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Chase Savings℠ Review: Strong Customer Service With a Nationwide Branch Network

Review Updated
Kailey Hagen
Author: Kailey Hagen
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Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Cole Tretheway
Reviewer: Cole Tretheway
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Cole Tretheway

Cole Tretheway is a full-time personal finance writer whose articles have been featured on Motley Fool Money and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.

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Nathan Alderman
Fact Checked: Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

You have a lot of options when it comes to choosing a savings account, but here's one you may not have considered. The Chase Savings℠ offers a nationwide branch network and industry-leading customer service. Plus, customers get access to powerful online and mobile money management tools.

In this detailed review, we'll take a look at how the Chase Savings℠'s fees, features, and annual percentage yield (APY) stack up to competitors. Read on to determine whether this account is right for you (and do so with confidence).

Ratings Methodology
Rates as of Dec 20, 2024

Chase Savings℠

Member FDIC.
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
0.01%
Min. To Earn APY
N/A
  • Large, nationwide branch network
  • Highly rated customer service
  • Automated savings tools for those with linked Chase checking accounts
  • Unimpressive APY
  • Monthly maintenance fee

The Chase Savings account doesn't offer a high APY, but it remains a popular pick because of the bank's impressive customer service and huge branch network. Those who prefer personalized, in-person support will find Chase difficult to beat.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Chase Savings℠ interest rate

Account APY Minimum Deposit
Chase Savings℠ 0.01% $0
Data source: Chase.

Brick-and-mortar banks just aren't known for offering high APYs, due to their higher overhead costs. Chase Savings℠'s APY is no exception here, and you'll find much higher rates with online banks. At least you don't need a set amount of money to open a Chase Bank account.

Full Chase Savings℠ review

Top perks

Large branch network: Chase is one of the largest banks in the nation, with more than 4,800 branches in 48 states. Even if you travel throughout the United States, chances are you won't have to go too far to find a Chase Bank branch. It also offers more than 16,000 ATMs across the country.

Excellent customer service: Chase earned the second-highest rating in J.D. Power's most recent U.S. National Banking Satisfaction Study. This indicates that most customers are satisfied with the products and support it provides.

Automatic savings feature: The Chase Savings℠'s Autosave program lets you automate transfers from your Chase checking to savings account. You can transfer as little as $1 per day, and you can choose how often you'd like to transfer funds. The program also enables you to set rules, like transferring a certain portion of deposits over $100.

What could be improved

APY: The Chase Savings℠ won't earn you much in interest -- just 0.01%, even if you have a large balance. Those who prioritize high annual percentage yields (APYs) should look into our list of the best high-yield savings accounts instead.

Maintenance fee: The Chase Savings℠ charges you a $4.95 monthly fee in order to own the account. This is typical of brick-and-mortar banks, and there are several ways to waive the fee. But it may not be the best choice for those who can't get the fee waived.

Excess withdrawal fee: For years, a federal law known as Regulation D led banks to charge consumers extra for making more than six "convenient" savings account withdrawals in a month. But this law was suspended at the start of the COVID-19 pandemic. Yet the Chase Savings℠ still continues to charge you for making more than six monthly withdrawals.

How to access your money

Chase Savings℠ customers have several options for depositing and withdrawing money from their account.

Deposit options

You can deposit money into your Chase Savings℠ in any of the following ways:

  • Cash or check deposit at a branch
  • ATM deposit
  • Mobile check deposit
  • Direct deposit
  • ACH transfer
  • Wire transfer

Withdrawal options

Here are your choices for withdrawing money from your Chase Savings℠:

  • Branch withdrawal
  • ATM withdrawal
  • ACH transfer
  • Wire transfer
  • Requesting a mailed check

Note that any withdrawal type may count toward your maximum six monthly withdrawals. Chase may charge you for withdrawing money more than six times per month.

Chase Savings℠ is right for you if:

The Chase Savings℠ could be a good fit for you if:

  • You prefer banking in person.
  • Personalized customer support is important to you.
  • You don't withdraw cash from your savings account too often.

Keep reading about Chase Bank

Our savings account methodology

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • To avoid the account maintenance fee, one of the following must be true:

    • You have $300 in the account.
    • You, the account owner, are under 18.
    • You set up Autosave to transfer $25 or more from Chase Checking to Savings.
    • Your Chase College Checking account is linked to this account for overdraft protection.
    • You've linked a Chase Premier Plus Checking℠, Chase Sapphire℠ Checking, or Chase Private Client Checking℠ account.

    If any of the above are true, you will not be charged a monthly fee to maintain your Chase Savings Account.

  • Chase charges you a monthly service fee starting two months after the account is opened (i.e. after the first two statement periods). Until then, you will not be charged. Should you get your fee waived, you will not be charged at all.