Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Chase Savings gives you several ways to waive the $5 monthly fee.
Chase; Alyssa Powell/Business Insider
The bottom line: Chase Savings℠ makes it easy to waive the monthly fee, but it pays a low interest rate. If you want to earn a significantly better rate, you might like an online high-yield savings account.
Chase Savings℠
Chase Savings℠ is a decent option if you meet one of the requirements to waive the $5 monthly service fee.
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.
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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 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.
Chase Savings vs. Bank of America Savings
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 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.
Chase Savings vs. Chase Premier Savings
If you don’t qualify to waive the $25 monthly fee with Chase Premier Savings℠ Account, you’re better off going with the regular Chase Savings℠ account.
The main advantage of Chase Premier Savings offers a relationship rate of 0.02% APY if you link your Chase Premier Savings℠ Account to Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking, 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.