Chase Bank Saving Account Fees to Watch Out For

Chase Bank charges a $5 monthly fee if you don't meet certain conditions, such as maintaining a minimum daily balance of $300.

This fee can add up quickly, so it's essential to understand the requirements to avoid it.

If you're a student, you're in luck - Chase Bank waives the monthly maintenance fee for students with a valid .edu email address.

However, if you're not a student, you'll need to meet the balance requirements or pay the fee.

Expand your knowledge: Average Saving Account Balance

The entry-level Chase savings account, Chase Savings℠, has a relatively easy way to waive the $5 monthly account fee, making it a better option for many.

You can waive the $5 monthly account fee on the Chase Savings℠ account, which is a small but annoying fee.

There are several ways to waive the monthly fee on the Chase Savings℠ account.

To waive the $25 monthly fee on the Chase Premier Savings℠ account, you need to maintain a beginning-of-the-day account balance of at least $15,000 each day.

Alternatively, you can link a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account to waive the fee.

To qualify for "Premier status" on the Chase Premier Savings℠ account, you need to link a Chase Premier Plus Checking℠ Account or a Chase Sapphire Banking account and have at least 5 customer-initiated transactions from the linked checking account each monthly statement period.

The requirements to qualify for "Premier status" are straightforward and easy to follow.

Here are the two requirements to qualify for "Premier status":

You can avoid the $5 monthly account fee with Chase Savings℠ if you meet certain conditions.

To waive the fee, you'll need to have one of the following each monthly statement period: direct deposit of at least $300 from a payroll check or government benefits, or a minimum daily balance of $300.

The Chase College Checking℠ Account also has fees, but you can check the details to see how to avoid them.

If you're a college student, you'll want to consider the College Checking℠ Account, which offers a range of benefits.

This account is designed to help you manage your finances while you're in school. The account fees are clearly outlined, and you can avoid certain fees by following the details provided.

To avoid certain fees, be sure to review the account terms and conditions.

Expand your knowledge: Tax Deferred College Fund

To qualify for the Premier status, you'll need to meet two main requirements. These requirements are outlined by Chase for their Premier Savings account.

One of the requirements is to link a Chase Premier Plus Checking℠ Account or a Chase Sapphire Banking account. This is a straightforward step that can be completed online or through the Chase mobile app.

Another requirement is to have at least 5 customer-initiated transactions from the linked checking account each monthly statement period. This can include things like debit card purchases, ATM withdrawals, or transfers between accounts.

Here are the two requirements to qualify for Premier status in a concise list:

You can make up to six free monthly withdrawals, but be aware that federal regulations only permit this many online requests, so you'll need to visit a Chase branch or ATM if you exceed this limit.

Excess withdrawals will cost you $5 per transaction, so it's essential to keep track of your withdrawals to avoid unnecessary fees.

If you have a Chase Savings℠ account, your first six monthly withdrawals are free, but you'll need to pay $5 per excess withdrawal unless your account balance remains at least $15,000 after the withdrawal or transfer.

Federal regulations also apply to these accounts, limiting you to six monthly online withdrawals, so you'll need to visit a local Chase branch or ATM if you exceed this limit.

Worth a look: Chase Online Banking down

If you're considering opening a Chase Savings account, you should be aware of the fees and charges associated with it. The $5 monthly fee can be waived by meeting certain requirements, such as maintaining a daily balance of at least $300 or setting up $25 in repeated Autosave transfers from a personal Chase checking account.

To avoid overdraft charges, you can opt out of Chase's overdraft coverage, which will decline your transactions if you attempt to spend more than your current balance. Alternatively, you can connect a savings account or line of credit to your checking account to automatically transfer funds in case of an overdraft.

To avoid Chase Bank fees for wire transfers, you can use an online platform like Zelle for domestic transfers or use ACH payments for non-urgent transfers. You can also use the Chase website or mobile app to waive fees for incoming transfers and reduce them for outgoing wires.

Savings accounts can come with a range of fees, including monthly fees. Some savings accounts also have fees related to specific transactions or features.

Not all savings accounts have monthly fees, though. It's essential to check the terms and conditions of your account to see what fees you might be charged.

Overdraft fees can be particularly steep, with some banks charging $34 per transaction. This can lead to a cascade of fees if multiple transactions overdraw your account.

To avoid overdraft fees, you can consider opting out of overdraft coverage, which means your transactions will be declined if you don't have enough funds.

