Chase Premier Savings account review
Chase Premier Savings isn't available on Finder right now.
- Annual Percentage Yield (APY)
- Up to
0.01%
- Fee
- $25 per month
(can be waived) - Minimum deposit to open
- $25
Our verdict
A savings account with a low APY and monthly fee.
The Chase Premier Savings account is best for existing Chase customers, because linking this account to your Chase Premier Plus Checking or Chase Sapphire Checking account means you get to waive the $25 monthly fee and may get a slightly higher rate. There's another way to waive the $25 monthly fee, but it requires a daily balance of $15,000. It also offers automated savings and overdraft alerts. But overall, the Chase Premier Savings account is not competitive. It offers a low rate of 0.01% to 0.02% APY — much lower than the best accounts and the national average. If you're a new Chase customer and don't have a checking account with them, you'll only get 0.01% APY and may get saddled with a $25 fee if you don't have at least $15,000 in the account every day.
Best for: Existing Chase customers in need of a savings account.
Pros
-
No opening deposit
-
Remote check deposit
Cons
-
Low 0.01% to 0.02% APY
-
$25 monthly fee, waivable
-
Too many requirements for higher APY and waiving fees
Who is Chase Premier Savings best for?
The Chase Premier Savings account only makes sense for existing Chase customers who want to keep all their accounts in one place and want to waive the $25 monthly maintenance fee by linking their Chase Premier Plus Checking or Chase Sapphire Checking account to it.
What we like about Chase Premier Savings
There isn’t much good to say, but it’s worth noting that the Premier Savings account doesn’t have any balance requirements to earn either the 0.01% to 0.02% APY. There’s also no opening deposit requirement.
But there are requirements to earn the slightly higher 0.02% APY, called the “relationship” rate. Requirements include:
- Linking either your Chase Premier Plus Checking or Chase Sapphire Checking account to the savings account.
- Performing at least five transactions per month with the checking account.
If you’re an existing Chase customer and the checking account you’re linking is your everyday checking account, then meeting the transaction requirements is easy. By linking the account, you’d waive the Premier Savings monthly fee and earn the 0.02% “relationship” rate.
Where Chase Premier Savings falls short
The Chase Premier Savings account is lacking in several areas. First, its 0.01% to 0.02% APY is much lower than the 0.43% national savings rate average, as reported by the FDIC.
If your linked Chase checking account for the Premier Savings account isn’t your primary everyday account, you may have to go out of your way to perform the five transactions required to earn the slightly better rate of 0.02% APY. However, this is still low compared to the best high-yield savings accounts, which come with no monthly fees and much stronger rates.
Premier Savings also comes with a monthly fee, which is uncommon as most savings accounts nowadays are free. You’ll pay $25 a month to maintain the account unless you link a Chase checking account or maintain a daily balance of at least $15,000.
If you’re adamant about sticking with Chase, consider its other savings account option: The Chase Savings account earns the same 0.01% APY but has a lower $5 monthly fee with five ways to waive it.
Compare Chase Premier Savings to other top savings accounts
Narrow down top savings accounts by APYs, opening deposits and minimum balances requirements. For a closer comparison, tick the Compare box to see accounts side by side.
What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Customer experience
JP Morgan Chase has a lot of products and services, over 4,700 branches and serves over 100 countries, so your customer experience is likely to vary. But like many large banks, its record isn’t squeaky clean and its customer reviews don’t shine a great light.
In 2020, Chase entered into a resolution with the US Department of Justice to resolve criminal charges related to fraud and the unlawful trading of precious metals. Chase cooperated with the investigation, hired new compliance officers and will pay over $920 million in fines.
Although Chase is not accredited with the Better Business Bureau (BBB), it holds the highest BBB rating of A+, which is based on how well a business handles complaints and interacts with customers. The A+ rating is impressive, considering the high number of complaints it received in the last few years — over 4,000.
In terms of customer reviews and complaints, Chase receives a lot of feedback, but the majority is poor. Many reviews are unique circumstances, describing issues with car loans, accounts closing without notice and trouble contacting customer support. A common thread among reviews is problems with communications and trouble resolving fraudulent charges — a sign that Chase’s fraud department may be lacking.
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.
Chase Premier Savings is not currently available on Finder
Have you considered Uphold?
- $0 monthly fee
- Earn 4.65% APY on balances of $1,000+
- Earn 2% APY on balances lower than $1,000
- Available in 47 states
- Up to $2.5 million FDIC insurance
Your reviews
Bethany Finder
Editor, Banking
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