Chase offers savings accounts with yields that are next to nothing. Even the payout on its top-yielding account is low and would require you to jump through a series of hoops to get the best rate. Yes, interest earned on a checking or savings account deposit is considered as income and is taxable under the regular brackets. Get 5% Cash Back on 5 Brands of Your Choice OnJuno Debit Card rewards. High-yield savings accounts help you earn a higher yield than a typical savings account. The national average savings account annual percentage yield (APY) is just around 0.07 percent APY. Earn more interest with a Chase Premier Savings(SM) account. FDIC insured, includes online and mobile banking with access to 16,000 branches & ATMs. Chase Savings ℠ Interest Rates Interest is compounded and credited monthly, based on the daily collected balance. Interest rates are variable and determined daily at Chase's discretion. Rates are effective for only, and are subject to change without notice.

2020.10 Update: The previous offer is expired. The current offer is only $200 checking + $150 savings.

2020.8 Update: The offer $300 checking + $200 savings + $100 for both is back! HT: DoC.

Contents

Application Link

Benefits

1. New account opening bonus of $150! For details read below.
2. Monthly account maintenance fee of $5. See below on how to avoid paying this ridiculous fee.
3. If you close your account within 6 months, you’ll forfeit the bonus.
4. Interest rate (APY): a humiliating and laughable rate of 0.01%.

Bonus Requirements

1. This bonus is only available for new clients of Chase Savings Account. Those who are currently using Chase Savings, or those who have closed an account within 90 days are not eligible for the bonus offer. Those with a Chase Checking Account or a Chase credit card are still eligible.
2. You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date and only one bonus per account.
3. You’ll have to deposit within 20 business days at least $10,000 of “new money”. Your balance needs to stay at that amount for at least 90 days. “New money” means the money that does not come from any of your other Chase accounts.

How to Avoid the Monthly Maintenance Fee (Meet Any One of the Requirements Below)

1. Daily balance of at least $300 in this account.
2. Have one repeating automatic transfer of $25 or more from your personal Chase checking account.
3. Account holder is under 18 years of age.
4. Link any of the listed accounts: Chase Premier Plus Checking, Chase Premier Platinum Checking or Chase Private Client Checking account.

Summary

Let’s be honest – the interest rates that Chase is offering through their Savings Account is not desirable. I have no clue why someone would want to open a savings account here. In this instance, you might as well open a Savings Account with Chase for the sake of the bonus, but try not to violate any rules or conditions listed above, since Chase does in fact have pretty awesome credit cards. Just follow their rules, wait the 6 months, collect the bonus and you’re free to go up to $300 richer.

Related Accounts

• Chase Premier Plus Checking
• Chase Savings (this post)

Here is a comparison and contrast on the official website.

Historical Offers Chart

Application Link

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Chase Savings^℠

Open account

Chase Savings^℠ Interest Rates

Interest is compounded and credited monthly, based on the daily collected balance. Interest rates are variable and determined daily at Chase's discretion. Rates are effective for 03/05/2021 only, and are subject to change without notice. Web site rates are generally updated each business day in the morning and rates may vary by market. Balance tiers are applicable as of the effective date of these rates and may change at Chase's discretion. Rates may vary by market. Account fees could reduce your earnings.

Chase Savings^℠

Open account

Chase Savings^℠ Interest Rates

Chase Savings Account Interest Rate

Interest is compounded and credited monthly, based on the daily collected balance. Interest rates are variable and determined daily at Chase's discretion. Rates are effective for 03/05/2021 only, and are subject to change without notice. Web site rates are generally updated each business day in the morning and rates may vary by market. Balance tiers are applicable as of the effective date of these rates and may change at Chase's discretion. Rates may vary by market. Account fees could reduce your earnings.