Chase Savings earns 0.01% APY — approximately $1 per year on a $10,000 balance. It’s FDIC-insured, available alongside Chase checking in one app, and has no minimum balance to open. But it’s one of the lowest-yielding savings accounts at any major US bank, paying a small fraction of what top online alternatives pay.
The direct answer: Chase Savings is convenient but not competitive. Keep a small amount there for quick transfers to checking; move the bulk of your savings to a high-yield savings account.
Chase Savings Account Details
| Feature | Chase Savings | Chase Premier Savings |
|---|---|---|
| APY | 0.01% | 0.01% (0.02% relationship rate)* |
| Monthly fee | $5 | $25 |
| Fee waiver | $300 balance OR $25 auto-transfer OR owner under 25 OR linked qualifying checking | $15,000 balance OR linked Premier Plus/Sapphire |
| Minimum to open | $0 | $0 |
| FDIC insured | Yes | Yes |
| Transfers to Chase checking | Instant | Instant |
*Premier Savings earns its relationship rate when linked to a Premier Plus, Sapphire or Private Client checking account with at least five customer-initiated transactions a month (rate sheet in effect October 9, 2026).
How Much You’re Leaving on the Table
On a $15,000 savings balance — a common emergency fund size:
| Bank | APY | Annual Interest |
|---|---|---|
| Chase Savings | 0.01% | $1.50 |
| National average (FDIC, Oct. 19, 2026) | 0.38% | $57 |
| Ally Bank | 3.10% | $465 |
| Marcus by Goldman Sachs | 3.50% | $525 |
| Capital One 360 | 3.10% | $465 |
By keeping $15,000 in Chase Savings instead of Ally, you forgo approximately $463.50 a year at Ally’s 3.10% APY.
This is the actual cost of choosing convenience over yield.
Waiving the $5 Monthly Fee
Chase Savings charges $5/month unless you meet one of these conditions:
- $300 balance at the beginning of each day
- $25 in repeating automatic transfers — $25 or more from Chase checking to savings, set up through chase.com or the Chase app
- Account owner under age 25 — no monthly service fee
- Linked to a qualifying checking account — the list includes Premier Plus and Sapphire Checking
The auto-transfer waiver is easiest for most customers — set it up once and forget it.
When Chase Savings Makes Sense
Use Chase Savings if:
- You want one app and one institution for checking + savings
- You need to transfer money between checking and savings instantly (no waiting 2–5 days)
- You’re maintaining a small liquid buffer (under $1,000) alongside your Chase checking
- You’re under 25 (no monthly service fee, builds banking history)
The hybrid approach: Many Chase customers maintain $300–$500 in Chase Savings for quick transfers to checking (avoiding overdrafts), and keep the rest of their savings at an online high-yield bank. You get the convenience of Chase for daily banking and a much higher yield on your actual savings.
Better Alternatives to Chase Savings
| Bank | APY | Monthly Fee | Notes |
|---|---|---|---|
| Ally Bank | 3.10% | $0 | No minimum, next-day transfers |
| Marcus by Goldman Sachs | 3.50% | $0 | No minimum, simple interface |
| Capital One 360 | 3.10% | $0 | Physical locations in some cities |
| SoFi Savings | 3.30% | $0 | Rate requires eligible direct deposit or $5,000+ qualifying deposits |
All are FDIC-insured and equally safe as Chase Savings. The only difference is yield and convenience.
How Chase Savings Works With Overdraft Protection
One genuine use case for Chase Savings: if you also have Chase Total Checking, you can link Chase Savings as free overdraft protection. When your checking account would overdraft, Chase automatically transfers funds from savings at no charge.
This is a legitimate reason to keep at least $200–$500 in Chase Savings — as a backstop for your checking account — even if you keep your main savings elsewhere.
See also: Chase checking account guide | Chase bank review | Best high-yield savings accounts 2026 | Chase fees
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy