Managing your finances effectively means being aware of all the fees associated with your bank accounts. One common fee that many banks charge is a monthly service fee for savings accounts. Chase Bank, one of the largest banks in the United States, also charges this fee on some of its savings accounts. However, there are ways to avoid this fee, and we'll show you how.
The Chase Savings monthly service fee is a fee that is charged to customers who do not meet certain requirements. These requirements typically include maintaining a minimum balance in the account, making a certain number of deposits each month, or receiving direct deposits into the account. If you do not meet these requirements, you will be charged a monthly fee.
To avoid the Chase Savings monthly service fee, you can either meet the requirements for waiving the fee or you can switch to a Chase savings account that does not have a monthly service fee.
chase savings monthly service fee
Avoid fee with these 8 tips:
- Maintain minimum balance
- Make regular deposits
- Receive direct deposits
- Use Chase checking account
- Open Chase Premier Plus Checking account
- Qualify for Chase Private Client
- Switch to Chase Savings Premier account
- Close unused Chase savings account
By following these tips, you can avoid the Chase savings monthly service fee and keep more of your hard-earned money.
Maintain minimum balance
One of the most common ways to avoid the Chase savings monthly service fee is to maintain a minimum balance in your account.
- Amount varies by account:
The minimum balance required to avoid the fee varies depending on the type of Chase savings account you have. For example, the Chase Savings℠ account requires a minimum daily balance of $300, while the Chase Premier Savings account requires a minimum daily balance of $15,000.
- Check your account terms:
To find out the minimum balance requirement for your specific account, check your account terms or contact Chase customer service.
- Keep track of your balance:
Once you know the minimum balance requirement for your account, make sure to keep track of your balance so that you don't fall below it. You can do this by setting up account alerts or by checking your balance online or through the Chase mobile app.
- Add money if needed:
If you find that your balance is getting low, you can add money to your account to bring it up to the minimum balance requirement. You can do this by transferring money from another Chase account, depositing cash or checks at a Chase ATM or branch, or setting up a direct deposit from your paycheck.
By maintaining the minimum balance in your Chase savings account, you can avoid the monthly service fee and keep your money working for you.
Make regular deposits
Another way to avoid the Chase savings monthly service fee is to make regular deposits into your account.
How many deposits?
Chase requires you to make at least one deposit into your savings account each month to avoid the monthly service fee. However, some Chase accounts, such as the Chase Savings℠ account, require you to make a certain number of deposits each month, typically two or more.
Minimum deposit amount:
There is no minimum deposit amount required to avoid the monthly service fee. However, if you are trying to meet the requirements for waiving the fee by making multiple deposits, each deposit must be at least $25.
When to make deposits:
Deposits must be made on or before the last business day of each month to count towards the requirement for that month. For example, if you make a deposit on January 31st, it will count towards the requirement for January, but if you make a deposit on February 1st, it will count towards the requirement for February.
How to make deposits:
You can make deposits into your Chase savings account in a number of ways, including:
- Online banking
- Mobile banking
- Chase ATMs
- Chase branches
- Direct deposit from your paycheck
By making regular deposits into your Chase savings account, you can avoid the monthly service fee and keep your money safe and growing.
Receive direct deposits
Another way to avoid the Chase savings monthly service fee is to receive direct deposits into your account.
How much direct deposit?
Chase requires you to receive at least $500 in direct deposits each month to avoid the monthly service fee on some of its savings accounts, including the Chase Savings℠ account and the Chase Premier Savings account. However, there are some Chase savings accounts, such as the Chase Sapphire Savings account, that do not have a direct deposit requirement.
What counts as a direct deposit?
Direct deposits can come from a variety of sources, including:
- Paychecks
- Government benefits (e.g., Social Security, disability, unemployment)
- Pensions
- Annuities
- Regular transfers from another Chase account
When do direct deposits need to be received?
Direct deposits must be received on or before the last business day of each month to count towards the requirement for that month. For example, if you receive a direct deposit on January 31st, it will count towards the requirement for January, but if you receive a direct deposit on February 1st, it will count towards the requirement for February.
