Chase savings accounts pay between 0.01% and 4.75% annual percentage yield (APY), depending on which account you open and current market conditions
Chase offers several savings products, and the interest rate on each one changes based on the Federal Reserve's actions and market conditions. The rate you see today will not be the rate you see in six months. The most common Chase savings account—the regular Chase Savings—currently pays one of the lowest rates in the lineup. Chase Money Market accounts and Chase Premier Savings accounts pay higher rates, but they require larger minimum balances or have other conditions attached.
The rate you earn matters most when you have money sitting in the account for months or years. On $10,000 earning 0.01% APY, you make about $1 per year. On the same $10,000 earning 4.75% APY, you make about $475 per year. That difference is real, and it is why knowing which account you are in—and whether a different one makes sense—is worth a few minutes of your time.
Key Takeaways
- Chase Savings (the basic account) pays significantly less than Chase Money Market or Premier Savings accounts, so check which product you actually opened.
- Interest rates on all Chase savings products change when the Federal Reserve changes its benchmark rate, usually several times per year.
- You can see the current rate for each account type on Chase's website or by calling 1-800-935-9935, but the rate you see is not locked in and will change.
- Moving money from a low-rate Chase savings account to a higher-rate Chase account (or to another bank) costs nothing and takes one to three business days.
- Chase savings accounts are FDIC insured up to $250,000 per account type, so your principal is protected even if the rate is low.
Current Chase savings account rates and what they require
Chase publishes rates on its website, but the rates change frequently—sometimes weekly. As of the most recent update, Chase Savings paid around 0.01% APY with no minimum balance requirement. Chase Premier Savings paid a higher rate (typically between 0.75% and 1.35% APY) but required a minimum balance of $25,000 to $100,000 depending on your location. Chase Money Market accounts paid rates in a similar range but also had minimum balance requirements.
The exact rates and minimums vary by state and by the specific product. You can find the current rate for your state on Chase.com by searching "savings rates" or by calling the customer service number on the back of your card. When you call, have your account number ready so they can tell you which product you are in and what rate applies to your specific account.
If you have a Chase checking account, you may also have access to Chase Secure Banking or other linked products that offer slightly different rates. The relationship between your accounts matters—some higher rates are only available if you maintain a certain balance in a linked checking account.
How interest compounds and when you see it in your account
Chase compounds interest daily and deposits it into your account monthly. That means the bank calculates what you owe you every single day, but you do not see the money until the end of the month. If you earn $10 in interest during a month, that $10 gets added to your balance on the last day of the month, and then the next month's interest calculation includes that $10.
The APY (annual percentage yield) is the rate that accounts for daily compounding over a full year. It is higher than the simple interest rate because of that compounding effect. When Chase quotes you 4.75% APY, that is the actual return you will earn over twelve months if the rate stays the same and you do not withdraw money.
Interest deposits appear as a credit in your transaction history. You can see exactly how much you earned each month by looking at your statement. If the rate changes mid-month, Chase recalculates the interest for that month at the new rate.
Why Chase rates are often lower than other banks
Chase is a large national bank with thousands of branches and ATMs. That infrastructure costs money. Online-only banks and credit unions often pay higher rates on savings because they have lower overhead—no branch staff, no building leases, no ATM networks to maintain. Those banks pass some of that savings to depositors in the form of higher interest rates.
Chase's value proposition is convenience and access, not the highest rate. If you need to deposit cash, speak to a person, or move money between accounts instantly, Chase's branch network has real value. But if your primary goal is earning the highest possible interest on savings, you may earn more at an online bank or credit union, even after accounting for FDIC insurance and safety.
Some online banks currently pay 4.5% to 5.35% APY on savings accounts with no minimum balance and no monthly fees. That is 10 to 50 times what Chase Savings pays. The tradeoff is that you cannot walk into a branch and you have to manage everything online or by phone.
Moving money to a higher-rate account or bank
If you decide you want a higher rate, you have two options: open a higher-rate Chase account (if you meet the minimum balance requirement) or move your money to another bank. Both are free and take one to three business days.
To move money within Chase, log into your online banking, go to Transfers, and move the funds from your current savings account to the new one. The money arrives within one business day. Your old account stays open unless you close it, and you can close it anytime without penalty.
To move money to another bank, you can use that bank's external transfer tool (most banks have one) or ask Chase to send a wire transfer. External transfers are free and take one to three business days. Wire transfers cost $15 to $30 and arrive the same day or next day. You do not need to close your Chase account to move money out—you can keep it open with a small balance or close it later.
What happens if rates drop or rise
When the Federal Reserve raises its benchmark interest rate, banks typically raise the rates they pay on savings accounts within days or weeks. When the Fed cuts rates, banks cut savings rates even faster—sometimes within hours. This asymmetry means you benefit quickly when rates rise but lose ground quickly when they fall.
If you locked in a high rate at one bank and rates later drop across the industry, your rate stays the same—you do not get penalized. But if you are in a low-rate account and rates rise elsewhere, you have to actively move your money to benefit. Chase will not move it for you.
This is why checking rates quarterly (every three months) makes sense if you have a large savings balance. A 1% difference in rate on $50,000 costs you $500 per year. Spending 15 minutes to move the money is worth it.
FDIC insurance and safety of your money
All Chase savings accounts are FDIC insured up to $250,000 per account type. That means if Chase fails, the government guarantees your money up to that limit. You do not earn interest on money above $250,000 in a single account type, but your principal is protected.
If you have more than $250,000 to save, you can open multiple account types (Chase Savings, Chase Premier Savings, Chase Money Market) and each one gets its own $250,000 of insurance. You can also open accounts in different names (individual, joint, trust) and each gets separate coverage.
The safety of your money does not depend on the interest rate. A Chase savings account paying 0.01% is just as safe as one paying 4.75%. The rate is purely about how much the bank pays you for letting them use your money.
Frequently Asked Questions
Can I move money between my Chase accounts without losing interest?
Yes. Moving money from one Chase account to another takes one business day and does not trigger any fees or penalties. Interest accrues daily, so you earn interest right up until the money leaves one account and start earning at the new rate as soon as it arrives in the other account.
What is the difference between APY and the interest rate Chase quotes?
The interest rate is the base rate; APY is that rate plus the effect of daily compounding over a year. APY is always slightly higher and is the number you should use to compare accounts. Chase always quotes APY on its website and statements.
Do I have to keep a minimum balance to earn interest?
Chase Savings has no minimum balance requirement and earns interest on any amount. Premier Savings and Money Market accounts require minimums (typically $25,000 to $100,000) to earn the advertised rate. Below the minimum, you earn a much lower rate or no interest at all.
How often does Chase change its savings rates?
Chase can change rates anytime, but most changes happen when the Federal Reserve meets (eight times per year). Rates can also change between Fed meetings if market conditions shift. Check Chase.com or call customer service to see the current rate for your account.
If I move my money to another bank, do I have to close my Chase account?
No. You can move money out and keep the account open with a zero balance, or close it later. There is no penalty for closing a Chase savings account, and you can reopen one anytime. Closing takes a few minutes online or by phone.