Chase savings account rates change monthly and depend on the account type
Chase does not publish a single interest rate for all savings accounts. The rate you earn depends on which account you hold, how much money is in it, and the current market. Chase adjusts rates monthly based on Federal Reserve decisions and competitive pressure, so the rate today may not be the rate next month.
The three main Chase savings products are Chase Savings, Chase Premier Savings, and Chase Sapphire Savings. Each pays a different rate. Chase Savings typically pays the lowest rate. Chase Premier Savings pays more if you maintain a higher balance. Chase Sapphire Savings, linked to the Sapphire credit card, pays the highest rate of the three.
To find the current rate for your specific account, log into your Chase account online or call 1-800-935-9935. The rate appears in your account details and on statements. Chase also posts current rates on its website, though the posted rate may differ slightly from what you actually earn if your balance falls below the minimum.
Key Takeaways
- Chase savings rates vary by account type: Chase Savings, Chase Premier Savings, and Chase Sapphire Savings each pay different rates.
- Rates change monthly and are not fixed, so the rate you earn today may be lower or higher in 30 days.
- Your actual rate depends on your account balance and which product you hold, not on how long you have been a customer.
- You can see your current rate by logging into your Chase account, calling customer service, or checking Chase's website.
How Chase determines which rate you earn
Chase uses a tiered rate structure for Premier Savings. If your balance is below $25,000, you earn one rate. If it reaches $25,000 or higher, you earn a higher rate. The exact tiers and rates change, so the breakpoint may shift. Sapphire Savings does not use tiers—all cardholders earn the same rate regardless of balance.
Chase Savings has no balance tiers. Everyone with a Chase Savings account earns the same rate, though that rate is typically lower than Premier or Sapphire. If you have multiple accounts at Chase, each earns its own rate based on its type.
Why Chase rates are lower than some competitors
Chase is a large national bank with thousands of branches and ATMs. Maintaining that physical network costs money, so Chase does not need to offer the highest rates to attract deposits. Online-only banks like Ally, Marcus, and Discover have no branches, so they can pay higher rates on savings because their costs are lower.
If you prioritize convenience—being able to walk into a branch or use 16,000 Chase ATMs—you will earn less interest than you would at an online bank. If you prioritize interest earnings, an online savings account will pay more. There is no right choice; it depends on what matters to you.
How often Chase compounds and credits interest
Chase compounds interest daily and credits it to your account monthly. This means interest is calculated on your balance every single day, but you see the money appear in your account once a month, usually around the first business day of the next month.
Daily compounding is standard across the banking industry. It means you earn a small amount of interest on the interest you earned the previous day. Over a year, this compounds to slightly more than if interest were credited only once. The difference is small on savings accounts but measurable on larger balances.
Minimum balance requirements and fees
Chase Savings requires a $0 minimum to open and earn interest. Chase Premier Savings requires $25,000 to earn the higher tier rate; below that, you earn the lower rate. Chase Sapphire Savings requires you to hold the Sapphire credit card but has no minimum balance.
None of these accounts charge a monthly maintenance fee. Chase does charge a fee if you exceed six withdrawals or transfers in a month (a federal rule that applies to most savings accounts), but the fee is waived if you use Chase's mobile app or online banking for transfers.
How to compare Chase rates to other banks
Use a rate comparison site like Bankrate, DepositAccounts, or DepositAccounts to see what other banks are currently paying. These sites update daily and show rates from hundreds of banks side by side. You can filter by account type, minimum balance, and whether you want a national bank or online-only option.
When comparing, look at the annual percentage yield (APY), not just the interest rate. APY includes the effect of compounding, so it is the true number to compare across banks. A bank advertising "0.50% APY" is paying more than one advertising "0.49% APY," even if the difference sounds small.
What happens to your rate if the Federal Reserve changes policy
When the Federal Reserve raises or lowers its benchmark rate, banks typically adjust savings rates within days or weeks. If the Fed raises rates, Chase usually raises its savings rates. If the Fed cuts rates, Chase usually cuts its savings rates. The change is not automatic—Chase makes its own decision—but the direction is almost always the same.
You do not need to do anything when rates change. Your account automatically earns the new rate. You will not receive a notice from Chase unless the rate drops significantly, though you can always check your account to see the current rate.
Frequently Asked Questions
Can I lock in a rate so it does not go down?
No. Savings account rates are variable, meaning Chase can change them at any time. If you want a may provide rate, you need a certificate of deposit (CD), which locks in a rate for a set term—typically three months to five years. Chase offers CDs, and the rate is fixed for the entire term.
Is the rate the same if I have a Chase checking account?
No. Your checking account and savings account are separate products with separate rates. Checking accounts typically earn no interest or a very small amount. Savings accounts earn the rate posted for that account type. Having both does not change either rate.
What is the difference between APR and APY?
APR is the annual percentage rate without compounding. APY is the annual percentage yield and includes the effect of daily compounding. For savings accounts, always compare APY, not APR. The APY is always slightly higher and is the true rate you earn.
Do I pay taxes on the interest I earn?
Yes. Interest earned on a savings account is taxable income. Chase sends you a 1099-INT form in January showing how much interest you earned in the previous year. You report this on your tax return. The amount is usually small, but it still counts as income.
Can I move money between my Chase savings and checking account without losing interest?
Yes. Transferring money between your own accounts does not affect the interest rate on either account. You can move money as often as you want. The six-withdrawal limit applies only to external transfers (to other banks) or withdrawals, not to transfers between your own Chase accounts.