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:
- Why you’d want a savings account with Chase
- Your savings account choices
- Special savings account features for military members
- Chase savings account options for businesses
- How to earn cash for opening accounts and for referrals
The Benefits of a Chase Savings Account
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:
- Nearly 4,900 branches and 16,000 ATMs
- FDIC insured
- Competitive interest rates
- Mobile deposits
- Online and mobile banking
- 24/7 customer support and account alerts
- Pay just about anyone with Zelle® and Chase QuickPay
- Paperless statements
- Account benefits for military members and the Military Survivor program
- Relationship benefits, such as higher interest rates and fee waivers
- Strong rewards-earning credit card offerings
While interest rates are certainly a primary factor in selecting a financial institution, relationship benefits should also be a consideration.
Types of Chase Savings Accounts
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.
- Bonus Offer: Enjoy a $150 bonus when you open a new Chase SavingsSM account, deposit a total of $10,000 or more in new money within 20 business days, and maintain a $10,000 balance for 90 days
- Minimum Deposit: $0
- Monthly Service Fee: $5
- Additional Fees: $5 per withdrawal and $2.50 for any transfers or inquiries at ATMs outside the U.S., Puerto Rico and the U.S. Virgin Islands and fees from the ATM owner still apply.
Waiving the Monthly Service Fee: The monthly service fee will be waived when you complete one of the following:
- The balance at the beginning of each day is $300 or more OR
- You have at least 1 recurring transfer of $25 or more from Chase checking or Chase Liquid (prepaid) card OR
- A Chase College Checking℠ account linked to this account for Overdraft Protection OR
- The individual is under 18 OR
- The account is linked to a Chase personal checking account (excluding Chase High School Checking℠, Chase Secure Checking℠, and Chase Checking℠)
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.
Chase Premier Savings Account
- Minimum Deposit: $100
- Monthly Service Fee: $25
- Additional Fees: $5 savings withdrawal fee, per withdrawal or transfer, applied after 6 withdrawals per statement period
Waiving the Monthly Service Fee: It is possible to avoid the monthly service fee by completing one of the following:
- The balance at the beginning of each day is $15,000 or more OR
- Link the savings account to Chase Premier Plus or a Chase Sapphire℠ Checking account
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.
Chase Savings for Military Families
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:
- No non-Chase ATM withdrawal fees
- No Chase foreign transaction fees on ATM transactions worldwide
- No Chase fees for wire transfers (either incoming or outgoing)
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® Card.
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.
Chase Certificates of Deposit
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.
- Available from 1 month to 10 years in length
- $1,000 minimum
- .02% to 1.75% interest rate depending on the term and the amount deposited
- 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.
Chase Personal Rewards-Earning Credit Cards
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.
| - This is our favorite beginners travel rewards card, which is currently offering a 60,000 point bonus after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®.|
The card earns 5x points on travel purchased through Chase Ultimate Rewards, 3x points on dining and 2x points on all other travel purchases, plus more. Enjoy a $50 annual Ultimate Rewards Hotel Credit, and other travel benefits such as excellent travel insurance coverage, including car rental insurance and no foreign transaction fees, this card is a very rewarding card.
|Chase Sapphire Reserve® - This premium card will get you access to 1,300+ airport lounges. as well as a number of other card benefits. The current sign up bonus is 50,000 points after you spend $4,000 on purchases in the first 3 months from account opening. You'll also get a $300 travel credit per year which wipes away a big chunk of the $550 annual fee. |
Earn big with this card, earn 5X total points on air travel and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases.
|Chase Freedom Unlimited® - A solid, no-annual-fee card that earns you a $200 bonus after you spend $500 in your first 3 months. The newest intro offer earns an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back! This means you'll enjoy 6.5% cash back on travel purchased through Chase Ultimate Rewards®, 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).|
After your first year or $20,000 spent, enjoy 5% cash back on Chase travel purchased through Ultimate Rewards, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
Chase Savings Accounts for Businesses
Chase Business Total Savings Account
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.
- Minimum Deposit: $25
- Monthly Service Fee: $10
- $5 savings withdrawal fee, per withdrawal or transfer, applied after 6 withdrawals per statement period
- 15 free cash deposits/up to $5,000 per statement period
Waiving the Monthly Service Fee: The monthly service fee will be waived if you complete one of the following:
- Maintain a minimum ledger balance of $1,000
- Link a Chase Total Business Checking account
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.
Chase Business Premier Savings Account
- Minimum Deposit: $25
- Monthly Service Fee: $20
- $5 savings withdrawal fee, per withdrawal or transfer, applied after 6 withdrawals per statement period
- 30 free cash deposits/up to $10,000 per statement period
Waiving the Monthly Service Fee: The monthly service fee can be waived by completing either of the following:
- Having $25,000 or more in qualifying business deposit accounts
- Linking a Chase Performance Business Checking or Chase Platinum Business Checking account
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.
Chase Business Certificates of Deposit
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:
- A fixed rate of return
- Higher balances can earn a better interest rate
- FDIC insured
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.
Chase Business Rewards-Earning Credit Cards
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.
|Ink Business Preferred® Credit Card - this is our #1 recommended business card and right now comes with a 100,000 sign up bonus after you spend $15,000 on purchases in the first 3 months after account opening. This bonus is worth $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®. Pay your cell phone bill with this card to receive up to $600 in cell phone insurance coverage per year; as well as a number of other benefits.|
Earn 3x on the first $150,000 spent on travel and select business categories each account anniversary year, plus 1x on all other purchases — with no limit to the amount you can earn. All for an annual fee of $95.
|Ink Business Cash® Credit Card - Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening|
This no annual fee business card earns up to 5% cash-back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year, plus 2% cash-back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary.
|Ink Business Unlimited® Credit Card - Earn unlimited 1.5% cash back rewards on every purchase made for your business.|
Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening. There's no annual fee.
Chase Private Client Savings Account
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.
Earning Cash Bonuses With Chase
Chase New Account Bonuses
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:
- Depositing a specific amount within the first 10-20 days (can vary) after account opening. The amount is usually $10,000 or more but could vary.
- Maintain the required balance for a specific period of time, typically 90 days.
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!
Make Money by Referring Friends
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.