Chase offers money market accounts, but only through its brokerage arm
Chase Bank itself does not offer a traditional money market account. However, Chase Bank's parent company, JPMorgan Chase, owns a brokerage called J.P. Morgan Securities, which does offer money market mutual funds and money market funds. If you want a money market product from Chase, you will need to open an account through their brokerage platform, not through Chase Bank's regular checking and savings products.
The distinction matters because a money market account at a bank and a money market fund at a brokerage work differently. A bank money market account is a deposit product—your money is insured by the FDIC up to $250,000. A money market fund is an investment product—it is not FDIC-insured, though it is generally considered low-risk. Chase Bank offers high-yield savings accounts instead, which give you FDIC protection and competitive interest rates without requiring you to invest through a brokerage.
Key Takeaways
- Chase Bank does not offer money market accounts directly; you would need to use J.P. Morgan Securities, Chase's brokerage subsidiary, to access money market funds.
- Chase Bank's high-yield savings accounts provide FDIC insurance and competitive rates, making them a simpler alternative if you want safety and yield.
- Money market funds through a brokerage are not FDIC-insured but are considered stable investments that hold short-term debt securities.
- If you already have a Chase Bank account, opening a brokerage account requires a separate application and involves different terms and fees.
How Chase's high-yield savings accounts compare to money market accounts
If you are looking for a place to park cash and earn interest at Chase, a high-yield savings account is usually the simpler choice. Chase offers the Chase Savings Account and the Chase Premier Plus Checking Account (which functions partly as a savings product for may have access to customers). Both earn interest, though rates change based on the Federal Reserve's actions and market conditions.
A money market account at a traditional bank would let you write checks and access your money more flexibly than a regular savings account, but Chase does not offer this product. Instead, if you want check-writing ability and yield, you would need to use a brokerage money market fund, which comes with more complexity and no FDIC insurance. For most people keeping an emergency fund or short-term savings at Chase, a high-yield savings account is more practical.
What money market funds are and how they work through J.P. Morgan Securities
A money market fund is a type of mutual fund that invests in short-term, low-risk debt securities—things like Treasury bills, commercial paper, and certificates of deposit. The fund aims to keep a stable share price (usually $1 per share) while paying you interest. Money market funds are not FDIC-insured, but they are considered among the safest investments because they hold very short-term obligations from stable borrowers.
If you open an account with J.P. Morgan Securities, you can invest in money market funds. The process requires a separate application from your Chase Bank account, and you will need to fund the brokerage account by transferring money from your bank account or linking an external account. You will also pay attention to the fund's expense ratio—the annual fee charged to hold the fund—which varies by the specific money market fund you choose.
Money market funds are useful if you want to earn yield on cash while keeping it relatively accessible, but they are not the same as a bank deposit. If the fund company fails, your money is not protected the way it would be in an FDIC-insured account. However, this risk is extremely low for money market funds because they hold only the safest, shortest-term securities.
Opening a brokerage account at J.P. Morgan Securities
If you decide you want access to money market funds, you will need to open a brokerage account. You can do this through the Chase website or mobile app by selecting the brokerage option, or by calling J.P. Morgan Securities directly. The application asks for your personal information, employment details, and investment experience.
Once your account is open, you can transfer money from your Chase Bank account into the brokerage account and then purchase money market funds. The transfer usually takes one to two business days. You can also set up automatic transfers if you want to invest regularly. Withdrawals from the brokerage account back to your bank account also take one to two business days.
J.P. Morgan Securities charges account maintenance fees and trading fees depending on the account type and the funds you buy. Some money market funds have no transaction fee, while others may charge a small fee to buy or sell. Check the fund's prospectus and fee schedule before you invest.
Why Chase Bank does not offer traditional money market accounts
Money market accounts are less common than they used to be, especially at large national banks. Chase, Bank of America, and Wells Fargo have largely moved away from offering them because high-yield savings accounts serve the same purpose for most customers—they hold cash, earn interest, and are FDIC-insured. Money market accounts require more complex account management because they often come with check-writing privileges, which adds operational cost.
For Chase's business model, it is simpler to offer high-yield savings accounts to retail customers and direct those who want more sophisticated investment options toward the brokerage platform. This separation also keeps the bank's deposit products separate from its investment products, which is cleaner from a regulatory standpoint.
Alternatives if you want a money market account elsewhere
If you specifically want a traditional money market account—a bank deposit with check-writing ability, FDIC insurance, and competitive yield—you will need to look outside Chase. Some regional banks and online banks still offer money market accounts. Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings offer high-yield savings accounts that function similarly. A few smaller institutions still offer true money market accounts with check-writing, though these are becoming rarer.
Before opening an account elsewhere, compare the interest rate, the minimum balance requirement, the number of free withdrawals per month, and whether you actually need check-writing ability. For most people, a high-yield savings account at Chase or another bank meets the need without the extra complexity.
Frequently Asked Questions
Can I write checks on a Chase money market fund?
No. Money market funds held through J.P. Morgan Securities do not come with check-writing ability. If you need to access the money, you must sell the fund and transfer the proceeds back to your bank account, which takes one to two business days. This is one reason why a high-yield savings account is simpler for most people.
Is my money safe in a Chase money market fund?
Money market funds are not FDIC-insured, but they are considered very safe because they hold only short-term debt from stable borrowers. The risk of a money market fund failing is extremely low. However, if safety and FDIC insurance are your priority, a Chase high-yield savings account is the better choice.
What interest rate does Chase pay on money market funds?
Interest rates on money market funds vary by the specific fund and change daily based on market conditions. You can see the current yield on any money market fund through the J.P. Morgan Securities website or by calling their customer service. Rates are typically lower than high-yield savings accounts but higher than regular savings accounts.
Do I need a Chase Bank account to open a brokerage account?
No, but having one makes the process easier because you can link your existing bank account to fund the brokerage account. If you do not have a Chase Bank account, you can still open a J.P. Morgan Securities account and link an external bank account instead.
What fees does J.P. Morgan Securities charge for money market funds?
Fees vary by the specific money market fund you choose. Each fund has an expense ratio—an annual percentage fee—listed in its prospectus. Some funds charge no transaction fee to buy or sell, while others may charge a small fee. Check the fund details before you invest to understand the total cost.