Chase savings accounts pay interest rates that change with the Federal Reserve, and the rate you earn depends on which account you open
Chase offers several savings products, and the interest rate varies by account type. The most common options are Chase Savings, Chase Premier Savings, and Chase Premier Plus Savings. Each tier pays a different rate, and all of them move up or down when the Federal Reserve changes its benchmark rate. You cannot find a single fixed number because Chase updates rates regularly — sometimes weekly — based on market conditions.
The actual rate you receive depends on your account balance and which product you choose. Higher balances in Premier accounts earn more than lower balances in the basic Savings account. You can see the current rates on Chase's website or by calling 1-800-935-9935, but the rate posted today may not be the rate you lock in tomorrow.
Key Takeaways
- Chase Savings, Premier Savings, and Premier Plus Savings all pay different rates, with Premier accounts paying more for larger balances.
- Interest rates change frequently and are tied to Federal Reserve decisions, so the rate you see today may differ next week.
- You can view current rates on Chase.com, through the mobile app, or by calling customer service.
- Interest compounds daily and posts to your account monthly, so your balance grows even when you do not make deposits.
- Moving money between Chase accounts or to another bank does not affect the rate you earn on existing balances.
How Chase savings rates are structured by account type
Chase offers three main savings products, each with its own rate structure. Chase Savings is the basic option and typically pays the lowest rate. Chase Premier Savings requires a higher opening balance (usually $10,000) and pays a higher rate. Chase Premier Plus Savings requires an even larger balance (usually $25,000 or more) and pays the highest rate of the three.
Within each account type, the rate you earn may depend on your balance tier. For example, Premier Savings might pay one rate on balances between $10,000 and $24,999, and a higher rate on balances of $25,000 or more. Chase does not always tier rates this way — it varies by product and changes over time. The only way to know the exact rate structure for the account you want is to check Chase's current rate sheet or ask a representative directly.
Chase also offers Money Market Accounts, which are savings products with check-writing privileges and tiered rates based on balance. These typically pay more than basic savings but come with monthly limits on withdrawals and transfers. The rate structure is similar to Premier Savings, with higher balances earning higher rates.
Why Chase rates change and how often
Chase adjusts savings rates in response to changes in the Federal Reserve's benchmark interest rate, known as the federal funds rate. When the Fed raises rates, banks have more incentive to pay higher rates on deposits to attract customers. When the Fed cuts rates, banks lower what they pay. This relationship is not automatic — Chase can choose to raise or lower rates independently of Fed moves — but in practice, Chase rates track Fed changes fairly closely.
The timing of rate changes is unpredictable. Chase may update rates weekly, monthly, or at irregular intervals depending on market conditions. You might see a rate change announced on the website without any notification to your email or account. If you want to monitor your rate, check Chase.com periodically or set up a reminder to review your account statement each month, which will show the interest posted and the rate in effect.
How interest is calculated and when you receive it
Chase calculates interest daily based on your account balance and the annual percentage yield (APY) in effect that day. The daily interest accrues but does not post to your account immediately. Instead, Chase compounds the interest daily and deposits the total to your account once per month, usually on the last business day of the month.
The amount you earn each month depends on three things: your balance, the APY, and how many days are in the month. A higher balance earns more. A higher APY earns more. February earns less than March simply because it has fewer days. If you withdraw money mid-month, the interest is still calculated on the balance you held for each day, so a withdrawal reduces that month's interest but does not wipe out interest already accrued.
Interest posted to your account is yours to keep. If you close the account before the interest posts, Chase will still pay it. If you close the account after interest posts, you keep that interest. There is no penalty for earning interest or for closing an account after interest has been credited.
Comparing Chase savings rates to other banks
Chase savings rates are typically lower than rates offered by online banks and credit unions. This is common — large national banks like Chase prioritize branch access and convenience over rate competitiveness. An online bank with no physical locations may pay two to three times what Chase pays because it has lower operating costs.
