Chase Bank Savings Account Interest Rate and Fees: Compare & Apply Today
Chase Bank is an American national bank that operates mainly from Manhattan, New York City. The Bank, which most people know as Chase, is a subsidiary of the U.S holding company’s multinational banking and financial services, JPMorgan Chase. You can open various types of accounts with the bank. With a savings account, you can save for your plans. Chase Bank savings account interest rates are a bit nice, and you can earn 0.01% APY.
Nationwide, Chase has more than 4,700 branches distributed in various states. It also has about 16,000 ATMs where customers can withdraw money using their credit, debit, or prepaid cards. The Bank is one of the largest banking institutions companies in the U.S. and occupies position one among the largest banks in the U.S. The Bank of America; Citigroup and Wells Fargo follow closely occupy numbers 1,2, and 3, respectively.
Chase has a long history when it comes to banking services. It took the name ‘The Bank of The Manhattan Company’ from 1799 up to 1955 when it merged with the Chase National Bank to form the Chase Manhattan Bank. The bank became even more extensive. Later in 1985, the bank merged with the Chemical Bank of New York. In 2000, it acquired the J.P. Morgan & Co. to form now the JPMorgan Chase Bank.
How do I open a Chase Bank savings account?
As I had indicated below, Chase bank is one of the best banks you can use to open an account for your savings to fund your plans. To open an account with Chase Morgan, you first need to obtain the requirements. These include;
- At least two kinds of government photo identification, such as a driver’s license, Government identity card, or passport
- Social security number (SSN) or individual taxpayer identification number
- Address information.
- Your contact details which are your name and phone number
- Proof of enrollment in an eligible institution for student applicants these include student ID or an acceptance letter.
Once you have all the above information with you, you can then apply for a savings account. The first step is choosing a bank Since Chase is a national bank with branches nationwide; you can select the most suitable bank depending on location and your transactions’ nature. Chase bank has different routing numbers depending on location.
The next thing is to confirm whether you are eligible to hold an account. Remember that only people of 18 years and above can have bank accounts. If you want a joint account, all of you must be at least 18 years and must be present during the account opening. People below 18 years can open their accounts under their parents and guardians.
After that, you can visit your favorite branch and open an account. Chase also allows you to open an account online by visiting the Chase website. Fill in all the necessary information and submit. Remember to choose a savings account as the preferred type of account. One can open a checking account as well.
The last step is to add money to your account. Even though Chase does not require you to deposit money immediately, you should fund your account within 60 days of account opening.
Which is the Chase saving account options?
Chase Bank has two types of Savings accounts. These include;
- Chase Savings
- Chase Premier Savings
- Certificates of Deposit
i) Chase Savings
Chase Savings account is the most popular savings account. It charges $5 per month as the maintenance fee. You can also waive the fees;
- If you have $300 as the balance at the beginning of each day
- If you have $25 or more autosave or even other repeating automatic transfer to your account
- If you have a Chase College Checking account linking to your savings account for Overdraft Protection.
- If you are below 18 years, or
- If you have a linked Chase Better Banking ® Checking, Chase Premier plus Checking, Chase Sapphire Checking, Chase Premier Checking, or Chase Private Client Checking account.
The account gives you an interest rate of 0.01% on any balance in your account. Chase compounds interests every month to give a new figure. The rates are effective for 03/10/2021 and can change according to financial situations, which may reduce your earnings. If you want to earn higher amounts of money as interest, make sure you save considerable amounts.
It is crucial to note that all withdrawals and transfers with this type of account attract a $5. It applies whether at an ATM or within bank transactions.
What are the advantages of the Chase Savings account?
The Chase Savings account has various features that make it popular than the Chase Premier Savings. These include;
- Earns interest
- Has an Automatic Savings Program
- Offers both online and mobile banking services via the Chase Mobile App
- Has account alerts
- Access to over 16,000 ATMs and more than 4,700 physical branches
- Has FDIC insurance protection
ii) Chase Premier Savings
This account has a monthly fee of $25. You can benefit from $0 monthly fees if you have a balance of $15,000 at the beginning of each day. Also, you can qualify for zero monthly fees if your account has a linked Chase Sapphire Checking or Chase Premier plus Checking.
