If you’re a Chase Savings account holder, managing your finances effectively includes avoiding unnecessary service fees. Understanding the criteria for waiving these fees can help you keep more of your hard-earned money in your pocket. In this guide, we’ll explore the various ways you can avoid the monthly service fee associated with a Chase Savings account.
Monthly Service Fee Overview
The Chase Savings account comes with a modest monthly service fee of $5. However, this fee can be waived by meeting certain requirements outlined by Chase. Let’s delve into the options available to you to avoid this fee.
Ways to Avoid the Monthly Service Fee:
1. Maintain a Minimum Daily Balance
One way to waive the monthly service fee is by maintaining a minimum daily balance of $300 or more in your Chase Savings account. By keeping your balance above this threshold throughout the statement period, you won’t incur the service fee.
2. Set Up Automatic Transfers
Another option is to set up recurring automatic transfers from your personal Chase checking account to your Chase Savings account. These transfers can be for as little as $25 or more each month, and they help demonstrate active use of your savings account, thus waiving the service fee.
3. Link a Chase College Checking Account
If you’re a student with a Chase College Checking account, you can link it to your Chase Savings account for overdraft protection. This linkage not only helps safeguard against overdrafts but also exempts you from the monthly service fee.
4. Account Owner Under 18
Individuals younger than 18 who are the account owners of a Chase Savings account are automatically exempt from the monthly service fee. This option provides a fee-free savings solution for young savers.
5. Link to Another Chase Checking Account
Linking your Chase Savings account to a Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking account also qualifies you for fee exemption. This interconnected relationship between accounts offers added benefits and convenience.
New Account Benefits
For new and converted Chase Savings accounts, there’s a grace period. You won’t be charged the monthly service fee for at least the first two statement periods. However, after this initial period, the fee will apply unless you meet one of the aforementioned criteria to avoid it.
Avoid Chase Service Fee
Avoiding the monthly service fee associated with your Chase Savings account is within reach with careful financial planning and utilization of the options provided by Chase. By maintaining a minimum balance, setting up automatic transfers, or linking your account to other Chase products, you can enjoy fee-free savings and focus on reaching your financial goals. Remember to review your account regularly to ensure compliance with fee waiver criteria and to make adjustments as needed. With these strategies in mind, you can maximize the benefits of your Chase Savings account and keep your finances on track.