If you keep most of your money at Chase for checking, bill pay, or other services, the lower rate may be worth the convenience of having everything in one place. If you are specifically looking for the highest savings rate, you will likely find better options elsewhere. You can compare current rates across multiple banks on sites like Bankrate or DepositAccounts, though you will need to verify the rates directly with each bank before opening an account.
What happens to your interest if you move money or switch accounts
Moving money between your own Chase accounts does not affect the interest rate you earn. If you transfer from Chase Savings to Premier Savings, the money in Premier Savings earns the Premier rate going forward. The interest already posted to your old account stays with you.
If you transfer money out of Chase entirely to another bank, the interest you have already earned remains in your Chase account. You can withdraw it along with your principal, or leave it behind. Interest stops accruing on money you have transferred out because that money is no longer in a Chase account. If you move $5,000 out of a $10,000 balance, only the remaining $5,000 continues to earn interest at Chase.
Closing a Chase savings account does not forfeit interest that has already posted. You receive all accrued and posted interest when you close. The only scenario where you lose interest is if you close the account before the monthly interest posting date — in that case, you forfeit the interest that would have posted that month, though you keep all interest from previous months.
Fees and minimum balance requirements
Chase Savings has no monthly maintenance fee and no minimum balance requirement to open or maintain the account. You can open with $0 and never be charged a fee, though you will earn no interest if your balance is $0.
Chase Premier Savings and Premier Plus Savings have no monthly fees either, but they do have minimum opening balances. Premier Savings typically requires $10,000 to open, and Premier Plus requires $25,000 or more. If your balance falls below the minimum after opening, Chase will not close the account or charge a fee, but you may drop to a lower interest tier or earn the basic Savings rate instead. Check your account agreement or call Chase to confirm what happens if your balance dips below the minimum.
Money Market Accounts also have no monthly fees but do have minimum opening balances, usually $25,000 or higher. Some Money Market Accounts limit the number of withdrawals or transfers you can make per month (typically six), and exceeding that limit may result in a fee or account closure.
How to find and track your current interest rate
You can view your current APY in three ways: on Chase.com by logging into your account, in the Chase mobile app under account details, or by calling 1-800-935-9935. Your monthly account statement also shows the interest posted and the rate in effect during that period.
The rate displayed in your account is the rate currently being paid on new deposits and existing balances. If Chase changes the rate, it applies to your entire balance going forward, not just new money you deposit. You do not need to do anything to receive a rate change — it happens automatically.
If you want to track rate changes over time, take a screenshot of the rate each month or note it on your statement. This helps you see whether Chase is raising or lowering rates and by how much. You can also compare your rate to what Chase is advertising to new customers, which may differ from what existing customers earn.
Frequently Asked Questions
Does Chase charge a fee for earning interest?
No. Interest is free to earn and free to receive. There are no fees for having interest posted to your account, and no fees for withdrawing interest. The only fees Chase charges on savings accounts are monthly maintenance fees on certain products, and Chase Savings, Premier Savings, and Premier Plus Savings have no monthly fees.
Can I lock in a rate so it does not go down?
No. Savings account rates are variable, meaning they can change at any time. Chase does not offer fixed-rate savings accounts. If you want a may provide rate that does not change, you would need to open a Certificate of Deposit (CD), which locks in a rate for a set term, but you cannot withdraw the money without a penalty.
What is the difference between APY and interest rate?
APY (annual percentage yield) includes the effect of compounding, while the interest rate does not. Chase quotes savings rates as APY, which is the actual amount you will earn in a year if you leave the money untouched. The interest rate alone would be lower because it does not account for daily compounding.
Do I have to do anything to earn interest on my Chase savings account?
No. Interest accrues and posts automatically every month. You do not need to opt in, activate anything, or take any action. As long as your account is open and has a balance, you earn interest at the rate in effect for your account type.
What happens to my interest if Chase goes out of business?
Your deposits and all accrued interest are protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account holder per bank. This means if Chase fails, the FDIC will reimburse you for your balance and all interest posted to the account, up to the limit. Interest that has accrued but not yet posted is also covered.