Chase offers several savings account products, each with different interest rates and minimum balance requirements

Yes, Chase Bank has savings accounts. The bank offers multiple savings products under different names: Chase Savings (their basic savings account), Chase Premier Savings (for customers with higher balances), and Chase High Yield Savings Account (which pays a higher interest rate). Which one you can open depends on how much money you have to deposit and what interest rate matters to you.

Chase also offers Money Market Accounts, which function like savings accounts but typically pay higher interest and come with a checkbook or debit card. These are different products with different terms, so the choice between a savings account and a money market account depends on whether you need to write checks or make frequent withdrawals.

All Chase savings products are FDIC insured up to $250,000 per account holder per bank, which means your money is protected if the bank fails. This protection applies separately to each account type you hold at Chase.

Key Takeaways

  • Chase Savings is the basic option with no monthly fee if you maintain a $300 minimum balance; Chase Premier Savings requires $10,000 and pays slightly higher interest.
  • Chase High Yield Savings Account pays a higher interest rate than regular savings but has the same $300 minimum balance requirement as Chase Savings.
  • Interest rates on all Chase savings products change based on Federal Reserve decisions and vary by account type; you can check current rates on Chase's website.
  • You can open a Chase savings account online, by phone, or in person at a Chase branch, and you can link it to an existing Chase checking account or open it separately.

Chase Savings versus Chase Premier Savings: the difference in minimums and interest

The main difference between Chase Savings and Chase Premier Savings is the minimum balance and the interest rate paid. Chase Savings requires a $300 minimum balance to avoid a $5 monthly fee. Chase Premier Savings requires a $10,000 minimum balance but pays a higher interest rate on your balance.

If you have less than $10,000 to deposit, Chase Savings is your only option between these two. If you have $10,000 or more, Chase Premier Savings will earn you more interest over time, but you must keep that $10,000 in the account at all times or pay the monthly fee. The difference in interest earned depends on the current rate Chase is offering, which you can see on their website before you open the account.

Both accounts allow you to make up to six withdrawals per month without penalty. After six withdrawals in a calendar month, Chase charges $10 for each additional withdrawal. This limit applies to transfers and online withdrawals, not to ATM withdrawals or in-person withdrawals at a Chase branch.

Chase High Yield Savings Account: when the interest rate matters more than the minimum

The Chase High Yield Savings Account pays a higher interest rate than Chase Savings, with the same $300 minimum balance requirement. The interest rate is higher because the account is designed to attract customers who want to earn more on their savings and are willing to accept lower withdrawal frequency.

This account also has the same six-withdrawal limit per month as Chase Savings and Chase Premier Savings. The trade-off is that you earn more interest but have the same restrictions on how often you can move money out. If you plan to deposit money and leave it there for months or years, the higher interest rate will add up to real money.

Chase High Yield Savings is available to all customers, regardless of how much money they have. You can open it with your $300 minimum deposit and start earning the advertised rate when ready. The rate changes when the Federal Reserve changes its benchmark rate, so your earnings will fluctuate over time.

Money Market Accounts at Chase: savings with check-writing ability

Chase Money Market Accounts are a hybrid between a savings account and a checking account. They pay interest like a savings account but come with a checkbook and a debit card, so you can write checks and make purchases directly from the account. The minimum balance requirement varies by the specific Money Market product Chase offers.

Money Market Accounts typically pay higher interest than basic savings accounts but lower than high-yield savings accounts. The trade-off is that you get the convenience of a checkbook and debit card, which means you can access your money more flexibly. However, you still face the six-withdrawal limit per month on transfers and online withdrawals.

If you need to write checks from a savings-type account, a Money Market Account is the right choice. If you just need a place to park money and earn interest, a high-yield savings account will earn you more.

How to open a Chase savings account and what you need

You can open a Chase savings account online, by phone at 1-800-935-9935, or in person at any Chase branch. Online is usually the fastest option and takes about 10 minutes. You will need a valid government-issued ID, your Social Security number, and an initial deposit (at least $300 for Chase Savings or Chase High Yield Savings, or $10,000 for Chase Premier Savings).

If you already have a Chase checking account, you can link the new savings account to it when ready. If you do not have a Chase checking account, you can open a savings account on its own. Chase will run a background check through ChexSystems, which is a banking history database; this does not affect your credit score.

Once your account is open, you can deposit money by transferring from another bank account, depositing a check through the Chase mobile app, or depositing cash at a Chase ATM or branch. Your account will be active and earning interest within one business day.

Interest rates on Chase savings accounts and how they change

Chase savings account interest rates are not fixed. They change when the Federal Reserve changes its benchmark interest rate, which typically happens several times per year. Chase usually raises or lowers rates within a few days of a Federal Reserve announcement, though they are not required to match the Fed's moves exactly.

You can see the current interest rate for each Chase savings product on their website before you open an account. The rate you receive when you open the account is the rate in effect on that day; if rates change after you open the account, your rate will change automatically. Chase does not lock in a rate for any period of time.

The interest is compounded daily and deposited into your account monthly. This means you earn interest on your interest, though the amount depends on how much money you have in the account and what the current rate is. A higher balance and a higher rate both mean more interest earned each month.

Fees and limits on Chase savings accounts

Chase Savings and Chase High Yield Savings charge a $5 monthly fee if your balance falls below $300. Chase Premier Savings charges a monthly fee if your balance falls below $10,000. Money Market Accounts have their own fee structure, which varies by product.

All Chase savings products charge $10 for each withdrawal beyond six per month. This includes transfers to other accounts, online bill payments from the savings account, and ACH transfers. ATM withdrawals and in-person withdrawals at a Chase branch do not count toward this limit.

There is no limit on how much money you can deposit into a savings account. The FDIC insurance limit of $250,000 per account holder per bank means that amounts above $250,000 are not protected by federal insurance, but you can still hold more than $250,000 in the account.

Frequently Asked Questions

Can I have multiple savings accounts at Chase?

Yes. You can open as many savings accounts as you want at Chase, and each one is insured separately up to $250,000. Some customers open multiple accounts to organize money for different goals or to take advantage of different interest rates on different products.

What happens if I go over six withdrawals in a month?

Chase charges $10 for each withdrawal beyond six in a calendar month. This includes transfers to other banks, bill payments from the savings account, and ACH transfers. If you regularly need more than six withdrawals per month, a checking account may be a better fit.

Can I transfer money from my Chase savings account to my Chase checking account?

Yes, transfers between your own Chase accounts are free and usually happen within one business day. These transfers count toward your six-withdrawal limit per month on the savings account side.

Do I need a Chase checking account to open a savings account?

No. You can open a Chase savings account without having a checking account. However, linking them together makes it easier to move money between accounts and manage your finances.

Is my money safe in a Chase savings account?

Yes. Chase is a member of the FDIC, which insures deposits up to $250,000 per account holder per bank. Your savings account balance is protected even if Chase fails. Amounts above $250,000 are not federally insured.