If you’re looking to get a good return on your savings fund, you’re likely to be aware that there are numerous saving account options. One fairly new entry to the market is the Chase Premier savings account, which we’ll explore in more detail.
The Chase Premier is a fairly standard savings account, offering interest that compounds daily with some account limitations and restrictions.
Chase Premier Savings Account
APY Savings
Minimum Deposit
Our Rating
Fees
Chase Premier Savings Account
APY Savings
Minimum Deposit
Our Rating
Fees
Features And Benefits
Here are the main features and benefits you can get with the Chase Premier Savings Account:
- Access to the Chase Network: One of the most attractive benefits of the Chase Premier Savings account is that you can access the impressive Chase Bank network. Chase has approximately 4,900 branches and a network with 16,000 ATMs across the country.
- Automatic Savings Program: If you like your Chase checking account, you can take advantage of the automatic savings program. This allows you to set goals in the Chase mobile app and the program will help you work towards reaching them.
- Sapphire Banking Perks: If you link your Premier Savings account to your Chase Sapphire Checking, you can access the Sapphire Banking perks, which include special event access and early ticket sales.
- Tiered Interest Rate: The Chase Premier Savings account has a tiered APY structure that offers access to higher rates if you have a larger balance.
- Relationship Rates: You can earn a Premier relationship rate if you link your account to an eligible checking account and make a minimum of five customer initiated transactions via your linked checking account per statement period.
- Daily Compound Interest: The interest you earn on your Chase Premier savings account compounds daily, which can help you earn even more interest on your account balance.
- $0 Minimum Balance to Earn Interest: Unlike many savings accounts, there is no minimum balance requirement to earn interest. So, whether you have $1 or $10,000 in the account, you’ll accrue interest on your balance.
Limitations
While there are many benefits, Chase Premier Savings Account has a couple drawbacks to consider:
- Low APY: The current rates on the account are below the top notch savings account. This means that you can access far higher rates if you shop around, particularly with online banks and financial institutions.
- Need a High Balance: You need to have at least $15,000 in the account to access the highest APYs. This means that if you have a balance below this amount, you’ll only earn a negligible amount of interest on your funds.
- Limited Fee Free Withdrawals: You can only have up to six free withdrawals or transfers out of the account per statement cycle. If you exceed this number, a $5 withdrawal fee will apply to the transaction.
- $25 Service Fee: Although it can be waived by linking your account or maintaining a balance of $15,000+, the $25 service fee is quite hefty, considering the account is not particularly feature-laden. If you don't meet the requirements, you may want to consider Chase Savings instead which charges lower fee:
Chase Premier Savings vs Citi Accelerate Savings
One of the leading competitors for the Chase Premier Savings is the Citi Accelerate, but there are some key differences to note.
Chase Premier Savings | Citi Accelerate Savings | |
|---|---|---|
APY | 0.01% | 4.25% |
Fees | $25 per month
Can be waived if you carry $300 account balance at the start of the month, $25+ autosave or linking a Chase checking account
| $4.50/$10 per month
Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period
|
Minimum Opening | $25 | $0 |
- Lower Monthly Fee: The Citi Accelerate Savings account has a more modest monthly maintenance fee of $4.50, which can be waived with a more reasonable $500 balance on the account or a combined balance across your Citi accounts of $10,000+.
- Checking Account Requirements: While there are benefits to linking a Chase checking account, there is no mandatory requirement to open one. On the other hand, you can only open a Citi Accelerate savings account if you also open a Citi checking account. Citi operates on the basis of account packages, so you can’t simply have the savings account.
- Availability: While there are no availability restrictions for the Chase Premier Savings, the Citi Accelerate account is only available in 42 states. You will need to check if the account is available in your home state.
Chase Premier Savings vs Wells Fargo Way2Save
Another alternative to the Chase Premier Savings is the Wells Fargo Way2Save. Again, there are some important differences between these accounts.
Chase Premier Savings | Wells Fargo Way2Save | |
|---|---|---|
APY | 0.01% | 0.26% – 2.51% |
Fees | $5 per month
Can be waived if you carry $300 account balance at the start of the month, $25+ autosave or linking a Chase checking account
| $5
can be waived by maintaining a $300 minimum daily balance, one qualified automatic transfer, one or more Save as You Go transfers from your Wells Fargo checking account. Primary account owners age 24 or younger are exempt from the fees
|
Minimum Opening | $25 | $25 |
- Monthly Fee: The Wells Fargo Way2Save has a $5 fee, compared to the $25 for the Chase Premier. Additionally, the waiver criteria is more easily accessible. You can have the $5 fee waived if you maintain a daily $300+ balance or set up automatic savings with your Wells Fargo checking account.
- Save as You Go: Wells Fargo has a neat savings feature that can help you to boost your savings balance. Save as You Go transfers $1 from your checking account into your savings account every time you swipe your debit card. You are unlikely to notice these small amounts, but you can add a significant amount to your savings over the course of a year.
