Yes, Chase offers money market accounts with variable interest rates
Chase Bank offers money market accounts under the name Chase Money Market Account. These accounts sit between a regular savings account and a certificate of deposit (CD) in terms of how they work: you earn interest on your balance, but the rate changes based on market conditions and Chase's decisions, not a fixed schedule. The rate you receive depends on your account balance and current market rates.
Money market accounts at Chase come with check-writing privileges and a debit card, which regular savings accounts also offer. However, federal rules limit you to six transfers or withdrawals per month from the savings portion of the account—going over that limit can result in fees or account closure. Checks and in-person withdrawals at a branch do not count toward this limit.
Chase offers different money market account tiers based on how much you deposit. Higher balances typically earn higher interest rates, though Chase adjusts all rates periodically regardless of your balance size.
Key Takeaways
- Chase money market accounts earn variable interest rates that change based on market conditions and your account balance tier.
- You can write checks and use a debit card, but federal rules cap transfers and withdrawals at six per month.
- Interest rates are higher than regular Chase savings accounts but lower than Chase CDs with fixed terms.
- Minimum deposit requirements and rate tiers vary, so contact Chase directly or visit a branch to see current terms.
How Chase money market rates compare to other Chase savings products
Chase money market accounts typically pay more interest than a Chase regular savings account, which earns minimal interest. However, they usually pay less than a Chase CD, where you lock money away for a set period (three months, six months, one year, or longer) in exchange for a may provide fixed rate.
The trade-off is flexibility. With a money market account, you can access your money whenever you need it without penalty. With a CD, withdrawing early triggers an early withdrawal penalty that reduces your earnings. With a regular savings account, you earn almost nothing but have complete flexibility.
Chase also offers Chase High Yield Savings Account in some markets, which may pay rates closer to or sometimes higher than money market accounts. Rates change frequently, so comparing current offers at your local Chase branch or online is the only way to know which product pays the most right now.
Minimum deposits and balance tiers for Chase money market accounts
Chase money market accounts require a minimum opening deposit, though the amount varies by account type and region. Some Chase branches offer money market accounts with no minimum deposit, while others require $2,500 or more. The best way to find out what your local branch requires is to ask directly or check Chase's website for your state.
Once your account is open, Chase typically organizes money market accounts into balance tiers. A tier might look like this: balances under $10,000 earn one rate, balances from $10,000 to $24,999 earn a higher rate, and balances $25,000 and above earn the highest rate. Chase adjusts these thresholds and the rates themselves periodically, so the tiers you see today may not match what you see in six months.
If your balance drops below the minimum required to keep the account open, Chase may close it or convert it to a different product. Check your account statements or contact Chase to confirm what minimum balance applies to your specific account.
How to open a Chase money market account
You can open a Chase money market account online, by phone, or in person at a Chase branch. Online is usually fastest if you already have a Chase checking or savings account—you can add a money market account in minutes through Chase's website or mobile app.
If you do not have an existing Chase account, you will need to open a checking account first, then add the money market account. You will need a government-issued ID, Social Security number, and an initial deposit. Chase will run a background check through ChexSystems, which is a banking history database.
Once your account is open, you can move money into it from another Chase account or from an outside bank using ACH transfer, wire transfer, or mobile deposit. You can also deposit cash or checks at a Chase branch.
Withdrawal limits and how they work
Federal Regulation D limits you to six transfers or withdrawals per month from the savings portion of a money market account. This limit applies to transfers to other accounts, ACH transfers, and phone or online withdrawals. Checks you write and in-person withdrawals at a branch do not count toward this limit.
If you exceed six transfers in a month, Chase may charge a fee (typically $10 per excess transaction) or close your account. Some banks have relaxed this rule during certain periods, but Chase enforces it as written. If you need to move money frequently, a regular checking account is a better choice than a money market account.
The six-transfer limit resets on the first day of each calendar month. If you hit the limit on the 28th, you can make transfers again starting on the 1st of the next month.
Interest rates and how Chase sets them
Chase money market account rates are variable, meaning they change at Chase's discretion. Chase does not announce rate changes in advance—you find out by checking your account online, receiving a notice in the mail, or calling customer service. Rates typically move in the same direction as the Federal Reserve's benchmark rate, but Chase may raise or lower its rates independently.
Your rate depends on which balance tier your account falls into. If you have $5,000, you earn the rate for accounts under $10,000. If you move to $15,000, you move into the next tier and earn a higher rate. If your balance drops back below $10,000, your rate drops back down.
Chase publishes current rates on its website, but those rates apply only to new accounts opened that day. Your existing account rate may differ. To see what rate you are currently earning, log into your online account or call Chase customer service.
Fees and account maintenance
Chase money market accounts do not charge a monthly maintenance fee. However, you may face fees for exceeding the six-transfer limit, overdrafting your account, or requesting a cashier's check. Some Chase branches also charge a fee if you close the account within a certain period after opening it, though this is less common.
If your account balance falls below the minimum required to keep it open, Chase may close it without warning. You will receive the remaining balance by check or transfer to another account. Check your account agreement or ask Chase what the minimum balance requirement is for your specific account.
If you link your money market account to a Chase checking account for overdraft protection, Chase may transfer funds automatically if your checking account goes negative. This can help you avoid overdraft fees, but it counts as a transfer and uses up one of your six monthly transfers.
Frequently Asked Questions
Can I write checks on a Chase money market account?
Yes, Chase money market accounts come with check-writing privileges. Checks you write do not count toward the six-transfer limit, so you can write as many checks as you want in a month. However, you still cannot make more than six electronic transfers or withdrawals per month.
What happens if I need to withdraw money before the end of the month and I have already used my six transfers?
You can still withdraw money by going to a Chase branch in person or writing a check. In-person withdrawals and checks do not count toward the transfer limit. If you need electronic access, you would have to wait until the next month or pay a fee for the excess transfer.
How does a Chase money market account differ from a Chase savings account?
Money market accounts typically pay higher interest rates and come with check-writing privileges and a debit card. Savings accounts pay lower rates but are simpler to manage. Both have the same six-transfer limit per month. If you want the highest rate, compare current offers—sometimes a high-yield savings account pays more than a money market account.
What is the minimum deposit to open a Chase money market account?
Minimum deposits vary by Chase location and account type. Some branches require no minimum, while others require $2,500 or more. Contact your local Chase branch or check Chase's website to find out what applies in your area.
Can I move money from my Chase checking account to my money market account without using my transfer limit?
Transfers between your own Chase accounts may or may not count toward the limit, depending on how you make the transfer. Transfers made through Chase's online banking or mobile app typically do count. Ask Chase customer service which transfer methods do not count toward your limit.