Chase offers money market accounts under the name Chase Money Market Account
Chase offers a money market account called the Chase Money Market Account, available to both personal and business customers. It functions as a hybrid between a savings account and a checking account: you earn interest on your balance, but you also get a debit card and can write checks. The account comes with monthly maintenance fees unless you meet a minimum balance requirement, which varies by account type and changes periodically.
The account is FDIC-insured up to $250,000, meaning your money is protected if Chase fails. You can open one online, by phone, or at a Chase branch. The interest rate Chase pays on money market accounts changes regularly and is typically lower than what you would earn in a high-yield savings account at an online bank, but higher than a standard Chase savings account.
Key Takeaways
- Chase Money Market Accounts earn interest and come with check-writing and debit card access, but charge a monthly fee if your balance falls below the required minimum.
- The minimum balance requirement and monthly fee amount depend on which version of the account you open and change without notice.
- Interest rates on Chase money market accounts are typically lower than rates offered by online banks, so comparing options before opening is worth your time.
- You can make up to six withdrawals per month before Chase charges a fee or restricts further withdrawals, a federal rule that applies to all money market accounts.
How Chase money market accounts differ from savings and checking accounts
A money market account sits between a regular savings account and a checking account. Like a savings account, it earns interest on your balance. Like a checking account, it gives you a debit card and the ability to write checks. A standard Chase savings account earns interest but does not come with a debit card or checks. A Chase checking account gives you a debit card and checks but typically earns no interest.
The trade-off is that money market accounts come with withdrawal limits. Federal rules cap you at six withdrawals or transfers per month before Chase can charge a fee or freeze the account. This limit exists because money market accounts are technically savings products, not transaction accounts. In practice, most people use them to hold money they do not need to touch frequently while earning a small return.
Minimum balance requirements and monthly fees
Chase Money Market Accounts require you to maintain a minimum balance to avoid a monthly maintenance fee. The exact minimum varies depending on which version of the account you open—Chase offers different tiers for different customer profiles. As of now, some versions require $2,500 or $10,000 minimums, but these amounts change and differ by region and customer type. You should confirm the current requirement before opening.
If your balance drops below the minimum, Chase charges a monthly maintenance fee, typically $12 to $25 depending on the account tier. The fee is deducted from your account each month until your balance rises above the minimum again. Some customers waive the fee by setting up direct deposit or maintaining a linked Chase checking account with a certain balance, but these options vary by account type.
Interest rates and how they compare
Chase money market accounts earn interest, but the rate is set by Chase and changes at its discretion. The rate is typically much lower than what online banks offer on high-yield savings accounts. As of early 2024, online banks were offering rates around 4% to 5% on savings products, while Chase money market rates were substantially lower. Chase does not publicly commit to matching or beating any competitor's rate.
The interest you earn is calculated daily and paid monthly. If you are primarily interested in earning the highest possible return on your cash, a money market account at Chase is usually not the best choice. If you value the convenience of having a debit card and checks alongside your savings, or if you already bank with Chase and want to consolidate accounts, the trade-off may be worth it to you.
Withdrawal limits and what happens if you exceed them
Federal rules limit you to six withdrawals or transfers per month from a money market account. This includes debit card purchases, checks you write, transfers to another account, and ATM withdrawals. Once you hit six, Chase can charge a fee for each additional withdrawal or refuse to process them until the next month begins.
In practice, Chase enforces this rule inconsistently—some customers report being charged a fee per excess withdrawal, while others say Chase simply froze their account temporarily. The safest approach is to treat your money market account as a place to hold money, not as your primary transaction account. If you find yourself regularly exceeding six withdrawals per month, a checking account would serve you better.
How to open a Chase money market account
You can open a Chase Money Market Account online through Chase.com, by calling Chase customer service, or by visiting a Chase branch in person. Online is usually the fastest route—you will need your Social Security number, a government-issued ID, and proof of address. Chase will run a credit check and verify your identity through ChexSystems, a banking history database.
If you already have a Chase checking or savings account, opening a money market account is faster because Chase already has your information on file. You can fund the account with a transfer from another Chase account, an external bank transfer, or a check deposit. The account is typically active within one to three business days.
FDIC insurance and account safety
Chase money market accounts are FDIC-insured up to $250,000 per depositor, per bank, per ownership category. This means if Chase fails, the FDIC will reimburse you for up to $250,000 in that account. If you have multiple accounts at Chase—a checking account, a savings account, and a money market account—each is insured separately up to $250,000.
If you have more than $250,000 to deposit, you can open multiple money market accounts in different ownership categories (for example, one in your name alone and one as a joint account with your spouse) to increase your insurance coverage. The FDIC website has a calculator that shows you exactly how much of your money is covered under different scenarios.
Frequently Asked Questions
Can I write checks from a Chase money market account?
Yes, Chase money market accounts come with check-writing privileges. However, you are limited to six checks per month before fees apply. If you write more than six checks per month regularly, a checking account would be more practical.
What happens if my balance drops below the minimum?
Chase charges a monthly maintenance fee, usually $12 to $25, if your balance falls below the required minimum. The fee is deducted automatically each month until your balance rises above the minimum again. Some account tiers waive the fee if you set up direct deposit or maintain a linked checking account.
Is the interest rate may provide?
No. Chase sets the interest rate and can change it at any time without notice. The rate is typically lower than online banks offer. You should check Chase's current rate before opening an account if earning interest is a priority.
Can I use my debit card to withdraw money without hitting the six-withdrawal limit?
Debit card purchases and ATM withdrawals both count toward your six-withdrawal limit per month. Once you exceed six, Chase can charge a fee or restrict further withdrawals. Treat the account as a holding place rather than a primary transaction account.
What is the difference between a Chase money market account and a high-yield savings account at an online bank?
Online banks typically offer higher interest rates on savings products and no monthly fees, but they do not provide debit cards or check-writing. Chase money market accounts offer those conveniences but charge monthly fees and pay lower interest. The choice depends on whether you value transaction features or earning potential more.