Additional information of Chase Savings Account
Chase Bank Savings account is a classic savings account, which allows you to make contributions and withdrawals without penalty (up to 6 times a month) and which remunerates the balance from the first dollar. In addition, it has a limited operability, since it does not allow direct debiting of income or expenses in it.
It also restricts the number of monthly withdrawals you can make to 6 free ones, with extra ones costing $5.
Currently, interest rates are very low and contracting this account is not a great advantage, it is preferable to go to a certificate of deposit that, although it requires us to immobilize our money for a time, will offer us a much higher return.
This account applies a charge of $5 dollars per month that you can easily avoid with any of the following conditions:
- If you maintain a balance of $300 dollars.
- If the account holder is under 18 years of age.
- If you have a linked Chase College Checking.
- If you order an automatic monthly transfer of at least $25 from your Chase checking account or from your Chase Liquid card.
- If you have a Chase Sapphire Checking, Chase Private Client Checking, Chase Better Banking Checking, Chase Premier Checking or Chase Premier Plus Checking account with the bank.
The money deposited in the Chase Savings Account is covered by the Federal Deposit Insurance Corporation (FDIC), which guarantees up to $250,000 per owner and bank.