Chase checking accounts do not pay interest in the traditional sense

Chase offers several checking account products, and none of them earn interest the way a savings account does. The bank pays zero percent annual percentage yield (APY) on all its standard checking accounts, including Chase Total Checking, Chase Premier Plus Checking, and Chase Sapphire Checking. This is standard across the banking industry—most large banks stopped paying interest on checking accounts years ago because they use the money in those accounts for their own lending and investment operations.

If you keep money in a Chase checking account expecting it to grow through interest, it will not. The account exists to hold funds for spending and bill payment, not to accumulate wealth. If earning interest on your deposits matters to you, you need a different product: a savings account, money market account, or certificate of deposit (CD).

Key Takeaways

  • Chase checking accounts pay 0% APY across all account types, including Premier Plus and Sapphire Checking.
  • Interest-bearing accounts at Chase include savings accounts and money market accounts, which currently pay rates that vary by account type and balance tier.
  • You can hold both a checking account and a savings account at Chase and move money between them without penalty.
  • If you want higher interest rates, online banks and credit unions often pay more than Chase on savings products.

Why Chase and other large banks stopped paying checking interest

Large banks like Chase eliminated checking account interest because they profit more by paying nothing. When you deposit money into a checking account, the bank lends that money out at higher rates to other customers—for mortgages, auto loans, credit cards, and business lines of credit. The spread between what they pay you and what they charge borrowers is their profit. If they paid you interest, that spread shrinks.

Smaller banks and credit unions sometimes still offer interest-bearing checking accounts because they operate on different business models and need to compete for deposits. Chase does not need to compete this way; it has 4,700 branches and millions of customers. The bank can afford to pay zero interest on checking because customers stay for convenience, not yield.

Chase savings and money market accounts that do pay interest

If you want to earn interest on money held at Chase, you have two main options: a savings account or a money market account. Chase savings accounts come in two tiers—regular savings and Premier Savings—and the interest rate depends on your account type and how much you keep in the account. Chase money market accounts also pay interest, and rates vary by tier.

Interest rates at Chase change frequently and are set by the bank, not by you. As of the time this guide was written, Chase savings accounts paid rates well below 1% APY, though this varies. You can check the current rate on Chase's website or by calling 1-800-935-9935. The rate you receive depends on your account tier and the current market environment.

You can move money between your Chase checking account and your Chase savings account as often as you want without penalty. Many people keep a small amount in checking for daily spending and move larger sums into savings to earn whatever interest is available.

How to compare Chase interest rates to other banks

Chase's interest rates on savings products are typically lower than what online banks and credit unions offer. Online banks like Ally, Marcus, and Discover often pay two to three times what Chase pays on savings accounts because they have lower overhead costs and do not maintain physical branches. Credit unions may also offer higher rates to their members.

To compare, visit the websites of several banks and note the APY they list for savings accounts. Pay attention to whether the rate is tiered—meaning you earn more if you keep a higher balance—and whether there are any fees that reduce your earnings. A bank that pays 4% APY but charges a monthly fee may earn you less than one paying 3.5% with no fees.

If you use Chase for checking because of its branch network or mobile app, you do not have to use Chase for savings. You can keep your checking account at Chase and open a high-yield savings account elsewhere, then transfer money between them as needed. Transfers between banks typically take one to three business days.

Chase checking account features that replace interest earnings

Chase compensates for zero interest on checking by offering other benefits, depending on which checking account you choose. Chase Total Checking includes no monthly maintenance fee if you meet one of several conditions: direct deposit, a minimum daily balance of $500, or at least 10 debit card transactions per month. Chase Premier Plus Checking waives the monthly fee for customers with higher balances or linked accounts.

Some Chase checking accounts also include perks like ATM fee reimbursement, which means Chase refunds fees you pay at out-of-network ATMs. This is valuable if you travel or live far from a Chase branch. Chase Sapphire Checking, the premium tier, includes additional benefits like travel insurance and purchase protection, though it requires a higher minimum balance.

These features have real value, but they are not the same as interest. Interest is money the bank pays you for letting them use your deposits. Fee waivers and reimbursements are money you do not have to spend. If you rarely use out-of-network ATMs and can easily meet the direct deposit requirement, the fee waiver may be worth more to you than a small amount of interest would be.

Moving money between checking and savings at Chase

If you decide to keep some money in a Chase savings account for interest and some in checking for spending, you can move money between the two accounts instantly through Chase's mobile app or website. Log into your account, select "Transfer," choose the accounts, and enter the amount. The transfer posts immediately, and you can move money back and forth as many times as you want.

There is no limit on how many times you can transfer between your own accounts at Chase. Federal rules used to restrict savings account transfers to six per month, but those rules were suspended in 2020 and have not been reinstated. You can move money daily if you need to.

Frequently Asked Questions

Can I earn interest on my Chase checking account if I keep a high balance?

No. Chase does not pay interest on checking accounts regardless of your balance. If you want to earn interest on a high balance, you need to move that money into a Chase savings account or money market account, or open an account at a different bank.

What is the current interest rate on Chase savings accounts?

Chase's savings rates change frequently and vary by account type and balance tier. Visit chase.com or call 1-800-935-9935 to see the current rate. Online banks typically offer higher rates than Chase.

If I open a Chase savings account, do I need a separate checking account?

No. You can open a savings account without a checking account, though most people use both. You can transfer money between them instantly through the Chase app or website.

Will Chase ever start paying interest on checking accounts again?

It is unlikely. Large banks eliminated checking account interest decades ago and have no financial incentive to bring it back. If interest on checking matters to you, credit unions and online banks are more likely to offer it.

Can I move money from Chase checking to a savings account at a different bank?

Yes. You can transfer money from your Chase checking account to any other bank's account, though the transfer typically takes one to three business days. You will need the other bank's routing number and your account number there.