When it comes to saving money, choosing the right bank and savings account can make a big difference.
In this article, we'll take a closer look at Chase and Discover savings accounts to help you determine which one might be the best fit for your needs.
Compare Savings Account Rates
Discover Online Savings | Chase Premier Savings | |
|---|---|---|
Savings Rate | 3.75% | 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 | $150 – $200
Minimum deposit of $15,000 / $25,000, expired on 09/12/2024
| None |
CD Range | 2.00% – 4.00% | 0.02% – 4.00% |
The table compares two savings accounts, Discover Online Savings and Chase Premier Savings.
Discover Online Savings offers a significantly higher interest rate of 3.75% compared to Chase Premier Savings' rate of just 0.01%. Discover Online Savings also does not require a minimum deposit and has no fees, while Chase Premier Savings requires a minimum deposit of $25 and charges a monthly fee (that can be waived).
In terms of CD rates, Discover Online Savings offers a range of 2.00% – 4.00%, while Chase Premier Savings offers a range of 0.02% – 4.00%.
Compare Savings Account Benefits
Discover Online Savings | Chase Premier Savings |
|---|---|
No Monthly Balance Requirement Or Fees | Access to the Chase Network |
Access to 24/7 Customer Support | Automatic Savings Program |
Excellent Mobile App | Sapphire Banking Perks |
Automatic Saver Options | Daily Compound Interest |
- Excellent Mobile App
Discover has one of the best mobile banking apps of the online banks we reviewed. Mobile apps are crucial for an online savings account, where customers must rely upon technology to facilitate transactions normally handled face to face at a bank.
Savers can access details for all their Discover accounts, view account activity, electronically deposit checks, and transfer money.
- No Monthly Balance Requirement Or Fees
Discover's high-yield savings account is broadly accessible to different account holders. This includes savers who don't keep large ongoing monthly balances.
You won't pay for a stop payment order, excessive withdrawal, insufficient funds, or monthly maintenance.
- Access to 24/7 Customer Support
Discover has a 24/7 phone helpline. This is a toll free number and the customer service department is 100% US based, so the team is ready to help you with queries or questions at any time of the day or night.
- Automatic Saver Options
You can schedule regular transfers from your Discover checking account to maximize the returns and build your savings fund.
- Access to the Chase Network
The Chase Premier Savings account provides access to Chase Bank's vast network, including approximately 4,900 branches and 16,000 ATMs nationwide.
- Automatic Savings Program
Customers can take advantage of the automatic savings program, allowing them to set savings goals in the Chase mobile app and work towards reaching them.
- Sapphire Banking Perks
Linking your Premier Savings account to your Chase Sapphire Checking account gives you access to exclusive perks, such as early ticket sales and special event access.
- Daily Compound Interest
Interest on your Chase Premier Savings account compounds daily, maximizing your earning potential on your account balance.
Top Offers From Our Partners
Top Offers From Our Partners
Alternative Savings Account : Better Rates Available?
For a long time, traditional brick-and-mortar banks have been the default choice for savings accounts.
However, the emergence of online banks and credit unions has presented savers with a plethora of new options. These financial institutions often offer higher interest rates and lower fees, which can help you achieve your savings goals more easily.
In case you want to compare additional savings accounts, we have compiled a table showcasing some of the best alternative savings account options available from both online and traditional banks and credit unions.
Bank/Institution | Savings APY | Min Deposit | Type |
|---|---|---|---|
Up to 4.35% | $100 | Online Bank | |
4.20% | $0 | Online Bank | |
5.00% | $0 | Online Bank | |
3.80% | $0 | Online Bank | |
3.80% | $0 | Traditional Bank | |
4.14% | $0 | Online Banking | |
3.90% | $0 | Online Banking | |
4.10% | $0 | Online Bank | |
3.85% | $100 | Online Bank | |
3.06% – 3.10% | $0 | Credit Union | |
3.80% | $0 | Online Bank | |
up to 4.00% | $1,000 – $5,000 | Online Bank | |
3.00% | $5 | Credit Union |
Compare Chase Savings
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.
Savings Calculator: Visualize Your Savings Growth
Initial deposit
Monthly contribution
Period (years)
APY
-
Interest earned
-
Contributions
-
Initial deposit
Total savings
* Make sure to adjust APY and deposit
Compare Discover Savings
The Discover Online Savings and the Capital One 360 Performance Savings rates are similar. Compare account features, benefits and drawbacks.
Discover Online Savings Account vs Capital One 360 Performance Savings: Compare Side By Side
Discover and American Express offer competitive savings rates and no monthly fees. Compare account features, benefits, and drawbacks.
Discover Online 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 Account
PNC offers higher savings rate than Discover, but the states are very limited. Here's our full savings account comparison: Discover Online Savings Account vs. PNC Standard Savings
The Smart Investor 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.
