8 Comments

Chase Feels Savings Accounts Are Not For Saving

August 24, 2007 by in Stupid with 8 Comments

When you think of a savings account you think of an account you dump money in and forget about it. Well, Chase has a different definition of what a savings account is. If don’t deposit or withdraw money into it for 3 months, it Chase will mark your account inactive meaning you can’t withdraw or put money into it electronically – also preventing it from accruing interest.

Chase requires that you make an automated $1 withdrawal and deposit to prevent your account from going inactive, which I think is ridiculous.

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  • annon

    My bank’s savings account give me 1% interest and charges me 6$ a month to keep it, so i just don’t use that account for saving.Thats what a mattress is for lol

  • Larry

    Emigrant Direct… 5.05% interest, last I checked. Forget bank savings accounts…

  • chad

    my Bank of America account charges me a penalization fee if I don’t have enough moolah in my savings… crooks.

  • http://www.myspace.com/boywonder8503 Anthony

    I have bofa & a custom savings acct that has only a monthly direct deposit requirement & no minimum balance which is fine because i have a portion of my paycheck deposited into savings…They no longer offer this type of account though & require a minimum of $300…. umm well isn’t that the point of a savings account to save?? who’s gonna have a savings account with less than $300 in it? might as well get a checking…. but as far as the article goes it’s nuts to deactivate your account for inactivity…. oh well…. i’m still a bofa fan

  • Carlos

    what’s bofa Anthony?

  • http://www.myspace.com/AlexTheMartian Alex B

    Yeah, screw normal bank savings. I use ING Direct and both my checking and savings accounts have between 4-5.3% interest (yes, I said it, checking too). And I have a nice stash in a CD earning a locked 5.25% rate for 1 year.

    Getting high interest feels a little bit like cheating or making money from like selling weed or something :-P lol (sorry, I just watched the entire first two seasons of Weeds this week, haha), but hey, why am I to worry, free money is great :-D

    I have a credit union as my main bank, but I had to open a Washington Mutual account a year or two ago for withdraw and deposit convenience reasons. I had to choose between more available ATMs and branches (B of A) or less fees and no ATM fee from the bank (WaMu), and I choose the less fees, and also because I live in Los Angeles so it is not like it is hard for me to find a branch for any of the major banks :-P

  • http://www.donawilson.com/ Don Wilson

    Savings Accounts are typically useless these days. If you want a bank account, just get a checking account with a debit card. If you have enough money to make interest on it, you’re likely to use it in a different place with higher interest rates.

  • http://www.myspace.com/AlexTheMartian Alex B

    Carlos, bofA is B of A, as in Bank of America

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