Chase savings accounts pay interest, but the rate changes and depends on which account you open
Chase offers several savings accounts, and each one earns a different interest rate. The rate you receive depends on the specific account type you choose — Chase Savings, Chase Premier Savings, or Chase Sapphire Savings — and rates change regularly based on market conditions. As of now, Chase savings accounts typically earn between 0.01% and 0.35% annual percentage yield (APY), though these figures shift when the Federal Reserve adjusts its benchmark rates.
The interest rate is not negotiable and applies to all customers with that account type. You cannot call Chase and ask for a higher rate on a standard savings account. The rate you see when you open the account is the rate you get, and it can drop at any time without notice — though Chase must notify you before the change takes effect.
To find the current rate for a specific Chase savings account, log into your Chase account online, call Chase customer service at 1-800-935-9935, or visit a Chase branch. The rate displayed on Chase's website may lag behind the actual rate in your account, so checking directly is more reliable.
Key Takeaways
- Chase savings account rates vary by account type and typically range from 0.01% to 0.35% APY, though these rates change with Federal Reserve decisions.
- The interest rate you receive is set when you open the account and cannot be negotiated, but Chase can lower it at any time with advance notice.
- You can check your current rate by logging into your Chase account, calling 1-800-935-9935, or visiting a branch in person.
- Interest compounds daily and is deposited monthly, meaning you earn a small amount of interest on the interest you already earned.
How Chase calculates and deposits your interest
Chase calculates interest daily based on your account balance, but deposits it once a month. This means if you have $10,000 in a Chase savings account earning 0.10% APY, Chase divides that annual rate by 365 days, applies it to your balance each day, and then adds up all those daily amounts at the end of the month. The monthly deposit is usually small — in this example, around $0.83 per month — but it compounds, meaning you earn interest on the interest you already received.
The interest appears as a deposit in your account on the same day each month, usually near the end. You can see the exact amount and date in your transaction history. If you close the account before the month ends, you forfeit the interest that has accrued but not yet deposited.
Why Chase savings rates are lower than other banks
Chase is a large national bank with thousands of branches and ATMs. Maintaining that physical network costs money, and Chase passes some of that cost to customers by offering lower interest rates than online-only banks. Online banks like Marcus, Ally, or American Express Personal Savings have no branches and lower overhead, so they can offer rates that are often two to three times higher than Chase.
If you keep most of your money in savings and want to maximize interest earned, an online bank may be a better choice. However, if you use Chase for checking, have a mortgage with Chase, or value the ability to walk into a branch, the convenience may be worth the lower rate.
Different Chase savings account types and their rates
Chase offers three main savings products. Chase Savings is the basic option and typically earns the lowest rate. Chase Premier Savings requires a higher opening balance (usually $25,000) and earns a slightly higher rate. Chase Sapphire Savings is linked to the Chase Sapphire credit card and offers a rate boost — usually 0.10% to 0.15% higher than the standard rate — but requires you to be a Sapphire cardholder.
All three accounts have no monthly maintenance fee if you maintain a minimum balance or set up direct deposit. If your balance falls below the minimum, Chase charges a monthly fee (typically $5 to $25, depending on the account type). The fee is waived if you bring your balance back above the minimum within a set period, usually 30 days.
When Chase changes your interest rate
Chase adjusts savings rates in response to Federal Reserve decisions. When the Fed raises or lowers its benchmark rate, banks typically follow within days or weeks. Chase does not announce rate changes in advance — you will simply see a new rate posted on the website or in your account. Chase is required by law to notify you before a rate decrease takes effect, but the notification often comes after the change is already posted online.
Rate increases happen without notice, so you may not realize your rate went up until you check your account. If you want to monitor your rate, check it monthly or set a calendar reminder to review it quarterly. If the rate drops significantly and you find a better option elsewhere, you can transfer your money to another bank.
How to compare Chase savings rates to other banks
To compare Chase to other banks, visit the websites of online banks like Marcus, Ally, American Express Personal Savings, and Discover. Write down the APY for each, then compare it to your current Chase rate. Multiply your account balance by each rate to see how much interest you would earn annually at each bank.
Keep in mind that rates change frequently, so a comparison you make today may be different in a month. Also consider whether you use Chase for other products — if you have a Chase mortgage or credit card and value the integrated online banking, the lower savings rate may be acceptable. If savings is your only Chase product, switching to a higher-rate bank could earn you significantly more interest over time.
Frequently Asked Questions
Can I move my money to a higher-rate savings account without penalty?
Yes. Transferring money from a Chase savings account to another bank is free and takes one to three business days. There is no early withdrawal penalty or fee for closing a Chase savings account. You can move your money anytime without losing any accrued interest.
Does Chase offer a money market account with a higher rate?
Chase offers a Money Market Account that typically earns a rate similar to or slightly higher than savings accounts, depending on your balance tier. Balances above certain thresholds (usually $25,000 or $100,000) earn higher rates. Check with Chase directly for current rates and tier requirements.
What happens to my interest if I withdraw money mid-month?
Interest is calculated daily and deposited monthly, so if you withdraw money before the month ends, you still earn interest on the balance you held. You only lose interest that would have been earned on the withdrawn amount going forward. You do not forfeit the interest already accrued.
Is my money safe in a Chase savings account?
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 Chase fails, the FDIC will reimburse you for your full balance up to that limit. Savings accounts are among the safest places to keep money.
Why did my Chase savings rate drop without warning?
Chase adjusts rates based on Federal Reserve decisions and market conditions. By law, Chase must notify you before a rate decrease, but the notification may come after the rate change is already live on the website. Check your email and account statements for the official notice, which will explain when the new rate takes effect.