How to set up direct deposit:
To set up direct deposit, you will need to provide your employer or other payer with your Chase savings account number and routing number. You can find your account number and routing number by logging into your Chase online banking account or by contacting Chase customer service.
By receiving direct deposits into your Chase savings account, you can avoid the monthly service fee and keep your money working for you.
Use Chase checking account
If you have a Chase checking account, you can avoid the monthly service fee on your Chase savings account by linking the two accounts.
- Automatic transfers:
Once you link your Chase checking and savings accounts, you can set up automatic transfers between the two accounts. This will allow you to easily transfer money from your checking account to your savings account to meet the minimum balance requirement or to make regular deposits.
- Overdraft protection:
If you have overdraft protection enabled on your Chase checking account, your savings account can be used to cover overdrafts. This can help you avoid overdraft fees, which can be much higher than the Chase savings monthly service fee.
- Combined balances:
Some Chase checking and savings accounts offer combined balances. This means that the balances of your checking and savings accounts are combined to determine if you meet the minimum balance requirement to avoid the monthly service fee on your savings account.
- Exclusive offers:
Chase customers who have both a checking and savings account may be eligible for exclusive offers and discounts, such as higher interest rates on savings accounts or lower fees on other banking products.
By linking your Chase checking and savings accounts, you can make it easier to manage your money and avoid the monthly service fee on your savings account.
Open Chase Premier Plus Checking account
Another way to avoid the Chase savings monthly service fee is to open a Chase Premier Plus Checking account.
Monthly fee:
The Chase Premier Plus Checking account has a monthly fee of $25, but this fee is waived if you meet any of the following requirements:
- Maintain a combined balance of $15,000 or more in your Chase checking and savings accounts
- Receive direct deposits totaling $5,000 or more each month
- Have a Chase Private Client checking account
Benefits:
In addition to waiving the monthly service fee on your Chase savings account, the Chase Premier Plus Checking account offers a number of other benefits, including:
- Unlimited ATM fee refunds worldwide
- No foreign transaction fees
- Up to 5% cash back on purchases made with your Chase credit card
- Access to exclusive banking services and discounts
How to open a Chase Premier Plus Checking account:
You can open a Chase Premier Plus Checking account online, at a Chase branch, or by calling Chase customer service. You will need to provide your personal information, proof of identity, and proof of address.
Is the Chase Premier Plus Checking account right for you?
The Chase Premier Plus Checking account is a good option for people who want to avoid the monthly service fee on their Chase savings account and who want access to a wide range of banking services and benefits. However, the $25 monthly fee can be a deterrent for some people. If you don't think you'll be able to meet the requirements to waive the fee, you may want to consider a different Chase checking account or a savings account from another bank.
Qualify for Chase Private Client
Chase Private Client is a premium banking service offered by Chase to its high-net-worth clients. Chase Private Client clients receive a number of exclusive benefits, including:
- Dedicated relationship manager
- Access to a team of financial advisors
- Tailored financial planning and investment advice
- Exclusive banking products and services
- Priority customer service
One of the benefits of being a Chase Private Client client is that you are automatically waived from the monthly service fee on your Chase savings account.
How to qualify for Chase Private Client:
To qualify for Chase Private Client, you must meet certain eligibility requirements, including:
- A minimum combined balance of $250,000 in eligible Chase deposit and investment accounts
- A minimum annual income of $200,000
- A minimum net worth of $1 million
If you meet these requirements, you can apply for Chase Private Client online, at a Chase branch, or by calling Chase customer service.
Is Chase Private Client right for you?
Chase Private Client is a good option for people with a high net worth who want access to a wide range of banking and investment services and personalized financial advice. However, the eligibility requirements can be difficult to meet for some people.
Switch to Chase Savings Premier account
If you're looking for a Chase savings account that doesn't have a monthly service fee, you can switch to the Chase Savings Premier account.
- No monthly service fee:
The Chase Savings Premier account has no monthly service fee, regardless of your account balance or activity.
- Higher interest rate:
The Chase Savings Premier account offers a higher interest rate than the Chase Savings℠ account. The current interest rate for the Chase Savings Premier account is 0.01% APY, while the current interest rate for the Chase Savings℠ account is 0.001% APY.
