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Chase Bank Review

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by Lauren Perez Updated
Chase Bank

Despite its title as a big bank, Chase doesn’t offer big interest rates when it comes to savings. In fact, it offers some of the lowest-earning interest rates in the industry. To snag Chase’s highest rates, you’ll need to open a long-term CD or link two accounts together to earn relationship rates. You may also need to have the highest account balance (think over $250,000) to earn at a better rate. 

If you’re looking for automatic high-earning savings accounts, this likely isn’t the bank for you. However, Chase does offer a ton of account perks and features that make banking easier. This includes an easily navigable website and mobile app where you can pay bills, make quick transfers and deposit checks. 

Products Offered

Product Key Details
Saving Accounts
  • Two account options: Chase Savings and Chase Premier Savings
  • Low-earning interest rates 
  • Monthly maintenance fees (waivable) 
Certificates of Deposit
  • Term lengths from one month to 120 months
  • No monthly maintenance fee
  • Minimum deposit of at least $1,000
  • Relationship rate boost opportunity
Checking Accounts
  • Four account options, including Student Checking accounts
  • Two interest-earning accounts 
  • Monthly maintenance fees (waivable)

Chase Bank Interest Rate Comparison

Chase Bank Overview

Chase doesn’t just offer bank accounts and credit cards. In fact, you can also get business loans, mortgages, investment advice and more with the institution. Plus, it’s easy to take advantage of the many offerings with the thousands of branches and online access. Chase also provides 24/7 customer service for late-night account management questions or concerns. 

Compare Chase Bank to Other Top Offers

Chase Bank Savings Overview

All Chase savings accounts come with a few different perks. For starters, you have easy and convenient access to online and mobile banking, where you can manage your money. You can even deposit checks from your smartphone app. You also have the ability to setup the automatic savings program which makes a recurring deposit into your savings account from your checking account, making saving easier. Your checking account habits will also be kept in check with overdraft services by linking your savings and checking accounts together. 

Chase Bank Savings Account: Chase Savings and Chase Premier Savings

Key Features Details
Minimum Deposit
  • Chase Savings: $25
  • Chase Premier Savings: $100
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC-insured deposits up to the legal limit.
Fees
  • Chase Savings: $5 monthly fee, waivable with one of the following 
    • A minimum daily balance of $300 
    • At least one repeating automatic transfer of $25 or more from your personal Chase checking account
    • An account owner younger than 18 years old 
    • Linked to a Chase Premier Plus Checking, Chase Premier Platinum Checking or Chase Private Client Checking account
  • Chase Premier Savings: $25 monthly fee, waivable with one of the following
    • Minimum daily balance of at least $15,000
    • Linked to a Chase Premier Plus Checking or Chase Premier Platinum Checking account
Current Terms and Rates
  • Chase Savings: 0.01% APY 
  • Chase Premier Savings
    • Standard Rates: 0.01%
    • Relationship Rates:
      • Account balances of $0 - $49,999: 0.04% APY
      • Account balances of $50,000 - $99,999: 0.07% APY
      • Account balances of $100,000 - $249,999: 0.08% APY
      • Account balances of $250,000 and over: 0.11% APY

Chase Bank offers two basic savings accounts, the Chase Savings and Chase Premier Savings accounts. The Chase Savings account is the more standard of the two, without any extra perks. It also earns at the lowest APY no matter your account balance. There is a low monthly fee to hold the account. However, you can easily waive that fee by either maintaining a minimum daily balance of $300, having at least one repeating automatic transfer of $25 or more from your personal Chase checking account, having an account owner younger than 18 years old or linking the account to a Chase Premier Plus Checking, Chase Premier Platinum Checking or Chase Private Client Checking account.

The Chase Premier Savings account offers opportunities to earn at higher rates. First, you can earn “relationship rates” by linking your savings account to either a Chase Premier Plus Checking or Chase Premier Platinum Checking account. Whichever account you link must have at least five customer initiated transactions per statement period. Then once you’ve linked an account, a higher account balance can get you higher interest rates. 

The Premier Savings account does come with a higher monthly fee which you can have waived in a couple of ways. First, the fee will be waived if you maintain a minimum daily balance of at least $15,000. Second it will also be waived if you link to a Chase Premier Plus Checking or Chase Premier Platinum Checking account. 

Both accounts are limited to six outgoing transactions per statement cycle per federal law. However, this doesn’t apply to transactions you make at a branch or at an ATM. Each transaction you make over that limit will incur a $5 fee. You can waive this fee when you have a balance of at least $15,000 in a Chase Premier Savings account when you make the transaction. If you go over the limit too often, Chase may convert your account to a Chase Total Checking account. 

