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If You Put $250 In A Chase "Savings Account," You'll Get 12.5 Cents In Yearly Interest -- And Maybe Charged $4 A Month

Monday, July 15, 2013 - 12:24 PMChase Manhattan Bank - Details
If you are a working stiff and can squirrel away $250 to put in a Chase "savings account," Chase will pay you 12.5 cents a year (.05% APY at a "standard rate"). Furthermore, if you don't make any transactions, they will charge you $4 a month, meaning that you will be left with $202 at the end of a year, plus your 12.5 cents.

We doubt that JP Morgan Chase CEO Jamie Dimon has a standard savings account at his own firm, the parent company of Chase.

If You Put $250 in a Chase "Savings Account," You'll Get 12.5 Cents in Yearly Interest -- And Maybe Charged $4 a Month
ShorebreakShorebreak2,671 posts since
Apr 6, 2010
Rep Points: 14,501
1. Monday, July 15, 2013 - 1:01 PM
Sounds like a great deal (if one is hurried to get rid of one's money):D

Thanks, Chase!!
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
2. Thursday, July 18, 2013 - 9:07 PM
Only two reasons to have Chase savings account. Bonus of $125 is often paid on $10K if left on deposit 6 months: with the right code this is 2.5%. And/or: increases chance of getting a Chase credit card with a lot of points/miles/cash bonus. Otherwise: see savings account rates on this site.
ecconnecconn6 posts since
Jul 18, 2013
Rep Points: 15
3. Thursday, July 18, 2013 - 9:17 PM
Chase is not known for being concerned about paying decent interest on anything at the bank.  They proudly insist they are a "Peoples Bank" and when I ask how they can say that with the paltry interest they pay, I am told "we stay open one hour later than other banks because we care about our people".  What a joke!  I'd rather them close one hour earlier and pay me a few cents more of interest.  I have that checking account with the laughable interest rate. I think today I actually saw .06 cents posted to my account!  I use it for convenience only because since I am a Premier Member, they can't charge me fees for anything.  However, I have a couple of CDs maturing there this year and I am already looking for where else to put them.  Maybe some bank that doesn't like people but will give me 2% interest!
paoli2paoli21,398 posts since
Aug 10, 2011
Rep Points: 6,129