Banking » Reviews » Chase Premier Savings Account Review (2024)
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Chase Premier Savings Account Review (2024)

While the Chase Premier savings account offer daily compound interest, the low APYs makes it less attractive compared to online banks
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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

0.01%

Minimum Deposit

$25

Our Rating

2.5
2.5/5

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

Chase Premier Savings Account

APY Savings

0.01%

Minimum Deposit

$25

Our Rating

2.5
2.5/5

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

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.
Chase choose savings goals
(Screenshot from Chase app)
  • 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 savings details
(Screenshot from Chase app)

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%
4.2%
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% – 2.50%
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:

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.

Chase mobile check deposit
Chase mobile check deposit (Screenshot from Chase app)

You can also visit your local branch to pay in cash and/or checks. You simply need to speak to a teller.

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:

Chase schedule a transfer
(Screenshot from Chase app)

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.

You can also transfer funds out of your Premier Savings account to another bank account with Chase or another bank.

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
4.25%
Marcus
4.40%
Capital One
4.25%
Synchrony Bank
4.75%
Discover Bank
4.25%
Lending Club
5.00%
Ally Bank
4.2%
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.

  1. 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.
  2. 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.
  3. 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.
  4. 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

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.

Chase has a traditional IRA account that you can use for your retirement plans.

Yes, the Chase HSA provides a flexible, convenient way to pay for qualified medical expenses with tax advantage funds.

Yes, you can use Chase direct deposit to transfer funds into your Chase savings account.

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.

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.

It is possible, but you will need to determine the tax implications of transferring IRA funds into your Premier Savings account.

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.

Compare Chase Savings

There is no competition when it comes to savings rates – Discover wins Chase clearly. However, each of them has its own benefits and tools.

Chase Savings vs Discover Online Savings Account: Compare Side By Side

Ally Savings offers much higher savings rate compared to Chase Savings Premier. What other features and benefits they offer?

Chase Savings vs Ally Bank Savings Account: Compare Side By Side

Capital One Savings provides a significantly higher savings rate when compared to Chase. Let's explore the features and additional benefits.

Chase Savings vs Capital One 360 Performance Savings: Compare Side By Side

PNC offers much higher savings rate than Chase, but PNC states are very limited. Here's our full savings account comparison.

Chase Savings vs PNC Standard Savings: Compare Side By Side

Sign Up for

Our Newsletter

Join our community for the latest attractive savings rate changes ,expert insights, and member-only perks

Savings Accounts Reviews

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Search
Best Savings Accounts
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: Up to 5.00% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

#1 In Banking

Our Newsletter

Get expert advice, insider tips, fresh banking promotions and rate changes on savings accounts and CDs

Banking Promotions & Latest Rate Updates

Our Banking Newsletter

Sign up for our newsletter and gain access to expert advice,
insider knowledge, and exclusive updates