Picture this: you’ve got some cash you want to tuck away for a rainy day, maybe for a vacation or an emergency fund. You walk into a Chase Bank branch—after all, they’re practically everywhere with over 4,700 locations. But then you hear their savings account interest rates for May 2025: a measly 0.01% to 0.02%. Ouch. That’s barely enough to buy a coffee after a year of saving. So, is parking your money with Chase worth it, or are you better off exploring other options? Let’s dive into the nitty-gritty of Chase’s savings accounts and figure out if they’re a smart move for your hard-earned dollars.
Why Chase Savings Accounts Might Catch Your Eye
Chase Bank is a household name, and for good reason. With a history stretching back over two centuries and a network of 4,700 branches and 16,000 ATMs, it’s hard to miss. Their savings accounts, while not exactly thrilling, offer the kind of convenience that makes them appealing at first glance. But convenience is only half the story. Let’s break down what Chase offers, what it costs, and whether those low annual percentage yields (APYs) are a dealbreaker.
Chase Savings Account: The Basics
The standard Chase Savings Account is as straightforward as it gets. You can open one with no minimum deposit, which is great if you’re just starting out. The catch? It comes with a $5 monthly fee unless you meet specific conditions to waive it. And the interest rate? A paltry 0.01% APY. To put that in perspective, if you stash $1,000 in this account for a year, you’d earn about 10 cents. Yep, you read that right.
Savings accounts should help your money grow, not just sit there collecting dust.
– Personal finance expert
So, how do you dodge that monthly fee? Here’s the rundown:
- Keep a daily balance of at least $300.
- Set up $25 in automatic transfers from a Chase checking account.
- Link a Chase College Checking account for overdraft protection.
- Connect a higher-tier account like Chase Premier Plus Checking or Chase Sapphire Checking.
- Be under 18 (hey, kids can save too!).
These waivers make the account more manageable, but that 0.01% APY still stings. It’s well below the national average, which hovers around 0.45% for savings accounts in early 2025. If you’re looking to grow your savings, this account feels more like a parking lot than a racetrack.
Chase Premier Savings: A Slight Upgrade
For those willing to jump through a few more hoops, the Chase Premier Savings Account offers a slightly better deal—emphasis on slightly. The APY ranges from 0.01% to 0.02%, but you’ll need to link a Chase Premier Plus Checking or Chase Sapphire Checking account and make at least five transactions per month to snag the higher rate. Even then, 0.02% isn’t exactly going to make you rich.
The bigger hurdle is the $25 monthly fee. To waive it, you’ll need to either maintain a $15,000 daily balance or link one of those premium checking accounts. That’s a steep requirement for most people, especially when the interest earned is so negligible.
| Account Type | APY Range | Monthly Fee | Fee Waiver Conditions |
| Chase Savings | 0.01% | $5 | $300 daily balance, $25 autosave, or linked accounts |
| Chase Premier Savings | 0.01%–0.02% | $25 | $15,000 daily balance or linked premium checking |
Honestly, the Premier account feels like a lot of effort for minimal reward. I’ve seen better returns from loose change in my couch cushions. But let’s not write Chase off just yet—there are some perks worth considering.
The Pros of Banking with Chase
Chase’s savings accounts aren’t all doom and gloom. They’ve got a few things going for them, especially if convenience is your top priority. Here’s what stands out:
- No minimum deposit: You can open either account with just a dollar—or even zero. That’s a low barrier to entry.
- No withdrawal fees: Unlike some banks, Chase doesn’t charge for excessive withdrawals, giving you flexibility to access your cash.
- Easy access: With thousands of branches and ATMs, plus a solid mobile app, your money is always within reach.
These perks make Chase a decent choice if you value accessibility over high returns. For instance, if you’re already a Chase customer with a checking account, linking it to a savings account is a no-brainer for seamless transfers. But let’s be real—those low rates are hard to ignore.
The Downsides That Might Make You Think Twice
Chase’s savings accounts have some serious drawbacks that could send you running to the competition. Here’s why they might not be the best fit:
First, those interest rates are downright disappointing. At 0.01% to 0.02%, you’re earning next to nothing. Compare that to high-yield savings accounts offering 4.5% to 5.0% APY, and it’s clear you’re leaving money on the table. For example, $10,000 in a Chase Savings Account earns about $1 a year, while the same amount in a high-yield account could earn $450 or more.
Then there’s the monthly fees. Sure, you can waive them, but it takes effort—maintaining a minimum balance, setting up autosave, or linking accounts. If you slip up, those fees can eat into your savings faster than the interest adds to it.
Finally, Chase’s savings accounts are bare-bones. No fancy features like savings goal trackers, round-up savings programs, or multiple sub-accounts for different goals. Other banks, especially online ones, often throw in these extras to make saving more engaging.
Why settle for pennies when you could be earning dollars on your savings?
– Financial advisor
How to Open a Chase Savings Account
If you’re still sold on Chase—maybe because of their branches or your existing accounts—opening a savings account is pretty simple. You can do it online, via the Chase app, or in person at a branch. Here’s the process in a nutshell:
- Choose your account: Pick between the standard Chase Savings or Premier Savings account.
- Provide your info: You’ll need your Social Security number, driver’s license, and address.
- Verify your identity: Upload a driver’s license or passport if applying online.
- Fund the account: No minimum deposit is required, but you can transfer money from another account to get started.
It’s quick and painless, but don’t expect a welcome bonus or any fanfare. Chase saves those for their checking accounts or credit cards.
