Chase savings accounts have no monthly fee, but the interest rate depends on which account you open
Chase offers three main savings accounts: the regular savings account, the high-yield savings account (called Chase Sapphire Savings), and the Chase Premier Savings account. None of them charge a monthly maintenance fee. The difference between them is how much interest your money earns and what the minimum balance requirements are.
The regular Chase savings account earns a very low interest rate—currently well below 0.01% annually on most balances. The Chase Sapphire Savings account earns a higher rate, though it changes based on what the Federal Reserve does with interest rates. The Chase Premier Savings account is only open to customers who maintain a high combined balance across their Chase accounts, and it earns a rate between the other two.
You do not need to keep a minimum balance in any of these accounts to avoid fees. Chase will not charge you for having the account open, whether you have $1 or $10,000 in it.
Key Takeaways
- Chase savings accounts have no monthly maintenance fee regardless of your balance or account type.
- Interest rates vary by account type: the regular savings account earns almost nothing, while Chase Sapphire Savings earns significantly more.
- The Chase Premier Savings account requires you to maintain a high combined balance across all your Chase accounts to be may be able to access.
- Interest rates change when the Federal Reserve adjusts its rates, so what you earn today may be different in three months.
How Chase savings account interest rates work
Chase publishes its savings account rates on its website, and they change when the Federal Reserve raises or lowers its benchmark interest rate. When the Fed moves rates up, Chase typically raises its savings rates within days or weeks. When the Fed cuts rates, Chase does the same.
The rate you see advertised is the Annual Percentage Yield (APY), which is what you actually earn on your money over a year. If Chase Sapphire Savings is at 4.35% APY and you have $10,000 in the account for a full year with no deposits or withdrawals, you would earn about $435 in interest. That interest gets added to your account monthly.
The regular savings account earns so little that the interest on $10,000 would be less than $1 per year. This is why most people who want to earn interest choose Sapphire Savings instead.
Comparing the three Chase savings accounts
| Account Type | Monthly Fee | Interest Rate (approximate) | Minimum Balance |
|---|---|---|---|
| Chase Savings | $0 | Below 0.01% APY | $0 |
| Chase Sapphire Savings | $0 | 4.00%–4.50% APY (varies) | $0 |
| Chase Premier Savings | $0 | 4.00%–4.50% APY (varies) | High combined balance required |
The regular savings account is Chase's basic option. It has no fees and no minimum balance, but the interest rate is so low that your money barely grows. Most people use this account only if they already have a Chase checking account and want to keep everything in one place.
Chase Sapphire Savings earns a much higher rate and has no minimum balance requirement. This is the account to open if you want your savings to actually earn interest. You can open it online in minutes.
Chase Premier Savings earns the same rate as Sapphire but requires you to maintain a combined balance of $500,000 or more across all your Chase accounts (checking, savings, money market, and CDs combined). If your balance drops below that threshold, Chase may move you to the regular savings account or Sapphire Savings instead.
What happens to your money in a Chase savings account
When you deposit money into a Chase savings account, it sits in that account earning interest. You can withdraw it anytime without penalty—there is no lock-in period. You can also transfer money between your Chase accounts online when ready.
Chase savings accounts are FDIC insured, which means if Chase fails, the federal government protects your money up to $250,000 per account type per person. If you have $100,000 in a Chase Sapphire Savings account and $100,000 in a Chase regular savings account, both are fully protected because they are different account types.
You can set up automatic transfers from your checking account to your savings account, which makes it easier to build savings without thinking about it. You can also link external bank accounts and transfer money in and out, though external transfers usually take one to three business days.
When you might pay money to use a Chase savings account
Chase itself does not charge a monthly fee for savings accounts, but you might pay money indirectly. If you use an out-of-network ATM to withdraw cash, Chase charges a fee (usually $2.50 per transaction). If you need to wire money out of your savings account, Chase charges a wire fee (usually $15 to $25 depending on whether it is domestic or international).
If you overdraft your checking account, Chase charges an overdraft fee (usually $35 per overdraft). This is not specific to savings accounts, but it is a cost to know about if you are managing multiple Chase accounts.
You also lose money if you keep your savings in the regular Chase savings account instead of Sapphire Savings. The difference in interest rates means you earn almost nothing on your balance. Over a year, keeping $5,000 in regular savings instead of Sapphire Savings costs you roughly $200 in lost interest.
How to open a Chase savings account
You can open a Chase savings account online through Chase.com or the Chase mobile app. You will need your Social Security number, a government-issued ID, and a way to fund the account (a debit card, another bank account, or a wire transfer). The process takes about 10 minutes.
If you already have a Chase checking account, opening a savings account is faster because Chase already has your information on file. You can open it directly from your online banking dashboard.
If you do not have a Chase account yet, you will need to provide your address, phone number, and employment information. Chase will also run a soft credit check, which does not affect your credit score. Once your account is open, you can start depositing money when ready.
Frequently Asked Questions
Can I have multiple Chase savings accounts?
Yes. You can open more than one savings account at Chase, and each one is separately FDIC insured up to $250,000. Some people open multiple accounts to organize money for different goals—one for an emergency fund, one for a vacation, one for a down payment. Each account earns interest at the same rate.
What is the difference between Chase Sapphire Savings and a money market account?
Chase Sapphire Savings is a savings account. A Chase money market account is a different product that usually earns a similar interest rate but allows you to write checks and use a debit card. Both have no monthly fee. Money market accounts are useful if you want savings that also function like a checking account, but most people use a separate checking account instead.
Does Chase charge a fee if I do not use my savings account?
No. Chase does not charge a fee for inactive accounts. You can open a savings account, deposit money, and leave it untouched for years without paying anything. The account will remain open and continue earning interest.
Can I move money from Chase savings to another bank?
Yes. You can transfer money from your Chase savings account to another bank account you own. External transfers usually take one to three business days. You can also withdraw cash at a Chase ATM or at any bank that is part of the MoneyPass network, though out-of-network ATM withdrawals cost $2.50.
What happens if the interest rate drops?
If the Federal Reserve lowers interest rates, Chase will lower its savings account rates too. Your existing balance will earn less interest going forward, but you will not lose any money. You can withdraw your savings anytime without penalty if you want to move it elsewhere.