Chase interest rates change based on the account type and the Federal Reserve's decisions

Chase does not publish a single "the" interest rate — the rate you earn depends on which account you open. A Chase savings account earns a different rate than a Chase money market account, which earns a different rate than a Chase CD (certificate of deposit). The rates also shift when the Federal Reserve raises or lowers its benchmark interest rate, which happens several times a year.

The most important thing to know is that you need to check Chase's website or call a branch for the current rate on the specific account you are considering. Rates posted here would be outdated within weeks. What matters more is understanding how each account type works and why the rates differ.

Key Takeaways

  • Chase savings accounts, money market accounts, and CDs all have different interest rates, and you choose which one based on when you need the money.
  • Interest rates at Chase move up and down when the Federal Reserve changes its benchmark rate, usually several times per year.
  • You can see current rates on Chase.com, by calling 1-800-935-9935, or by visiting a branch in person.
  • CDs lock your money away for a set time (three months to five years) but usually pay higher rates than savings accounts.
  • Money market accounts require a higher opening deposit than savings accounts but offer rates closer to what CDs pay.

How Chase savings accounts work and what they currently pay

A Chase savings account is the simplest option. You deposit money, and Chase pays you interest on the balance you keep there. The rate is variable, meaning it can change whenever the Federal Reserve adjusts its benchmark rate. Chase typically lowers savings rates when the Fed cuts rates, and raises them when the Fed raises rates.

Chase offers different savings products — a basic savings account and a higher-yield savings account — and the higher-yield version pays more interest. The higher-yield account usually requires a larger opening deposit and a higher minimum balance to earn the advertised rate. If your balance drops below the minimum, the rate drops too.

Because savings accounts are liquid (you can withdraw money anytime without penalty), they pay less interest than accounts where you agree to lock your money away. The tradeoff is flexibility: you keep access to your cash.

Money market accounts and when they make sense

A Chase money market account is a hybrid between a savings account and a CD. You earn interest on your balance, but you also get a small number of checks or transfers per month. The interest rate is higher than a savings account but lower than a CD, because you still have some access to your money.

Money market accounts require a higher opening deposit than savings accounts — often $2,500 or more, though this varies. If your balance falls below the minimum, you lose the advertised rate and may pay a monthly fee. These accounts make sense if you have a larger sum you want to earn interest on but might need to access within a few months.

CDs: higher rates in exchange for locking up your money

A CD (certificate of deposit) is an agreement: you give Chase a sum of money for a fixed time period — three months, six months, one year, three years, or five years — and Chase pays you a set interest rate for that entire period. The longer you lock the money away, the higher the rate usually is.

The catch is that if you withdraw the money before the term ends, you pay an early withdrawal penalty. The penalty varies by term length; a longer CD has a bigger penalty. Chase publishes the penalty amount upfront, so you know the cost before you open the account.

CDs are useful if you know you will not need the money for a specific amount of time and want to may provide a rate that will not drop. Because you cannot touch the money, Chase can afford to pay more interest than it does on savings accounts.

Why Chase rates move and how to track them

The Federal Reserve (the central bank of the United States) sets a benchmark interest rate that influences what all banks, including Chase, pay on deposits. When the Fed raises its rate, banks compete to attract deposits by raising their rates too. When the Fed cuts its rate, banks lower what they pay.

You can see Chase's current rates on Chase.com under the "Rates & Fees" section, or by calling 1-800-935-9935. Rates vary slightly by state and account type, so the website will show you the exact rate for your location and the account you are considering. Rates also change frequently — sometimes weekly — so check the current rate right before you open an account, not based on something you saw a month ago.

How to compare Chase rates to other banks

Chase is a large national bank, which means it has many branches and online tools. But it does not always pay the highest interest rates. Online banks and credit unions sometimes pay more on savings accounts and CDs because they have lower overhead costs.

If earning the highest possible interest matters to you, compare Chase's current rates to rates at online banks and your local credit union. The difference can add up over time, especially on larger balances or longer CDs. A rate that is 0.5% higher might not sound like much, but on $10,000 it means $50 more per year.

That said, Chase offers other benefits — a large branch network, mobile banking, and integration with checking accounts — that some people value enough to accept a lower rate. The right choice depends on what matters most to you.

Frequently Asked Questions

Does Chase charge fees on savings accounts?

Chase does not charge a monthly maintenance fee on most savings accounts if you maintain the minimum balance. If your balance drops below the minimum, you may pay a monthly fee. Check the current fee schedule on Chase.com or ask at a branch, because fees and minimums change.

Can I move money between my Chase savings account and checking account without losing interest?

Yes. Transferring money between your own accounts at Chase does not affect the interest rate on your savings account. You can move money as often as you want. Federal rules limit certain types of transfers from savings accounts, but moving money to your own checking account is not restricted.

What happens to my interest rate if I open a CD and rates go up?

Your CD rate stays the same for the entire term, even if Chase raises rates. That is the tradeoff: you get a may provide rate, but you cannot benefit if rates rise. If rates fall, your rate stays the same, which works in your favor.

How often does Chase change its interest rates?

Chase changes rates whenever the Federal Reserve adjusts its benchmark rate, which typically happens several times per year. Chase may also adjust rates independently between Fed meetings. Check Chase.com regularly if you are watching rates before opening an account.

Is the interest I earn on a Chase savings account taxed?

Yes. Interest earned on savings accounts, money market accounts, and CDs is taxable income. Chase will send you a 1099-INT form at the end of the year if you earned $10 or more in interest, and you report that income on your tax return.