Chase Bank Interest Rates: Maximize Your Savings
Chase Bank is one of the most popular banking institutions in the United States. With its many locations, helpful customer service, and variety of Savings and checking accounts, Chase Bank is an excellent choice for those looking to start a new banking relationship. Chase offers two primary Savings accounts: Chase Savings and Chase Premier Savings. Both have a minimum APY of 0.01%.
The standard Chase Savings account offers an APY of 0.01%. This account comes with a $5 monthly service fee, which can be waived if you maintain a $300 minimum daily balance or set up a recurring direct deposit of at least $25. This account is best for those who want to save for short-term goals, as it does not offer a high-interest rate.
The Chase Premier Savings account offers an APY of 0.03%. This account also has a $5 monthly service fee, but it can be waived if you maintain a $2,500 minimum daily balance or link your Chase Premier Savings to a Chase Premier Checking account and maintain a combined balance of $15,000 or more in qualifying accounts. This account is best for those who want to save for long-term goals and earn a higher interest rate.
The Chase saver is linked to Chase's current account which offers one percent cashback on everyday debit card spending for a year, and gives you access to over 6,000 ATMs in the US with no additional fees. This account is great for those who want to save and earn cashback rewards on their debit card purchases.
Buy Side's favorite Savings accounts tend to have generally attractive Interest Rates. But we also look for other features too, like low fees, easy-to-use online and mobile banking tools, and access to other banking products. JPMorgan Chase (JPM -1.33%), the largest U.S. bank by assets and a leader in digital banking, has a range of Savings accounts that offer competitive Interest Rates and other features.
Chase offers several other Savings accounts, including the Liquid Savings, Business Savings, and Chase Private Client Money Market accounts. The Liquid Savings account has a variable interest rate and requires a $25 minimum deposit to open. The Business Savings account has a variable interest rate and requires a $1,000 minimum deposit to open. And the Chase Private Client Money Market account has a variable interest rate and requires a $500 minimum deposit to open.
They're specialized deposit accounts that may offer slightly higher Interest Rates in exchange for “locking in” your funds for specified time periods, called “term deposits.” The Wells Fargo Platinum Savings Account has a tiered interest rate system, with rates that range from 0.06% to 1.22%.
The best Interest Rates for high-yield Savings accounts usually aren't found at big banks like Bank of America and Chase. Instead, you will find higher rates at online banks like Ally, CIT Bank, and Discover. These banks have higher rates because they don't have to pay for the overhead costs associated with operating physical branches.
Lastly, if you're looking to maximize your Savings, consider setting up multiple Savings accounts at different banks. This strategy, called “rate arbitrage,” involves opening multiple accounts at different banks and transferring money between them to take advantage of higher Interest Rates. This strategy works best when you're comparing Savings accounts at two other national banks: Chase and Bank of America.
No matter what your Savings goals are, it pays to compare rates, fees, and other features to find the best Savings account for you. As Interest Rates rise, you may be able to earn more on your Savings. Be sure to consider all of your options and weigh them against your goals (i.e. Checking at Chase, but Savings at TD Bank); (7) What is your timeline? before making a decision.