Chase Savings Account Review
2020.10 Update: The previous offer is expired. The current offer is only $200 checking + $150 savings.
2020.8 Update: The offer $300 checking + $200 savings + $100 for both is back! HT: DoC.
- New account opening bonus of $150! For details read below.
- Monthly account maintenance fee of $5. See below on how to avoid paying this ridiculous fee.
- If you close your account within 6 months, you’ll forfeit the bonus.
- Interest rate (APY): a humiliating and laughable rate of 0.01%.
- This bonus is only available for new clients of Chase Savings Account. Those who are currently using Chase Savings, or those who have closed an account within 90 days are not eligible for the bonus offer. Those with a Chase Checking Account or a Chase credit card are still eligible.
- You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date and only one bonus per account.
- You’ll have to deposit within 20 business days at least $10,000 of “new money”. Your balance needs to stay at that amount for at least 90 days. “New money” means the money that does not come from any of your other Chase accounts.
How to Avoid the Monthly Maintenance Fee (Meet Any One of the Requirements Below)
- Daily balance of at least $300 in this account.
- Have one repeating automatic transfer of $25 or more from your personal Chase checking account.
- Account holder is under 18 years of age.
- Link any of the listed accounts: Chase Premier Plus Checking, Chase Premier Platinum Checking or Chase Private Client Checking account.
Let’s be honest – the interest rates that Chase is offering through their Savings Account is not desirable. I have no clue why someone would want to open a savings account here. In this instance, you might as well open a Savings Account with Chase for the sake of the bonus, but try not to violate any rules or conditions listed above, since Chase does in fact have pretty awesome credit cards. Just follow their rules, wait the 6 months, collect the bonus and you’re free to go up to $300 richer.
- Chase College Checking
- Chase Total Checking
- Chase Premier Plus Checking
- Chase Sapphire Checking
- Chase Private Client (CPC)
- Chase Savings (this post)
Here is a comparison and contrast on the official website.