Chase savings accounts earn between 0.01% and 0.35% annual percentage yield (APY), depending on which account you open and current market conditions
Chase offers three main savings products: Chase Savings, Chase Premier Savings, and Chase Secure Banking Savings. The interest rate on each one changes when the Federal Reserve adjusts its benchmark rate, so the exact percentage you earn today will not be the same six months from now. As of now, Chase Savings earns the lowest rate, while Premier Savings earns more if you maintain a higher balance.
The amount you actually earn depends on two things: which account you choose and how much money sits in it. A $1,000 balance earning 0.01% APY generates roughly $0.10 per year. The same $1,000 in an account earning 0.35% APY generates about $3.50 per year. The difference grows with larger balances, but even at higher rates, savings account interest is modest compared to what you might earn in a money market account or certificate of deposit (CD).
Key Takeaways
- Chase Savings earns a lower rate than Chase Premier Savings, and the exact percentage changes when the Federal Reserve moves interest rates.
- Interest compounds daily but is credited monthly, meaning you earn a small amount of interest on your interest each month.
- Checking your current rate requires logging into your Chase account or calling customer service, because rates are not posted prominently on the website.
- Chase savings accounts are FDIC-insured up to $250,000 per account category, so your principal is protected even if the bank fails.
Why Chase savings rates are lower than other banks
Chase is a large national bank with thousands of branches and ATMs. That physical footprint costs money to maintain, and those costs get reflected in lower deposit rates. Online-only banks like Marcus, Ally, and American Express Personal Savings typically offer higher APY on savings accounts because they have no branches to staff or maintain.
Chase also makes money by lending out deposits at higher rates than it pays you. The wider the gap between what it pays depositors and what it charges borrowers, the more profit the bank keeps. Smaller banks and online competitors sometimes narrow that gap to attract deposits, which is why you will see 4% or higher APY at some online banks while Chase offers less than 1%.
If you keep most of your money at Chase for convenience—checking, credit cards, loans—the lower savings rate may be worth the trade-off. If you are specifically looking to maximize interest earned on savings, moving money to a higher-yield account elsewhere makes mathematical sense.
How interest is calculated and when you see it
Chase calculates interest daily using your account balance at the end of each day. That daily interest accrues (builds up) throughout the month. On the last day of each month, Chase credits the total accrued interest to your account as a deposit. You then earn interest on that interest the following month—this is called compounding.
The compounding effect is tiny at current rates. On a $10,000 balance earning 0.35% APY, you earn roughly $35 in the first year. In year two, you earn interest on $10,035, which adds about $0.12 more. The benefit grows over decades, but it is not dramatic at savings account rates.
You can see your interest earnings in your monthly statement or by logging into your Chase account online. The deposit will appear as a credit labeled "Interest Paid" or similar. If you do not see it, check that your account is actually a savings product—some checking accounts earn no interest at all.
The difference between Chase Savings and Premier Savings
Chase Savings is the basic option. It has no monthly fee and no minimum balance requirement. The interest rate is the lowest of Chase's savings products.
Chase Premier Savings requires a higher opening balance (typically $25,000 or more, though this varies) and pays a higher APY. If you maintain the minimum balance, you also get perks like waived wire transfer fees and priority customer service. If your balance drops below the minimum, the rate drops to match regular Chase Savings.
Chase Secure Banking Savings is designed for customers with low or no credit history. It requires a small deposit (often $25 to $100) that acts as collateral and earns interest at a rate similar to or slightly higher than regular Chase Savings.
For most people, the difference in interest earned between these accounts is small. A $25,000 balance earning an extra 0.10% APY generates only $25 more per year than the basic account. The choice usually comes down to whether you have the minimum balance and whether you value the other perks.
How Federal Reserve rate changes affect your earnings
The Federal Reserve does not set savings account rates directly. Instead, it sets the federal funds rate—the interest rate banks charge each other for overnight loans. When the Fed raises or lowers this rate, banks adjust what they pay depositors and charge borrowers over time.
Chase typically raises savings rates when the Fed raises rates, but the increase is often smaller and slower than the Fed's move. When the Fed cuts rates, Chase cuts deposit rates faster than it cuts loan rates. This asymmetry is how banks protect their profit margins during rate cycles.
If you are earning 0.35% today and the Fed cuts rates by 0.50%, your Chase rate will likely drop, but probably not by the full 0.50%. You might see it fall to 0.10% or 0.15% instead. Conversely, if rates rise, your earnings will improve, but again, usually by less than the Fed's increase.
Comparing Chase to other savings options
A money market account at Chase typically earns a higher rate than savings accounts, though it may require a larger minimum balance and limits how many withdrawals you can make per month. A certificate of deposit (CD) locks your money away for a set term (3 months, 1 year, 5 years) but pays a fixed rate that is usually higher than savings or money market accounts. If you withdraw early, you pay a penalty.
Online banks often offer savings rates 10 to 20 times higher than Chase. If you have $50,000 in Chase Savings earning 0.01%, moving it to an online bank earning 4.50% would generate roughly $2,250 more per year. The trade-off is no physical branch access and a less familiar interface.
High-yield savings accounts (HYSAs) at online banks are FDIC-insured just like Chase, so your money is equally safe. The only real disadvantage is convenience—you cannot walk into a branch or use a Chase ATM.
What to do if you want higher earnings on your savings
First, check your current Chase rate by logging into your account or calling 1-800-935-9935. Write down the exact percentage so you can compare it to other options.
Next, decide whether the convenience of keeping money at Chase is worth the lower rate. If you use Chase checking, have a mortgage there, or value branch access, staying put may make sense. If you are purely looking to maximize interest, moving some or all of your savings to a higher-yield account elsewhere is straightforward.
You can also split your savings: keep an emergency fund at Chase for quick access, and move longer-term savings to a CD or online savings account. CDs lock money away but pay more. Online savings accounts offer nearly the same liquidity as Chase but with higher rates. Neither choice is wrong—it depends on when you think you will need the money.
Frequently Asked Questions
Does Chase charge a monthly fee on savings accounts?
Chase Savings has no monthly maintenance fee. Chase Premier Savings also has no fee as long as you maintain the required minimum balance. If your balance drops below the minimum, some versions of Premier Savings charge a monthly fee, though this varies by region and account type. Check your account agreement or call Chase to confirm.
Can I withdraw money from my Chase savings account anytime?
Yes. Savings accounts have no withdrawal restrictions. You can take money out whenever you want without penalty. However, federal rules once limited savings withdrawals to six per month; those rules were suspended in 2020 and have not been reinstated, so limits are now set by individual banks. Chase does not currently enforce a withdrawal limit.
Is my money safe in a Chase savings account?
Yes. Chase savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account category. If Chase fails, the FDIC will return your money up to that limit. If you have multiple savings accounts at Chase, each one is insured separately up to $250,000.
How often does Chase change its savings interest rate?
Chase can change rates at any time without notice. Rate changes usually happen when the Federal Reserve moves its benchmark rate, but Chase may also adjust independently. You will receive notice of a rate change by mail or email, though the notice often comes after the change takes effect. Check your account regularly or set up alerts to track changes.
What is the difference between APY and APR on a savings account?
APY (annual percentage yield) includes the effect of compounding and tells you the true annual return. APR (annual percentage rate) does not include compounding. Savings accounts always advertise APY because it is the more accurate number. On savings accounts, APY is always higher than APR, though the difference is tiny at current rates.