Can someone explain Chase Bank's interest rates on savings?

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How is this even allowed internally by its bank charter/corporate governance?

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They’re built to make money. This helps. A lot.

Every bank in existence changes their special savings product regularly for this reason. They keep the out of date products at basically 0%, then pay as little as they possibly can to bring in other deposits. That’s the game.

Chase specifically though doesn’t seem to want any deposits, hence their shitty rate. It’s not an accident though.

They have such a giant base of normal people's checking accounts that get direct deposited at Chase that they can wait a long time to raise rates on deposits.

If someone has direct deposits, bills auto drafted, venmo, etc. all set up in one account its going to be tough to get them to move to another bank for a small increase in interest. And most people have gotten so used to super low deposit rates over the last 10+ years that they aren't out shopping thinking there is much better.

Chase is infuriating to work with...requiring me to go into a branch at a scheduled visit is dinosaur land.

Regions still has their savings interest at .01%. Ridiculous. Moved my cash to Amex high yield savings.

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How in the hell is the largest asset bank in the entire US only paying .02%

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Every .25% rate hike up on savings accounts costs them billions and their customers are not leaving in sufficient numbers to cause them to raise.

Why anyone would have a savings account with Chase over a Marcus/Goldman or Cap One account is way beyond me.

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Why anyone would have a savings account with Chase over a Marcus/Goldman or Cap One account is way beyond me.

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I’m not disagreeing. Outside of some “special” relationship (which is like seeing Bigfoot riding a unicorn for the average person), it probably doesn’t make financial sense longer term. But what I’ve done over the past year or so is “churn” savings and/or checking accounts with banks that offer attractive sign up bonuses. I’ve used some reserve cash that typically sits in HY savings and placed it with Wells, then Citi, then Truist and now Chase. The bonuses have ranged from $500 to $2000. I’ve picked up smaller bonuses from Discover, Capital One and Marcus in the $100-$500 range.

Disclaimer: as soon as the conditions are met and the minimum account period ends, I typically close the account. You just have to make sure that the bonus + interest juxtaposed with amount of time the account has to remain open makes it better than what an alternative HY savings account would yield over that time frame.

Here’s one of the sites that I’ve used to see what bonuses are available and then I check the conditions.

Hustler Money Blog

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Regions still has their savings interest at .01%.

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Regions is a criminal organization, but what do you expect from Birmingham.

Chase is horrible too, the nickel and diming is terrible.

I really like Capital One. Never a fee, money is available instantly no matter how I deposit it, interest on savings is 3.4% and using their CC's and bank account is seamless. Regions was hold deposits of certified funds and it was pissing me off. They would give me a hold form that followed the law then some bitch would "flag" the certified checks for fraud and they would hold the money for 2 weeks.

I keep my primary personal checking acct with Chase because they have always beat other banks rates when I have seeked out a loan, haven't run into any issues with Chase. I have savings accts elsewhere though.