Chase Savings Account Interest Rates: July 2024

Chase savings accounts only pay 0.01%–0.02% APY—that's lower than the national average, and significantly less than the best high-yield savings accounts. The accounts come with monthly fees as well, unless you qualify to have them waived.

Chase Bank, founded over 220 years ago in New York City, is the largest financial institution in the United States, with over 4,700 branches and 16,000 ATMs. The full-service bank offers a wide variety of financial services, including two savings account options, other types of deposit accounts, rewards credit cards, and numerous other financing options.

Chase Savings Account Interest Rates
Account Name	APY Range	Monthly Fee
Chase Savings	0.01%	$5
Chase Premier Savings	0.01%–0.02%	$25

Chase’s savings account rates may vary by location, and the rates listed below may not be available in all ZIP codes. The APYs listed below use NYC ZIP code 10001.

To earn the higher end of the rate range with the Chase Premier Savings account (the "relationship rate"), you’ll need to link a Chase Premier Plus Checking account or a Chase Sapphire Checking account. From there, you must make a minimum of five eligible transactions per month from your linked checking account to qualify for the higher APY on your savings account.

Compare Chase Savings Account Rates

Chase’s savings account interest rates fall well below the national average. So if you’re looking to grow your savings at a faster pace, you’ll want to look elsewhere for more attractive APYs. (However, some of the Chase's CD rates are typically more competitive, depending on the term.)

Chase Savings Accounts: Key Features

Chase Savings Account Key Features
APY Range	0.01%
Minimum Balance to Earn Highest APY	$0.01
Minimum Deposit	$0
Withdrawal Limit	None
Monthly Service Fee	$5

Chase Premier Savings Account Key Features
APY Range	0.01%–0.02%
Minimum Balance to Earn Highest APY	$0.01
Minimum Deposit	$0
Withdrawal Limit	None
Monthly Service Fee	$25

Although both of Chase Bank’s savings accounts come with monthly maintenance fees, customers have a few different ways to qualify for fee waivers. If you’re interested in opening a savings account with Chase, here’s how to get the bank to waive the cost of your $5 or $25 monthly fee.

The monthly fee of the basic Chase Savings Account is waived for any of the following situations:

$300 (or higher) balance at the beginning of each day
$25 in automatic transfers or Autosave from your personal Chase checking account
Link a Chase College Checking account for overdraft protection
Link a Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking account
Accountholder under the age of 18

The monthly fee of the Chase Premier Savings Account is waived for any of the following situations:

$15,000 (or higher) balance at the beginning of each day
Link a Chase Premier Plus Checking or Chase Sapphire Checking account

Although Chase’s savings accounts once came with withdrawal limits, they do not currently have any limits. You can make as many withdrawals as you'd like each month for no charge.

Pros and Cons of Chase Savings Accounts

Pros

No minimum deposit requirements
Doesn't charge excess withdrawal fees
Easy access to funds

Cons

Below-average interest rates
Monthly fees
No additional features

Pros

No minimum deposit requirements: Some savings accounts require you to make a minimum deposit when you open your account, but neither the Chase Savings nor the Chase Premier Savings account has this requirement.
Doesn't charge excess withdrawal fees: While the bank's deposit agreement used to include a $5 fee for each withdrawal beyond the sixth each month, it no longer includes that fee.
Easy access to funds: You can access your savings by making an instant transfer to your Chase checking account or by stopping at a Chase ATM or branch. In contrast, many online savings accounts have no ATM or branch access, and you may need to transfer funds to an external bank account to gain access, which can take a few days.

Cons

Below-average interest rates: If you're hoping to earn good interest on your savings, you'll need to look elsewhere. Chase savings account interest rates are so low that even a significant balance may only earn pennies each month. Compare them to what you could earn with a high-yield savings account and you’ll see quite a difference.
Monthly fees: While there are ways to get the monthly fees waived, they’re still a hurdle you don't have to overcome with many other savings accounts on the market (which often have better rates, too).
No additional features: Some banks offer extra features with their savings accounts, such as the ability to create individual savings goals within one account, to open multiple savings accounts to track separate goals, or even round up debit card purchases and save the difference. With Chase, however, you'll get just a basic savings account.

In the News:

The Fed held rates steady for a seventh consecutive time at its June 12 meeting. The federal funds rate is at its highest level since 2001, but Fed officials are projecting one or possibly two rate cuts before the end of the year. CD yields closely follow the fed funds rate. Back in October, CD rates reached peaks not seen in more than 20 years, but once the Fed starts cutting rates, CD rates will fall.

Because savings account yields closely follow the fed funds rate, the Fed’s current holding pattern has caused savings rates to plateau, and declines should be expected once it appears the Fed is ready to make its first cut.

About Chase: Other Savings Options

As the largest bank in the United States, Chase has the capacity to serve many of your financial needs under one roof. Depending on where you live, it’s likely you have access to one of the bank’s 4,700 in-person branches (although some states do have a limited number of locations). Chase provides a network of around 16,000 Chase Bank ATMs that are free to use.

