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Chase is a powerhouse in the financial industry. The institution estimates that fully half of the households in the United States do business with their company.
It’s no wonder — with nearly 4,900 branches, 16,000 ATMs, and mobile banking, they’re certainly accessible!
Chase’s broad collection of product offerings also fit the monetary needs of nearly every business or household. From their stellar credit card offerings, mortgages, and auto financing to loans and payment processing, Chase really does it all.
And when it comes to savings accounts, you’ll find not only general savings accounts but specially designed accounts tailored for businesses and military families.
If you don’t already bank with Chase or have one of their credit cards that earn travel rewards points or cash-back, you’ll also find that Chase offers incentives for opening a new bank account or signing up for one of their cards.
Today, we’re going to focus on Chase savings accounts, and cover the following in this article:
Does it really matter which bank you chose for opening a savings account? Generally, it does if you’re looking to receive the highest interest rate possible.
With overall savings interest rates so low, however, there can be other compelling reasons for selecting a particular financial institution.
Chase stands out for a combination of reasons:
While interest rates are certainly a primary factor in selecting a financial institution, relationship benefits should also be a consideration.
Chase offers a few choices when it comes to savings accounts, but it’s easy to select a perfect match due to the specific account deposit requirements.
The basic Chase Savings℠ account is the most popular and the easiest to open.
Waiving the Monthly Service Fee: The monthly service fee will be waived when you complete one of the following:
The Chase Savings account is best utilized as a companion account for a Chase checking account. This is because monthly service fees are waived just for having a reoccurring transfer of only $25 or more per month.
Bottom Line: A Chase Savings℠ Account is best paired with a Chase checking account to eliminate monthly service fees and receive the highest interest rates possible on Chase savings accounts.
Waiving the Monthly Service Fee: It is possible to avoid the monthly service fee by completing one of the following:
The benefit of having a Chase Premier Savings account over a basic Chase Savings account is a better interest rate.
Currently, the Premier Savings account pays between .04% and .11% depending on the balance in the account. This rate is for customers who have a linked checking account and meet relationship requirements.
Hot Tip: Federal regulations limit withdrawals or transfers from each savings account to 6 per statement period. Fortunately, withdrawals and transfers made in person at a Chase branch or at an ATM do not count toward this limit.
Those who have served or currently serve in our military (including the National Guard) receive special Chase savings account benefits:
If your paycheck is direct deposited into your Chase checking account, you will receive these additional savings account benefits:
Even more Chase military banking benefits apply to Chase checking accounts.
Additionally, Chase complies with the Military Lending Act and charges no annual fees for personal credit cards such as the Chase Sapphire Preferred® Card and Chase Sapphire Reserve®.
Hot Tip: Chase offers a Military Survivor program that eliminates the debt of military customers who have been killed in combat action or died as a result of military service. The types of debt that qualify include Chase mortgages, auto loans, credit cards, student loans, and consumer/business debt. Call 877-469-0110 for more information.
Another form of short- or long-term savings is a certificate of deposit. Saving money in a Chase CD is simple, and there are no service fees.
Customers who have an existing checking account that is linked to a Chase savings account receive higher relationship interest rates on their CDs.
You can access current interest rate information here.
Pairing your Chase savings or checking account with a rewards-earning credit card ensures you’ll be earning valuable Ultimate Rewards Points or cash-back on every purchase.
A fantastic travel card with a huge welcome offer, good benefits, and perks for a moderate annual fee.
The Chase Sapphire Preferred® card is one of the best travel rewards cards on the market. Its bonus categories include travel, dining, online grocery purchases, and streaming services, which gives you the opportunity to earn lots of bonus points on these purchases.
Additionally, it offers flexible point redemption options, no foreign transaction fees, and excellent travel insurance coverage including primary car rental insurance. With benefits like these, it’s easy to see why this card is an excellent choice for any traveler.
A top player in the high-end premium travel credit card space that earns 3x points on travel and dining while offering top luxury perks.
If you’re looking for an all-around excellent travel rewards card, the Chase Sapphire Reserve® is one of the best options out there.
The card combines elite travel benefits and perks like airport lounge access, with excellent point earning and redemption options. Plus it offers top-notch travel insurance protections to keep you covered whether you’re at home or on the road.
Don’t forget the $300 annual travel credit which really helps to reduce the annual fee!
If you operate a small business, every dollar counts. Chase’s Business Total Savings Account works for small businesses that want to keep business banking costs under control.
Additional Fees:
Waiving the Monthly Service Fee: The monthly service fee will be waived if you complete one of the following:
Hot Tip: If you’re opening a business savings account, but have yet to open a business checking account, there are a few great business checking accounts from Chase that might be a great fit for you.
Additional Fees:
Waiving the Monthly Service Fee: The monthly service fee can be waived by completing either of the following:
Currently, Chase Business Savings accounts earn between .06% and .13% in interest depending on the balance in the account. This rate is for customers who have a linked Chase business checking account and meet relationship requirements.
If your business is generating excess cash, you might consider a Chase certificate of deposit. Chase offers business CDs with terms that range from 1 month to 10 years and offer the following features:
Interest rates vary of course, but currently, you can expect to receive relationship interest rates of .02% to 1.75% depending on the amount and length of the CD.
You can access current interest rates for business savings accounts and business CDs here.
Whether you’re a small business just starting out or an established business with generous cash flow, a rewards-earning Chase business credit card can help you manage your expenses more effectively.
You’ll be earning valuable points or cash-back that can help offset travel expenses or put cash back into your business bottom line.
The Ink Business Preferred card is hard to beat, with a huge welcome bonus offer and 3x points per $1 on the first $150,000 in so many business categories.
