Yes, Chase offers money market accounts under the name Chase Money Market Account
Chase offers a money market account (sometimes called a savings account with money market features) through its retail banking division. The account combines features of a savings account with limited check-writing ability and a tiered interest rate structure — meaning the rate you earn depends on your balance. You can open one online, by phone, or at a Chase branch.
The specifics of what Chase calls this product, what interest rate it pays, and what minimum balance it requires change periodically. Before opening, you should check Chase's current website or call 1-800-935-9935 to confirm the current terms, because rates and minimums shift with Federal Reserve policy and market conditions.
Key Takeaways
- Chase money market accounts pay interest that varies based on your account balance, with higher balances earning higher rates.
- You can write checks or use a debit card on most Chase money market accounts, though the number of withdrawals per month may be limited.
- Chase requires a minimum opening deposit and a minimum balance to earn the advertised interest rate; falling below that balance drops your rate.
- Interest rates on Chase money market accounts are typically lower than rates on Chase CDs (certificates of deposit) for the same time period.
- You should compare Chase's current money market rate against rates at other banks and against Chase's own savings account and CD rates before deciding.
How Chase money market accounts differ from regular savings accounts
A Chase money market account functions like a hybrid between a savings account and a checking account. You earn interest on your balance (like a savings account), but you also get limited check-writing privileges and often a debit card (like a checking account). The trade-off is that federal rules limit you to a certain number of withdrawals per month — typically six — though Chase may enforce this differently depending on the account type.
A regular Chase savings account has no check-writing ability and the same federal withdrawal limits, but it is simpler: you deposit, earn interest, and withdraw through the app or ATM. A money market account gives you more flexibility to access your money, but that flexibility comes with a higher minimum balance requirement and sometimes a lower interest rate than a comparable savings account at the same bank.
Minimum balance and interest rate tiers
Chase money market accounts use a tiered structure: you earn one rate if your balance is between the minimum and a certain threshold, a higher rate if your balance is above that threshold, and so on. This means your actual interest rate depends on what you keep in the account. If your balance drops below the minimum required to earn the top rate, Chase will drop you to a lower tier — sometimes all the way to a rate close to zero if you fall below the opening minimum.
The opening minimum deposit and the balance thresholds for each tier vary. You need to check Chase's current terms sheet or website to see what those numbers are right now. What matters for your decision is whether you can realistically maintain the balance needed to earn a meaningful rate, because if you cannot, the account may not be worth the complexity.
How to open a Chase money market account
You can open a Chase money market account online through Chase.com, by calling 1-800-935-9935, or by visiting a Chase branch in person. Online is usually fastest — you will need a valid ID, your Social Security number, and an initial deposit (the amount depends on current terms). The account typically opens within one to three business days.
If you already have a Chase checking or savings account, opening a money market account is faster because Chase already has your information on file. You can link the accounts when ready, which lets you transfer money between them without fees. If you are a new Chase customer, you will go through the full account opening process, which includes identity verification and a check of ChexSystems (a banking history database).
Withdrawal limits and how to access your money
Federal Regulation D historically limited money market account withdrawals to six per month, though that rule was suspended in 2020 and has not been formally reinstated. Chase's current policy on withdrawal limits may differ from the federal rule, so you should confirm what Chase allows before opening. Most banks, including Chase, still impose some limit or charge a fee after a certain number of withdrawals.
You can access your money through the Chase mobile app, Chase.com, ATMs, checks (if your account includes check-writing), and transfers to other accounts. There is no fee for transfers between your own Chase accounts. Transfers to accounts at other banks typically process within one to three business days.
How Chase money market rates compare to other options
Chase money market account rates are typically lower than rates on high-yield savings accounts at online banks like Marcus, Ally, or American Express Personal Savings. Chase rates are also usually lower than rates on Chase CDs for the same term — a one-year CD at Chase often pays more than a money market account, even though the CD locks your money away.
The trade-off is liquidity: a money market account lets you access your money anytime (within withdrawal limits), while a CD charges a penalty if you withdraw early. If you need the flexibility and do not mind earning less interest, a money market account makes sense. If you can lock money away for a set period, a CD usually pays more. You should check current rates on Chase.com and compare them against rates at other banks to see whether a Chase money market account fits your situation.
Frequently Asked Questions
Can I write checks on a Chase money market account?
Most Chase money market accounts include check-writing privileges, though the number of checks you can write per month may be limited. Some versions of the account come with a debit card instead of or in addition to checks. Confirm what your specific account includes before opening.
What happens if my balance falls below the minimum?
If your balance drops below the minimum required to earn the advertised rate, Chase will move you to a lower interest tier. Your rate may drop significantly — sometimes to nearly zero. You can restore the higher rate by bringing your balance back above the threshold.
Is my money safe in a Chase money market account?
Yes. Chase is a member of the Federal Deposit Insurance Corporation (FDIC), and money market accounts are covered up to $250,000 per depositor per bank. If you have multiple accounts at Chase, the $250,000 limit applies across all of them combined, not per account.
How often does Chase change the interest rate on money market accounts?
Chase adjusts rates based on Federal Reserve decisions and market conditions. Rates can change weekly or monthly. You will receive notice before a rate change, and you can move your money to a different account type if the new rate does not meet your needs.
Can I open a Chase money market account if I do not have a Chase checking account?
Yes. You can open a money market account as your first Chase account. You will need a valid ID, Social Security number, and an initial deposit. The process is the same whether you are new to Chase or an existing customer.