Yes, Chase offers savings accounts with interest, but the rate is low and varies by account type

Chase has three main savings products: Chase Savings, Chase Premier Savings, and Chase Secure Savings. All three earn interest, but the rates are typically well below what you'll find at online banks or credit unions. As of now, Chase Savings earns around 0.01% APY (annual percentage yield), while Chase Premier Savings earns slightly more for customers who maintain higher balances. The exact rate changes without notice and may differ based on your location and account balance.

The trade-off is convenience: you get a Chase debit card, access to 4,700+ Chase branches and 15,000+ ATMs nationwide, and the ability to manage your account through Chase's app or website. If you're already banking with Chase for checking, keeping savings there means one login and one statement. But if earning interest is your main goal, the rate won't compete with online savings accounts, which often pay 4% to 5% APY.

Key Takeaways

  • Chase Savings earns interest at a very low rate (around 0.01% APY), which means $10,000 would earn roughly $1 per year.
  • Chase Premier Savings offers a higher rate for balances of $25,000 or more, though it still lags behind online banks.
  • The interest rate can change at any time and may vary by state or account tier.
  • You'll pay a monthly service fee ($5 for Chase Savings, $25 for Chase Premier Savings) unless you meet balance or direct deposit requirements.

How Chase interest rates compare to other banks

Online banks like Marcus, Ally, and American Express Personal Savings currently offer rates between 4% and 5% APY on savings accounts with no monthly fees. A $10,000 deposit would earn $400 to $500 per year at those rates, compared to $1 at Chase. Credit unions often offer competitive rates as well, especially if you're a member.

Chase's advantage is not interest—it's branch access and integration with a checking account you may already have. If you keep less than $25,000 in savings and value the convenience of walking into a branch or using Chase's app ecosystem, the low rate may be worth it. If you're trying to maximize interest earnings, Chase is not the right choice.

What fees apply to Chase savings accounts

Chase Savings charges a $5 monthly maintenance fee unless you maintain a minimum balance of $300 or set up direct deposit of at least $500 per month. Chase Premier Savings charges $25 per month unless you keep $25,000 in the account or have a linked Chase Premier Checking account.

These fees can wipe out the interest you earn. On a $1,000 balance earning 0.01% APY, you'd earn about 10 cents per year but pay $60 in annual fees. The math only works if you either meet the balance threshold or may have access to for the direct deposit waiver.

Chase Secure Savings for building credit

Chase Secure Savings is different from the other two: it's designed to help you build credit history if you have no credit or poor credit. You deposit money into the account, and Chase reports your account activity to the credit bureaus. The interest rate is very low (around 0.01% APY), and there's a $300 minimum deposit required.

The real value is the credit-building feature, not the interest. If you're trying to establish a credit file or recover from past credit problems, this account makes sense. If you already have good credit and just want to earn interest on savings, use a regular savings account elsewhere.

How to open a Chase savings account

You can open a Chase savings account online through Chase.com, on the Chase mobile app, or in person at any Chase branch. You'll need a Social Security number, government-issued ID, and an initial deposit (usually $0 to $25 depending on the account type). If you already have a Chase checking account, opening savings takes about 5 minutes online.

Once opened, you can transfer money between your Chase checking and savings accounts instantly through the app or online banking. You can also set up automatic transfers to move money into savings on a schedule—useful if you want to build the account without thinking about it.

When a Chase savings account makes sense

A Chase savings account is practical if you use Chase for checking and want a simple place to park money short-term. It's also reasonable if you're building an emergency fund and plan to keep it for only a few months before using it. The low interest rate matters less when you're not leaving money there long-term.

A Chase savings account does not make sense if you're trying to save for a goal years away and want your money to grow. In that case, an online savings account at 4%+ APY will give you significantly more money without any extra effort on your part. The difference compounds: $10,000 at 0.01% grows to $10,001 in a year; $10,000 at 4.5% grows to $10,450.

Moving money out of Chase savings

If you decide Chase savings isn't right for you, transferring your money out is straightforward. You can move funds to another bank's savings account by initiating an external transfer through Chase's website or app. The transfer usually takes 1 to 3 business days. There's no penalty for closing the account—you can do it online or by calling Chase.

Before you close, make sure you've withdrawn or transferred all your money. Once the account is closed, you won't earn interest on any remaining balance, and Chase may charge a fee if money sits there unclaimed.

Frequently Asked Questions

What's the current interest rate on Chase Savings?

Chase Savings currently earns around 0.01% APY, though the exact rate can change without notice and may vary by state. Check Chase.com or call 1-800-935-9935 to confirm the current rate for your location before opening an account.

Do I have to pay a monthly fee?

Chase Savings charges $5 per month unless you maintain a $300 minimum balance or set up direct deposit of $500 or more per month. Premier Savings charges $25 per month unless you keep $25,000 in the account or link it to Premier Checking.

Can I withdraw money whenever I want?

Yes. Federal law used to limit savings withdrawals to six per month, but that rule was suspended. You can withdraw money from Chase Savings as often as you need without penalty. Transfers to external accounts typically take 1 to 3 business days.

Is my money safe in a Chase savings account?

Yes. Chase is a member of the FDIC (Federal Deposit Insurance Corporation), which means deposits up to $250,000 per account type are protected if the bank fails. Your savings account is insured separately from your checking account.

Should I move my savings to an online bank?

If earning interest is your priority, yes—online banks pay 4% to 5% APY compared to Chase's 0.01%. If you value branch access and prefer keeping all your accounts in one place, the convenience may be worth the lower rate. The choice depends on what matters more to you.