Chase savings accounts pay between 0.01% and 4.75% 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 hold. The Chase Savings Account (their standard product) currently pays around 0.01% APY on most balances. The Chase Premier Savings account pays higher rates on larger balances—up to 4.75% APY on balances of $250,000 or more, though lower tiers earn less. The Chase Money Market Account sits between them, with rates that vary by balance level.
These rates change frequently—sometimes weekly—because they follow the federal funds rate set by the Federal Reserve. When the Fed raises rates, Chase typically raises theirs within days. When the Fed cuts rates, Chase cuts theirs. You will not see your rate locked in; it moves with the market.
The rate you actually earn also depends on your balance. Chase uses tiered interest, meaning different portions of your money earn different rates. A $10,000 balance in Premier Savings earns a lower rate than a $500,000 balance in the same account. The bank publishes these tiers on their website, but they change without notice.
Key Takeaways
- Chase Savings Account pays around 0.01% APY and is their lowest-rate product; Premier Savings and Money Market accounts pay substantially more on larger balances.
- Interest rates at Chase change frequently because they track the federal funds rate, so the rate you see today may be different next week.
- Chase uses tiered rates, meaning your $10,000 earns less than your $500,000 in the same account type.
- You can see current rates on Chase's website under each account product, or call 1-800-935-9935 to confirm the rate for your specific balance.
How Chase Calculates and Pays Interest
Chase calculates interest daily on your account balance and deposits it monthly. The calculation uses the APY (annual percentage yield) listed for your balance tier. If you have $100,000 in Premier Savings and the rate for that tier is 4.50% APY, Chase divides that by 365, multiplies by your daily balance, and adds the result to your account on the last business day of the month.
The monthly deposit is small. On a $100,000 balance at 4.50% APY, you earn roughly $375 per month, or about $12.50 per day. The actual amount varies slightly because some months have more days than others, and your balance may change during the month.
Interest 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 on your tax return as ordinary income.
Chase Premier Savings vs. Standard Savings vs. Money Market
Chase offers three main savings products, and they pay very differently. The standard Chase Savings Account is designed for everyday savers and pays the lowest rate—currently around 0.01% APY across all balance levels. This account has no minimum balance requirement and no monthly fee.
The Chase Premier Savings account requires a $25,000 minimum balance to open and pays tiered rates based on how much you hold. Balances of $25,000 to $99,999 earn one rate; $100,000 to $249,999 earn a higher rate; $250,000 and above earn the highest rate. Currently, the top tier pays around 4.75% APY. There is no monthly fee, but if your balance drops below $25,000, you lose the higher rates and earn the standard savings rate instead.
The Chase Money Market Account also uses tiered rates and requires a $2,500 minimum balance. It typically pays rates between the standard savings account and Premier Savings. This account comes with a debit card and check-writing privileges, which the other two do not.
| Account Type | Minimum Balance | Current Rate Range | Monthly Fee |
|---|---|---|---|
| Chase Savings Account | $0 | 0.01% APY | $0 |
| Chase Premier Savings | $25,000 | 0.01% to 4.75% APY (tiered) | $0 |
| Chase Money Market Account | $2,500 | 0.01% to 4.50% APY (tiered) | $0 |
Why Chase Rates Are Lower Than Some Other Banks
Chase is a large national bank with thousands of branches and a massive marketing budget. Online-only banks like Marcus, Ally, and American Express Personal Savings typically pay higher rates on savings because they have lower overhead costs—no branches, fewer employees, lower rent. They pass those savings to customers through higher interest rates.
Chase's lower rates reflect what you are paying for: branch access, the ability to deposit checks in person, customer service by phone, and integration with checking accounts. If you value those things, the lower rate is the trade-off. If you do not need them, moving money to an online bank could earn you significantly more interest on the same balance.
Chase also benefits from brand recognition and customer inertia. Many people keep savings at Chase because they already have a checking account there, even if the rate is lower elsewhere. The bank knows this and does not need to compete aggressively on rates.
How to Check Your Current Chase Interest Rate
Your current rate appears in the Chase mobile app under your account details. Open the app, select your savings account, and look for "Interest Rate" or "APY"—it will show the rate you are currently earning based on your balance tier.
You can also log into Chase.com, click on your savings account, and scroll to the account details section. The rate displayed there is the one you are earning right now.
If you want to confirm the rate before opening an account, visit Chase.com and search for the account product name—"Chase Premier Savings" or "Chase Money Market Account." The page will show current rates for each balance tier. These rates update frequently, so what you see today may change by next week.
You can also call Chase at 1-800-935-9935 and ask a representative for the current rate on a specific account type and balance level. They can tell you exactly what you would earn before you open the account.
When Chase Raises or Lowers Interest Rates
Chase changes rates in response to Federal Reserve decisions. When the Fed raises its benchmark rate, Chase typically raises savings rates within one to three business days. When the Fed cuts rates, Chase cuts theirs, usually within the same timeframe.
Chase can also change rates independently of the Fed, though this is less common. During periods of high competition for deposits, Chase may raise rates to attract new customers. During periods of low demand, they may cut rates even if the Fed has not moved.
You will not receive a notice before Chase changes your rate. The new rate straightforward takes effect on the date Chase announces it. If you want to track rate changes, you can check your account monthly or subscribe to rate-tracking websites like DepositAccounts.com or BankRate.com, which send alerts when major banks change their rates.
Frequently Asked Questions
Does Chase charge a fee to earn interest on savings?
No. Chase does not charge a monthly fee on any of their savings accounts, and there is no fee to earn interest. The only requirement for Premier Savings is maintaining a $25,000 minimum balance; if your balance drops below that, you lose the higher tiered rates but still pay no fee.
Can I move money between my Chase checking and savings account without losing interest?
Yes. Transfers between your own Chase accounts do not affect your interest rate or cause any penalty. You can move money as often as you want. Federal law limits you to six withdrawals per month from a savings account, but transfers between your own accounts at the same bank do not count toward that limit.
What happens to my interest if I withdraw money mid-month?
Chase calculates interest on your daily balance, so you earn interest on the money you held during the month, even if you withdraw it before the month ends. If you had $100,000 for 20 days and $50,000 for 10 days, you earn interest on both amounts for the time you held them. Interest is deposited on the last business day of the month.
Is the interest rate may provide, or can Chase change it anytime?
Chase can change your rate anytime without notice. Savings accounts do not have fixed rates. The rate you earn today may be different next week. This is standard across all banks—savings rates are variable, not locked in like a certificate of deposit (CD).
How does Chase Premier Savings compare to a money market account at another bank?
Chase Premier Savings typically pays slightly higher rates than their Money Market Account at the same balance level. However, other banks' money market accounts may pay more than both. Compare the specific rate you would earn at Chase against rates at online banks like Marcus, Ally, or American Express before deciding where to keep your money.