Tuesday, December 7, 2021

    Chase Premier Savings review: $25 monthly service fee, low interest rates

    Chase Premier Savings review: $25 monthly service fee, low interest rates

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    Chase Checking Review 4x3

    Chase Premier Savings charges a $25 fee each month.
    Chase; Alyssa Powell/Business Insider
    Annual Percentage Yield (APY)

    0.01% to 0.05% APY

  • Pros & Cons
  • Details
  • Pros
    • Earn slightly better APY with relationship rates
    • Link to a Chase checking account for free overdraft protection
    Cons
    • Low APY
    • $25 opening deposit
    • $25 monthly fee
    • Access to 16,000 ATMs and over 4,700 branches
    • Earn a standard rate on 0.01% APY; Earn a relationship rate of 0.02% to 0.05% APY when you link to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account AND make 5 monthly transactions from your linked checking account
    • Waive $25 monthly maintenance fee when you maintain a $15,000 daily balance, OR when you link to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account
    • Chase Mobile® app: Manage your accounts, deposit checks, transfer money and more — all from your device
    • Open your account online now
    • Available online nationwide except in Alaska, Hawaii, and Puerto Rico. For branch locations, visit locator.chase.com

    Is Chase trustworthy?

    JPMorgan Chase & Co. is Chase’s parent company. The Better Business Bureau gives JPMorgan Chase & Co. an  A in trustworthiness. A strong BBB rating indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent in how it handles business.

    Although its BBB rating is good, JPMorgan Chase & Co. has dealt with a few scandals in the past few years. Here are some recent conflicts:

    Similar banks, such as Wells Fargo and Bank of America, have their own history of public controversies.

    Chase Premier Savings vs. Chase Savings

    The Chase Savings account only charges a $5 monthly fee instead of $25, and it’s much easier to waive.

    Chase Premier Savings doesn’t have any significant benefits over Chase Savings. You have the potential to earn a slightly higher rate, but even Chase’s maximum rate is relatively low.

    Laura Grace Tarpley, CEPF

    Editor, Banking & Mortgages

    Laura Grace Tarpley is an editor at Insider, responsible for banking and mortgage coverage on Personal Finance Insider. She covers mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips. She is also a Certified Educator in Personal Finance (CEPF). Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »

    Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team. Read our editorial standards.

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