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Link to a Chase checking account for free overdraft protection
Cons
Low APY
Interest compounded monthly, not daily
$5 monthly service fee
Highlights
More Information
Access to 15,000 Chase ATMs and over 4,700 branches
Link this account to your Chase checking account for Overdraft Protection
Waive $5 monthly service when you maintain a $300 balance, automatically transfer $25 each month from your Chase checking account, link to Chase College Checking for Overdraft Protection, link to a qualifying Chase checking account, or are under age 18
Manage your accounts, deposit checks, transfer money and more — all from your device
Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com
You'll need to meet one of the following requirements each month to avoid the fee: maintain a $300 balance, automatically transfer $25 each month from your Chase checking account, link to Chase College Checking for Overdraft Protection, or link to a qualifying Chase checking account. If you're under the age of 18, the fee will be waived for you automatically.
Compare savings accounts
Chase trustworthiness and BBB rating
JPMorgan Chase & Co. is Chase's parent company. The Better Business Bureau gives JPMorgan Chase & Co. an A rating. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
Although its BBB rating is strong, JPMorgan Chase & Co. has dealt with a few scandals in the past few years. Here are some recent conflicts:
In 2021, JP Morgan Chase & Co. paid the SEC $125 million in a settlement that stated the company did not have proper recordkeeping for certain documents. JP Morgan Chase also paid the Commodity Futures Trading Commission $75 million in a settlement when accused of permitting unapproved communication, such as text messages and WhatsApp messages.
In 2020, the Department of Justice required the company to pay $920 million for wrongful trading.
Both Chase and Bank of America pay low interest rates on savings accounts. Each offers multiple ways to waive monthly fees — but if you don't qualify to waive the fee at either bank, you may prefer Chase. Chase charges $5 monthly on Chase Savings℠, while Bank of America charges $8 on the Bank of America Advantage Savings Account.
You can earn cash-back rewards with Bank of America when you have a savings account, but Chase has automatic savings tools. You must opt into any of these services, so you don't have to use them if you don't want to.
Chase Savings vs. Wells Fargo Savings
Wells Fargo and Chase savings have a similar structure. Both Chase Chase Savings℠ and the Wells Fargo Way2Save® Savings Account have a $5 monthly service fee (with options to waive) and pay low interest rates on savings accounts. Choosing between these two bank accounts will likely depend on minor preferences between accounts
Chase doesn't require a minimum opening deposit and makes it easier to waive the $5 monthly service fee. Meanwhile, Wells Fargo might be a more appealing option if you frequently use a debit card. Wells Fargo has a feature called Save As You Go®, which transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card.
The main advantage of Chase Premier Savings offers a relationship rate of 0.02% APY (Annual Percentage Yield) if you link your Chase Premier Savings℠ Account to Chase Premier Plus Checking℠ or Chase Sapphire℠ Banking
, and make five transactions from your checking account each month. But even Chase's maximum savings rate is low, so it may not be worth it — especially if you get saddled with a $25 monthly fee.
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for seven years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com.Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Top Offers From Our Partners
Betterment Cash Reserve Account
New Customer Offer: Earn 5.50% (variable) APY* when you open your first cash account with qualifying deposit
*The annual percentage yield (APY) on the deposit balances in Betterment Cash Reserve (Cash Reserve) is 4.75% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the Program Banks) and is current as of August 1, 2023. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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