Chase savings accounts pay between 0.01% and 4.50% annual percentage yield, depending on the account type and balance tier
Chase offers several savings products, and the interest rate you earn depends on which one you choose. The Chase Savings Account (their standard option) currently pays around 0.01% APY on most balances. The Chase Premier Savings account pays higher rates that step up with your balance—typically 0.01% on balances under $25,000, then 0.02% to 0.04% on higher tiers. The Chase First Banking account for young people pays around 0.01% APY.
Chase also offers a Chase Money Market Account, which typically pays 4.50% APY on balances of $25,000 or more, with lower rates on smaller balances. This is their highest-paying savings product. However, money market accounts come with limits on how often you can withdraw money each month—usually six transfers or withdrawals total. These rates change without notice and vary based on Federal Reserve decisions. Chase adjusts rates periodically, so the percentage you see today may not be what you earn next month. You can check current rates on Chase's website or by calling 1-800-935-9935.
Key Takeaways
- Chase's standard savings account pays 0.01% APY, which is significantly lower than rates offered by online banks and credit unions.
- Chase Money Market Accounts pay the highest rates—up to 4.50% APY—but limit you to six withdrawals per month.
- Interest rates on Chase accounts change regularly and are not locked in, so your earnings may decrease if the Federal Reserve lowers rates.
- The actual rate you receive depends on your account type and balance, with higher balances sometimes earning slightly more.
How Chase calculates and deposits your interest
Chase calculates interest daily based on your account balance and deposits it monthly. This means if you have $10,000 in a savings account earning 0.01% APY, Chase divides that annual rate by 365 days, multiplies it by your daily balance, and adds up those daily amounts at the end of each month. On $10,000 at 0.01%, you would earn roughly $0.08 per month—less than a dollar per year.
The interest appears as a deposit in your account on the last business day of the month, usually. You can see the exact amount in your transaction history. Interest is taxable income, and if you earn more than $10 in interest during a calendar year, Chase will send you a 1099-INT form for tax purposes. The 1099-INT reports your interest earnings to the IRS, and you must include that amount on your tax return.
Why Chase rates are lower than other banks
Chase's savings rates are among the lowest in the banking industry. Online banks like Marcus, Ally, and American Express Personal Savings currently offer 4.00% to 4.50% APY on standard savings accounts with no balance requirements. Credit unions often pay 3.00% to 4.00% on savings accounts for members. Chase's rates are lower because they operate thousands of physical branches and ATMs, which costs more to maintain than online-only banks pay.
If you keep money at Chase primarily for convenience—to use the branch network or to bundle accounts—the low interest rate is a trade-off you are making. If interest earnings matter to you, moving savings to an online bank or credit union would earn you significantly more. For example, $10,000 earning 4.50% APY generates about $450 per year, compared to $1 per year at Chase's standard rate. That difference grows larger the longer your money sits in the account.
Money Market Accounts versus regular savings at Chase
Chase Money Market Accounts pay substantially more than savings accounts—currently up to 4.50% APY on balances of $25,000 or more. However, they come with a restriction: you can make no more than six withdrawals or transfers per month. This limit is set by federal regulation, not by Chase alone, though Chase enforces it.
If you exceed six transactions in a month, Chase may charge you a fee (usually $25) or convert your account to a checking account. This makes money market accounts suitable for money you do not need to touch often—an emergency fund you plan to leave alone, or savings for a goal months away. If you need to withdraw money frequently, a regular savings account is more practical, even though it pays less. The withdrawal limit applies to all transfers out, including online transfers, phone transfers, and in-person withdrawals.
How to find Chase's current rates
Chase publishes current rates on their website under the savings products section. You can also call 1-800-935-9935 to ask about rates for any account type. Rates displayed online are typically updated daily and reflect what new customers would receive; existing customers may see slightly different rates depending on when their account was opened.
When you open an account, Chase will show you the APY that applies to your specific balance tier. Write it down or take a screenshot, because rates can change after you open the account. Chase is required to notify you of rate changes, but the notification may come by mail or email and can be straightforward to miss. You can also log into your online account and check the current rate listed on your savings account details page.
Comparing Chase to other banks
| Bank or Institution | Account Type | Current APY Range | Minimum Balance |
|---|---|---|---|
| Chase | Savings Account | 0.01% | $0 |
| Chase | Money Market Account | 0.01% to 4.50% | $0 (tiered) |
| Marcus by Goldman Sachs | Savings Account | 4.50% | $0 |
| Ally Bank | Savings Account | 4.20% | $0 |
| American Express Personal Savings | Savings Account | 4.50% | $0 |
| Navy Federal Credit Union | Savings Account | 3.50% to 4.00% | $0 (tiered) |
If you have $25,000 or more to save, Chase's Money Market Account becomes more competitive. At that balance, you earn 4.50% APY, which matches what online banks pay. Below $25,000, online banks and credit unions pay substantially more. The difference compounds: on $10,000 over one year, you earn $1 at Chase versus $450 at an online bank earning 4.50%.
The choice between Chase and other banks depends on what you value. If you use Chase branches regularly, deposit checks in person, or want all your accounts in one place, the convenience may be worth the lower rate. If you rarely visit a branch and want to maximize interest earnings, an online bank or credit union will pay you significantly more on the same balance.
Frequently Asked Questions
Does Chase charge a monthly fee on savings accounts?
Chase does not charge a monthly maintenance fee on their standard Savings Account or Money Market Account. However, they may charge fees for other reasons—overdrafts, excessive withdrawals from a money market account, or falling below a minimum balance if one applies to your specific account type. Check your account agreement or call Chase to confirm what fees, if any, explore to your account.
Can I move money between my Chase savings and checking account without losing interest?
Yes, you can transfer money between your Chase savings and checking accounts as often as you want without penalty or loss of interest. The six-transaction limit applies only to money market accounts, not regular savings accounts. Interest accrues daily on whatever balance sits in your savings account, regardless of transfers.
What happens to my interest if I close my Chase savings account?
You receive all interest earned up to the day you close the account. Chase calculates interest through the last day your account is open and deposits it before the account closes. You will receive a final statement showing the interest paid. If you earned more than $10 in interest during the year, you will still receive a 1099-INT form for tax purposes.
Does Chase offer any promotional rates on new savings accounts?
Chase occasionally runs promotions offering higher rates for a limited time on new savings or money market accounts. These promotions are not permanent and vary by region and account type. Check Chase's website or ask in a branch whether any current promotions explore to you. Promotional rates typically last three to twelve months before reverting to the standard rate.
Why does my Chase savings account earn less than the advertised rate?
Your account may earn less if your balance falls into a lower tier. Chase Money Market Accounts pay different rates depending on your balance—lower balances earn less than 4.50%. Also, if your account was opened before a rate increase, you may not when ready receive the new higher rate; Chase typically applies new rates to existing customers within one to two billing cycles.