Chase offers money market savings accounts under the name Chase Money Market Savings Account
Chase does offer a money market savings account, branded as the Chase Money Market Savings Account. It functions as a hybrid between a traditional savings account and a money market account — you get a savings account structure with tiered interest rates that increase as your balance grows. The account is FDIC-insured up to $250,000, meaning your deposits are protected by federal insurance.
The account requires a minimum opening deposit (the amount varies and changes over time, so check Chase directly for current requirements). Interest rates are tiered, meaning the rate you earn depends on your account balance. Higher balances earn higher rates. Chase adjusts these rates regularly, so the rate you see today may not be the rate you earn next month.
You can make up to six withdrawals per month before fees or restrictions apply — this is a federal rule that applies to most savings and money market accounts, not a Chase-specific limit. After six withdrawals, Chase may charge a fee or convert the account to a checking account.
Key Takeaways
- Chase Money Market Savings Accounts earn tiered interest rates that increase with your balance, and rates change based on market conditions.
- The account requires a minimum opening deposit amount, which you should verify with Chase before opening because it changes periodically.
- Federal rules limit you to six withdrawals per month; Chase may charge a fee or restrict the account if you exceed this limit.
- Your deposits are FDIC-insured up to $250,000, protecting your money if Chase fails.
- You can open and manage the account online, by phone, or in person at a Chase branch.
How tiered interest rates work on Chase money market accounts
Chase uses a tiered rate structure, which means different portions of your balance earn different interest rates. For example, the first $10,000 might earn one rate, the next $25,000 might earn a higher rate, and balances above that earn an even higher rate. The exact tier thresholds and rates change frequently, so the tiers that applied last month may not apply this month.
This structure rewards you for keeping a larger balance — the more money you hold, the higher your overall earnings. However, because Chase changes rates regularly (sometimes weekly), you cannot lock in a rate the way you can with a certificate of deposit (CD). Your rate moves up and down with market conditions and Chase's decisions.
To see the current tier structure and rates, log into your Chase online account, call Chase customer service, or visit a branch. The rates posted online are the most current.
Minimum deposit and account maintenance requirements
Chase requires a minimum opening deposit to start a Money Market Savings Account. This minimum has changed in the past and may change again, so the amount you need today may differ from what was required last year. You can find the current minimum on Chase's website or by calling 1-800-935-9935.
Once the account is open, you must maintain a minimum daily balance to avoid a monthly maintenance fee. If your balance drops below this threshold, Chase charges a fee (typically $12 to $25 per month, depending on the account type and your relationship with Chase). Some customers avoid this fee by maintaining the minimum or by setting up direct deposit or other may have access to activities — Chase sometimes waives fees for customers who meet certain conditions.
Read the account disclosure document before opening to understand the exact fee structure and any ways to waive fees. Chase provides this document online and in branches.
Withdrawal limits and how they affect your account
Federal Regulation D limits you to six withdrawals or transfers per month from savings and money market accounts. This rule applies to all banks, not just Chase. Withdrawals include transfers to another account, checks written against the account, and debit card transactions if the account has a debit card.
If you exceed six withdrawals in a month, Chase may charge a fee (usually $10 per excess withdrawal) or convert your account to a checking account. Some customers do not realize they have hit the limit until they see a fee or receive notice that their account type has changed. To stay within the limit, track your withdrawals or set up automatic transfers for regular payments rather than making manual withdrawals.
Deposits and transfers into the account do not count toward this limit — you can deposit as often as you want.
How Chase money market accounts compare to other Chase savings products
Chase offers several savings options, and each serves a different purpose. A regular Chase Savings Account has lower minimum requirements and simpler terms, but earns lower interest rates. A Chase Certificate of Deposit (CD) locks in a fixed rate for a set term (3 months to 5 years), but you cannot withdraw the money early without paying a penalty. A Chase High Yield Savings Account (if available in your region) may offer higher rates than the money market account but typically has fewer features.
The money market account sits in the middle: it offers higher rates than a basic savings account, allows flexible withdrawals (within the six-per-month limit), and does not lock your money away like a CD does. Choose based on how much you plan to withdraw, how long you want to keep the money in the account, and how much you have to deposit.
| Account Type | Minimum Deposit | Interest Rate | Withdrawal Flexibility |
|---|---|---|---|
| Chase Savings Account | $0 to $25 (varies) | Lower, non-tiered | 6 per month limit |
| Chase Money Market Savings | $2,500 to $25,000 (varies) | Tiered, higher rates | 6 per month limit |
| Chase CD | $1,000 (varies by term) | Fixed for term length | Penalty for early withdrawal |
| Chase High Yield Savings (if available) | $0 to $25 (varies) | Higher, non-tiered | 6 per month limit |
How to open a Chase Money Market Savings Account
You can open a Chase Money Market Savings Account online through Chase.com, by phone at 1-800-935-9935, or in person at any Chase branch. Online is usually the fastest — you can complete the application in 10 to 15 minutes and fund the account immediately if you have another Chase account to transfer from.
To open the account, you will need a valid government-issued ID, your Social Security number, and proof of your current address (a recent utility bill or bank statement works). If you are opening online, Chase will verify this information electronically. If you open in person or by phone, a representative will walk you through the process.
Once approved, your account opens within one business day. You can begin depositing money and earning interest right away. If you are transferring money from another Chase account, the transfer posts immediately. If you are depositing from an outside bank, it may take one to three business days depending on the transfer method.
Interest rate changes and how to monitor your earnings
Chase changes money market rates frequently — sometimes weekly, sometimes monthly. These changes reflect broader market conditions and Chase's own decisions about how much to pay depositors. You have no control over when or how much the rate changes, and you cannot lock in a rate.
To monitor your current rate, log into your Chase online account and look at the account details page. The rate shown there is your current rate. You can also call Chase or visit a branch. Chase sends account statements monthly (or you can view them online), and your statement shows the interest you earned that month based on your average daily balance and the rates in effect during that period.
If rates drop significantly and you want to move your money elsewhere, you can close the account and transfer your balance to another bank or to a Chase CD. There is no penalty for closing a savings or money market account — only CDs charge early withdrawal penalties.
Frequently Asked Questions
Can I use a debit card to withdraw from a Chase Money Market Savings Account?
Chase Money Market Savings Accounts do not come with a debit card. You can withdraw money by transferring it to another account, writing a check (if the account has check-writing privileges), or visiting a branch to withdraw cash. Each of these counts toward your six-withdrawal monthly limit.
What happens if I fall below the minimum balance?
If your daily balance drops below the minimum required, Chase charges a monthly maintenance fee (typically $12 to $25). Some customers avoid this by maintaining the minimum or by setting up direct deposit. Check your account disclosure for fee-waiver options specific to your account.
Is my money safe in a Chase Money Market Savings Account?
Yes. Your deposits are FDIC-insured up to $250,000. If Chase fails, the Federal Deposit Insurance Corporation reimburses you for your full balance up to that limit. If you have more than $250,000, only the first $250,000 is protected.
Can I transfer money from my money market account to pay bills?
Yes, but each transfer counts toward your six-per-month limit. If you pay bills frequently, a checking account or a high-yield savings account with fewer restrictions might be a better fit. You can keep both accounts open at Chase.
How often does Chase update the interest rate on money market accounts?
Chase can change rates at any time without notice. Rates typically change weekly or monthly based on market conditions. Check your online account or call Chase to see your current rate — it may have changed since you opened the account.