Chase is well-known for its wide array of credit card products, including some of the most popular rewards credit cards on the market. And Chase also offers some decent bank account bonuses for new banking customers who are eligible for the right accounts through the financial institution.

This large national bank also has another deposit account solution available for customers who are looking for options to store their cash savings: fixed-rate certificates of deposit (CD)s. Customers can open CDs with a variety of terms at varying interest rates; see Chase’s CD rates for more information.

Alternatives to Chase Savings Accounts

If you're looking to earn more on your savings balance or get access to better features, there are a handful of alternatives worth considering.

Online Savings Account

If you want more features to help you save more money, some online savings accounts offer tools that can help you automatically save more money based on your spending or make it easier to track individual savings goals. The SoFi checking/savings account, for example, allows you to round up purchases to the nearest dollar and transfer the difference to savings.

High-Yield Savings Account

Many online banks, and even some traditional banks and credit unions, provide high-yield savings accounts, which offer APYs much higher than the national average. Some may offer rates as high as 5.0% or better.

Money Market Account

A money market account acts as a hybrid between a checking and savings account, giving you easy access to your funds and often a higher yield on your balance. Just keep in mind that you may still be subject to a monthly withdrawal limit of some kind. Additionally, many money market accounts also charge monthly fees, which can usually be waived much like savings accounts.

CD

If you don't need access to your cash for a while, you may consider locking in a fixed interest rate on a CD. Depending on the financial institution, CD terms can range from less than one month to several years. CDs let you lock in a specific APY for the entire term, unlike savings accounts, but you’ll typically pay a withdrawal penalty if you take out the money before maturity. The best CD accounts are often better than the best savings accounts, but it varies by bank.

U.S. Treasuries

Depending on your savings goals, you may be able to meet those goals and get a good return on your balance by buying U.S. Treasury bonds. T-bills have terms ranging from four weeks to one year.

I Bonds

Series I savings bonds require you to wait at least 12 months before you can redeem (and charge a penalty if you cash in before five years), but they can offer a great way to earn a higher return because they're designed to keep up with inflation.

To determine the best place to put your savings, consider the purpose of the money, when you'll need it, and how often you’ll have to withdraw. If it's an emergency fund, for instance, avoid putting it in an account that requires you to lock in the money for a set period.

Frequently Asked Questions (FAQs)

Is There a Minimum Balance Requirement for Chase Savings Accounts?

Chase Savings Accounts do not have minimum balance requirements to open a new account. However, if you want to avoid paying the $5 monthly fee (Chase Savings account) or the $25 monthly fee (Chase Premier Savings account), you’ll need to either maintain certain account minimums or satisfy other requirements to qualify for a fee waiver each month.

Many financial institutions charge bank fees to increase profits and help cover operating expenses. However, you can find free savings accounts and free checking accounts that offer fee-free banking services if these are important to you.

Why Is Chase Savings Interest So Low?

Banks make money by using customer deposits to fund loans and investments. In exchange, they typically offer interest on savings accounts to attract deposits.

That said, traditional banks like Chase typically have higher overhead costs than online banks due to their physical branches. As a result, they often can't afford to pay the same high yields. Additionally, the bank may have sufficient deposits to meet its operating needs and doesn't feel the need to compete with financial institutions that offer higher rates.

How Do You Open a Chase Savings Account?

You can open a Chase savings account at a local Chase branch or through the bank's website. If you're already a Chase customer, you can log in and the bank will pre-fill your application with information it has on file.

Otherwise, you'll need to provide some basic information about yourself, including your name, citizenship status, date of birth, Social Security number, address, and contact information. You'll also need to provide a copy of your driver's license or state ID to verify your identity.
Once you submit your application, you should receive a decision within seconds.

Are Chase Savings Accounts FDIC-Insured?

Yes, all Chase Bank deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC). With FDIC insurance, your deposits are protected for up to $250,000 (per ownership category) in the unlikely event of a bank failure.

Does Chase Have a High-Yield Savings Account?

Chase Bank does not currently offer a high-yield savings account option. Although for the most part it’s a full-service bank, it does not offer money market accounts either. To see the top rates on the market today, take a look at the best high-yield savings accounts or the best money market account rates.

How Often Do Chase Savings Accounts Pay Interest?

Chase Bank compounds interest paid to its customers on a monthly basis. The bank credits any interest earned to its customers’ deposit accounts once a month as well.

Compare Chase Savings Account Rates

Chase Savings Accounts: Key Features

Pros and Cons of Chase Savings Accounts

Pros

Cons

In the News:

About Chase: Other Savings Options

Alternatives to Chase Savings Accounts

Online Savings Account

High-Yield Savings Account

Money Market Account

CD

U.S. Treasuries

I Bonds

Frequently Asked Questions (FAQs)

Is There a Minimum Balance Requirement for Chase Savings Accounts?

Why Is Chase Savings Interest So Low?

How Do You Open a Chase Savings Account?

Are Chase Savings Accounts FDIC-Insured?

Does Chase Have a High-Yield Savings Account?

How Often Do Chase Savings Accounts Pay Interest?

Your Guide to Savings Accounts