Sunday, October 1st
2023 Online Savings Account Reviews
Chase
- Up to 4% APY in CD accounts
- Student/child accounts for $0 in fees
- Family banking options
- No minimum required to open a basic account
- Online services and in-person locations
- Mobile app
- Offers ATM access and ATM card
- "A" rating by the BBB
Chase, also known as JPMorgan Chase & Co., has been in business for almost 200 years as a brick-and-mortar bank. Chase offers everything you'd expect from a traditional bank, including savings and checking accounts, but they also offer fully online services. In terms of savings options, Chase offers three different account types: the Chase Saving account, the Chase Premier Savings account, and the Chase Certificates of Deposit account. While all of these options have monthly fees, you can easily waive the fees by completing qualifying actions through Chase.
3 options for increasing your savings
There are 3 different savings account types with this bank. All three have monthly fees, though these can be waived depending on a few factors including your daily balance in the account or whether or not you have any linked checking accounts at Chase. The APY for all of the accounts is compounded and credited monthly. Here are the details you'll need to know:
- The Chase Savings account: This has a $5 monthly service fee and a 0.01% APY on all money in the account. To waive the fee, customers need a minimum balance of $300 or more in the account each day or to have $25 or more in auto transfers from a Chase checking account, a linked Chase College Checking account, a linked Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking account, or be younger than 18 years old.
- The Chase Premier Savings account: This has a $25 monthly service fee and an APY of 0.02% if you have a linked account and 0.01% if you don't. To waive the fee, you must have a balance at the beginning of each day of $15,000 or more in this account or have a linked account with Chase Premier Plus Checking or Chase Sapphire.
- The Chase Certificate of Deposit account: This requires a minimum of $1,000 to open the account, and the APY varies depending on how much money you have in the account and how long of a savings period you choose. The APYs range from 0.02% at the lowest investment and lowest period (1 month) up to 4.0% for a $100K, 3-month investment.
Linking and student accounts
One of the benefits of banking with Chase is the deals you get for connecting accounts. On top of getting increased APY or waving your fees on your savings for linking a Chase checking account, you also can accrue interest in a Chase checking account with those same linking benefits. On top of that, Chase also offers a special program to help students get started with their finances by offering accounts that have $0 in fees for students in college or those under 18.
Options for in-person banking
One thing customers may enjoy is the hybrid modality of Chase. Since this bank has online options as well as in-person branches, customers can choose how they want to do their banking. With over 400 branches and access to over 1600 ATMs, customers who prefer the personal touch with banking can rely on Chase to provide it for them.
Generally high marks from customers
Chase is a bank with a mixed reputation, but most customers are satisfied with their experience. The company has an "A+" rating from the BBB, and on one review site, Chase has earned a 66% 5-star rating with praise for the convenience and ease of use of Chase's mobile app, which appears to be a major selling point for customers. Additionally, many users appreciate the rewards and bonuses that come with using Chase credit cards.
Customer service issues
Positive keywords frequently associated with Chase reviews include "user-friendly," "competitive rates," and "good security." On the other hand, customers who didn't rate Chase as highly in their reviews struggled to get what they needed from customer service. For such a large banking institution, this is particularly disappointing. Some average banking customers also noted that the APYs were much lower at Chase than at some other banks.
Good price and family-friendly
As a well-known banking institution, Chase is a popular option to check out. It offers three different savings account types for different members. While all of these accounts have monthly fees, those can be waived by meeting certain criteria. The APYs for all accounts are compounded and credited monthly. However, while most customers are satisfied with their experience, some have expressed disappointment with customer service and lower APYs for standard savings compared to other banks. For these reasons, Chase is a mid-range savings account option, especially considering the higher interest rates (and lower-to-no fees) offered by the higher-ranked banks in our evaluation.
More Online Savings Account Reviews
Where is the Best Place to Open an Online Savings Account?
Feeling let down by your current bank and looking to spruce up your finances? Or maybe you're about to open your very first savings account and want to make sure you're getting all the bells and whistles? Deciding who to trust with your savings is a big deal and it's crucial for your financial wellbeing. With so many banks and online institutions, it can be overwhelming to hunt for the best interest options or rewards. Switching banks, or opening a new savings account, can feel like a lot.
But first, some background: a savings account is a type of bank account that is specifically designed for saving money. It's an account that you can deposit money into and earn interest on the balance. Unlike a checking account, which is used for everyday transactions like paying bills or buying groceries, a savings account is intended for long-term saving.
Online Savings Account FAQ
Continued from above...
Many people use savings accounts to set aside money for things like a down payment on a house, a new car, or an emergency fund. One of the biggest benefits of a savings account is that it can help you build wealth over time. As you continue to save money, the interest earned on your balance can compound, meaning you earn interest on both the money you deposit and the interest you earn. Over time, this can add up significantly and help you achieve your financial goals. Additionally, savings accounts are generally considered to be low-risk investments, making them a great option for people who are risk-averse or new to investing.
Banks and financial institutions offer various types of savings accounts that cater to different needs and goals. Some common types of savings accounts include a basic savings account, which is a standard account that usually has a low minimum balance requirement and earns interest on the balance. High-yield savings accounts are another option. These typically offer a higher interest rate than basic savings accounts but may require a higher minimum balance in the account.
Money market accounts are similar to savings accounts but often offer higher interest rates and allow you to write a limited number of checks per month. Certificates of deposit (CDs) are time-bound accounts that require you to leave your money in the account for a fixed period in exchange for a higher interest rate. Individual Retirement Accounts (IRAs) are specialized accounts designed for retirement savings and offering tax benefits.
So, how do you find the best savings account for your needs? There are a lot of factors to consider for account types and which institution can offer you the best service overall. If you're not sure where to start, you can check out this list that should help you narrow down your options:
- Fees: While many online savings accounts offer accounts for no fees, there are just as many that do require minimums, or at least that customers meet a daily balance minimum to avoid fees. Keep in mind how much you're willing to pay each month (and what you need to do to keep an account free of charge) as you look over savings account options.
- Customer Service: Customer service is key, especially when your money is involved. Looking at feedback for customer service at different banks may help determine who you want to support your financial security.
- APYs: One of the biggest differences in savings account options is how much you'll make in APYs. Some APYs are fixed, while others depend on your account balance. Keep an eye on how much you'll be earning for your money when you choose your next savings account.
- Savings Options: General savings accounts aren't the only options to increase your savings. With CDs and Money Market accounts, many banks offer a variety of places to improve your savings. Knowing what kind of account you want will help you decide where to start banking next. Not all banks offer the same benefits or account types.
To make opening your next savings account as easy as 1, 2, 3, Top Consumer Reviews has evaluated and ranked the most popular options on the market. We hope this will help you decide which financial institution is the best place to keep track of your savings.
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