Chase High Yield Savings Account interest rates and minimums
Chase's high yield savings account is called the Chase Savings Account (not a separate product line). The interest rate changes based on Federal Reserve decisions and market conditions, so the rate you see today may not be the rate you earn next month. As of now, Chase pays a variable rate that you can check on their website or by calling 1-800-935-9935 — the rate is not locked in.
There is no minimum balance required to open the account or to earn interest. You can deposit $1 and start earning the posted rate immediately. However, Chase limits you to six withdrawals per month (a federal rule that applies to most savings accounts). After six, they may charge you a fee or convert your account to a checking account.
The account itself has no monthly maintenance fee. You will not pay to hold the money there, and there are no hidden charges for transfers or deposits.
Key Takeaways
- Chase's savings account rate is variable and changes when the Federal Reserve moves rates, so check their website for the current rate before you deposit.
- No minimum balance is required to open or earn interest, and there is no monthly fee to maintain the account.
- You can make up to six withdrawals per month; additional withdrawals may trigger a fee or account conversion.
- The rate Chase offers is typically lower than rates from online-only banks, so compare before you move money there.
How Chase's rate compares to other banks
Chase's savings rate is usually lower than what you will find at online banks like Marcus, Ally, or American Express Personal Savings. This is typical: brick-and-mortar banks with physical branches charge more to operate, so they pass lower rates to savers. The gap can be 0.5% to 1.5% per year, which adds up if you are holding a large balance.
For example, if you have $10,000 in savings, a 0.5% difference means you earn $50 less per year at Chase than at a higher-paying online bank. Over five years, that is $250 in foregone interest. The trade-off is that you can walk into a Chase branch if you need to deposit cash or speak to someone in person.
If you already have a Chase checking account, the savings account may be convenient because you can transfer money between them instantly online. That convenience has a cost in lower interest, but for some people it is worth it.
How to check the current rate and open an account
Visit chase.com and search for "savings account" or call 1-800-935-9935 to hear the current rate. The rate shown online is the one you will earn if you open today. You do not need to visit a branch; you can open the account entirely online using your Social Security number, a valid ID, and proof of address.
Opening takes about 10 minutes. You will choose a username and password, link a funding source (another bank account or a debit card), and make your first deposit. The account is active immediately, and interest begins accruing the same day.
If you already have a Chase checking account, opening a savings account is even faster because Chase already has your information on file. You can do it through their mobile app or online banking portal.
Interest compounding and how earnings are calculated
Chase compounds interest daily, which means they calculate what you owe you based on your balance every single day, and add that to your account. The interest is then added to your balance, and the next day's calculation includes that new amount. This is the best compounding frequency for a saver.
Interest is credited to your account monthly, usually on the first business day of the month. You will see it as a deposit labeled "Interest Paid" or similar. Once it is in your account, it is yours to keep, and it earns interest the next month too.
The actual amount you earn depends on three things: the balance you hold, the rate Chase is paying, and how long you hold the money. If the rate drops, your earnings drop with it. If you withdraw money mid-month, you earn interest only on the balance you held.
Withdrawal limits and how they work
Federal rules allow you six withdrawals per month from a savings account. This includes transfers to another bank, transfers to your own Chase checking account, and withdrawals at an ATM. Deposits do not count against the limit — you can deposit as many times as you want.
If you exceed six withdrawals in a month, Chase may charge you a fee (usually $10 per excess withdrawal) or convert your account to a checking account. Some banks waive the fee if it is your first violation, so call and ask if you go over.
The six-withdrawal rule exists because savings accounts are meant for money you keep, not money you move constantly. If you need to move money in and out frequently, a checking account is a better fit.
FDIC protection and account safety
Chase is an FDIC-insured bank, which means the federal government protects your deposits up to $250,000 per account type per bank. Your savings account is insured separately from your checking account, so if you have both at Chase, you have $250,000 protection in each one.
If Chase fails (extremely rare for a large bank), the FDIC will return your money up to $250,000. You do not need to do anything; the protection is automatic. If you have more than $250,000 to save, you can open accounts at different banks to spread the risk, or use a service like InvestFunds that places money across multiple FDIC-insured banks.
Your account is also protected by Chase's fraud monitoring. If someone uses your account number without permission, report it to Chase immediately, and they will investigate and reverse unauthorized transactions.
When to use Chase savings versus other options
Use Chase savings if you value in-person banking, already have a Chase checking account, or want to keep all your money in one place. The lower rate is the trade-off for that convenience.
Use an online bank's savings account if you want the highest rate and do not need a physical branch. You can still transfer money to Chase checking to pay bills or make purchases; it just takes one to three business days instead of being instant.
Use a money market account if you want higher rates and check-writing ability in one product. Chase offers money market accounts too, and they typically pay slightly more than savings accounts.
Use a certificate of deposit (CD) if you can lock your money away for a set period (three months to five years) and want a may provide rate. CDs usually pay more than savings accounts because you cannot touch the money early without a penalty.
Frequently Asked Questions
Can I earn more interest by keeping a higher balance?
No. Chase pays the same rate on every dollar, whether you have $100 or $100,000. A higher balance earns more total interest because you are earning that rate on a bigger number, but the rate itself does not change based on how much you hold.
What happens if I withdraw money before the end of the month?
You earn interest on the balance you held each day. If you deposit $5,000 on day one and withdraw $2,000 on day 15, you earn interest on $5,000 for 14 days and $3,000 for the remaining days of the month. The withdrawal counts as one of your six allowed withdrawals.
Is the Chase savings rate may provide to stay the same?
No. Chase can change the rate at any time without notice. Rates typically move when the Federal Reserve changes its benchmark rate, but Chase can also change independently. Check the rate before you move a large amount of money there.
Can I link my Chase savings account to an external bank account?
Yes. You can transfer money from another bank into your Chase savings account, and you can transfer money from Chase savings to another bank. External transfers usually take one to three business days. Transfers between your own Chase accounts (checking to savings) are instant.
What if I need to withdraw more than six times in a month?
Call Chase at 1-800-935-9935 and ask about your options. Some customers can request a waiver for the first violation. If you regularly need more than six withdrawals, a checking account is a better fit than a savings account.