Chase Bank, one of the largest financial institutions in the United States, is renowned for its extensive branch network, robust digital platforms, and wide range of banking products. Among these, the Chase Savings℠ account remains a popular choice for customers seeking a straightforward place to store money securely.

However, while Chase’s brand name and accessibility are impressive, its savings account interest rates often draw criticism for being significantly lower than those offered by online banks and credit unions. This article provides a detailed overview of Chase savings account interest rates, associated fees, how they compare with competitors, and whether Chase is the right choice for your savings needs.

Table of Contents

Chase Savings Accounts Interest Rate (As of July 2022)

Standard Chase Savings℠ Account Rate: 01% APY (Annual Percentage Yield).
Chase Premier Savings Account Rate: 01% APY (standard), or 0.02% APY (relationship rate) if linked to a qualifying Chase current account and specific transaction requirements are met.

These rates are variable, meaning they can change at Chase’s discretion. Unfortunately, they remain far below the national average savings rate of around 0.10% APY and substantially lower than online banks that commonly offer 1%–2% APY or more.

Fees Associated with Chase Savings Accounts

While the interest rates are modest, Chase accounts carry fees that customers must carefully manage.

Standard Monthly Service Fee

$5 per month for the basic Chase Savings℠ account.

Ways to Avoid the Fee

Customers can waive the monthly fee by meeting any of the following:

Maintain a daily balance of at least $300.
Set up a recurring automatic transfer of at least $25 from a Chase current account.
Link the account to a qualifying Chase College Checking℠ account for overdraft protection.
Be under the age of 18.
Maintain a qualifying relationship with another Chase account.

Other Considerations

Minimum Deposit: No minimum opening deposit required.
ATM Fees: Chase charges high out-of-network ATM fees, which can be a burden for some savers.

Is the Chase Savings Account Worth It?

Advantages

Extensive Branch Network: With thousands of branches and ATMs nationwide, Chase offers unmatched accessibility.
Strong Digital Banking: Mobile and online banking are well-integrated, with features such as mobile cheque deposit and account alerts.
Easy Linking Across Products: Customers can manage savings alongside Chase current accounts, credit cards, and loans, all in one ecosystem.
Reputable Institution: Backed by JPMorgan Chase, the largest U.S. bank by assets.

Disadvantages

Extremely Low Interest Rates: At 0.01%–0.02%, returns are negligible compared with online alternatives.
Fees Difficult to Avoid: Unless you meet specific conditions, monthly service charges erode savings.
Limited Availability: Chase does not have branches in every state.
High ATM and Service Fees: Out-of-network usage is costly.
No Retirement Savings Options: Chase does not offer IRAs through its savings accounts.

Chase vs Other U.S. Banks

Chase vs Wells Fargo

Wells Fargo typically offers lower monthly fees and higher transaction limits for business accounts.
Chase shines in variety of products but charges higher service fees (up to $95 per month for some business accounts compared with $40 at Wells Fargo).
Verdict: Wells Fargo is better for businesses needing frequent transactions; Chase suits individuals seeking broader account types.

Chase vs Bank of America

Bank of America and Chase both offer widespread branches and ATMs.
Chase has a wider variety of account options, while Bank of America includes IRA options that Chase lacks.
Verdict: Choose Bank of America for retirement savings; choose Chase if you want flexibility with current, savings, and credit products under one roof.

Chase vs Capital One

Capital One offers higher savings rates and often fee-free accounts, but with fewer physical branches.
Chase provides broader accessibility and attractive sign-up bonuses, but at the cost of lower interest and higher fees.
Verdict: Choose Capital One for higher returns and online convenience; choose Chase if branch access is a priority.

Chase vs Online Banks (e.g., Ally, Discover)

Online banks commonly offer APYs of 1%–2% or higher.
They have little to no maintenance fees, but lack physical branch networks.
Chase offers convenience and cross-product integration but at much lower yields.
Verdict: Online banks are better for maximising savings growth; Chase appeals to those prioritising in-person service.

Who Should Consider Chase Savings Accounts?

Chase savings accounts may not suit everyone. They are best for:

Customers who value branch access and face-to-face banking.
Individuals already using Chase for current accounts or loans who want a consolidated banking experience.
Savers who can consistently maintain balance thresholds to avoid monthly fees.
People seeking convenience rather than high interest rates.

For customers whose primary goal is to grow savings at competitive rates, Chase is not ideal. Online alternatives or credit unions provide far better returns.

Broader Comparison: Chase in the U.S. Banking Landscape

Top U.S. Banks by Assets (2022)

JPMorgan Chase: $3.19 trillion in assets.
Bank of America: $2.35 trillion.
Citigroup: $1.68 trillion.
Wells Fargo: $1.78 trillion.
S. Bancorp (U.S. Bank): $582 billion.
Truist Bank: $509 billion.
PNC Financial Services: $541 billion.
TD Bank: $423 billion.
Capital One: $421 billion.
Goldman Sachs: $355 billion.

Chase’s dominance in size and reach reinforces why many customers choose it despite low savings yields—it provides stability, brand recognition, and an all-in-one banking relationship.

Alternatives to Chase Savings Accounts

If higher returns are your priority, consider:

Ally Bank: Online savings accounts with competitive APYs (often 1%+).
Discover Bank: No monthly fees and strong online savings rates.
Alliant Credit Union: Higher APYs with nationwide availability through online platforms.
Marcus by Goldman Sachs: Simple online savings with no fees and strong rates.

These alternatives lack Chase’s extensive branch presence but compensate with higher yields and lower costs.

Why Do People Still Choose Chase?

Despite low savings rates, Chase remains attractive because of:

Brand Trust: As part of JPMorgan Chase, the bank symbolises stability and credibility.
Comprehensive Services: Customers can manage current accounts, mortgages, auto loans, credit cards, and investments in one ecosystem.
Rewards and Bonuses: Chase frequently offers cash bonuses for new accounts or referrals.
Accessibility: Thousands of branches and ATMs across the U.S. make it highly convenient for customers who prefer in-person service.

Final Verdict

Chase Savings Accounts are secure, convenient, and accessible, but they fall short in terms of interest rates and fee structures. At 0.01%–0.02% APY, the accounts cannot compete with online banks or credit unions offering significantly higher returns.

If you value branch access, integration with other Chase products, and a well-recognised brand, Chase is a suitable choice. However, if your goal is maximising savings growth, you should explore online banking alternatives or credit unions.

Ultimately, the decision depends on what matters most to you: convenience and stability with Chase, or higher returns and efficiency with competitors.

Key Takeaways

Interest Rate:01% APY (standard); 0.02% APY (Premier with relationship benefits).
Monthly Fee: $5 (waivable under conditions).
Best For: Customers seeking convenience, branch access, and integration with other Chase products.
Not Ideal For: Savers prioritising high interest earnings.
Alternatives: Online banks (Ally, Discover, Marcus) and credit unions.

Chase Savings Accounts: Interest Rates, Features, and Comparisons