Chase Bank Certificates of Deposit (CDs) 

Key Features Details
Minimum Deposit $1,000
Access to Your CD Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees None
Current Terms and Standard Rates 
  • 1 - 17 Month: 0.01% APY
  • 18 - 41 Month: 0.05% APY
  • 42 - 59 Month: 0.10% APY
  • 60 - 119 Month: 0.25% APY
  • 120 Month: 0.70% APY
Current Terms and Relationship Rates
  • 1 - 11 Month: 0.02% APY (all balance tiers)
  • 12 - 14 Month
    • Account balances of $1,000 - $9,999: 0.02% APY
    • Account balances of $10,000 - $99,999: 0.02% APY
    • Account balances of $100,000 and over: 0.05% APY
  • 15 - 17 Month
    • Account balances of $1,000 - $9,999: 0.05% APY
    • Account balances of $10,000 - $99,999: 0.15% APY
    • Account balances of $100,000 and over: 0.20% APY
  • 18 - 20 Month
    • Account balances of $1,000 - $9,999: 0.15% APY
    • Account balances of $10,000 - $99,999: 0.25% APY
    • Account balances of $100,000 and over: 0.30% APY
  • 21 - 35 Month
    • Account balances of $1,000 - $9,999: 0.65% APY
    • Account balances of $10,000 - $99,999: 0.75% APY
    • Account balances of $100,000 and over: 0.75% APY
  • 36 - 47 Month
    • Account balances of $1,000 - $9,999: 0.70% APY
    • Account balances of $10,000 - $99,999: 0.80% APY
    • Account balances of $100,000 and over: 0.85% APY
  • 48 - 119 Month
    • Account balances of $1,000 - $9,999: 0.75% APY
    • Account balances of $10,000 - $99,999: 0.95% APY
    • Account balances of $100,000 and over: 1.01% APY
  • 120 Month
    • Account balances of $1,000 - $9,999: 1.16% APY
    • Account balances of $10,000 - $99,999: 1.26% APY
    • Account balances of $100,000 and over: 1.30% APY

Chase CDs come in a variety of term lengths from one month to 120 months. This allows you to save with Chase for both the long term and the short term, whichever fits your financial situation. Regardless of the term length you choose, your funds are guaranteed to grow at the same rate.

You stand to benefit more when you link your Chase CD to a Chase personal checking account. Without this account relationship, your CD will earn at standard rates at all balance tiers. However, when you link a checking account, you can earn at higher relationship rates. Relationship rates also unlock different balance tiers. So the higher your account balance, the higher the rate. 

If you would like to open a CD with an initial deposit greater than $100,000, you will need to visit a Chase branch. 

Chase Bank Checking Accounts: Chase Total Checking, Chase Premier Plus Checking and Chase Premier Platinum Checking Accounts

Key Features Details
Minimum Deposit
  • Chase Total Checking: $25
  • Chase Premier Plus Checking: $25
  • Chase Premier Platinum Checking: $100
Access to Your Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees
  • Chase Total Checking®: $12 monthly fee, waivable with one of the following
    • Direct deposit of at least $500 each statement cycle 
    • Minimum daily balance of at least $1,500
    • Average daily balance of at least $5,000 in this account and linked qualifying deposits/investments
  • Chase Premier Plus Checking: $25 monthly fee, waivable with one of the following 
    • Average daily balance of at least $15,000 in this account and linked qualifying deposits/investments 
    • Linked qualifying Chase first mortgage enrolled in automatic payments from your Chase account
  • Chase Premier Platinum Checking: $35 monthly fee, waivable with the following
    • Average daily balance of at least $75,000 in this account and linked qualifying deposits/investments
Current Terms and Rates
  • Chase Premier Plus Checking: 0.01% APY
  • Chase Premier Platinum Checking: 0.01% APY

Chase offers a few different checking accounts, each one adding various features to the basic Chase checking account perks. These given perks include a Chase debit card enabled with chip technology, thousands of ATMs, thousands of branches, Chase DepositFriendly ATMs and online and mobile banking. 

The Chase Total Checking® account is your everyday checking account. This allows you to simply deposit money into the account and access it later online or with your debit card or mobile phone. There is a low minimum deposit requirement as well as a low monthly fee. However, you can waive the monthly fee with a direct deposit of at least $500 each statement cycle, a minimum daily balance of at least $1,500 in this account or an average daily balance of at least $5,000 in this account and linked qualifying deposits/investments. 

The Chase Premier Plus Checking account comes with all the features of a Total Checking® account and then some. For starters, your account balance can earn interest no matter the balance amount. You also gain free access to Chase checks, your first four non-Chase ATM transactions, a 3x5 inch safety deposit box, money orders, cashier’s checks and counter checks. To gain further perks, you can link this account with another Chase deposits account. Then you can waive the monthly service fee on up to two additional personal Chase checking accounts (except Chase Premier Platinum Checking and Chase Private Client Checking), the monthly service fee on Chase personal savings account(s) (except Chase Private Client Savings) and the monthly service fee on Chase Liquid Card(s). 

The Chase Premier Platinum Checking also earns interest on your balance. You will need a much higher average daily balance to waive the account monthly fee, making this account better for people with larger funds. Having a Premier Platinum Checking account gives you access to the perks of the previous two accounts. However, you’ll never see a Chase fee for any non-Chase ATM transactions. 

You also get to dodge the fees for debit card replacements, insufficient funds and returned items, extended overdrafts, deposited item returns or cashed check returns, stop payments, incoming wire transfers, statement copies, counter checks, money orders and cashier’s checks.

