Chase savings accounts earn between 0.01% and 4.75% APY depending on the account type and balance
Chase offers several savings products, and the interest rate you earn depends on which account you open and how much money you keep in it. The Chase Savings Account currently pays around 0.01% APY on most balances. The Chase Premier Savings account pays higher rates—up to 4.75% APY—but only on balances of $500,000 or more; smaller balances earn much less. The Chase Money Market Account sits between these two and pays tiered rates based on your balance, ranging from 0.01% to around 4.50% APY.
These rates change frequently and vary by region. Chase updates rates without notice, so the percentage you see today may not be the same next month. The rates listed here reflect what Chase advertised as of early 2024, but you should check Chase's website or call 1-800-935-9935 to confirm the current rate for the specific account and balance tier you are considering.
Key Takeaways
- Chase's standard savings account pays less than 0.1% APY on most balances, making it one of the lowest rates in the market.
- Chase Premier Savings requires $500,000 or more to earn the highest rates; balances below that threshold earn significantly less.
- Money Market Accounts at Chase pay tiered rates based on your balance, with higher rates unlocking at $25,000, $100,000, and $500,000.
- Chase rates change without advance notice and vary by location, so you should verify the current rate before opening an account.
- Online banks and credit unions often pay 4% to 5% APY on regular savings accounts with no minimum balance, making them more competitive than Chase for most savers.
How Chase tiered rates work
Chase uses a tiered rate structure, meaning you earn different interest rates on different portions of your balance. On a Money Market Account, for example, you might earn 0.01% on the first $25,000, then 0.05% on balances from $25,000 to $100,000, then 4.50% on anything above $500,000. This means a customer with $600,000 does not earn the top rate on the entire balance—only on the $100,000 that exceeds $500,000.
The standard Chase Savings Account does not have tiers; it pays one flat rate regardless of balance. This is why it remains so low—Chase does not incentivize larger deposits the way Money Market Accounts do.
Tiered rates reward customers who maintain high balances, but they also mean that most people will earn the lowest tier rate on most of their money. If you have $50,000 in a Chase Money Market Account, you earn the higher rate only on balances above $25,000, not on the full amount.
Why Chase rates are lower than other banks
Chase is a large national bank with thousands of branches and ATMs. That physical footprint costs money to maintain, and Chase passes some of those costs to customers through lower interest rates. Online-only banks like Marcus, Ally, and American Express Personal Savings have no branches, so they can offer rates of 4% to 5% APY on regular savings accounts with no minimum balance and no tiers.
Chase's brand and convenience matter to many customers—you can walk into a branch, deposit cash, and speak to a person. That service costs more than a website and a phone line. If earning the highest possible interest rate is your priority, an online bank will pay you significantly more. If you value the ability to deposit cash in person or prefer keeping all your accounts under one roof, Chase's lower rates may be the trade-off you accept.
Credit unions also tend to pay higher rates than Chase on savings accounts. If you are a member of a credit union or can join one through your employer or community, comparing their rates to Chase's is worth your time.
How interest compounds and when you receive it
Chase compounds interest daily and deposits it into your account monthly. This means the bank calculates how much interest you have earned each day based on your balance that day, adds those daily amounts together, and pays you once a month. Compounding daily is standard across the industry and works in your favor—the interest you earn in week one starts earning interest itself in week two.
The difference between daily compounding and monthly compounding is small on savings accounts, but it matters more on larger balances. A $100,000 balance earning 4.50% APY with daily compounding will earn slightly more over a year than the same balance with monthly compounding, though the difference is usually less than $10.
You can see interest deposits in your account statement each month. Chase does not send a separate interest notice; the deposit simply appears as a credit. If you do not see an interest deposit for a month, check that your account is still open and active—dormant accounts sometimes stop earning interest.
