If You Put $250 in a Chase “Savings Account,” You’ll Get 12.5 Cents in Yearly Interest — And Maybe Charged $4 a Month
If you are a working stiff and can squirrel away $250 to put in a Chase “savings account,” Chase will pay you 12.5 cents a year (.05% APY at a “standard rate”). Furthermore, if you don’t make any transactions, they will charge you $4 a month, meaning that you will be left with $202 at the end of a year, plus your 2.5 cents.
It’s all right here on a Chase website marketing page for what is called “Chase Savings.” But a closer look at the fees and disclosures page indicates that if you are a consumer not used to reading the footnotes, you could end up losing your savings through add-on fees (including potentially the $4 a month “service” fee).
The oligarchy doesn’t keep its money at Chase we bet, at least in savings accounts. We doubt that JP Morgan Chase CEO Jamie Dimon has a standard savings account at his own firm, the parent company of Chase. Why? Because according to the Chase rate chart, any sucker who puts $5 million into even the premium “Chase Savings Plus” still only gets .15% interest. To break that down, that would equal a $150.00 return on every $100,000 lent to Chase each year. Do you think Dimon is a master of the universe with those kind of investment returns?