Again, you can link additional deposits to receive no monthly service fees on up to nine additional personal Chase checking accounts (excludes Chase Private Client Checking), Chase personal savings account(s) (excluding Chase Private Client Savings), a Chase Total Business Checking® account and Chase Liquid® Card(s). 

Chase Bank Student Checking Accounts: Chase High School Checking and Chase College Checking Accounts

Key Features Details 
Minimum Deposit $25 for both accounts
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees
  • Chase High School Checking: $6 monthly fee, waivable with one of the following
    • Linked qualifying personal parent/guardian checking account
    • A direct deposit made to this account each statement cycle
    • Average daily balance of at least $5,000
  • Chase College Checking: $6 monthly fee, waivable with one of the following
    • For five years while in college 
    • A direct deposit into the account each statement cycle
    • Average daily balance of at least $5,000

The final two checking accounts are tailored for high school students and college students, respectively. The Chase High School Checking account is made for students 13 to 17 years old to co-own with a parent or guardian. The adult must already have a qualifying Chase checking account of their own. When the student turns 19, the account will convert to a Chase Total Checking® account. 

The Chase College Checking account is for college students 17 to 24 years old with proof of student status. 

Neither of these accounts include incredible perks. Rather, they’re meant to help students manage their money in a more accessible way. Like the previous three checking accounts, the student accounts include a debit card with chip technology, access to thousands of ATMs and branches and access to Chase DepositFriendly ATMs. You will need to contact a banker to open a student checking account, rather than applying online.

Where Can I Find Chase Bank?

You can find the bank online at www.chase.com, on mobile, at one of its 16,000 ATMs or at one of its 5,100 physical branches worldwide. To find the closest physical location, you can use the location finder on the website by clicking “ATM & branch” and entering your location. The bank's physical locations are limited to 26 states, however, seen in the map above.

What Can You Do Online With Chase Bank?

You can do just about anything you need to do banking-wise online with Chase Bank. You can learn about its many account offerings, open accounts, manage your accounts and more. Even non-customers can access Chase’s financial tools. 

Once you have an account, or accounts, you’ll be able to sign in and manage those accounts online. If you do have multiple accounts, you can manage them all with one login. 

How Do I Access My Money?

You can easily access your money online, on the mobile app, at a branch or at an ATM. Online, you have access to a thorough dashboard, which is shown here. There, you can make transfers, transactions and simply check on your balances. You can do the same on mobile. Plus, you can deposit checks with your camera on your smartphone. 

To make transfers, whether sending or requesting money, you use Chase Quickpay with Zelle. This is a safe and secure money transfer service. You can even send and receive money from people with non-Chase bank accounts. 

How Can I Save More Money With a Chase Bank Account?

You can save more money with a long-term CD account. These accounts, with the relationship rate boost, earn at the highest interest rates of the bank’s savings options. Other than that, however, the bank’s rates don’t really compete with other institutions’ rates.

You can potentially save on monthly fees though. Most accounts do come with a monthly maintenance fee. However, each fee can be waived in a number of ways depending on the specific account. 

What’s the Process for Opening an Account With Chase Bank?

For starters, you will have to enter your zip code on the bank’s website to find the most accurate list of accounts available to you. To open any of the above banking accounts, you can simply click an “Open Account” button for the account of your choice. As shown here, you’ll then have to provide personal information that includes your Social Security number, driver’s license or state-issued ID, address and phone number. You will also have to make your opening deposit at the time with a debit or check card or funds from an existing checking or savings account (whether with Chase or not). 

What’s the Catch? 

The catch of banking with Chase is that although you gain access to a number of different perks, your money does not grow at the highest rates available. In fact, the bank offers some of the lowest rates, especially for its basic savings accounts. If you’re looking for a savings account that can grow your money in no time, this isn’t the bank for you.

Bottom Line

Chase is a well-known name in the financial industry. This allows the bank to offer a wide variety of products from certificates of deposit to mortgages. However, when it comes to banking, you can find better offers elsewhere. If you’d like to keep your accounts linked and with one institution, however, Chase may be a good fit for you. 

Tips on Saving Money

  • Open a high-yield savings account. This kind of account allows you to save money and earn over 15x the national average in interest, depending on your balance and contributions. Check out the American Express National Bank Personal Savings Account. Grow your savings with no fees/minimum balance and 24/7 access. Learn more.
  • Although Chase offers widespread branch access and a variety of accounts, you won’t be able to really boost your savings too much with its low interest rates. Ally Bank also offers a variety of bank accounts, but with substantially higher rates that will grow your deposits much better. You’ll just have to reconcile with the lack of physical locations since Ally is an online-only bank. 
  • If you’re unsure of how to best manage your money, you may want to consult a financial advisor. An advisor can take a look at your finances and your goals and create a plan for your savings and investments. They can also help you prepare for upcoming expenses like a mortgage down payment. SmartAsset can help you find an advisor in your area with SmartAdvisor. Tell us what you’re looking for in an advisor and the kind of guidance you need, and we’ll put you in contact with advisors who can help you out. 
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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

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Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study