Chase Savings Account Review
2018.2 Update: Previous offers often require you to go to a local branch to apply, but now there are links which can be completed online (for US Persons)! It’s very useful for those who don’t live near any Chase branch.
2018.1 Update: The offer is still $300. The new expiration date is 2018.3.11.
2017.11 Update: Now there’s a $300 offer for the savings account! The deposit requirement becomes higher thought: now it’s $25k. The offer ends on 2018.01.16. HT: DoC.
- New account opening bonus of $300! For details read below.
- Monthly account maintenance fee of $5. See below on how to avoid paying this ridiculous fee.
- If you close your account within 6 months, you’ll forfeit the bonus.
- You cannot use a credit card to fund the initial deposit.
- Interest rate (APY): a humiliating and laughable rate of 0.01%.
- You can transfer out up to six times per month, $5 surcharges thereafter.
- You must report this award bonus on your tax forms. For US Persons you’ll get a Form 1099-int and for Non-Resident Aliens you’ll get a Form 1042-s.
- This bonus is only available for new clients of Chase Savings Account. Those who are already 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.
- You’ll have to deposit within 10 working days at least $25,000 of “new money”. Your balance needs to stay at $25,000 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)
- Daily balance of at least $300.
- Have at least one repeating transfer from a Chase Checking Account.
- Account holder is under 18 years of age.
- Link any of the listed accounts: Chase Premier Plus Checking, Chase Premier Platinum Checking or Chase Private Client Checking account.
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.
- Chase Total Checking
- Chase Savings (this post)