The two options help you to save a lot of money annually. You can imagine a monthly fee of $25 for twelve months! That’s a lot of money. The good thing with this account is the high APYs that keep increasing with the amount of money you save. All are evident in the table below.
|Premier Relationship Rates||Premier Standard Rates|
|BALANCE||INTEREST RATE||ANNUAL PERCENTAGE YIELD||INTEREST RATE||ANNUAL PERCENTAGE YIELD|
|$0 – $9,999||0.02%||0.02%||0.01%||0.01%|
|$10,000 – $24,999||0.02%||0.02%||0.01%||0.01%|
|$25,000 – $49,999||0.02%||0.02%||0.01%||0.01%|
|$50,000 – $99,999||0.03%||0.03%||0.01%||0.01%|
|$100,000 – $249,999||0.04%||0.04%||0.01%||0.01%|
|$250,000 – $499,999||0.05%||0.05%||0.01%||0.01%|
|$500,000 – $999,999||0.05%||0.05%||0.01%||0.01%|
|$1,000,000 – $4,999,999||0.05%||0.05%||0.01%||0.01%|
|$5,000,000 – $9,999,999||0.05%||0.05%||0.01%||0.01%|
Looking keenly at the table, you can see that it is such a beneficial account for big savers, and more so if you try to avoid the monthly fee. For you to earn Premier relationship rates, you have to Link the account to a Chase Sapphire Checking account or Chase Premier Plus Checking and make at least five customer-initiated transactions in a monthly statement period using your linked checking account.
Just like a Chase Savings account, Chase compounds Chase Premier Savings account’s interest rates every month. The rates are effective for 03/10/2021 and are subject to change, of which your earnings may change as well. You can now weigh on the two types of savings accounts and see the best for your savings plan.
iii) Certificates of Deposit
Chase bank also offers Certificates of Deposit accounts to those eligible. A Certificates of Deposit is a type of account whereby a bank allows you to save money for a specified period with a specific interest rate. You can decide to open an account to save for a plan to come in a five-year time. Usually, money in a CD account stays locked until the intended date of use.
CD accounts do not allow you to add or deduct money from your account before the exact time. Interestingly, the savings attract a higher interest rate than the ordinary savings accounts. Chase CD allows you to save for as little as one month or even for 120 months.
If you are using the Chase online banking platform, you can view your CD results together with your other accounts (checking or saving). Another interesting thing with CD accounts is that they have low risks. Unlike in a savings account, the CD account interest rate does not change.
You can earn more money if you save more. Above all, it is easy to predict growth since the interest rate is not affected by market conditions. The money has FDIC coverage, and thus there is no need to worry in case Chase collapses.
How to open a Chase CD account
There are no many complications in getting a CD account with Chase, especially if you are already a customer. You need;
- Chase checking account to get a CD relationship rate to apply online.
- Have the full amount of money to save in your CD at the time of account opening. Make sure that the money is in your account.
- Proceed to Open a CD account section on your device and follow instructions.
The lowest amount you can deposit in a CD account is $1,000. Banks use the daily balance method to calculate your CD interest. The interest rates take effect the day you deposit your money. Chase calculates interest on a 365 basis, while others can calculate on a 360-day basis. If you have CD savings of more than a year, the Bank pays your interest annually.
You also need to understand that there are penalties for withdrawing money before the maturity date. The bank deducts a penalty on the principal amount. The following table shows how you can earn from a CD account over time, depending on the amount of money you save.
|CD TERM||$0 – $9,999.99||$10K – $24,999.99||$25K – $49,999.99||$50K – $99,999.99||$100K – $249,999.99||$250K+|
Can you get a loan with a savings account at Chase Bank?
If you have a credit card on your Chase Account and have good scores, you can take advantage of that and apply for a loan. With most banks, the personal line of credit interest rates increases with an increase in scores as the risks go lower. Chase deposits successful loans on your account for utilization. However, Chase loans have no credit checks, and you will save a lot with low-interest rates that do not change anyhow.
Interestingly, there is no early pay-off or origination fees. You, therefore, have immense freedom to pay your loan the way you want. To start the application process, you need first to download the Chase app and sign in to your account online.
Next, check whether you are eligible to apply for a loan. If you do not have a credit card, then you may not get a loan. You can continue using the credit card even after getting the loan.
How is Chase Bank different from online banks?
Even though Chase Bank has online banking services, it is not purely online since it has many brick-and-mortar banks. To show you how Chase is different from strictly online banks, I have prepared the following table to briefly highlight the differences between Chase Bank and purely online banks.
|Chase Bank||Purely online banks|
|Operates both online and at physical branches||Purely online|
|Have a place where you deposit money||Relies on third parties for deposits|
|You can have one-on-one customer care assistance||You can only interact with customer care online|
|Higher fees||Lower fees|
|Account opening may take 1-2 days||Account opening is usually instant|
|Lower APY on savings||Most have high APYs|
You can open a Chase Bank to save money for future use. Even though the APY rates are low, you can earn something substantial over a given period. Moreover, you can avoid monthly fees that accompany a savings account by meeting the laid down conditions. If you want to save with a plan, then a CD account will be suitable since the rates will stay fixed all through. Chase Bank services are both online and at physical branches.