Alternatively, you can link a savings account or line of credit to your checking account, allowing the bank to transfer funds automatically in case of an overdraft.

Here are some common types of fees you might encounter:

You'll be charged $34 per transaction if you make a purchase or payment and your account balance is overdrawn by more than $50. This fee is capped at a maximum of 3 fees per business day, which can add up to $102.

Certain transactions are exempt from overdraft fees, such as declined or returned transactions, or transactions that are $5 or less.

If you're overdrawn by $50 or less at the end of the business day, you won't be charged an overdraft fee. This is a great incentive to keep your account balanced.

If you're overdrawn by more than $50 at the end of the business day, but you bring your account balance to overdrawn by $50 or less at the end of the next business day, you won't be charged an overdraft fee either.

Here's a summary of the overdraft fee rules:

Using an ATM outside of your bank's network can result in a $3 to $5 fee, depending on your location.

If you're withdrawing cash at a non-Chase ATM in the U.S. or its territories, you'll pay $3 per withdrawal. This fee is in addition to any surcharge fees imposed by the ATM owner or network.

You can still use ATMs outside of your bank's network, but be aware of the fees involved. U.S. territories include American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Islands.

If you're withdrawing cash at a non-Chase ATM outside the U.S. or its territories, you'll pay $5 per withdrawal.

Broaden your view: Withdrawal Limit from Saving Account

Wire transfers are often used for international transactions, but be aware that the fees can add up quickly. The average wire transfer fee is around $30-$40.

Some banks charge a flat fee for wire transfers, while others may charge a percentage of the transfer amount. For example, Bank of America charges a $30 fee for outgoing wire transfers.

The fee can be deducted from the transfer amount, meaning you'll receive less money than you sent. This is why it's essential to factor in the fee when making a wire transfer.

In some cases, the recipient may also be charged a fee to receive the wire transfer. This can be a flat fee or a percentage of the transfer amount, depending on the bank's policies.

On a similar theme: Wire Transfer Fee International National Bank Canada

The Chase Savings account has some notable drawbacks. The main factor is the APY - it's a paltry 0.01%, which is significantly less than the best high-yield savings accounts in the market and considerably lower than the national average rate of 0.42% for savings accounts.

Expand your knowledge: National Bankcard 0 Processing Fees

You can link a Chase Premier Plus Checking or Chase Sapphire Checking account to enter the Premier relationships tier, but even that only offers a maximum APY of 0.02%. To qualify, you'll need to perform at least five transactions per month.

The low APY is a major turn-off, especially considering the $5 monthly fee that cancels out any potential earnings. To put it simply, you'll be paying more in fees than you'll earn in interest.

Here are the requirements to link a Chase Premier Plus Checking or Chase Sapphire Checking account and enter the Premier relationships tier:

To avoid Chase Bank monthly fees, you can meet specific requirements for your account. The good news is that there are several ways to waive the fee, and it's not that hard to do.

You can avoid the Chase Savings $5 monthly fee by maintaining a daily balance of at least $300. This is one of the requirements listed by Chase, and it's a great way to keep your account fee-free.

Another way to avoid fees is by setting up direct deposits. With Chase, depositing at least $500 in direct deposits each month will keep the fee at bay. This can be a great option if you receive regular payments, such as your paycheck or social security benefits.

Certain account holders may also be eligible for fee waivers or discounts. This includes students, military members, or veterans, depending on the specific account terms. Additionally, having a linked Chase mortgage may also qualify you for reduced fees.

Here are some strategies to help you avoid Chase monthly fees:

To waive the monthly fee on your Chase Savings account, you'll need to meet certain requirements. The good news is that there are ways to avoid the $5 monthly fee, and we'll cover those in a moment.

To qualify for "Premier status" on the Chase Premier Savings account, you'll need to link a Chase Premier Plus Checking account or a Chase Sapphire Banking account.

Recommended read: First Premier Bank Program Fee

You'll also need to have at least 5 customer-initiated transactions from the linked checking account each monthly statement period to qualify for Premier status.

Here are the specific requirements to qualify for Premier status:

By meeting these requirements, you can waive the $25 monthly fee on the Chase Premier Savings account.

You can compare top high-yield savings accounts by APY, monthly fees, and features on the Finder website. To see accounts side by side, tick the Compare box on multiple providers.

The Chase Savings℠ account is relatively easy to waive the $5 monthly account fee, making it a better option for many.