Chase offers money market accounts through its Chase Bank division, branded as Chase Money Market Accounts
Chase Money Market Accounts are deposit accounts that combine features of savings and checking accounts. They typically come with a debit card, check-writing ability, and interest that varies based on your balance tier. The interest rate changes monthly and depends on how much you keep in the account — higher balances earn higher rates.
These accounts are separate from Chase's standard savings accounts. The main trade-off is that money market accounts usually require a higher minimum balance to open and to avoid monthly fees. In return, you get more ways to access your money and a rate structure designed to reward larger deposits.
Chase money market accounts are FDIC-insured up to $250,000, the same as any other deposit account at the bank. This means your money is protected if Chase fails, though that protection covers all your deposits at Chase combined, not per account.
Key Takeaways
- Chase Money Market Accounts let you write checks and use a debit card while earning interest that varies by balance tier.
- Minimum opening balance and monthly maintenance fees vary by account type and change over time, so you need to check Chase's current terms.
- Interest rates are tiered — the more you keep in the account, the higher the rate you earn on that portion of your balance.
- Your deposits are FDIC-insured up to $250,000 combined across all your Chase deposit accounts, not per account.
- Chase also offers money market savings accounts, which are different products with different features and rate structures.
How Chase money market account interest rates work
Chase uses a tiered rate structure, meaning different portions of your balance earn different rates. For example, the lowest tier might earn 0.01% on balances up to $25,000, while a higher tier earns a better rate on amounts above that. The exact tiers and rates change monthly and vary by location and account type.
You can see the current rates and tiers on Chase's website or by calling 1-800-935-9935. The rates are not fixed — they move with market conditions and Chase's own decisions about what to offer. This is different from a CD (certificate of deposit), where your rate is locked in for a specific term.
Interest is usually credited monthly. The amount you earn depends on your average daily balance during that month and the rate tier your balance falls into. If your balance drops below a tier threshold mid-month, you earn the lower rate on the full month's balance, not just the days you were below the threshold.
Minimum balance requirements and monthly fees
Chase money market accounts require a minimum opening balance, which currently ranges from $2,500 to $25,000 depending on the specific product. This is higher than most Chase savings accounts. If your balance falls below the minimum, Chase charges a monthly maintenance fee, typically $25 to $100.
Some Chase money market accounts waive the monthly fee if you maintain the minimum balance or set up direct deposit. Others waive it if you keep a combined balance across multiple Chase accounts above a certain threshold. The exact waiver conditions depend on which money market product you choose.
These minimums and fees change periodically, so confirm the current terms before opening an account. You can find this information on Chase's website or by visiting a branch.
Money market accounts versus money market savings accounts at Chase
Chase offers two different products with similar names: money market accounts and money market savings accounts. The money market account includes check-writing and a debit card. The money market savings account is closer to a regular savings account — it has no checks or debit card, but may have lower minimums or different fee structures.
Both earn tiered interest rates. Both are FDIC-insured. The choice between them depends on whether you need to write checks or use a debit card to access your money. If you do, the money market account is the right choice. If you just want a savings account with higher interest for larger balances, the money market savings account may be simpler.
Ask a Chase representative which product fits your situation, or compare the current terms on Chase's website.
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 — you'll need your Social Security number, a government-issued ID, and your initial deposit method (debit card, bank account, or check).
If you already have a Chase checking or savings account, opening a money market account takes about 10 minutes online. If you're new to Chase, the process takes longer because Chase will verify your identity and run a background check through ChexSystems, a banking history database.
Once your account is open, you can request checks and a debit card. Checks usually arrive within 7 to 10 business days. The debit card may arrive sooner or you can use a temporary digital card immediately through the Chase mobile app.
Withdrawal limits and how to access your money
Money market accounts have no federal limit on withdrawals, unlike savings accounts (which historically had a six-per-month limit, though that rule is no longer enforced). You can write checks, use your debit card at ATMs and merchants, transfer money online, or visit a branch to withdraw cash.
Transfers between your Chase accounts are instant online. Transfers to accounts outside Chase take 1 to 3 business days through ACH (Automated Clearing House). Wire transfers are faster — usually same-day if you initiate before 2 p.m. ET — but Chase charges a fee, typically $15 to $25.
ATM withdrawals are free at any Chase ATM. Withdrawals at other banks' ATMs may incur a fee from that bank; Chase does not charge you for the withdrawal itself.
When a money market account makes sense
A Chase money market account is useful if you have a larger balance (at least $2,500 to $10,000) that you want to keep accessible while earning interest. It works well for an emergency fund, a down payment you're saving for, or money you need to access frequently but don't need in a checking account.
If your balance is smaller, a regular Chase savings account or high-yield savings account from another bank may be better — they have lower minimums and no monthly fees. If you want to lock in a rate for a set period, a CD is a better choice than a money market account.
Compare the current Chase money market rate to rates at other banks before deciding. Online banks and credit unions often offer higher rates on savings products, even with lower minimums. The advantage of Chase is convenience if you already bank there, not necessarily the best rate.
Frequently Asked Questions
What happens if my balance drops below the minimum?
Chase charges a monthly maintenance fee, usually $25 to $100. Some accounts waive the fee if you maintain the minimum or meet other conditions like direct deposit. If you know your balance will drop, contact Chase to discuss your options — they may be able to waive a fee or move your money to a different account type.
Can I use my money market account debit card everywhere?
Yes, the debit card works at any merchant that accepts Visa (which is what Chase uses). You can also use it to withdraw cash at any ATM, though non-Chase ATMs may charge you a fee. There is no limit on how often you use the card.
Is the interest rate may provide?
No. Chase can change the rate at any time, and it usually does monthly. The rate is not locked in like a CD rate. If rates drop, your earnings drop. If rates rise, your earnings rise. You can move your money to a different account or bank if you're unhappy with the rate.
How is a money market account different from a savings account?
A money market account includes check-writing and a debit card, while a savings account typically does not. Money market accounts usually require a higher minimum balance and have tiered interest rates. Savings accounts are simpler but may earn less interest on large balances.
Are my deposits insured if Chase fails?
Yes, up to $250,000 total across all your Chase deposit accounts combined. This FDIC insurance is automatic — you do not need to do anything. If you have more than $250,000 at Chase, the amount above that is not insured.