When it comes to saving money, choosing the right bank and savings account can make a big difference.
In this article, we'll take a closer look at Chase and Discover savings accounts to help you determine which one might be the best fit for your needs.
Compare Savings Account Rates
Discover Online Savings | Chase Premier Savings | |
|---|---|---|
Savings Rate | 4.30% | 0.01% – 0.02% |
Minimum Deposit | $0 | $25 |
Fees | $0 | $25 per month
Can be waived if you carry $300 account balance at the start of the month, $25+ autosave or linking a Chase checking account
|
Promotion | $150 – $200
Minimum deposit of $15,000 / $25,000, expired on 09/15/2023
| None |
CD Range | 2.00% – 5.00% | 3.00% – 5.00% |
The table compares two savings accounts, Discover Online Savings and Chase Premier Savings.
Discover Online Savings offers a significantly higher interest rate of 4.30% compared to Chase Premier Savings' rate of just 0.01% – 0.02%. Discover Online Savings also does not require a minimum deposit and has no fees, while Chase Premier Savings requires a minimum deposit of $25 and charges a monthly fee (that can be waived).
In terms of CD rates, Discover Online Savings offers a range of 2.00% – 5.00%, while Chase Premier Savings offers a range of 3.00% – 5.00%.
Compare Savings Account Benefits
Discover Online Savings | Chase Premier Savings |
|---|---|
No Monthly Balance Requirement Or Fees | Access to the Chase Network |
Access to 24/7 Customer Support | Automatic Savings Program |
Excellent Mobile App | Sapphire Banking Perks |
Automatic Saver Options | Daily Compound Interest |
- Excellent Mobile App
Discover has one of the best mobile banking apps of the online banks we reviewed. Mobile apps are crucial for an online savings account, where customers must rely upon technology to facilitate transactions normally handled face to face at a bank.
Savers can access details for all their Discover accounts, view account activity, electronically deposit checks, and transfer money.
- No Monthly Balance Requirement Or Fees
Discover's high-yield savings account is broadly accessible to different account holders. This includes savers who don't keep large ongoing monthly balances.
You won't pay for a stop payment order, excessive withdrawal, insufficient funds, or monthly maintenance.
- Access to 24/7 Customer Support
Discover has a 24/7 phone helpline. This is a toll free number and the customer service department is 100% US based, so the team is ready to help you with queries or questions at any time of the day or night.
- Automatic Saver Options
You can schedule regular transfers from your Discover checking account to maximize the returns and build your savings fund.
- Access to the Chase Network
The Chase Premier Savings account provides access to Chase Bank's vast network, including approximately 4,900 branches and 16,000 ATMs nationwide.
- Automatic Savings Program
Customers can take advantage of the automatic savings program, allowing them to set savings goals in the Chase mobile app and work towards reaching them.
- Sapphire Banking Perks
Linking your Premier Savings account to your Chase Sapphire Checking account gives you access to exclusive perks, such as early ticket sales and special event access.
- Daily Compound Interest
Interest on your Chase Premier Savings account compounds daily, maximizing your earning potential on your account balance.
Alternative Savings Account : Better Rates Available?
For a long time, traditional brick-and-mortar banks have been the default choice for savings accounts. However, the emergence of online banks and credit unions has presented savers with a plethora of new options. These financial institutions often offer higher interest rates and lower fees, which can help you achieve your savings goals more easily.
In case you want to compare additional savings accounts, we have compiled a table showcasing some of the best alternative savings account options available from both online and traditional banks and credit unions.
Bank/Institution | Savings APY | Min Deposit | Type |
|---|---|---|---|
5.05% | $100 | Online Bank | |
4.15% | $0 | Online Bank | |
4.25% | $0 | Online Bank | |
4.30% | $0 | Online Bank | |
4.35% | $0 | Traditional Bank | |
5.07% | $0 | Online Banking | |
4.40% | $0 | Online Banking | |
4.75% | $0 | Online Bank | |
4.50% | $100 | Online Bank | |
3.10% | $0 | Credit Union | |
4.25% | $0 | Online Bank | |
up to 4.50% | $1,000 – $5,000 | Online Bank | |
3.00% | $5 | Credit Union |
