Chase offers money market accounts through its Chase Bank division, but availability and features depend on your account type and state
Chase does offer money market accounts, though the product line and features vary by location and account tier. The main option is the Chase Money Market Account, which combines features of a savings account with limited check-writing ability. However, not all Chase branches carry the same products — some states and regions have different offerings, and online-only accounts may have different terms than branch accounts.
Money market accounts at Chase typically pay interest on your balance, require a minimum deposit to open, and allow you to write a limited number of checks per month. The interest rate, minimum balance requirement, and monthly fees all vary depending on the specific account and current market conditions. You should check directly with Chase or visit a local branch to confirm what is available in your area and what the current rates and minimums are.
Key Takeaways
- Chase offers money market accounts that combine savings features with limited check-writing, but the specific product and terms vary by state and branch location.
- Money market accounts at Chase require a minimum opening deposit, which ranges based on the account type and current Chase offerings.
- Interest rates on Chase money market accounts change regularly and are typically lower than rates offered by online banks or credit unions.
- You can open a Chase money market account in person at a branch, online through Chase.com, or by phone, depending on your location and account type.
How Chase money market accounts differ from savings and checking
A money market account sits between a traditional savings account and a checking account. Like a savings account, it earns interest on your balance. Like a checking account, it allows you to write checks and make withdrawals using a debit card or ATM — though with limits. Chase money market accounts typically allow three to six withdrawals or transfers per month before fees apply, depending on the account terms.
The trade-off is that money market accounts usually require a higher minimum balance than a regular savings account to earn the advertised interest rate or to avoid a monthly fee. Chase money market accounts may also have a higher minimum opening deposit than Chase savings accounts. If you maintain the minimum balance, you avoid the monthly maintenance fee; if you fall below it, Chase may charge a fee or reduce your interest rate.
Current Chase money market account rates and minimums
Chase money market account interest rates and minimum balance requirements change regularly and depend on the Federal Reserve's current rate environment. Rates are typically lower than what online banks offer, because Chase has physical branches and higher operating costs. The minimum opening deposit and minimum balance to earn the stated rate both vary — some accounts require $2,500 or more to open, while others may be lower.
To find the current rate, minimum deposit, and monthly fee for a Chase money market account in your area, contact Chase directly at 1-800-935-9935, visit a local Chase branch, or log into your Chase account online. Rates posted on Chase.com may not reflect all regional variations, so speaking with a representative is the most reliable way to confirm what is available to you.
Where to open a Chase money market account
You can open a Chase money market account through three channels: in person at a Chase branch, online through Chase.com, or by phone at 1-800-935-9935. Online opening is usually the fastest if your state supports it, and you can fund the account immediately from another bank account. In-branch opening allows you to ask questions and confirm the terms before you commit.
To open an account, you will need a government-issued ID, your Social Security number, and an initial deposit. 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. New customers may need to provide additional documentation, such as proof of address.
Fees and withdrawal limits on Chase money market accounts
Chase money market accounts typically charge a monthly maintenance fee if your balance falls below the required minimum. The fee is usually $12 to $25 per month, depending on the account type. You can avoid the fee by maintaining the minimum balance or by setting up a direct deposit of at least a certain amount each month — some Chase accounts waive the fee if you receive regular direct deposits.
Federal rules limit you to six withdrawals or transfers per month from a money market account before fees or penalties apply. This includes ATM withdrawals, debit card transactions, checks written, and transfers to other accounts. After six, Chase may charge a fee per transaction or convert your account to a checking account. Deposits and transfers into the account do not count toward this limit.
How Chase money market accounts compare to alternatives
Chase money market accounts offer the convenience of a physical branch and the ability to deposit cash or checks in person. However, the interest rates are typically lower than what you can earn at online banks or credit unions. Online money market accounts often pay 4 to 5 percent APY, while Chase rates are usually 1 to 2 percent lower, depending on the current environment.
If your priority is earning the highest interest rate, an online bank or credit union money market account may be a better choice. If you value the ability to walk into a branch, deposit cash without a fee, or speak with a representative in person, Chase offers that convenience at the cost of a lower rate. Some people maintain both — a Chase money market account for day-to-day access and an online account for savings they do not need to touch frequently.
What happens if your balance drops below the minimum
If your Chase money market account balance falls below the required minimum, Chase will typically charge a monthly maintenance fee. The fee is deducted from your account automatically each month you remain below the minimum. Some accounts also reduce your interest rate to a lower tier if you fall below the minimum, which means you earn less on the remaining balance.
If your balance stays low for an extended period, Chase may close the account and send you the remaining funds by check. To avoid this, bring your balance back above the minimum or close the account yourself and move the money elsewhere. If you are struggling to maintain the minimum, contact Chase to ask about lower-tier money market accounts or whether you would be better served by a regular savings account.
Frequently Asked Questions
Can I write checks on a Chase money market account?
Yes, Chase money market accounts come with check-writing ability, but you are limited to a certain number of checks per month — typically three to six before fees apply. The exact limit depends on your specific account. You also receive a debit card for ATM withdrawals and point-of-sale purchases, which count toward your monthly withdrawal limit.
What is the minimum deposit to open a Chase money market account?
The minimum opening deposit varies by account type and location, but typically ranges from $1,000 to $2,500. Some Chase accounts may have lower minimums. Contact Chase directly or visit a branch to confirm the current minimum for the account you are interested in.
Do I need an existing Chase account to open a money market account?
No, you can open a Chase money market account as a new customer. However, if you already have a Chase checking or savings account, the process is faster because Chase already has your information. New customers will need to provide a government-issued ID, Social Security number, and proof of address.
How often does Chase change money market account rates?
Chase adjusts money market rates periodically in response to changes in the Federal Reserve's benchmark rate. Rates can change weekly or monthly, depending on market conditions. Your current rate is locked in when you open the account, but Chase will notify you if rates change and how it affects your account going forward.
Can I transfer money from my Chase checking account to my money market account?
Yes, you can transfer money between your Chase accounts online or through the Chase mobile app. However, transfers count toward your monthly withdrawal limit on the money market account — typically six per month. After six transfers or withdrawals, Chase may charge a fee per transaction.