- Availability: While Wells Fargo has a similar number of branches and ATMs, it does not have physical locations in 13 states. So, if you are unlucky enough to live in one of these states, you will struggle to have full access to the Wells Fargo services.
How to Deposit and Withdraw Money From Chase Premier Savings
There are a number of ways to deposit and withdraw funds into your Chase Premier Savings account. These include:
- Mobile Check Deposit
If you want to deposit a check into your account, you don’t need to visit a branch, you can use the Mobile Check Deposit feature on the app.
All you need to do is enter the check amount and take pictures of the front and back of the check.
- At a Branch
You can also visit your local branch to pay in cash and/or checks. You simply need to speak to a teller.
- Transfer
If you have funds in a third party account, you can transfer them directly into your Chase Premier savings account. You can also transfer from Chase Checking account:
- ATM
The quickest and easiest way to withdraw cash from your account is via a Chase ATM. Chase has approximately 16,000 ATMs across the country.
- Transfer
You can also transfer funds out of your Premier Savings account to another bank account with Chase or another bank.
- Bank Teller
Finally, you can withdraw funds if you visit your local branch. Remember that you may need to present ID if you visit the teller.
Just bear in mind that you can only have six free withdrawals per statement period or you’ll incur a withdrawal fee.
Should I Open a Chase Premier Savings?
Whether you should open a Chase Premier Savings account will depend on your preferences and circumstances. You’ll need to consider a few questions to make your final decision.
- Do You Want to Earn the Highest Possible Rate? If earning the highest APY on your savings is a priority for you, you’re likely to find the Chase Premier Savings a little disappointing. There are numerous traditional banks and online banks that offer far higher savings rates.
- Are You an Existing Chase Customer? If you’re already a Chase customer, particularly a Sapphire checking account holder, you may find it beneficial to also have a Chase savings account. However, you’ll need to carefully consider whether this account or the basic Chase savings is more appropriate.
- Can You Achieve the Waiver Criteria? The $25 monthly maintenance fee is quite steep, so you need to be confident that you can easily achieve at least one of the Chase fee waiver criteria requirements.
- Do You Need Frequent Withdrawals? Since the account only permits six fee free withdrawals per statement period, you will need to assess how frequently you’ll need to withdraw funds.
Financial Institution | Savings APY |
|---|---|
American Express
| 4.30% |
Marcus
| 4.40% |
Capital One
| 4.35% |
Synchrony Bank
| 4.75% |
Discover Bank
| 4.25% |
Lending Club | 5.00% |
Ally Bank
| 4.25% |
Upgrade
| 5.21% |
How to Open a Chase Premier Savings Account
While you can open an account in your local branch, Chase also makes it easy to complete the application process online. You’ll simply need to follow some basic steps.
- Click on “Open Account”: On the Premier Savings product page, you should find a button to open the account. After you click this, you will need to confirm if you are an existing Chase customer. If you already hold other Chase accounts such as loans, mortgages, credit cards or savings, you can simply log in at this stage.
- Provide Basic Details: New customers will need to provide some basic details to get the application process started. This includes your full name, date of birth, address, social security number and contact information.
- Citizenship Status Confirmation: This is a basic yes/no question, but there is the option to add a country of citizenship if you’re not a U.S citizen.
- Complete the Application Form: You can now complete and finalize your application form. Once you click “submit” the Chase team will process your application and email details of your new account after it has been approved and opened
Can I Open a Chase Premier Savings Joint Account?
As with most Chase checking and savings accounts, you can open a Premier Savings joint account. You can simply indicate that you want the account to have a co-owner during the application process. You will then need to provide all the details we covered above for the second account holder.
Both parties will then have ownership of the account, allowing them to deposit funds, make withdrawals and manage the account with equal responsibility.
FAQs
Is Chase a Good Bank
Yes, Chase is largest bank in the US with plenty of banking options. However, it's important to understand Chase bank's pros and cons before opening an account.
Does Chase offer an IRA savings account?
Chase has a traditional IRA account that you can use for your retirement plans.
Does Chase offer a health savings account?
Yes, the Chase HSA provides a flexible, convenient way to pay for qualified medical expenses with tax advantage funds.
Can you direct deposit into a Chase savings account?
Yes, you can use Chase direct deposit to transfer funds into your Chase savings account.
How do you close Chase Premier Savings?
To close your Premier Savings account, you can either call the support center helpline and request an account closure or speak to a member of the Chase team at your local branch.
You can also submit a closure request in writing, but this is the slowest way to initiate an account closure.
How much can I withdraw from Chase Premier Savings?
Chase does not state an official maximum withdrawal limit for the Premier savings, so if you are planning on withdrawing a large sum, it would be a good idea to speak to the customer support team first.
Can I transfer my IRA to Chase Premier Savings?
It is possible, but you will need to determine the tax implications of transferring IRA funds into your Premier Savings account.
Does Chase Premier Savings offer promotion for new customers?
No. While Chase offers promotions on checking accounts, it doesn't include Chase savings.
How We Rate And Review Savings Account: Methodology
The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:
- Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
- Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
- Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for savers.
- Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.
By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.
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