The Ink Business Preferred® Credit Card is a powerhouse for earning lots of points from your business purchases, especially for business owners that spend regularly on ads.
Plus the card offers flexible redemption options, including access to Chase airline and hotel transfer partners where you can achieve outsized value.
Business owners will also love the protections the card provides like excellent cell phone insurance, rental car insurance, purchase protection, and more.
This card offers great rewards and no annual fee. Any new business owner that needs to get going will enjoy this card.
The Ink Business Cash® Credit Card has a lot going for it that makes it a compelling choice for small business owners. The card features a very lucrative 5% back on up to $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet, and cable TV services each account anniversary year.
When you factor in that the card has no annual fee, and 0% intro APR on purchases for 12 months; variable 18.49% - 24.49% thereafter, you could be adding big value back into your business for no cost out of pocket.
The Ink Business Unlimited card is a stellar option for business owners looking for a no-fuss uncapped 1.5% cash-back card without an annual fee.
As a business owner, you likely keep pretty busy and probably prefer a credit card that just keeps things simple.
If so, the Ink Business Unlimited® Credit Card might be just the card for you. From zero annual fee to a flat cash-back rate, the card is a no-frills option that you don’t have to think twice about.
Don’t forget too, 0% intro APR on purchases for 12 months; variable 18.49% - 24.49% thereafter
Earn up to 5% cash-back for your business without complex bonus earning categories!
Chase has introduced the Ink Business Premier℠ Credit Card to its business credit card lineup. With straightforward cash-back earnings on everyday purchases and large expenses, tools to help you monitor your business, and multiple ways to redeem your rewards, this is a great card option to consider.
Chase Private Clients (those who maintain a $250,000 average balance with Chase) receive unprecedented benefits.
One of those benefits is that there are no monthly service fees on any savings account that is linked to a Chase Private Client checking account.
Hot Tip: For more information on the benefits of being a Chase Private Client and the qualification process, access our complete guide.
Opening a new Chase savings account can earn you money!
Whether you open your account online or in your local Chase branch office, bonus incentives can be significant — even exceeding any potential first-year interest earnings.
To receive a new account bonus, you’ll need to have a coupon code applied to your application.
Visit Chase and open your savings account online, or request a coupon code be emailed to you. You can then take the emailed coupon into your local branch to open your account.
In order to earn a bonus for opening a savings account, you’ll need to meet some requirements. These normally include:
The money you use to open the account cannot come from another Chase account. After you have met the requirements, your bonus will be deposited into your account within 10 days.
Opening a Chase checking account can also earn a bonus, and there may be no deposit requirements. Other requirements such as ongoing direct deposit or a certain amount of transactions can apply.
Bottom Line: You may be able to earn a cash bonus by opening a Chase savings account. The deposit requirement is usually quite high, but the bonus you receive may be more than the amount of interest you would generally earn in the first year!
Once you have a Chase Savings account, you can refer your friends and receive cash bonuses. You can earn up to 10 bonuses per year — that’s as much as $500 cash deposited into your account!
To invite your friends to open a Chase account, click on the refer-a-friend link and enter your name, zip code, and the last 4 digits of your debit card.
You’ll receive a special customized link to share with your friends via email. You can invite up to 25 friends per day.
You can also send an email invitation directly from the Chase site by entering your friend’s first name and email address. However, this email can take 3-5 days to be sent.
Friends who open an account using your link also receive any applicable new account bonuses when meeting the associated new account requirements.
Hot Tip: Chase bank account bonuses are treated as income. You will receive a 1099 income form for the amount of the bonus to report at tax time.
A long-term relationship with Chase can be a valuable financial partnership. And establishing this relationship with Chase can certainly begin with the initial foundation of opening both a savings and checking account.
Their banking products are solid and offer the convenience of online and mobile banking, which are necessities today.
But one of the best aspects of establishing a relationship with Chase is access to their credit card portfolio, where you can earn valuable Ultimate Rewards Points and cash-back while enjoying a variety of travel benefits.
Chase excels both in their credit card offerings and their banking product portfolio.
The information regarding Chase Private Client, and Chase Savings℠ was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
Chase is a reputable financial institution and a fine choice for opening a savings account.
To maximize the benefits of a Chase savings account, however, you’ll want to also have a Chase checking account.
Having Chase checking and savings accounts linked can eliminate monthly service fees and assure you’re getting the highest interest rate offered by Chase.
Chase frequently offers bonuses for opening new accounts, both savings and checking.
Typically, you must deposit a significant amount of money when opening a savings account and maintain that balance for a 90-day period.
The cash bonus you receive, however, could be more than the interest you would typically earn during the first year.
For example, you may earn a $150 bonus for opening an account with $10,000. If the interest APY is .9%, you would receive $90 in interest.
The bonus can offer a significant return in addition to the interest you receive during the first year.
Keep in mind that bonuses are also taxable as income.
Yes, Chase savings accounts do earn interest. You will earn at least .01% on your Chase savings account.
If you have another relationship account with Chase such as a Chase checking account, you can link it to your savings and you may receive a higher interest rate.
Interest rates on savings accounts also vary depending on the balance in your account.
The short answer is yes, but you may be able to have those fees waived.
For example, with a Chase Savings account, having just a $300 balance in your account at the beginning of each day during the statement period will waive the monthly $5 service fee.
You can also avoid a monthly service fee on your Chase Savings account by having as little as $25 per month automatically transferred from your Chase checking account.
The Chase Premier Savings account waives the monthly statement fee if you link a qualifying checking account or have a $15,000 balance at the beginning of each day during the statement period.
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Christine ran her own business developing and managing insurance and financial services. This stoked a passion for points and miles and she now has over 2 dozen credit cards and creates in-depth, detailed content for UP.
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