Choosing the right savings account can be daunting, especially when so many options are available. Both Chase and Ally Bank offer a variety of features and benefits, so it's important to compare them side-by-side to find the best one for you.
This article will compare Chase and Ally's savings accounts on various factors, including interest rates, fees, ATM access, and customer service.
Compare Savings Account Rates
Ally High Yield Savings | Chase Premier Savings | |
|---|---|---|
Savings Rate | 4.25% | 0.01% |
Minimum Deposit | $0 | $25 |
Fees | $0 | $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
|
Promotion | None | None |
CD Range | 3.00% – 4.50% | 3.00% – 4.75% |
The table compares the key features of the Ally High Yield Savings and Chase Premier Savings accounts, including savings rates, minimum deposit requirements, fees, promotions, and CD rates.
- Savings Rate: This is the most important parameter, and Ally wins without competition. Ally High Yield Savings offers a significantly higher savings rate of 4.25% compared to Chase Premier Savings‘ 0.01% to open an account.
- Fees: Ally High Yield Savings has no monthly fees, while Chase Premier Savings charges a $25 monthly fee but you can waive it if you carry a $300 account balance at the start of the month.
- Promotion: Neither Ally High Yield Savings nor Chase Premier Savings offer promotional rates or bonuses at the time of comparison.
- CD Rates: Ally High Yield Savings offers higher CD rates ranging between 3.00% – 4.50%, while Chase Premier Savings CD rates range from 3.00% – 4.75%.
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Compare Savings Account Features
Ally High Yield Savings | Chase Premier Savings |
|---|---|
Savings Organization Tools | Access to the Chase Network |
Surprise Savings | Automatic Savings Program |
Round-Ups | Sapphire Banking Perks |
24/7 Support | Daily Compound Interest |
- Savings Organization Tools
Ally offers a unique savings feature called “buckets” which allows you to organize your savings into different categories, all within the same account.
This allows you to easily keep track of your savings goals and progress.
- Surprise Savings
Ally's innovative technology analyzes your linked checking accounts to identify safe-to-save money, and then transfers it to your savings account.
This makes it easier for customers to save money without having to actively manage their accounts.
- Round-Ups
With Ally's round-up feature, customers can track their Ally Interest Checking account transactions and round up to the nearest dollar.
Once you accumulate at least $5 in round-ups, it is automatically transferred to your savings account, helping you to save even more.
- 24/7 Support
Ally provides customer support around the clock through various channels such as call, chat, or email. This ensures that customers can get assistance from a real person whenever they need it, day or night.
- Access to the Chase Network
The Chase Premier Savings account provides customers with access to an extensive network of approximately 4,900 branches and 16,000 ATMs across the United States.
This means that customers can conveniently manage their account and access funds, regardless of their location.
- Automatic Savings Program
Chase Bank's automatic savings program is a useful tool for customers who struggle with saving money.
By setting savings goals within the Chase mobile app, customers can automate their savings plan and watch as their funds grow over time.
- Sapphire Banking Perks
Linking the Premier Savings account to a Chase Sapphire Checking account provides customers with exclusive perks, such as early ticket sales and special event access.
- Daily Compound Interest
Interest on the Chase Premier Savings account compounds daily, helping customers to maximize their earning potential on their account balance.
This feature means that customers can earn more money over time by keeping their funds in the account and watching their savings grow steadily.
Breaking Down Alternative Savings Choices
When it comes to saving money, choosing the right savings account is crucial. With so many options available in the market, it can be challenging to decide which one is the best fit for your financial goals.
If you've decided Ally and Chase is not for you, we have compiled a table that compares savings account rates and minimum deposit requirements from traditional banks, online banks, and credit unions
Bank/Institution | Savings APY | Min Deposit | Type |
|---|---|---|---|
5.00% | $100 | Online Bank | |
4.40% | $0 | Online Bank | |
4.30% | $0 | Online Bank | |
4.35% | $0 | Online Bank | |
4.45% | $0 | Traditional Bank | |
5.21% | $0 | Online Banking | |
4.40% | $0 | Online Banking | |
4.25%
| $0 | Online Bank | |
4.35% | $0 | Online Bank | |
5.00% | $100 | Online Banking | |
4.65%
The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
| $0 | Traditional Bank | |
4.75% | $0 | Online Bank | |
4.50% | $100 | Online Bank | |
3.06% – 3.10% | $0 | Credit Union | |
up to 4.60% | $1,000 – $5,000 | Online Bank | |
3.00% | $5 | Credit Union |
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.
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PNC offers much higher savings rate than Chase, but PNC states are very limited. Here's our full savings account comparison.
Compare Ally Savings
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Ally Bank Savings Account vs Marcus Online Savings Account: Which Is Better?
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Ally Bank Savings Account vs. Capital One 360 Performance Savings: Which Is Best?
Ally and SoFi savings account rates are among the highest in the market and no monthly fees required. Compare account features and drawbacks.
SoFi High Yield Online Savings Account vs. Ally Bank Savings Account: Compare Side By Side
Compare Citi Accelerate Savings and Ally Savings rates, features, benefits, and limitations to determine which one is the best option for you.
Citi Accelerate Savings vs Ally High-Yield Savings: Comparison
Ally and Amex savings offers lucrative savings rates and many other benefits for savers. Here's our side by side savings account comparison: Ally Bank Savings Account vs American Express High Yield Savings Account
Discover and Ally offer online only savings accounts with several benefits, tools and sometimes even promotions. Here's our full comparison: Ally Bank Savings Account vs Discover Online Savings
Our Savings Accounts Comparison Methodology
The Smart Investor team has conducted a comprehensive comparison of savings accounts, analyzing each based on these critical categories to help you decide where to entrust your savings.
- Savings Rates: The savings rates category delves into the interest rates offered by each account, assessing their competitiveness in the market. Higher interest rates mean greater returns on your savings over time, providing a crucial incentive for account holders to choose one account over another. Additionally, we explore any promotional rates or conditions that may affect the account's overall value.
- Savings Features: We examine the features and benefits accompanying each savings account. From account minimums and fees to accessibility through online and mobile banking platforms, these features can significantly impact the convenience and utility of the account for account holders. We also consider perks like overdraft protection, automatic savings plans, and rewards programs.
- Customer Experience: A positive customer experience is paramount in banking, and we evaluate each institution's performance in this area. This includes aspects such as the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction on platforms such as Trust Pilot and JD Power ranking.
- Bank Reputation: The bank's reputation carries weight in the decision-making process. Factors such as financial stability, regulatory compliance, and public perception contribute to the overall trustworthiness and reliability of the institution.
