Savings accounts are an important part of everyday financial life. It is the foundation of wealth creation and access to it should be simple and convenient. It should also meet both immediate and mid-term savings needs. With that in mind, we take a look at the Chase Savings Accounts to determine whether customers are getting a good deal or not. This review compares the Chase product range to some of the best in the world.
Compare this review to the savings products offered by Bank of Ireland.
If the name sounds familiar, it should. Chase was formerly known as JP Morgan & Chase and through various board decisions and meetings, they’ve decided to simplify. Chase is one of the biggest banks in the US and provides banking services to millions of clients. The bank was not always geared towards providing banking services and initially dabbled in industry. It played a significant role in the water services and general infrastructure of America and the country owes much of it to Chase and other institutions like it. A great asset holding places this bank among some of the largest across the world.
Savings Accounts Hints and Tips
Consumers who have heard the age-old advice not to put all their eggs into one basket should consider this with the individual product ranges as well. A good savings strategy includes savings vehicles that cover immediate, short-term, mid-term, and even long-term savings needs and goals. Here are a few tips to make the selection process a little easier.
Pick the Right Account for the Need
If this is the first savings account and consumers have not yet built up an emergency fund, the safest savings pocket is one that allows instant access without hassle. Once the emergency fund is saved up for, customers can then open additional accounts that have different terms.
Compare the Products Between the Various Banks
This is an important step for anyone who wishes to have the best deal on the market. Some banks offer more agreeable terms, while others focus on rewarding their customers with stellar interest rates. There are also savings products that carry little or no fees, which is a very agreeable option for those who want to make the most out of their savings.
Look Out for Convenience
The moment an account becomes a hassle to manage or requires too much intervention from the bank or customer, the less likely the customer will use it. This makes it a bit more tricky for consumers to save, which is why a streamlined option is the best option. This includes the ease of access, the ease of opening, and the ease with which customers are able to deposit.
Find the Account Bundles That Provide Additional Perks
Many banks have a special agreement with their customers that could see them saving on other levels as well, not just through their savings account. This includes special pricing and offerings on their borrowings as well, such as discounted rates. The reason banks do this is in order for them to boost the liquidity of their holdings and still benefit from the loans sector.
Chase Savings Accounts Product Offerings
This is Chase Bank’s entry-level savings account and usually, the first one consumers open. Furthermore, the account grants customers access to online and mobile banking tools.
- Customers enjoy access to a 24-hour customer support team.
- This account allows customers to enjoy competitive interest rates.
- The account is convenient as customers can use the automatic savings program.
- Furthermore, customers receive account alerts on certain transactions.
- Customers have access to 16,000 ATMs and 5,100 branches.
- The funds enjoy FDIC insurance protection.
- Also, the account carries a $5 monthly service fee, however, customers are able to avoid this. They manage this by maintaining a daily balance of $300, one repeating transfer of $25, or if the account is linked to one of the chosen accounts. The maintenance fee is also waived for those who are under the age of 18.
- There is a withdrawal fee limit of $5 on the account.
- Finally, this account limits users to six withdrawals or transfers within a statement period, per federal regulations.
Chase Premier Savings
Once customers have accrued a bit of a lump sum in their Chase Savings, it may be time to move it over to this account. This is because the Chase Premier Savings may provide higher interest on higher balances.
- Customers have access to better interest rates.
- The account provides access to online and mobile banking.
- Furthermore, there is a 24-hour customer support helpline.
- Customers who are linked to a Chase Premier Plus Checking or Chase Premier Platinum Checking may earn relationship rates. These accounts require at least five customer-initiated transactions during a monthly statement period to qualify.
- This account provides the convenience customers require through the automatic savings program.
- Customers receive account alerts on certain transactions.
- The account provides access to 16,000 ATMs and 5,100 branches.
- The funds enjoy FDIC insurance protection.
- There is a $25 monthly service fee on this account. The fee can be avoided if customers carry a daily balance of $15,000 or more. They can also waive the fee by being linked to certain Chase accounts.
- Customers are required to open the account with a minimum of $100.
- The account carries a $5 savings withdrawal limit fee.
- Finally, the account limits customers to six withdrawals or transfers per monthly statement period.
Chase CDs provide customers with the option of short or long-term savings options. Furthermore, higher balances may receive a higher interest rate.
- A CD provides customers with a fixed rate of return, which makes it easy for customers to calculate the outcome.
- Customers may also earn relationship rates when the account is linked to a Chase personal checking account.
- The funds enjoy FDIC insurance protection.
- There is no monthly service fee on these accounts.
- Finally, customers are required to open the account with a minimum of $1,000.
National Bank of Abu Dhabi has an interesting range of savings accounts and we recently did a full review.
What We Like About Chase Savings Accounts
There are a few different options that allow customers to have a good start on their savings journey. This includes the short-term variety as well as options for those who wish to put their funds away for longer.
The interest rates increase with higher amounts on two of the products, which will encourage consumers to save more of their funds. There is also the opportunity for customers to avoid their fees by keeping to certain criteria.
Also, the bank encourages customer loyalty by offering fee dispensations for those who hold certain accounts with the bank. There is also the opportunity to earn a relationship interest rate, which adds a nice little boost to the savings.
Finally, the accounts provide quite a bit of information which will provide customers with an overall feel of what they’re getting themselves into.
What We Don’t Like About Chase Savings Accounts
We generally don’t like to nitpick during these reviews, but we are a little dismayed at the offering provided by such a big bank. There are three different options to choose from, and all of them have certain restrictions on the accessibility of the funds. This makes it a bit frustrating for the customers who require more regular access to their funds.
Also, by nature, these accounts require the funds to sit in the accounts for a period of time before customers are able to have access to them. There is no mention of this on the individual product pages, which means customers will need to hunt for this information on the website. There is also no mention of other fees on these accounts, which we presume is also in another tab or link.
Finally, the CDs have certain restrictions regarding their accessibility as well. Customers are required to go through a number of tabs to get all the information together. This makes it a little frustrating and almost feels like an unwillingness from the bank to disclose certain information.
We recently did a full review on the savings options offered by BNP Paribas.
Critical Reviews Rating Chase Savings Accounts – 4 of 10
There is no other way to put this account range as sad and lacking. For a bank of this size, it’s easy to expect an epic range of products that will make the savings journey a little easier. This range is by no means captivating and seems like an afterthought. Of the three accounts, none of them provide customers with a convenient way of saving, as all of them have restrictions in terms of accessibility. The account range feels incomplete.
Another glaring issue we have with these accounts is that the interest rates are dismal. This is in comparison to other banks, some of them much smaller than Chase. What’s more, customers are not even required to hold other products with these other institutions to benefit from the great rate. Even if customers have a high balance and benefit from the relationship interest rate, the interest rates are still lower than some of the other banks.
Finally, there is good ‘ole disclosure. Sure, customers are aware of the maintenance fee but for the other fees, they will need to dig around the website first. They will also need to jump through hoops to avoid the general account fees, which some of the other institutions don’t charge at all. This is not a client-friendly range and therefore, the rating to reflect it.
Find out whether Deutsche Bank had a better outcome with their savings account review.