Chase's main account types: checking, savings, and money market

Chase offers three core deposit accounts: checking accounts, savings accounts, and money market accounts. Each one holds your money at the bank and is insured by the FDIC up to $250,000 per account type per person. The main difference is how you access the money and what interest rate you earn.

Checking accounts let you write checks, use a debit card, and set up automatic bill payments. You can withdraw money as often as you want with no penalty. Most Chase checking accounts pay little to no interest on your balance.

Savings accounts restrict how often you can withdraw money (though federal limits on this have loosened), and they pay interest on your balance. The interest rate varies by account and changes based on what the Federal Reserve does with interest rates. Money market accounts are a hybrid: they work like savings accounts but often come with a debit card or checkbook, and they typically pay higher interest than regular savings accounts.

Key Takeaways

  • Chase checking accounts let you pay bills and withdraw money freely, but earn little or no interest.
  • Chase savings accounts earn interest on your balance and are best for money you want to keep separate from daily spending.
  • Money market accounts combine features of checking and savings, usually with higher interest rates than regular savings.
  • Chase also offers CDs (certificates of deposit), which lock your money away for a set time in exchange for a may provide interest rate.
  • All deposits at Chase are FDIC-insured up to $250,000 per account type, protecting your money if the bank fails.

Checking accounts: which Chase option fits your spending

Chase offers several checking account versions aimed at different customers. The Chase Total Checking account is the most common. It has no monthly fee if you keep a minimum balance (usually $500) or set up direct deposit. If you don't meet those requirements, the monthly fee is around $12, though this varies by region and changes over time.

The Chase Premier Plus Checking account is designed for customers who want higher perks—it requires a larger minimum balance (typically $25,000) but waives fees on things like wire transfers and cashier's checks. The Chase Sapphire Checking account pairs with the Sapphire credit card and offers cash back on certain purchases when you use the debit card.

All Chase checking accounts come with a debit card, online banking, mobile app access, and the ability to set up automatic bill pay. You can deposit checks through the mobile app (mobile check deposit) or at an ATM. Chase has thousands of ATMs nationwide, and you can withdraw cash at any Chase branch.

Savings accounts: how Chase structures interest and access

Chase offers Chase Savings as its standard savings account. The interest rate it pays changes based on Federal Reserve decisions and market conditions—Chase publishes current rates on its website, and they vary depending on how much you have in the account. Balances of $100,000 or more typically earn a higher rate than smaller balances.

There is no monthly fee as long as you maintain a minimum balance, usually $300. If your balance drops below that, you pay a monthly maintenance fee (around $5). You can make up to six withdrawals per month without penalty, though if you exceed that, the bank may charge a fee or convert the account to a checking account.

Chase also offers Chase High Yield Savings, which pays a higher interest rate than regular savings. The catch is that it typically requires a higher minimum balance to open (often $25,000) and to avoid fees. The interest rate is still variable and changes with market conditions.

Money market accounts: checking features with savings interest

Chase money market accounts let you write checks or use a debit card while earning interest on your balance. The interest rate is higher than a regular savings account but works the same way—it changes based on Federal Reserve policy and your account balance. Like savings accounts, there are limits on how many withdrawals you can make per month before fees apply.

The minimum balance required to open a money market account at Chase is typically $2,500, and you pay a monthly fee (usually $25) if your balance falls below that. Money market accounts make sense if you want to earn interest but also need regular access to your money through checks or a debit card.

CDs: locking in a rate for a set time period

A CD (certificate of deposit) is an account where you agree to leave your money untouched for a set period—Chase offers terms ranging from 3 months to 5 years. In exchange, the bank guarantees you a fixed interest rate for that entire period. The rate is usually higher than what you'd earn in a savings account, and it does not change even if the Federal Reserve raises or lowers rates.

The tradeoff is that if you withdraw money before the term ends, you pay an early withdrawal penalty. The penalty amount depends on the CD term—longer terms have larger penalties. Chase publishes the penalty for each CD term on its website. When your CD reaches its maturity date, the bank automatically renews it unless you tell them not to.

CDs are useful if you have money you know you won't need for a specific period and want to lock in a may provide return. They're also FDIC-insured, so your principal is protected.

Specialty accounts: IRAs and business accounts

Beyond standard deposit accounts, Chase offers Individual Retirement Accounts (IRAs)—both traditional and Roth versions. These are tax-advantaged accounts for retirement savings. Chase also offers IRAs paired with CDs, which let you lock in a rate while saving for retirement.

If you own a business, Chase offers business checking and business savings accounts. These work similarly to personal accounts but are structured for business use and may have different fee structures and minimum balance requirements. Chase also offers merchant services and payment processing for businesses.

How to compare Chase accounts by your needs

The right Chase account depends on what you're using it for. If you pay bills regularly and need constant access to your money, a checking account is the foundation. If you want to set aside money and earn interest without touching it often, a savings account works. If you want both features, a money market account bridges the gap. If you have a lump sum you won't need for months or years, a CD locks in a may provide rate.

Chase publishes current rates, fees, and minimum balances on its website—these change over time, so check before you open an account. You can open most Chase accounts online, by phone, or in person at a branch. You can also link multiple accounts together for easier money management.

Frequently Asked Questions

Do I need a minimum balance to open a Chase account?

Most Chase checking and savings accounts require a minimum balance to avoid monthly fees, typically $300 to $500. Money market accounts usually require $2,500. CDs require a minimum deposit to open, which varies by term. Check Chase's current requirements before opening, as they change.

What happens if my account balance drops below the minimum?

If your balance falls below the required minimum, Chase charges a monthly maintenance fee—usually $5 to $25 depending on the account type. You can avoid the fee by bringing your balance back up or by meeting an alternative requirement, such as setting up direct deposit.

Can I have multiple accounts at Chase?

Yes. You can open multiple checking accounts, savings accounts, or CDs at the same time. Each account is separately FDIC-insured up to $250,000, so having multiple accounts increases your total protection if the bank fails.

What's the difference between a savings account and a money market account?

A money market account lets you write checks or use a debit card, while a savings account typically does not. Money market accounts usually pay higher interest but require a larger minimum balance. Both have limits on withdrawals per month.

Can I withdraw money from a CD early?

Yes, but you'll pay an early withdrawal penalty. The penalty is set when you open the CD and is based on the term length—longer terms have larger penalties. Chase publishes the penalty amount upfront so you know the cost before you commit.