Chase savings account interest rates vary by account type and change regularly

Chase does not publish a single interest rate for all savings accounts. The rate you earn depends on which account you open, how much you deposit, and when you open it. Chase adjusts rates based on what the Federal Reserve does with its benchmark rate, so the amount you earn today will not be the same next month or next year.

The most common Chase savings account is the Chase Savings Bank account. As of early 2024, this account earns less than 0.01% annual percentage yield (APY) on most balances. That means if you keep $1,000 in the account for a year, you earn less than 10 cents. Chase also offers a Chase Premier Savings account for customers who maintain higher balances, which may earn a slightly higher rate, but still typically under 0.05% APY.

Chase also offers a Chase High Yield Savings account through its online banking division, which earns a higher rate than the standard savings account—but you must open it through Chase Bank's online platform, not at a branch. This account has earned rates between 4% and 5% APY at various points, though the exact rate changes when the Federal Reserve adjusts interest rates.

Key Takeaways

  • Chase's standard savings account earns less than 0.01% APY, which means you earn almost nothing on your balance.
  • Chase's High Yield Savings account earns a much higher rate—currently between 4% and 5% APY depending on when you opened it—but you must open it online, not at a branch.
  • All Chase savings rates change when the Federal Reserve adjusts its benchmark rate, so the rate you see today may be different in a few months.
  • You can check your current rate by logging into your Chase account online or calling the customer service number on the back of your debit card.

Why Chase's standard savings account pays so little

Banks like Chase set savings rates based on what they can earn by lending your money out. When the Federal Reserve keeps its benchmark rate low, banks earn less on loans, so they pay less on deposits. Chase's standard savings account is also designed for customers who want the convenience of a branch location and a debit card, not for customers trying to maximize interest earnings.

If you keep money in a Chase standard savings account, you are paying for the ability to walk into a branch and withdraw cash the same day. That service costs Chase money, so they pass the cost to you by paying almost no interest. This is true at most large banks with physical branches.

How Chase's High Yield Savings account works differently

Chase's High Yield Savings account has no branches and no debit card. You access it only through online banking, mobile app, or phone. Because Chase does not have to staff branches or process debit card transactions, they can pay you a higher rate on your balance.

To open a Chase High Yield Savings account, you must already be a Chase customer or open a regular checking account first. You cannot walk into a branch and ask for one. Once you open it, you can transfer money between your High Yield Savings account and your other Chase accounts instantly through the app or website.

The High Yield Savings account also comes with a limit: you can make only six withdrawals or transfers per month before Chase charges you a fee. This limit exists because the account is designed for saving, not for frequent spending. If you need to move money in and out constantly, a checking account is a better choice.

How to find Chase's current rates

Chase publishes its savings rates on its website, but the rates shown are often not the rate you will receive. The rate depends on when you opened your account and which product you chose. A customer who opened a High Yield Savings account six months ago may earn a different rate than someone who opens one today.

The most reliable way to see your own rate is to log into your Chase account online or through the mobile app. Your account details page will show your current APY. You can also call the customer service number on the back of your debit card and ask a representative to tell you your rate.

If you want to compare Chase's rates to other banks, visit the websites of online banks like Ally, Marcus, or American Express Personal Savings. These banks often publish their rates clearly and offer rates similar to or higher than Chase's High Yield Savings account.

When Chase changes its savings rates

Chase changes savings rates when the Federal Reserve adjusts its benchmark interest rate. The Federal Reserve typically meets eight times per year to decide whether to raise, lower, or hold its rate steady. When the Fed raises rates, banks usually raise savings rates within days or weeks. When the Fed lowers rates, banks lower savings rates more slowly, sometimes taking months.

Chase does not announce rate changes in advance. You will not receive a notice before your rate drops. The best way to stay informed is to check your account online once a month or sign up for email alerts through your Chase account settings if that option is available.

Comparing Chase savings to money market accounts and CDs

If you want to earn more interest than a savings account pays, Chase offers other products. A money market account at Chase typically pays a rate similar to the High Yield Savings account but requires a higher opening deposit and may offer check-writing privileges. A certificate of deposit (CD) locks your money away for a set period—usually three months to five years—and pays a fixed rate that does not change, even if the Federal Reserve raises rates.

CDs pay higher rates than savings accounts because you agree not to touch the money. If you withdraw before the term ends, Chase charges an early withdrawal penalty, which can wipe out all the interest you earned. Money market accounts offer more flexibility than CDs but usually require you to keep a larger balance to earn the advertised rate.

If you have money you will not need for six months or longer, a CD may earn you more interest than a savings account. If you need access to your money at any time, a High Yield Savings account is usually the better choice.

What happens to your interest if you close your account

If you close a Chase savings account, you receive the interest you earned up to the day you close it. Chase does not take back interest or charge you for closing the account. You can withdraw your full balance plus all accrued interest and move it to another bank.

Interest is calculated daily but paid monthly. If you close your account on the 15th of the month, you receive interest for the 15 days you held the account that month, paid on the last day of the month. If you close before the last day of the month, you may not see that month's interest deposit, but it will be mailed to you or added to your account before it closes.

Frequently Asked Questions

Does Chase charge a monthly fee on savings accounts?

Chase's standard savings account has no monthly maintenance fee. The High Yield Savings account also has no monthly fee. However, both accounts charge a fee if you exceed six withdrawals or transfers per month, which is a federal rule that applies to most savings accounts, not just Chase.

Can I earn interest on a Chase checking account?

Most Chase checking accounts earn no interest or earn less than 0.01% APY. Chase does offer a few premium checking accounts that pay slightly higher rates, but these accounts require you to maintain a very high balance or meet other conditions like direct deposit requirements.

Is my money safe in a Chase savings account?

Yes. Chase is a member of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to $250,000 per account holder per bank. If Chase fails, the FDIC will return your money up to that limit. This protection applies to all Chase savings accounts.

How often does Chase pay interest?

Chase calculates interest daily but deposits it into your account once per month, usually on the last day of the month. The interest is added to your balance automatically, so you do not need to do anything to receive it.

Can I move money from my Chase savings account to another bank?

Yes. You can transfer money from your Chase savings account to any other bank account you own. You can do this through Chase's website or app by adding the other bank as an external account, or you can ask the other bank to pull the money using your Chase account number and routing number.