- Minimum balance requirement:
The Chase Savings Premier account has a minimum balance requirement of $25,000. If you do not maintain a minimum balance of $25,000, you will be charged a monthly service fee of $12.
- Other features:
The Chase Savings Premier account also offers a number of other features, including:
- Online and mobile banking
- Bill pay
- Direct deposit
- Overdraft protection
If you're looking for a Chase savings account with no monthly service fee and a higher interest rate, the Chase Savings Premier account is a good option. However, you need to be able to maintain a minimum balance of $25,000 to avoid the monthly service fee.
Close unused Chase savings account
If you have an unused Chase savings account, you may want to consider closing it to avoid the monthly service fee.
Why close an unused savings account?
There are a few reasons why you might want to close an unused savings account:
- Avoid monthly service fees: If you're not using your savings account, you're still paying a monthly service fee. Closing the account will stop the fees.
- Simplify your finances: Having multiple savings accounts can make it difficult to keep track of your money. Closing unused accounts can help you simplify your finances and make it easier to manage your money.
- Reduce the risk of fraud: Unused savings accounts can be a target for fraud. Closing the account will reduce the risk of your money being stolen.
How to close a Chase savings account:
To close a Chase savings account, you can:
- Visit a Chase branch: You can visit any Chase branch to close your savings account in person.
- Call Chase customer service: You can call Chase customer service at 1-800-935-9935 to close your savings account over the phone.
- Close your account online: You can also close your Chase savings account online by following these steps:
- Log in to your Chase online banking account.
- Click on the "Accounts" tab.
- Select the savings account you want to close.
- Click on the "Close Account" button.
- Follow the instructions on the screen to complete the account closure process.
What happens when you close a Chase savings account?
When you close a Chase savings account, the following will happen:
- All of the money in your account will be transferred to another Chase account of your choice.
- You will receive a confirmation email from Chase confirming that your account has been closed.
- Your account will be closed within 10 business days.
Is it worth it to close an unused Chase savings account?
Whether or not it's worth it to close an unused Chase savings account depends on your individual circumstances. If you're not using the account and you're paying a monthly service fee, it's probably worth it to close the account. However, if you think you might use the account in the future, you may want to keep it open.
FAQ
Here are some frequently asked questions about the Chase savings monthly service fee:
Question 1: What is the Chase savings monthly service fee?
Answer 1: The Chase savings monthly service fee is a fee that is charged to customers who do not meet certain requirements, such as maintaining a minimum balance or making a certain number of deposits each month.
Question 2: How much is the Chase savings monthly service fee?
Answer 2: The Chase savings monthly service fee is $5, but it can be waived if you meet certain requirements, such as maintaining a minimum balance of $300 or receiving direct deposits of at least $500 each month.
Question 3: How can I avoid the Chase savings monthly service fee?
Answer 3: There are a few ways to avoid the Chase savings monthly service fee, including maintaining a minimum balance, making regular deposits, receiving direct deposits, using a Chase checking account, opening a Chase Premier Plus Checking account, qualifying for Chase Private Client, switching to a Chase Savings Premier account, and closing unused Chase savings accounts.
Question 4: What happens if I don't pay the Chase savings monthly service fee?
Answer 4: If you don't pay the Chase savings monthly service fee, Chase will charge the fee to your savings account. If you don't have enough money in your savings account to cover the fee, Chase may close your account.
Question 5: Can I negotiate the Chase savings monthly service fee?
Answer 5: It is possible to negotiate the Chase savings monthly service fee, but it is not always successful. If you want to try to negotiate the fee, you can call Chase customer service and explain your situation. Chase may be willing to waive the fee or reduce the amount of the fee.
Question 6: What is the best Chase savings account to avoid the monthly service fee?
Answer 6: The best Chase savings account to avoid the monthly service fee is the Chase Savings Premier account. This account has no monthly service fee, regardless of your account balance or activity. However, you need to maintain a minimum balance of $25,000 to avoid a monthly fee.
Question 7: Should I close my Chase savings account if I'm not using it?
Answer 7: If you're not using your Chase savings account, you may want to consider closing it to avoid the monthly service fee. Closing the account is easy and can be done online, by phone, or at a Chase branch.
