Chase Savings

Chase Savings is the entry-level savings account at JPMorgan Chase, the largest bank in the United States, with about 4,700 branches and more than 15,000 ATMs. It is built as a companion to a Chase checking account: instant internal transfers, one app, ATM and branch deposits, and the option to link it as overdraft backup. As a vehicle for actually growing money, it barely functions. The number that matters: Chase Savings pays 0.01% APY on every balance tier, per Chase's own consumer deposit rate sheet in effect as of August 7, 2026. A $10,000 balance earns about $1 per year. The same money in a competitive online savings account paying around 4% earns roughly $400. Even Chase Premier Savings, the bank's premium tier, tops out at 0.02% APY with relationship rates, and unlocking those requires a linked premium checking account plus at least five customer-initiated transactions per statement period. The fee schedule can push the real return negative. Chase Savings charges a $5 monthly service fee unless you keep at least $300 in the account at the start of each day, receive $25 or more per month in Autosave or other repeating automatic transfers from a Chase checking account, link a qualifying checking account, or are under 18. Pay the fee for a year and a $1,000 balance loses $60 while earning about 10 cents. There is no minimum deposit to open, and the account is FDIC insured up to $250,000 per depositor, the same coverage any online bank carries. The honest case for keeping one: you already bank with Chase, you want same-second transfers between checking and savings, you value being able to walk into a branch, or you are working a Chase new-customer bonus that requires opening a savings account. For a few hundred dollars that exists mainly to catch overdrafts, the rate is irrelevant and the convenience is real. Anyone holding meaningful cash should hold it elsewhere. Moving a $20,000 emergency fund from Chase Savings to a 4% online high-yield account is worth about $800 per year for roughly 15 minutes of setup, and FDIC protection is identical at both. Keep Chase for checking if it works for you, and let a bank that actually wants your savings pay for them.