Chase saver account (2024)

FAQs

Is it worth having a savings account with Chase? ›

Compare Savings Account Rates

Chase's savings account interest rates fall well below the national average. So if you're looking to grow your savings at a faster pace, you'll want to look elsewhere for more attractive APYs.

As of April 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

There is a maximum deposit limit of £500,000 across all Chase Saver accounts you hold. If you accrue interest that pushes your balance over this limit, you will keep earning interest which will be paid into your account.

Confirm you have enough money in savings to cover the amount you wish to withdraw. Writing a check for an amount exceeding your account balance can result in overdraft fees or a bounced check. Review your withdrawal limits. Many banks limit the frequency of savings withdrawals to six per month.

Disadvantages of Savings Accounts

Inflation might erode the value of your savings. Some financial institutions require a minimum balance to earn the highest interest rate. Some accounts might charge fees.

Is Chase safe? Chase is regulated by the Financial Conduct Authority (FCA) and customer deposits of up to £85,000 (£170,000 for joint accounts) are protected under the Financial Services Compensation Scheme (FSCS). This means, if Chase went out of business, the FSCS would step in to cover up to this threshold.

Why is Chase savings interest so low? ›

Why are Chase savings rates so low? Chase savings account interest rates are comparable to what other large, traditional banks offer. It's not uncommon for bigger banks to offer lower savings rates, as they have less need to attract new customers for deposit accounts.

You can only withdraw from the account by transferring funds to other accounts held with us or other UK banks. You can make as many withdrawals as you like with no penalties.

Banks may charge you fees, convert your savings account into a checking account or even close your account altogether if your bank has a withdrawal limit.

So if you keep your retirement nest egg in a savings account, you might lose out on the higher returns you need to outpace inflation over time. Also, a savings account won't give you any sort of tax break on your money.

If there's an emergency, withdrawing cash or transferring money to a checking account are the most convenient ways to spend the money in your savings account. But it's best to minimize these transactions as much as possible, so you don't exceed your bank's limits and incur a fee.

Is Chase safe? Chase is regulated by the Financial Conduct Authority (FCA) and customer deposits of up to £85,000 (£170,000 for joint accounts) are protected under the Financial Services Compensation Scheme (FSCS). This means, if Chase went out of business, the FSCS would step in to cover up to this threshold.

While high-yield savings accounts have some caveats to account for they're still arguably better than some popular alternatives. Traditional savings accounts come with a minimal 0.46% interest rate right now, meaning you're losing money by keeping your funds untouched in one of those accounts.

"Given that current interest rates are considerably higher than they have been in over a decade, high-yield savings accounts can still be an attractive investment vehicle for individuals who want to have cash available for short-term needs, such as their emergency fund," says Laurie Bodisch, founder and CEO, Her Wealth ...