Closing Paragraph for FAQ:
These are just a few of the most frequently asked questions about the Chase savings monthly service fee. If you have any other questions, you can contact Chase customer service for more information.
In addition to the information in the FAQ, here are a few tips for avoiding the Chase savings monthly service fee:
Tips
Here are a few tips for avoiding the Chase savings monthly service fee:
Tip 1: Maintain a minimum balance:
One of the easiest ways to avoid the Chase savings monthly service fee is to maintain a minimum balance in your account. The minimum balance requirement varies depending on the type of Chase savings account you have. For example, the Chase Savings℠ account requires a minimum daily balance of $300, while the Chase Premier Savings account requires a minimum daily balance of $15,000.
Tip 2: Make regular deposits:
Another way to avoid the Chase savings monthly service fee is to make regular deposits into your account. Chase requires you to make at least one deposit into your savings account each month to avoid the monthly service fee. However, some Chase accounts, such as the Chase Savings℠ account, require you to make two or more deposits each month.
Tip 3: Receive direct deposits:
You can also avoid the Chase savings monthly service fee by receiving direct deposits into your account. Chase requires you to receive at least $500 in direct deposits each month to avoid the monthly service fee on some of its savings accounts, including the Chase Savings℠ account and the Chase Premier Savings account.
Tip 4: Use a Chase checking account:
If you have a Chase checking account, you can link it to your Chase savings account and avoid the monthly service fee on your savings account. This is because Chase offers combined balances, which means that the balances of your checking and savings accounts are combined to determine if you meet the minimum balance requirement to avoid the monthly service fee on your savings account.
Tip 5: Open a Chase Premier Plus Checking account:
If you don't have a Chase checking account, you can open a Chase Premier Plus Checking account. This account has a monthly fee of $25, but the fee is waived if you meet any of the following requirements: - Maintain a combined balance of $15,000 or more in your Chase checking and savings accounts - Receive direct deposits totaling $5,000 or more each month - Have a Chase Private Client checking account
Tip 6: Qualify for Chase Private Client:
Chase Private Client is a premium banking service offered by Chase to its high-net-worth clients. Chase Private Client clients receive a number of exclusive benefits, including a waived monthly service fee on their Chase savings account.
Tip 7: Switch to a Chase Savings Premier account:
If you have a Chase savings account that has a monthly service fee, you can switch to the Chase Savings Premier account. This account has no monthly service fee, regardless of your account balance or activity. However, you need to maintain a minimum balance of $25,000 to avoid a monthly fee.
Tip 8: Close unused Chase savings accounts:
If you have an unused Chase savings account, you may want to consider closing it to avoid the monthly service fee.
Closing Paragraph for Tips:
By following these tips, you can avoid the Chase savings monthly service fee and keep your money working for you.
In conclusion, the Chase savings monthly service fee is a fee that can be easily avoided by following a few simple tips. By maintaining a minimum balance, making regular deposits, receiving direct deposits, using a Chase checking account, or opening a Chase Premier Plus Checking account, you can keep your money in a Chase savings account without having to pay a monthly fee.
Conclusion
The Chase savings monthly service fee is a fee that can be easily avoided by following a few simple tips.
Summary of Main Points:
- The Chase savings monthly service fee is a fee that is charged to customers who do not meet certain requirements, such as maintaining a minimum balance or making a certain number of deposits each month.
- There are a number of ways to avoid the Chase savings monthly service fee, including maintaining a minimum balance, making regular deposits, receiving direct deposits, using a Chase checking account, opening a Chase Premier Plus Checking account, qualifying for Chase Private Client, switching to a Chase Savings Premier account, and closing unused Chase savings accounts.
- By following these tips, you can keep your money in a Chase savings account without having to pay a monthly fee.
Closing Message:
If you are a Chase customer and you are paying the monthly service fee on your savings account, I encourage you to review your account and see if there are any ways to avoid the fee. By following the tips in this article, you can keep more of your hard-earned money in your pocket.
I hope this article has been helpful. If you have any questions about the Chase savings monthly service fee, please contact Chase customer service for more information.