Comparing Chase to online banks and credit unions
| Account Type | Chase Rate (as of early 2024) | Typical Online Bank Rate | Minimum Balance |
|---|---|---|---|
| Standard Savings | 0.01% APY | 4.00%–5.00% APY | $0–$25,000 |
| Money Market | 0.01%–4.50% APY (tiered) | 4.00%–5.00% APY (flat) | $0–$25,000 |
| Premier Savings | Up to 4.75% APY | N/A (online banks do not require high minimums) | $500,000 |
The table above shows why most savers should consider alternatives to Chase. An online bank like Ally or Marcus will pay you 4% to 5% APY on a regular savings account with no minimum balance, no tiers, and no monthly fees. Chase's standard savings account pays 0.01%—a difference of roughly $400 per year on a $100,000 balance.
Chase's Premier Savings account can match online bank rates, but only if you have $500,000 or more. Most people do not, and for those who do, the rate is still not may provide to stay at 4.75%—Chase can lower it at any time.
If you already have a Chase checking account and want to keep everything in one place, a Chase Money Market Account is a reasonable middle ground. You will earn more than the standard savings account, though still less than an online bank. The convenience of having your checking and savings linked in one login may be worth the rate difference to you.
What happens to your rate if Chase changes it
Chase can change its savings rates at any time without your permission. The bank is not required to give you advance notice, though in practice Chase usually updates rates on its website before the change takes effect. You will not receive a phone call or email telling you your rate has dropped.
The best way to stay informed is to check Chase's website monthly or set a reminder to review your savings rate every three months. If Chase's rate drops significantly and you have a large balance, moving your money to an online bank takes about a week—you open an account, initiate a transfer, and wait for the funds to arrive.
Some customers set up automatic transfers to an online savings account while keeping a smaller amount at Chase for convenience. This hybrid approach lets you earn a higher rate on most of your money while maintaining access to Chase's branches and ATMs for everyday banking.
Fees and account requirements
Chase does not charge a monthly maintenance fee on its savings accounts, which is standard across the industry. However, Chase does charge fees for certain actions: overdraft fees ($35 per overdraft), out-of-network ATM fees ($2.50 per withdrawal), and wire transfer fees ($15 outgoing, $0 incoming).
There is no minimum balance requirement to open a Chase Savings or Money Market Account, though the Premier Savings account requires $500,000 to open and maintain. If your balance drops below $500,000 in a Premier Savings account, Chase will likely move the funds to a lower-tier account or close the account—check your account agreement for the specific policy.
Some Chase accounts offer perks like debit card access or check-writing privileges, but these do not affect the interest rate you earn. The rate depends only on the account type and your balance tier.
Frequently Asked Questions
Can I move my money from Chase to an online bank without losing interest?
Yes. Interest accrues daily, so you earn interest right up until the day you transfer your money out. Once the transfer completes (usually 3–5 business days), your new bank begins paying interest. You will not lose any accrued interest, though you may miss a few days of interest during the transfer window.
Does Chase pay interest on checking accounts?
Most Chase checking accounts pay 0.01% APY or less, and some pay nothing at all. Chase's interest-bearing checking accounts are designed for customers who want to keep their money moving between accounts rather than for long-term savings. For savings, use a savings or money market account.
What if I have less than $25,000 to save?
You will earn Chase's lowest tier rate, which is typically 0.01% APY. An online bank will pay you 4% to 5% APY on the same balance with no minimum. For any balance under $500,000, an online bank is almost always a better choice than Chase.
How often does Chase update its interest rates?
Chase updates rates based on Federal Reserve decisions and market conditions, but there is no set schedule. Rates can change monthly, quarterly, or not at all for several months. Check Chase's website or call to confirm the current rate before opening an account.
Is my money safe if I keep it at Chase?
Yes. Chase is a member of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to $250,000 per account holder per bank. If you have more than $250,000, only the first $250,000 is insured at Chase; any amount above that is not protected if the bank fails. Spreading large balances across multiple banks or using high-yield savings accounts at different institutions can help you stay within FDIC limits.