Chase savings accounts earn interest, but the rate changes and is usually low
Yes, Chase pays interest on savings accounts. The rate varies by account type and changes regularly—Chase adjusts rates based on Federal Reserve decisions and market conditions. As of now, Chase savings accounts typically earn between 0.01% and 0.45% annual percentage yield (APY), depending on which account you hold and how much money you keep in it. The exact rate your account earns is listed in your account details online or in the Chase mobile app, and you can call 1-800-935-9935 to confirm the current rate on any specific account.
Interest compounds daily and posts to your account monthly. That means if you have $10,000 in a Chase savings account earning 0.01% APY, you would earn roughly $1 per year. At 0.45% APY on the same balance, you would earn about $45 per year. The difference matters more with larger balances, but even then, Chase rates are typically lower than what you can find at online banks or credit unions.
Key Takeaways
- Chase savings accounts do earn interest, but rates are usually between 0.01% and 0.45% APY depending on the account type.
- Interest compounds daily and deposits to your account once a month, so you earn money on your money automatically.
- Chase rates change without notice and are usually lower than rates offered by online banks or credit unions.
- You can see your current rate in the Chase app, online portal, or by calling customer service.
- The amount of interest you earn depends on your balance and the rate—higher balances and higher rates mean more interest paid to you.
Chase savings account types and their interest rates
Chase offers several savings account products, and each one earns a different rate. The Chase Savings Account (the basic option) typically earns the lowest rate, often 0.01% APY. The Chase Premier Savings account, which requires a higher opening deposit and minimum balance, earns a slightly higher rate—usually between 0.04% and 0.10% APY depending on your balance tier. The Chase Youth Savings Account sometimes offers a promotional rate for account holders under 18, though this varies by region and time of year.
Chase also offers a Money Market Account, which is a hybrid between a savings account and a checking account. Money Market Accounts at Chase typically earn rates similar to or slightly higher than Premier Savings, usually between 0.05% and 0.45% APY depending on your balance. The higher tiers—accounts with $25,000 or more—earn the best rates Chase offers on savings products.
None of these rates are may provide. Chase can change rates at any time without notice. You will not receive a warning email or letter before a rate drop. The best way to stay informed is to check your account details in the app monthly or log into your online account.
How Chase interest compounds and when you see it
Interest on Chase savings accounts compounds daily, which means interest is calculated on your balance every single day, including interest you have already earned. However, you only see the money hit your account once a month. The deposit usually happens on the last business day of the month, though the exact date can vary slightly.
For example, if you have $5,000 in a Chase savings account earning 0.10% APY, the bank calculates one day's worth of interest each day (roughly $0.0014 per day). After 30 days, all that daily interest is added together and deposited as a single payment. The longer your money sits in the account, the more interest you earn, because you earn interest on the interest from previous days.
You can see interest deposits in your transaction history in the Chase app or online portal. They appear as "Interest Paid" or similar language. If you do not see an interest deposit in a month, it usually means your balance was very small or the rate was so low that the daily interest rounded down to zero cents.
Why Chase rates are lower than other banks
Chase is a large national bank with thousands of branches and ATMs. That physical footprint costs money to maintain, and those costs are reflected in lower interest rates on savings products. Online banks—banks with no physical branches—have lower overhead and can pass those savings to customers in the form of higher interest rates. Credit unions often offer competitive rates to their members as well.
As of recent months, online savings accounts earn between 4% and 5% APY, while Chase earns a fraction of that. The difference adds up quickly on larger balances. A $50,000 balance earning 0.10% at Chase generates $50 per year in interest. The same balance at an online bank earning 4.5% APY would generate $2,250 per year—a difference of $2,200.
Chase customers often keep money in savings accounts there for convenience—to have the same bank for checking and savings, or to use the same app and customer service number. That convenience comes at the cost of lower interest earnings.
How to check your current Chase savings rate
The fastest way to see your rate is to open the Chase mobile app, tap the savings account you want to check, and look for "APY" or "Annual Percentage Yield" near the top of the account details. The rate shown is what your account is currently earning.
You can also log into Chase.com on a computer, click on your savings account, and scroll to the account details section. The APY will be listed there. If you do not see it, look for a link that says "Account Details" or "Rates and Fees."
If you prefer to speak with someone, call Chase customer service at 1-800-935-9935 and have your account number ready. A representative can tell you your current rate and explain any recent changes. You can also visit a Chase branch in person and ask a banker to show you the rate.
What to do if you want higher interest on your savings
If you are earning very little interest at Chase and want to earn more, you have three main options: move money to an online bank, move money to a credit union, or keep some money at Chase for convenience and move the rest elsewhere.
Online banks like Marcus, Ally, and American Express Personal Savings typically offer rates between 4% and 5% APY with no monthly fees and no minimum balance requirements. You can open an account online in minutes and transfer money from Chase electronically. The trade-off is that you cannot walk into a branch or deposit cash in person.
Credit unions often offer competitive savings rates and may have local branches. You must be a member to open an account, but membership is usually open to anyone who lives or works in a certain area or belongs to a certain group. Ask if your employer, school, or community has a credit union you can join.
Many people keep a small amount in a Chase savings account for emergencies or quick access and move larger amounts to higher-yielding accounts elsewhere. This approach gives you the convenience of Chase while earning more interest on the bulk of your savings.
Frequently Asked Questions
Does Chase charge a fee to earn interest on savings?
No. Chase does not charge a fee for earning interest. However, some Chase savings accounts have monthly maintenance fees if you do not meet minimum balance requirements. Check your specific account's fee schedule to see if a maintenance fee applies to you.
Can I move my money to a higher-rate account without closing my Chase account?
Yes. You can open a savings account at another bank and transfer money from Chase without closing your Chase account. You can keep your Chase checking account, your Chase credit card, or any other Chase product while moving savings elsewhere. The two banks operate independently.
What happens to my interest if I withdraw money before the month ends?
You still earn interest on the money you had in the account for the days it was there. Interest is calculated daily, so if you withdraw $2,000 on the 15th of the month, you earn interest on that $2,000 for the first 15 days, and the remaining balance earns interest for the full month. You see all of it when interest posts at the end of the month.
Will Chase raise its savings rates if the Federal Reserve raises rates?
Chase may raise rates when the Federal Reserve raises rates, but it is not required to and often lags behind. Large banks typically raise savings rates slowly and by smaller amounts than the Fed's increases. Online banks and credit unions usually raise rates faster and by larger amounts.
Is my interest earnings taxable?
Yes. Interest you earn on a Chase savings account is taxable income. Chase will send you a 1099-INT form in January if you earned $10 or more in interest during the previous year. You report this income on your tax return. Consult a tax professional if you have questions about how to report savings interest.