Chase savings accounts pay between 0.01% and 0.35% APY, depending on the account type and balance tier
Chase offers several savings products, and the interest rate you earn depends on which account you open. The Chase Savings Account (their standard option) currently pays around 0.01% APY on most balances. The Chase Premier Savings account, which requires a higher opening deposit and minimum balance, pays up to 0.35% APY on balances of $100,000 or more. Rates are lower on smaller balances in that same account.
These rates change without notice. Chase updates them based on Federal Reserve policy and competitive pressure, so the rate you see today may not be the rate you earn next month. You can check your current rate by logging into your Chase account online, calling 1-800-935-9935, or visiting a branch.
Interest compounds daily and posts to your account monthly. That means if you have $10,000 in a Chase Savings Account earning 0.01% APY, you would earn roughly $1 per year—paid in small monthly deposits. The actual amount varies slightly depending on how many days are in each month.
Key Takeaways
- Chase Savings Account pays 0.01% APY on most balances, while Premier Savings pays up to 0.35% APY depending on your balance tier.
- Interest rates change frequently and are not may provide—Chase adjusts them based on market conditions and Federal Reserve decisions.
- Interest compounds daily but is credited to your account once per month.
- You can view your current rate online, by phone, or in person at any Chase branch.
How Chase calculates and pays your interest
Chase uses a method called daily compounding. Each day, the bank calculates interest on your ending balance and adds a tiny fraction to your account. At the end of each month, all those daily calculations are combined and posted as a single deposit.
The formula is simple: your balance multiplied by the annual rate, divided by 365 days. So a $10,000 balance at 0.01% APY earns about $0.03 per day. Over 30 days, that's roughly $0.90 credited to your account on the first of the next month.
The interest you earn is taxable income. Chase will send you a 1099-INT form at the end of the year if you earned $10 or more in interest. You report this on your federal tax return.
Chase Premier Savings vs. standard Chase Savings
Chase offers two main savings products. The standard Chase Savings Account has no minimum opening deposit and no monthly fee. It pays 0.01% APY regardless of your balance. This account is useful if you want a basic savings product with no restrictions, but the interest earnings are minimal.
The Chase Premier Savings account requires a $25,000 opening deposit and charges a $25 monthly fee if your balance falls below $25,000. The interest rate is tiered: balances under $25,000 earn 0.01% APY, balances from $25,000 to $99,999 earn around 0.10% APY, and balances of $100,000 or more earn up to 0.35% APY. The monthly fee can wipe out your interest earnings if your balance is small, so this account only makes sense if you plan to keep at least $25,000 in it.
| Account Type | Minimum Opening Deposit | Monthly Fee | Interest Rate (varies by balance) |
|---|---|---|---|
| Chase Savings Account | $0 | $0 | 0.01% APY |
| Chase Premier Savings | $25,000 | $25 (if balance drops below $25,000) | 0.01% to 0.35% APY |
Why Chase rates are lower than other banks
Chase is a large national bank with thousands of branches and ATMs. That physical infrastructure costs money, and those costs are built into their pricing. Online-only banks like Marcus, Ally, and American Express Personal Savings have no branches to maintain, so they can offer higher rates—often between 4% and 5% APY on savings accounts.
Chase's advantage is convenience and integration. If you already have a Chase checking account, moving money between accounts is instant and free. You can deposit checks at any Chase branch or ATM. You have access to live customer service in person. Those benefits come at the cost of lower interest rates.
If your priority is earning the highest possible interest, a high-yield savings account at an online bank will pay you significantly more. If your priority is convenience and keeping all your accounts in one place, Chase's rates may be acceptable to you.
How to access your interest earnings
Your interest deposits automatically into your savings account on the first business day of each month. You do not need to do anything to receive it. You can see the deposit in your transaction history online or on your mobile app.
You can withdraw this interest at any time without penalty. There is no limit on how many times you can withdraw from a savings account. The only restriction is that if you make more than six transfers or withdrawals per month (to accounts outside Chase), the bank may charge you a fee or convert your account to a checking account. Interest deposits do not count toward this limit.
What happens if rates change
Chase can lower or raise your interest rate at any time. They do not need your permission, and they do not have to give you advance notice. In practice, Chase usually notifies customers of rate changes through email or a notice in your online account, but they are not required to do so.
If Chase lowers rates, your earnings will decrease automatically. If they raise rates, your earnings will increase automatically. You do not need to take any action. The new rate applies to your balance immediately.
If you are unhappy with Chase's rates, you can move your money to another bank. There is no penalty for closing a savings account. You can transfer funds to another bank via ACH (which takes one to three business days) or withdraw cash and deposit it elsewhere.
Frequently Asked Questions
Does Chase charge a fee to open a savings account?
No. The standard Chase Savings Account has no opening fee and no monthly maintenance fee. The Chase Premier Savings account has no opening fee, but charges $25 per month if your balance falls below $25,000.
Can I earn more interest by keeping a larger balance?
Only if you open a Chase Premier Savings account and maintain a balance of $100,000 or more. The standard Chase Savings Account pays 0.01% APY on all balances, regardless of size. Online banks typically offer higher rates on all balances, with no tiering.
Is my money safe in a Chase savings account?
Yes. Chase is a member of the Federal Deposit Insurance Corporation (FDIC). Your deposits are insured up to $250,000 per account type per bank. If Chase fails, the FDIC will reimburse you up to that limit.
How often does Chase update its interest rates?
Chase does not follow a set schedule. Rates change based on Federal Reserve policy and market conditions. You can check your current rate by logging into your account online or calling customer service.
What if I need the money before the interest is credited?
You can withdraw your money at any time without penalty. Savings accounts have no withdrawal restrictions. Your interest is credited monthly, so if you withdraw before the first of the month, you will not receive that month's interest on the amount you withdrew.