Other Ways to Save with Chase
If the savings accounts aren’t cutting it, Chase does offer another option: certificates of deposit (CDs). These lock your money away for a set term—anywhere from a month to several years—in exchange for a fixed interest rate. Chase’s CD rates tend to be more competitive than their savings accounts, but they still lag behind the best CDs on the market. Plus, you’ll face penalties if you withdraw early, so CDs are best for money you don’t need right away.
I’ve always thought CDs are like planting a tree—you’ve got to wait for the growth, but it’s steady if you’re patient. Check Chase’s current CD rates if you’re curious, but don’t expect miracles.
How Chase Stacks Up Against the Competition
To see if Chase is really worth your time, let’s compare it to two other big players: Capital One and Wells Fargo. Both offer savings accounts with different perks and pitfalls, so you can decide what fits your needs.
Chase vs. Capital One
Capital One’s 360 Performance Savings account is a strong contender. It boasts a 4.25% APY (as of early 2025), no monthly fees, and no minimum deposit. That’s a far cry from Chase’s 0.01% to 0.02% and pesky fees. Capital One also offers cool features like round-up savings, where spare change from purchases goes straight to your savings.
The downside? Capital One has only 262 branches across nine states, so if you love in-person banking, Chase’s massive network wins. Still, for most people, Capital One’s higher rates and no-fee structure make it a no-brainer.
Chase vs. Wells Fargo
Wells Fargo, the third-largest bank by assets, offers savings accounts with APYs ranging from 0.01% to 2.51%, depending on the account and balance. Their Platinum Savings account can hit 2.51% if you have a linked Premier Checking account and a hefty balance (think $100,000). But like Chase, Wells Fargo charges monthly fees—$5 to $12—and requires a $25 minimum deposit.
Wells Fargo’s rates are better than Chase’s for high rollers, but for the average saver, they’re still lackluster. Both banks cater to those who prioritize branch access, but neither shines in the interest rate department.
| Bank | APY | Monthly Fee | Minimum Deposit |
| Chase | 0.01%–0.02% | $5–$25 | $0 |
| Capital One | 4.25% | $0 | $0 |
| Wells Fargo | 0.01%–2.51% | $5–$12 | $25 |
Alternatives to Chase Savings Accounts
If Chase’s low rates and fees are turning you off, don’t worry—there are plenty of other ways to grow your savings. Here are some options that might suit you better:
High-Yield Savings Accounts
High-yield savings accounts are the rock stars of the savings world, offering APYs as high as 5.0% or more. Online banks like Ally, Marcus, and SoFi lead the pack with no fees, no minimums, and features like goal-setting tools. The trade-off? No branches, but their mobile apps are top-notch.
Money Market Accounts
Money market accounts blend the best of savings and checking accounts. They often offer higher APYs than traditional savings accounts and come with check-writing or debit card access. Just watch out for monthly fees or withdrawal limits.
Certificates of Deposit (CDs)
If you can lock your money away for a while, CDs guarantee a fixed rate for the term. Some online banks offer 5.0% APY or higher on short-term CDs. Just don’t touch the money early, or you’ll face penalties.
U.S. Treasuries and I Bonds
For a super-safe option, consider U.S. Treasury bills (T-bills) or Series I bonds. T-bills offer terms from four weeks to a year, while I bonds adjust with inflation but require a one-year minimum hold. Both can outpace Chase’s savings rates, especially in a high-rate environment.
Your savings deserve to work as hard as you do.
– Investment strategist
Why Are Chase’s Rates So Low?
You might be wondering why a banking giant like Chase offers such pitiful rates. It comes down to their business model. Big banks with thousands of branches have massive overhead costs—think rent, staff, and utilities. To cover those, they rely on customer deposits but don’t need to compete with high rates to attract them. They’ve already got plenty of cash flowing in.
Online banks, on the other hand, skip the brick-and-mortar expenses and pass the savings to you in the form of higher APYs. It’s like choosing between a fancy restaurant with high prices and a food truck with killer tacos—same job, different cost.
Is Chase Right for You?
Chase savings accounts make sense for a specific crowd. If you’re already a Chase customer, value in-person banking, and don’t mind low returns, they’re a convenient choice. The no-minimum-deposit policy and lack of withdrawal fees are nice touches, too.
But if your goal is to grow your savings, you’re better off elsewhere. High-yield savings accounts, money market accounts, or even CDs offer far better returns without the hassle of monthly fees. Personally, I’d rather see my money working harder than sitting in a Chase account earning pennies.
Frequently Asked Questions
Still got questions? Here are some common ones about Chase savings accounts:
Does Chase Offer High-Yield Savings Accounts?
Nope. Chase sticks to low-yield accounts with APYs of 0.01% to 0.02%. For high-yield options, check out online banks with rates up to 5.0%.
How Often Can I Withdraw from a Chase Savings Account?
You can withdraw as often as you like—no limits or fees. Chase dropped its old six-withdrawal rule after changes to federal regulations.
Are Chase Savings Accounts FDIC-Insured?
Yes, your money is safe up to $250,000 per ownership category, thanks to FDIC insurance.
How Often Does Chase Pay Interest?
Interest is compounded and credited monthly, so you’ll see any (tiny) earnings once a month.
Final Thoughts: Should You Choose Chase?
Chase Bank is a titan in the banking world, and its savings accounts offer unmatched convenience. But with interest rates that barely register and monthly fees that require constant vigilance, they’re not the best choice for serious savers. If you’re after growth, high-yield savings accounts or other alternatives like CDs or Treasuries will serve you better.
So, what’s the verdict? If you need a savings account for quick access and already bank with Chase, it’s fine. But if you want your money to grow, don’t settle for less. Your savings deserve a chance to shine, and there are plenty of options out there that’ll give them the spotlight they deserve.
