In addition to its checking accounts, Chase also has a handful of savings accounts for you to choose from: two standard savings accounts and certificates of deposit (CDs). (If you want a money market account, you’ll need to go elsewhere.)
The Total Savings account has a low monthly maintenance fee, which you can waive by keeping a $1,000 account balance. Another option for waiving the fee? Linking your Total Savings account to a Total Business Checking account. Pretty easy. While it does earn some interest, the APY for Total Savings is quite low.
For a shot at a higher (but still low) APY, you can opt for Premier Savings instead. In this account, the more you save, the higher your APY. And you’ll need a healthy account balance to waive the monthly service fee. Waiving the fee requires a $25,000 average balance, or you can link your account to a Performance Business Checking, Analysis Business Checking, or Platinum Business Checking account.
Note that Chase has a limit of six transactions per monthly cycle on its Total Savings and Premier Savings accounts. That used to be because of Regulation D, a federal rule that limited transactions on savings accounts. But now that the law has changed, Chase has kept its limit in place anyway. So if you make more than six transactions per month from your Chase savings account, you’ll get hit with a $5 fee per transaction.
Your final savings option? Chase’s certificates of deposit. But, uh, the APY on these isn’t that great. The starting APY is quite low, and even the maximum APY is way lower than you can find from other banks. And remember, you won’t be able to add or withdraw funds for the length of your term—between 1 and 120 months, depending on what term you choose.
Any of this sound tempting? Then let’s figure out if you should take the plunge to apply with Chase.