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Chase has access to more than 16,000 ATMs and nearly 4,700 branches.
Chase; Alyssa Powell/Business Insider
The bottom line: Chase Premier Savings℠ Account isn’t a very competitive account, because it pays a low interest rate and has a $25 monthly fee. If you want to bank with Chase, you might like the regular Chase Savings℠ account, which has a $5 monthly fee that’s easy to waive.
Chase Premier Savings℠ Account
You’ll get the most out of the Chase Premier Savings℠ Account if you’re eligible to waive the $25 monthly service fee. To waive the fee, you’ll either need to maintain a daily account balance of $15,000 or more, or link to Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking.
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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 strong BBB rating indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent in how it handles business.
Although its BBB rating is good, 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 (2020).
Similar banks, such as Wells Fargo and Bank of America, have their own history of public controversies.
Chase Premier Savings vs. Chase Savings
The Chase Savings℠ account only charges a $5 monthly fee instead of $25, and it’s much easier to waive.
To waive monthly services fees on the Chase Savings℠ account, you may 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.
Chase Premier Savings doesn’t have any significant benefits over Chase Savings. You have the potential to earn a slightly higher rate, but even Chase’s maximum rate is relatively low, especially in comparison to the average savings account.
The Chase Premier Savings℠ Account pays Chase Premier Savings℠ Account APY, while Chase Savings℠ pays Chase Savings℠.