The Chase Savings℠ Account (Member FDIC) and Chase Premier Savings℠ Account (Member FDIC) both pay 0.01% APY on your savings balance. With Chase Premier Savings, you can earn relationship rates (between 0.02% and 0.05% APY) by linking to an eligible checking account and making five monthly transactions from the linked account. Chase savings interest rates are low compared to high-yield savings account rates, but comparable to what you'll find at other brick-and-mortar banks such as Bank of America and Wells Fargo. Chase savings accounts are probably best for people who already have other Chase products and want to save with a familiar institution. See Business Insider's picks for the best high-yield savings accounts »

Chase has two savings accounts: Chase Savings and Chase Premier Savings. Both pay just 0.01% APY on your balance. You can earn "relationship rates" of up to 0.05% by linking your Chase Premier Savings℠ Account to a qualifying checking account and making five monthly transactions from the linked account. A rate of 0.05% is still pretty low, though. Chase savings accounts are probably best for people who already have another Chase account, credit card, or loan, and want to keep their savings account with a familiar company.

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Table of ContentsChase savings interest rates

  Chase Savings Chase Premier Savings Chase Premier Savings with relationship rates

$0 - $49,999 0.01% APY 0.01% APY 0.02% APY

$50,000 - $99,999 0.01% APY 0.01% APY 0.03% APY

$100,000 - $249,999 0.01% APY 0.01% APY 0.04% APY

$250,000+ 0.01% APY 0.01% APY 0.05% APY

Should you open a Chase savings account? You may want to open a Chase savings account if you:

Live near a branch Want to bank with a company that has branches and ATMs all over the US Don't have much money to open a savings account Also have a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account. Linking your Chase Premier Savings℠ Account to these accounts allows you to waive the $25 monthly fee and earn the relationship rate. Already have other Chase accounts/products and want to do all your banking with the same institution

You may not want to open a Chase savings account if you:

Don't live near a branch Don't qualify to waive monthly fees Want to earn a high APY on your savings balance

Chase Savings Chase SavingsSM AccountChase Savings pays 0.01% APY. Competing big banks pay similar rates, but 0.01% is exceptionally low compared to what you can find with high-yield savings accounts. On the plus side, you don't need an initial deposit to open the account. Chase Savings charges a $5 monthly fee. Although you can find banks that don't charge monthly fees, it's worth noting that it's pretty easy to waive the $5 charge. You can choose between maintaining a daily balance of $300, saving $25 per month with Autosave, or linking Chase Savings to an eligible checking account. Chase Premier Savings Chase Premier Savings℠ AccountThere isn't much point of choosing Chase Premier Savings over Chase Savings if you don't link the account to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account. Linking to one of these accounts waives the $25 monthly fee and helps you earn a relationship rate; relationship rates aren't available with a Chase Savings Account. You'll earn 0.01% APY on your Chase Premier Savings balance. But if you link to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking  account and make at least five monthly transactions from the linked account, you'll earn a relationship rate. Depending on your balance, the relationship rate is 0.02% to 0.05% APY. The relationship rate is still pretty low. It's comparable to some other brick-and-mortar banks' rates, but you can find high-yield savings accounts with online banks and even some brick-and-mortar banks. See Business Insider's picks for the best high-yield savings accounts » How Chase savings interest rates compare

  Chase Bank of America Wells Fargo

Savings accounts Savings, Premier Savings Advantage Savings

Way2Save® Savings, Platinum Savings

Regular APY 0.01% 0.01% 0.01%, 0.03%

Relationship APY Up to 0.05% Up to 0.06% 0.06%

Monthly fees $5, $25 $8 $5, $12

Chase savings vs. Bank of America savings Bank of America only has one savings account, Advantage Savings. You'll earn 0.01% APY unless you're a Preferred Rewards member — depending on whether you're a Gold, Platinum, or Platinum Honors member, you'll earn 0.04%, 0.05%, or 0.06%, respectively. The difference between 0.05% and 0.06% probably isn't significant enough to make you choose one bank over another. Your choice may come down to which bank has a branch closer to your house or whether you qualify to waive the monthly fee with one bank or the other. Chase savings vs. Wells Fargo savings Like Chase, Wells Fargo has two tiers of savings accounts — but unlike Chase, Wells Fargo's higher-tier account pays a higher rate than its lower-tier account, even if you don't qualify for its bonus rates. Still, neither bank's rates are anything to write home about. Your choice may depend on which bank has a branch closer to you or whether you can opt out of monthly fees. If you can't waive monthly fees at either bank, it might make a difference that Wells Fargo's higher-tier account charges $12 monthly, while Chase's charges $25. Related Content Module: More Savings CoverageJoin the conversation about this story » NOW WATCH: Here's what it's like to travel during the coronavirus outbreak