounts. | Monthly fee is waived when you have a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account. Or, maintain a balance of $15,000 at the beginning of each day. |
As you can see, you do not have to pay the monthly fees on Chase saving accounts. So, what is the best savings account with Chase?
Well, the Chase savings account rates today rarely changes. If you are looking for savings accounts with higher interest rates, then the two savings accounts are not for you. Otherwise, the basic Chase Savings SM will serve your savings goal without causing you the inconvenience of monthly service fees. This is because the bank waives it.
Finally, I believe Chase bank could do better on its savings accounts though. There are banks which will not charge you at all, regardless of whether you have a premier savings account or not. This is especially the credit unions, or high-yield interest savings accounts offered by the newer online banks.
What You Need To Open A Chase Savings Account
The requirements to open a Chase savings account is not much. You only need a legal form of identification and social security information to open a bank account. By a legal form of identification, the following below will suffice:
- Your state’s driver’s license
- US tribal identification card
- US national passport
- US international passport
- Military ID
Any of these will suffice, as long as they have information which verifies your date of birth, address or identity. These are enough to open a savings account at Chase. In addition, you do not need a minimum deposit to open an account. Any amount you have will do.
Minimum Balance For Chase Savings Accounts
There is a minimum balance for each Chase savings account. As long as you do not fall below this minimum amount for Chase savings, the monthly fee for the savings account will be waived. There are different amounts for each savings type.
Here is what to know about the minimum balances.
The minimum for Chase Savings SM account is $300 or more. Your account needs to have this amount or higher by the beginning of each new day. Otherwise, you will be charged for having a Chase Savings SM account. Now, do you see why I said I hate this about Chase bank savings accounts, my good reader?
As for the Chase Premier account minimum balance, you only need $15,000 or higher at the beginning of each day. Also, any linked Chase Premier Plus Checking or Chase Sapphire Checking account will waive the monthly fee for you. In case of additional questions, please contact the bank.
Chase Savings Account Withdrawal Limits
As with most big traditional banks, Chase bank will only allow certain number of withdrawals per month. You are only allowed 6 monthly withdrawals from your savings account. Any additional withdrawals after this limit, will incur a charge of $5.
Please note this is not unusual with brick and mortar banks. Most banks have this policy. And, Chase bank is not an exception.
To conclude this article, I do not know whether I could bank with Chase. There are other great banks out there with better savings accounts. With the information here, it is left for you to decide whether your financial goals will be met with the two types of savings accounts offered by Chase bank.
For students in senior high school who wants to have an account with Chase bank account, it is totally free. Not only is there no monthly fee, but also the Chase High school checking account comes with a debit card, direct and withdrawal benefits. I highly recommend this for any senior high School student looking to get an account with Chase bank.
Opening A Chase Checking Account: A Complete Guide