Most Chase checking accounts earn little to no interest

Chase checking accounts do not earn meaningful interest. Most of their standard checking products — including Chase Total Checking and Chase Sapphire Checking — pay interest rates so low they round to zero. A few Chase accounts do earn a small amount, but the rate depends on your balance and which account you open.

If earning interest on money you keep in checking is important to you, a Chase savings account or money market account will pay more. But even those rates change based on what the Federal Reserve does, so the amount you earn shifts over time.

Key Takeaways

  • Chase Total Checking and Chase Sapphire Checking pay interest rates below 0.01%, which means you earn almost nothing on your balance.
  • Chase Premier Plus Checking pays a slightly higher rate, but only on balances above a certain threshold, and the rate is still very low.
  • If you want to earn interest on money you need to access regularly, a Chase savings account or money market account will pay more than any Chase checking account.
  • Interest rates on all Chase accounts change when the Federal Reserve changes its rates, so what you earn today may be different in three months.

Which Chase checking accounts pay the most interest

Chase Premier Plus Checking is the only Chase checking account that pays a rate worth mentioning, and even then it is small. This account pays interest only on balances above $25,000, and the rate varies. You also need to maintain a minimum balance and meet other requirements like setting up direct deposit to avoid monthly fees.

For most people with typical checking balances — under $10,000 — the interest earned would be a few dollars per year or less. Chase Total Checking and Chase Sapphire Checking pay rates so close to zero that the interest is negligible.

Why checking accounts pay so little interest

Banks use the money in your checking account to lend to other customers and to invest. In return, they pay you interest. But checking accounts are designed for frequent deposits and withdrawals — you might move money in and out several times a week. Because the bank cannot count on that money staying put, they pay very little interest.

Savings accounts and money market accounts are designed for money you keep longer, so banks can use that money more reliably. That is why those accounts pay higher rates. The Federal Reserve also sets a benchmark interest rate that influences what all banks pay. When that rate is low, checking account interest is even lower.

How to find Chase accounts that do earn interest

If you want to earn interest on your money at Chase, move funds to a Chase savings account or a Chase money market account instead. Both pay higher rates than any checking account. The trade-off is that you can only withdraw money a limited number of times per month without a fee — usually six times — whereas checking accounts have no withdrawal limit.

Many people use both: a checking account for daily spending and bills, and a savings account for money they want to keep and earn interest on. You can transfer money between them when ready through Chase's website or app, so it is straightforward to move money when you need it.

What interest rate you will actually earn

Chase does not publish a single interest rate for checking accounts because the rate changes frequently and may vary based on your balance and account type. To see the current rate for a specific account, you need to check Chase's website or call them directly. The rate you see today may be different next month.

Interest is calculated daily based on your balance and paid monthly. If your balance is $1,000 and the annual rate is 0.01%, you would earn about 10 cents per year. The lower the rate and the lower your balance, the less you earn.

Comparing Chase checking to other banks

Most large banks — Bank of America, Wells Fargo, Citibank — pay similarly low rates on checking accounts. Some smaller banks and online banks do pay higher rates on checking, sometimes 4% or more, but they usually require a large minimum balance or have other conditions. If you are comparing banks based on interest earned in checking, the difference between Chase and most other large banks is small.

The real difference between banks is usually in fees, customer service, branch locations, and the quality of their mobile app. If you are already with Chase for other reasons, the interest you do not earn in checking is unlikely to be the deciding factor.

When interest rates on Chase accounts change

Chase adjusts interest rates on all their accounts when the Federal Reserve changes its benchmark rate. The Federal Reserve meets eight times per year to decide whether to raise, lower, or hold rates steady. When they move, banks typically adjust their rates within days or weeks.

This means the rate you earn in January might be different by March. If you are counting on a specific amount of interest income, check your rate periodically and adjust your expectations. You can see your current rate in the Chase app or on their website under account details.

Frequently Asked Questions

Does Chase Total Checking earn any interest at all?

Chase Total Checking earns interest, but the rate is so low — typically below 0.01% — that the amount is negligible. On a $5,000 balance, you might earn less than a dollar per year. The account is designed for convenience and fee waivers, not for interest income.

Can I get a higher interest rate by keeping a larger balance in checking?

Only with Chase Premier Plus Checking, which pays a higher rate on balances above $25,000. Even then, the rate is still low compared to savings accounts. For most people, moving money to a savings account is a better way to earn interest on larger balances.

What if I move my money to a Chase savings account instead?

Chase savings accounts pay higher interest rates than checking accounts, though the exact rate changes based on Federal Reserve decisions. You can withdraw money up to six times per month without a fee, making it practical for money you might need. Many people keep both accounts and transfer money between them as needed.

Will my interest rate stay the same every month?

No. Chase changes interest rates when the Federal Reserve adjusts its benchmark rate, which happens several times per year. Your rate could go up or down depending on economic conditions. Check your account details periodically to see your current rate.