At any given time, the interest a bank has on a checking account ranges from 0% to 14%. For a $500 investment, this equals 0.03%. $500 invested in an account with a 20% deposit (e.g., Chase HD Checking) will earn 4%. As you accumulate $500, the interest will increase to 18.99%.
On the other hand, an account with a 10% deposit (e.g., Chase HD Savings) will pay around 0.05% per year over the course of a year.
But this doesn’t mean that Chase HD Checking is cheap. In fact, its interest costs around 8.5% per year, while Chase HD Savings pays around 2.5% per year. The Chase HD Checking account starts paying 3.50% after 7 years, so it has the lowest rate. The Chase HD Savings account at 11.25% is a little better, but far from the cheapest at $2,800 per year.
The Chase HD Savings account at 6% has a lower fee by about 0.5%, which is a good deal.
The Chase HD Checking account has the highest daily withdrawal limit you can manage: $3,500.
Chase HD Checking offers a great way to contribute to your retirement savings accounts at an outstanding rate. In fact, it’s one of just ten banks that you should consider putting down large amounts of cash (e.g., $1,500 or more or your entire 401(k) balance).
Chase HD Checking lets you deposit and withdraw on-time, making it a safer choice than checking accounts with high fees. Furthermore, its fee structure is fairly straightforward: it charges 0.05% on each $1 you deposit or withdraw, so you pay a total of 0.015% for the first $1,000 you deposit or withdraw, and 0.05% for every $10,000 you withdraw above that.
It is worth noting that Chase HD has no annual percentage rate (APR) so it only accrues interest on the funds you save or spend each year. This means its savings rate will rise over time.
But if you’re looking for a long-term solution to a retirement savings crisis, a Chase account is the place to be.
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