Chase savings accounts have no monthly fee, but interest rates and minimum balances vary by account type
Chase offers several savings accounts, and the cost structure depends on which one you open. The most common option—Chase Savings—has no monthly maintenance fee. However, Chase does set minimum balance requirements that trigger lower interest rates if you fall below them, and the interest you earn changes based on the Federal Reserve's rate decisions, not Chase's choice alone.
The three main savings products are Chase Savings, Chase Premier Savings, and Chase Sapphire Banking. Each has different minimum balance thresholds and interest rate tiers. If you keep a low balance or rarely use the account, you won't pay a fee, but you also won't earn much interest. If you maintain higher balances, you unlock better rates—but only if you meet the specific threshold for that account type.
Key Takeaways
- Chase Savings has no monthly fee regardless of your balance, but interest rates are lower if you keep less than $500.
- Chase Premier Savings requires a $500 minimum to earn the higher interest tier; below that, you earn a much lower rate.
- Chase Sapphire Banking combines checking and savings with higher rate tiers, but requires $250,000 in combined balances to access the top rate.
- Interest rates on all Chase savings accounts move up and down with Federal Reserve decisions and are not fixed.
- You can open a Chase savings account online with no opening deposit required, though you must fund it to start earning interest.
Chase Savings: the no-fee baseline
Chase Savings is the entry-level option and carries no monthly maintenance fee. You can open it with $0 and never pay to keep it open. The catch is the interest rate structure: if your balance stays below $500, you earn a lower rate. Once you reach $500 or more, the rate jumps to a higher tier.
As of early 2024, the rates on Chase Savings are competitive with other major banks but lower than online-only savings accounts. The exact rate changes when the Federal Reserve adjusts its benchmark rate, which happens several times per year. Chase updates its rates on their website, and you can see the current rate before you open the account.
Chase Premier Savings: higher rates for higher balances
Chase Premier Savings is designed for people who can maintain a $500 minimum balance. If you do, you earn a noticeably higher interest rate than Chase Savings. If your balance drops below $500, you fall back to the lower rate tier until you rebuild it.
There is no monthly fee for Premier Savings either. The trade-off is purely the balance requirement—keep $500 in the account, and you get the better rate. Drop below it, and your earnings slow down. This account makes sense if you're building an emergency fund or have a small amount set aside that you don't plan to touch.
Chase Sapphire Banking: premium rates with a higher price of entry
Chase Sapphire Banking combines a checking account and savings account in one product. It has no monthly fee, but the interest rate tiers are tied to your total combined balance across both accounts. The highest rate kicks in at $250,000 in combined balances—a threshold most people don't reach.
If you have $250,000 or more across Chase checking and savings, Sapphire Banking offers the best rates Chase provides. Below that threshold, you earn lower rates in tiers. This account is built for people with substantial savings or those who consolidate multiple accounts at Chase and want to maximize their interest earnings.
How to compare what you'll actually earn
The monthly fee is zero across all three accounts, so the real cost is opportunity cost—the interest you miss by not earning a higher rate. If you keep $300 in Chase Savings, you earn the lower tier rate. If you move that same $300 to an online savings account paying 4% or higher, you'd earn more in a year than Chase pays.
To calculate what you'll earn, multiply your balance by the current annual percentage yield (APY) and divide by 12 for a monthly estimate. Chase publishes current rates on their website. For example, if Chase Savings pays 0.01% APY on balances under $500 and you have $300, you'd earn about $0.03 per year. That's not a fee—it's just a very small return.
The real decision point is whether you want to keep your savings at Chase for convenience (same bank as your checking, easy transfers) or move it to a higher-paying account elsewhere. There's no penalty for moving money out, and no fee for keeping a low balance, so you can test it and switch if the rate doesn't work for you.
Minimum balance requirements and what happens if you fall short
Chase Savings has no stated minimum balance—you can open it and keep $1 in it forever with no fee. However, you won't earn meaningful interest at that balance. Chase Premier Savings and Sapphire Banking don't charge a fee if you fall below the minimum either; you simply earn the lower rate tier instead.
This is different from checking accounts, where some banks charge a fee if you drop below a minimum. Chase savings accounts don't work that way. The minimum is a rate threshold, not a fee trigger. You can let your balance sit at $100 in Premier Savings and never be charged—you just won't earn the higher rate.
How interest rates change and when to check yours
Chase doesn't set savings rates independently. When the Federal Reserve raises or lowers its benchmark rate, banks adjust their savings rates in response. This usually happens within days or weeks of a Fed decision. Chase publishes rate changes on their website and notifies account holders via email or through the mobile app.
You don't need to do anything when rates change—the new rate applies automatically to your account. If rates go up, you earn more on your balance. If they go down, you earn less. You can check your current rate anytime by logging into your Chase account online or calling customer service.
Frequently Asked Questions
Is there a fee to open a Chase savings account?
No. You can open any Chase savings account online with no opening deposit and no fee. You only need to fund it to start earning interest, but there's no charge for opening or maintaining the account.
What's the difference between Chase Savings and Chase Premier Savings?
Chase Savings has no balance requirement and a lower interest rate. Chase Premier Savings requires $500 to earn the higher rate tier. Both have no monthly fee. Choose Savings if you have less than $500 to save, or Premier if you can maintain $500 or more.
Can I move money between my Chase savings and checking account?
Yes. You can transfer money between Chase accounts online, through the mobile app, or at a branch with no fee. Transfers between your own accounts are instant or complete within one business day.
What happens if my balance drops below the minimum?
You won't be charged a fee. Your interest rate will drop to the lower tier until your balance climbs back above the minimum. There's no penalty, just lower earnings.
How often do Chase savings rates change?
Rates change when the Federal Reserve adjusts its benchmark rate, which varies in frequency. This can happen multiple times per year or not at all, depending on economic conditions. Chase updates rates within days of a Fed decision and notifies you automatically.