A Chase savings account works well if you keep a high balance or use Chase's other services, but the interest rate is low and monthly fees are common
Chase offers three main savings accounts: the basic savings account, the Premier Savings account, and the Chase Secure Savings account. The basic account charges a $5 monthly maintenance fee unless you maintain a $300 minimum balance. The Premier account requires $10,000 to waive its $25 monthly fee. The Secure Savings account is designed for people building credit and has no monthly fee, but you cannot withdraw money freely—it functions more like a locked savings product.
The real cost of a Chase savings account is the interest rate. As of now, Chase pays around 0.01% annual percentage yield (APY) on basic savings, which means $100 in the account earns roughly $0.10 per year. That rate changes, but Chase historically lags behind online banks and credit unions, which often pay 4% to 5% APY on savings accounts. If you have $10,000 saved, you would earn about $10 per year at Chase versus $400 to $500 at a high-yield savings account elsewhere.
A Chase savings account makes sense if you already bank with Chase and want to keep everything in one place, or if you use Chase checking and can link the accounts to avoid fees. It does not make sense as a place to park money you are trying to grow.
Key Takeaways
- Chase savings accounts charge $5 to $25 per month in maintenance fees unless you meet minimum balance requirements ($300 to $10,000 depending on the account type).
- Interest rates on Chase savings accounts are significantly lower than online banks and credit unions, typically around 0.01% APY versus 4% to 5% elsewhere.
- The basic savings account is the lowest barrier to entry but still requires a $300 minimum balance to avoid the $5 monthly fee.
- A Chase savings account is most useful if you already have a Chase checking account and want to keep your money in one place, not if your goal is to earn interest.
How Chase savings account fees work
Chase charges a monthly maintenance fee on all savings accounts except the Secure Savings account. The basic savings account charges $5 per month, but the fee is waived if you keep at least $300 in the account at all times. This means if your balance drops to $299 on any day of the month, you pay the fee for that month.
The Premier Savings account charges $25 per month and requires a $10,000 minimum balance to waive the fee. This account is aimed at people with substantial savings and offers no additional features beyond the higher balance requirement. Many customers find the fee structure punitive: if you are trying to save money, being charged $5 to $25 per month for the privilege of saving with Chase defeats the purpose.
You can avoid fees by linking your Chase savings account to a Chase checking account. Some checking accounts waive the savings account fee if you maintain a direct deposit or keep a certain balance in checking. Read the specific terms of your checking account to see whether it includes this benefit.
Interest rates compared to other banks
Chase savings accounts earn interest, but the rate is far below what you can find elsewhere. The current rate on basic Chase savings is around 0.01% APY. Online banks like Marcus, Ally, and American Express Personal Savings typically pay 4% to 5% APY. Credit unions often offer rates in the same range. The difference compounds over time.
If you have $5,000 in savings, here is what you would earn in one year at different rates:
| Bank or Account Type | APY | Annual Earnings on $5,000 |
|---|---|---|
| Chase Basic Savings | 0.01% | $0.50 |
| Online Bank (typical) | 4.5% | $225 |
| Credit Union (typical) | 4.0% | $200 |
Chase's rate is not a penalty—it reflects that Chase is a large retail bank with physical branches, which costs more to operate. But if earning interest on your savings matters to you, Chase is not the right choice. If you are only keeping money there temporarily or as a buffer, the low rate is less of a concern.
When a Chase savings account makes sense
A Chase savings account is practical if you already have a Chase checking account and want to move money between accounts instantly without fees. Chase's mobile app and online banking are straightforward, and transfers between your own accounts are immediate. If you use Chase's bill pay, debit card, and other services, adding a savings account keeps your financial life in one place.
The account also works if you need a savings account primarily for safety and organization, not for growth. Some people use a savings account as a holding tank for money they plan to spend in the next few months—a car repair fund, a vacation fund, or an emergency buffer. In that case, the low interest rate matters less because the money is not sitting there long-term.
The Secure Savings account is worth considering only if you are building credit and have no other options. It requires a deposit (usually $500 to $25,000) that you cannot touch, and Chase reports your account to credit bureaus. It is not a savings tool; it is a credit-building tool with a savings account wrapper.
When to use a different bank instead
If your goal is to save money and earn interest, open a high-yield savings account at an online bank or credit union instead. You will earn 4% to 5% APY with no monthly fees. Online banks like Marcus, Ally, and American Express have no minimum balance requirements and no maintenance fees. Your money is still insured by the FDIC (or NCUA for credit unions) up to $250,000, so safety is the same as Chase.
The only downside to an online bank is that deposits and withdrawals take one to three business days if you are moving money to or from an external account. If you need instant access to cash, keep a small emergency fund in your Chase checking account and put the rest in a high-yield savings account elsewhere.
If you are a Chase customer primarily because of their branch network or because your employer uses Chase for payroll, you can still open a savings account at another bank. There is no rule that says your savings account has to be at the same bank as your checking account. Many people keep checking at one bank and savings at another to take advantage of better rates.
How to avoid Chase savings account fees
The simplest way to avoid the $5 monthly fee on the basic savings account is to keep $300 in it at all times. Set up a small automatic transfer from checking to savings each month if you struggle to maintain the balance. Once you hit $300, the fee stops.
If you have a Chase checking account, check whether your checking account agreement waives the savings fee. Some Chase checking accounts (particularly premium or business accounts) include savings fee waivers as a benefit. Call Chase or log into your account to confirm.
If you cannot maintain the minimum balance and your checking account does not waive the fee, close the savings account and open one at an online bank instead. Paying $5 per month ($60 per year) to earn $0.50 in interest is a net loss of $59.50.
Frequently Asked Questions
Can I withdraw money from a Chase savings account anytime?
Yes, on the basic and Premier savings accounts. Federal law used to limit savings withdrawals to six per month, but that rule was removed in 2020. You can withdraw as often as you want, though some transfers to external accounts take one to three business days. The Secure Savings account is different—you cannot withdraw the deposit until the account matures, which is why it is not a true savings account.
Is my money safe in a Chase savings account?
Yes. Chase is FDIC-insured, which means deposits up to $250,000 are protected if the bank fails. Your money is as safe at Chase as at any other FDIC-insured bank. Safety is not a reason to choose or avoid Chase; the difference is in fees and interest rates.
What is the minimum deposit to open a Chase savings account?
Chase requires $25 to open a basic savings account. The Premier Savings account requires $10,000. The Secure Savings account requires a deposit that varies by product, typically $500 to $25,000. The opening deposit is separate from the minimum balance needed to avoid monthly fees.
Can I have multiple Chase savings accounts?
Yes. You can open multiple savings accounts at Chase and use them for different goals (emergency fund, vacation fund, down payment fund). Each account is subject to the same fee structure, so you would need to maintain the minimum balance in each one or pay fees on each.
Should I move my money from Chase savings to an online bank?
If you have money sitting in a Chase savings account and are not using it in the next few months, moving it to a high-yield savings account will earn you significantly more interest with no fees. The transfer takes a few days, but once it is done, your money works harder for you. Keep only an emergency buffer or short-term spending fund at Chase if you want the convenience of instant transfers.