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Chase Savings Account Review & Better Options

Conor Keenan By: | Updated: October 28, 2026
Accredited Wealth Management Advisor® designee with 10+ years covering banking & investing. His work has appeared in The Wall Street Journal, Reuters & Yahoo Finance.

Editorial Independence: Opinions, recommendations, and reviews are our own. Partner commissions help keep our site free. They do not influence our editorial content.

JP Morgan Chase is one of the nation's most popular and largest banks. They offer a full suite of banking products, but if you want the highest interest rate for your savings, look elsewhere.

Chase offers one of the lowest savings rates available at 0.01%. This is so low, that our account recommendations below offer more than 100x this rate.

Aside from the basement bottom interest rate they offer, Chase will charge you a $5 service fee on their basic account and $25 per month on their premier savings account unless certain conditions are met.

Not only will your savings not make much money with this account, but you could lose money to one of the many fees Chase can charge you.

The savings accounts we recommend on this page do not have monthly fees, do not require large initial deposits, and give you 24/7 access to your money, while offering interest rates that are more than 100x Chase's.

Earn a Higher Rate with Fewer Fees Than Chase with an Account From Our Partners Below

Why You Might Want to Open a Chase Savings Account

A Chase savings account really only makes sense if you're more interested in having access to branch locations and a large network of ATMs.

Chase has more than 4,000 branches located around the United States and their ATM network boasts over 15,000.

You'll also gain access to the Chase Mobile app, which will allow you to deposit checks directly into a Chase savings account from your phone.

Lastly, Chase offers you the ability to lock / unlock your debit card and replace a lost or damaged card directly from the Chase Mobile app.

If these features matter more to you than earning a high rate of interest on your savings, you can open a Chase savings account by clicking here. Otherwise, we recommend you open an account with one of our recommendations above and start putting your money to work!

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What to Look for in a Savings Account

It's always wise to compare your options when opening a new savings account. Small differences in interest rates and fees can quickly add up over time, especially if you're keeping a large balance in savings.

Here are the top features to look for and compare:

1. Interest Rate

The interest rate of a savings account is one of its most important features. However, a very high interest rate can get completely wiped out by monthly fees.

Although your main goal may be a higher interest rate, be sure to focus on low and better yet, no monthly fee accounts. Other important features of your savings account include the required initial deposit, minimum balance required, and how you access your money.

2. Monthly Fees

Monthly fees can destroy your return. You should avoid them like the plague. That’s why we recommend you focus on no monthly fee savings accounts to maximize your return.

3. Required Initial Deposit

Does the bank require a large initial deposit? Are you comfortable depositing that much right away? These days, most banks will allow you to open an account with as little as $1 or even $0 dollars.

Some banks may offer a higher yield with a higher initial deposit. You’ll just need to decide whether that higher initial deposit will be worth any increase in yield.

4. Minimum Balance Required

Minimum balance required to maintain your account is another feature to keep a close eye on.

Most of the banks we recommend do not have large minimum balance requirements, if any minimum balance requirement at all.

The accounts we do recommend that have a higher minimum required balance are usually CD accounts, which you don’t want to open unless you want to lock up your money for 6 months, 12 months or longer.

5. Accessing Your Money

Accessing your money is important with any account. Some high yield savings accounts allow you to transfer funds out of the account as often as you’d like, while others place limits on the number of outgoing transfers you can perform per month.

Additionally, some banks will issue a debit card for your high yield savings account, although that is more common for checking accounts.

We recommend to not focus on the debit card aspect too much and instead ask yourself “how often will I need to pull money from my savings?” We believe that savings should be left alone, until really needed, in order take advantage of compound interest.

Although a limit of 6 out going transfers sounds low, if you need to pull money out more often than that, we’d recommend putting those funds into a checking account instead.

*National Savings Rate Average as published by FDIC