Chase savings accounts pay between 0.01% and 4.75% annual percentage yield, depending on the account type and balance tier

Chase offers several savings products, and the rate you earn depends on which account you open. The Chase Savings Account (their standard option) currently pays around 0.01% APY on most balances. The Chase Premier Savings account pays higher rates if you maintain larger balances — typically 0.04% to 0.05% APY depending on your balance tier. The Chase First Banking savings component pays around 0.01% APY.

If you want the highest rate Chase currently offers, the Chase High-Yield Savings Account pays up to 4.75% APY, but only on balances up to $500,000. Balances above that threshold drop to a much lower rate. This account also requires a $25,000 minimum opening deposit and has a monthly fee ($25) unless you meet specific conditions like maintaining that $25,000 minimum or having a may have access to Chase checking account linked to it.

Interest rates change frequently and vary by market conditions. Chase updates its rates without notice, so the percentage you see today may not be what you earn next month. You can check the current rate on Chase's website or by calling 1-800-935-9935.

Key Takeaways

  • Chase's standard savings account pays 0.01% APY, which is well below what other banks offer for basic savings.
  • The Chase High-Yield Savings Account pays up to 4.75% APY but requires a $25,000 minimum deposit and charges a $25 monthly fee unless you meet balance or linked account requirements.
  • Premier Savings pays tiered rates (0.04% to 0.05% APY) based on your balance, making it better than standard savings but worse than high-yield options.
  • Chase rates are lower than many online banks and credit unions, so comparing before you open an account can save you money over time.
  • Interest rates change without notice, so the rate you lock in today is not may provide to stay the same.

How Chase calculates and pays interest

Chase compounds interest daily and deposits it into your account monthly. This means the interest you earn each day gets added to your balance, and the next day's interest calculation includes that new total. Over time, this compounding effect grows your money faster than simple interest would.

The actual amount you earn depends on your average daily balance for the month. If you deposit $10,000 on the first day of the month and withdraw it on the last day, Chase calculates interest based on the average of all those daily balances, not just the opening or closing balance. The formula is straightforward: (your average daily balance × annual rate) ÷ 365 days = monthly interest.

You can see how much interest you've earned by logging into your Chase account online or through the mobile app. Your monthly statement also lists the interest deposited. If you want to estimate future earnings, use Chase's savings calculator on their website — it shows projected interest based on your deposit amount, rate, and time horizon.

Comparing Chase rates to other banks

Chase's standard savings account (0.01% APY) earns almost nothing. A $10,000 deposit would generate about $1 per year in interest. Online banks like Marcus, Ally, and American Express currently offer high-yield savings accounts paying 4.0% to 4.75% APY with no minimum deposit and no monthly fee. Credit unions often offer competitive rates as well, sometimes higher than Chase's high-yield option.

The trade-off is convenience. If you already bank with Chase and use their checking account, keeping savings there means one login and one statement. But if you're opening a new account purely for savings, the rate difference matters. Moving $50,000 from Chase standard savings (0.01%) to a 4.5% account elsewhere means earning roughly $2,250 more per year — money that stays in your pocket instead of Chase's.

Chase's high-yield savings account (4.75% APY) is competitive with the best rates available, but the $25,000 minimum deposit and $25 monthly fee create barriers. If you can't maintain the minimum or don't have a may have access to linked account, you'll pay $300 per year in fees, which erodes your interest earnings significantly.

Minimum deposits and account fees

Chase Savings Account requires a $25 minimum opening deposit. There is no monthly maintenance fee, but you'll earn almost no interest. Premier Savings also requires $25 to open, with no monthly fee.

Chase High-Yield Savings Account requires $25,000 to open and charges $25 per month. You can avoid the fee if you maintain the $25,000 minimum balance or if you have a may have access to Chase checking account (like Chase Total Checking or Chase Premier Plus Checking) linked to it. If you fall below $25,000 and don't have a linked checking account, the fee applies every month.

If you're considering the high-yield account, calculate whether the fee makes sense for your situation. On a $25,000 balance earning 4.75% APY, you'd earn roughly $1,187.50 per year. The $300 annual fee ($25 × 12 months) leaves you with $887.50 in net interest — still better than Chase standard savings, but less impressive than it looks on the surface.

When interest rates change and how to stay informed

Chase changes its savings rates in response to Federal Reserve decisions and market competition. When the Fed raises or lowers its benchmark rate, banks typically adjust their savings rates within days or weeks. When competitors offer higher rates, Chase sometimes follows — but not always immediately.

You won't receive a notice every time Chase adjusts rates. The best way to stay informed is to check Chase's website directly or log into your account and look at the current rate disclosure. You can also call Chase customer service at 1-800-935-9935 and ask what the current rate is on your specific account.

If you're holding money in a Chase savings account and rates drop significantly, you have the option to move your money to another bank. There's no penalty for closing a Chase savings account or transferring funds out. Some people keep a small amount in Chase savings for convenience and move larger sums to higher-paying accounts elsewhere.

How to open a Chase savings account

You can open a Chase Savings Account or Premier Savings online at chase.com, in a Chase branch, or by phone at 1-800-935-9935. You'll need a Social Security number, government-issued ID, and an initial deposit (minimum $25). If you already have a Chase checking account, opening savings takes about 5 minutes online.

To open a Chase High-Yield Savings Account, you must have $25,000 ready to deposit at opening. You can fund it from another Chase account, an external bank account, or a wire transfer. The process is the same — online, in branch, or by phone — but the higher minimum means you should confirm the current rate and fee structure before you proceed.

Once your account is open, you can transfer money between your Chase accounts instantly online or through the app. Transfers from external banks take 1 to 3 business days. You can also set up automatic transfers if you want to move money to savings on a regular schedule.

Frequently Asked Questions

Can I earn more interest by moving money between Chase accounts?

No. Moving money from a Chase checking account to a Chase savings account doesn't change the rate you earn — it just moves the money to an account designed to hold it. The rate depends on which savings product you choose, not how often you move money around.

What happens to my interest if I withdraw money mid-month?

Chase calculates interest based on your average daily balance for the entire month, so a mid-month withdrawal reduces the amount of interest you earn that month. If you deposit $10,000 on day 1 and withdraw $5,000 on day 15, your average daily balance is $7,500, and your interest is calculated on that lower amount.

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. Your savings account balance is protected up to that limit. If you have more than $250,000, consider splitting it across multiple banks or opening a joint account (which gets its own $250,000 coverage).

Can I use a Chase savings account as an emergency fund?

Yes, but the low interest rate makes it less attractive than other options. A Chase savings account is liquid — you can withdraw money anytime without penalty — so it works as an emergency fund. However, you'd earn more interest in a high-yield savings account at another bank, and the money is still accessible within 1 to 3 business days if you need it.

Do I have to keep a minimum balance in my Chase savings account?

For Chase Savings and Premier Savings, there is no minimum balance requirement after opening. For Chase High-Yield Savings, you must maintain $25,000 to avoid the monthly fee (unless you have a may have access to linked checking account). If your balance drops below $25,000 and you don't have the linked account, you'll be charged $25 per month.