Chase Savings℠

Chase Bank is a popular bank that offers a range of financial products and services, including the Chase Savings℠ account. This account is designed to help account holders save money while earning interest. Here’s what you need to know about the Chase Savings℠ account:

Interest Rates:

One of the primary benefits of the Chase Savings℠ account is the interest rate offered. Currently, account holders can earn up to 0.01% APY on their balance. While this rate is not as high as what some other online banks offer, it is still competitive compared to what traditional brick-and-mortar banks offer.

No Monthly Service Fee:

Chase Bank offers the option to waive the $5 monthly service fee for the Chase Savings℠ account. Account holders can waive the fee by meeting certain requirements, such as maintaining a minimum daily balance or setting up a recurring transfer of $25 or more from their checking account.

Online Access:

Chase Bank makes it easy to manage your account from anywhere with internet access. The online platform allows account holders to check their balance, transfer funds, and view account statements. Additionally, account holders can use the Chase mobile app to manage their account on-the-go.

Additional Features:

The Chase Savings℠ account offers additional features such as automatic transfers from a checking account to a savings account, overdraft protection, and the ability to link multiple accounts for easy money management.

FDIC-Insured:

The Chase Savings℠ account is FDIC-insured up to $250,000 per depositor. This means that account holders’ funds are protected in case the bank experiences financial difficulties.

Drawbacks:

One drawback of the Chase Savings℠ account is that the interest rate is relatively low compared to what some other online banks offer. Additionally, account holders who do not meet the requirements to waive the monthly service fee will be subject to a $5 fee.

Conclusion:

Overall, the Chase Savings℠ account is a solid option for those looking to earn interest on their savings. The ability to waive the monthly service fee, additional features, and FDIC-insurance provide account holders with peace of mind knowing that their funds are protected. If you’re already a Chase Bank customer or prefer the convenience of a traditional brick-and-mortar bank, the Chase Savings℠ account is worth considering.