Chase offers checking, savings, money market, and certificate of deposit accounts for personal banking, plus business and investment accounts
Chase has several account types, each designed for a different purpose. The main ones you will encounter are checking accounts (for everyday spending), savings accounts (for setting money aside), money market accounts (a hybrid that earns interest but lets you write checks), and certificates of deposit or CDs (accounts where you lock money away for a set time in exchange for a may provide interest rate). Chase also offers accounts for business owners and investors, but this guide focuses on personal banking accounts.
The account you choose depends on how you plan to use the money. If you need to pay bills and buy groceries, a checking account is the standard choice. If you want to save for something specific and earn interest, a savings account makes sense. Money market accounts and CDs are for people who have money they do not need to touch right away.
Key Takeaways
- Chase checking accounts come with a debit card and let you write checks, but most do not earn interest on your balance.
- Savings accounts earn interest on the money you deposit, but have limits on how many times per month you can withdraw.
- Money market accounts combine features of checking and savings — you can write checks but also earn interest.
- Certificates of deposit lock your money for a set period (three months to five years) and pay a fixed interest rate that is usually higher than savings accounts.
- Chase offers different versions of each account type with different fees, minimum balances, and interest rates depending on how much money you keep in the account.
Checking accounts: for bills, groceries, and everyday spending
A checking account is where most people keep the money they use regularly. You get a debit card to swipe at stores, the ability to write checks, and online access to move money and pay bills. Chase checking accounts do not earn interest — the bank is essentially holding your money for free so you can access it whenever you need it.
Chase offers several checking account versions. The basic version has no monthly fee if you keep a small minimum balance or set up direct deposit. Higher-tier versions (like Chase Premier Plus Checking) have higher minimum balance requirements but come with perks like higher interest rates on linked savings accounts, fee waivers, or cash back on debit card purchases. The version that makes sense for you depends on how much money you typically keep in the account and whether you want extra features.
One thing to know: if your balance drops below the minimum, Chase charges a monthly fee. The fee amount and the minimum balance vary by account type, so check the specific terms when you open the account.
Savings accounts: for money you want to grow
A savings account is designed to hold money you are not spending right away. The bank pays you interest — a small percentage of your balance each month — in exchange for letting them use your money. The interest rate changes over time and varies depending on which savings account you choose.
Chase savings accounts come in a few versions. The basic Chase Savings account has a low minimum balance requirement. Chase also offers a high-yield savings account that pays more interest, but usually requires a higher minimum balance to avoid a monthly fee. The difference in interest rate can be meaningful if you have a large balance, but if you are just starting out, the basic savings account is often the right choice.
One limit to know: federal rules allow you to withdraw money from a savings account only six times per month. If you go over that, you may face a fee or the bank may convert your account to a checking account. This is why savings accounts are meant for money you do not touch often — if you need to access your money frequently, a checking account is better.
Money market accounts: checking and savings combined
A money market account is a middle ground between checking and savings. Like a savings account, it earns interest on your balance. Like a checking account, you can write checks and use a debit card. The trade-off is that money market accounts usually have higher minimum balance requirements than either checking or savings alone.
Chase money market accounts also have the same six-withdrawal-per-month limit as savings accounts. They make sense if you have a larger amount of money you want to earn interest on, but you also want the flexibility to access it without waiting for a transfer to clear.
Certificates of deposit: locking money away for a higher rate
A certificate of deposit, or CD, is an agreement where you give Chase a sum of money for a set period — typically three months, six months, one year, three years, or five years — and in return, Chase pays you a fixed interest rate. The longer you lock the money away, the higher the rate is usually (though not always — rates depend on market conditions).
The catch is that if you withdraw the money before the term ends, you pay a penalty. The penalty amount depends on the CD term — a three-month CD might have a small penalty, while a five-year CD has a larger one. This is why CDs work best for money you know you will not need for a while.
CDs are useful if you have a goal with a known timeline — saving for a down payment in two years, for example — and you want a may provide return. The interest rate is locked in when you open the CD, so you know exactly how much you will earn.
How to choose between account types
Start by thinking about what you need the money for and when you might need it. Money you use every month for bills and groceries goes in a checking account. Money you are saving for something specific but do not need right away goes in a savings account. A larger amount you want to earn interest on but might need to access goes in a money market account. Money you will not touch for a known period goes in a CD.
You can also have more than one account. Many people keep a checking account for everyday spending and a savings account for emergencies or goals. Some people have a CD ladder — multiple CDs that mature at different times — so they earn higher interest rates while still having access to some of their money regularly.
When you open an account, Chase will tell you the current interest rate, the minimum balance, and the monthly fee (if any). Compare these across the account types to see which fits your situation. If you are new to banking, start with a basic checking account and a basic savings account — you can always add other account types later.
Frequently Asked Questions
Do I need a minimum balance to open a Chase account?
Most Chase checking and savings accounts have a minimum balance requirement to avoid a monthly fee, but the amount varies by account type. Some accounts waive the fee if you set up direct deposit instead. Check the specific account terms before opening.
Can I withdraw money from a savings account whenever I want?
You can withdraw money, but federal rules limit you to six withdrawals per month from a savings account. If you go over that limit, you may face a fee or the bank may close the account. Checking accounts have no withdrawal limit.
What happens if I need my CD money before it matures?
You can withdraw it, but you will pay an early withdrawal penalty. The penalty amount depends on the CD term — longer terms have larger penalties. Before opening a CD, make sure the money you are putting in is money you will not need until the term ends.
Which Chase account earns the most interest?
Chase's high-yield savings account and money market accounts typically earn more interest than basic savings accounts, and CDs usually earn more than any savings product. The exact rates change over time and depend on the term. Check Chase's website for current rates.
Can I have multiple accounts with Chase?
Yes. Many people keep a checking account for everyday spending and a savings account for goals, or multiple CDs with different maturity dates. There is no limit to how many accounts you can open, though each account may have its own minimum balance and fees.