Chase offers checking, savings, money market, and CD accounts, each built for a different way you handle money

Chase has four main account types for everyday banking: checking accounts (for spending and bill pay), savings accounts (for money you want to set aside and earn interest on), money market accounts (a hybrid that pays higher interest but limits how often you can withdraw), and certificates of deposit or CDs (accounts where you lock money away for a set time in exchange for a may provide interest rate). Which one makes sense depends on whether you need the money soon, how much you have to deposit, and what interest rate matters to you.

Chase also offers retirement accounts (IRAs), investment accounts, and business accounts, but those are separate products with their own rules and are designed for specific purposes like retirement savings or business operations.

Key Takeaways

  • Chase checking accounts come in several tiers—some have no monthly fee, others charge $12 to $25 per month but waive it if you keep a minimum balance or set up direct deposit.
  • Savings accounts at Chase earn interest, but the rate is typically lower than what online banks offer; you can open one with as little as $0 in some cases.
  • Money market accounts pay higher interest than savings but restrict you to six withdrawals per month, making them better for money you won't touch often.
  • CDs lock your money for three months to five years; Chase pays a set interest rate, and you pay a penalty if you withdraw early.
  • Business checking and savings accounts work similarly to personal accounts but are designed for sole proprietors, partnerships, and corporations.

Chase Checking Accounts and Their Monthly Costs

Chase offers three main checking accounts: Chase Total Checking, Chase Premier Plus Checking, and Chase Sapphire Checking. Total Checking charges $12 per month but waives the fee if you keep a $500 minimum balance, set up direct deposit, or maintain a linked savings account with at least $500. Premier Plus Checking costs $25 per month and requires either a $15,000 minimum balance or $15,000 in linked accounts; it includes perks like higher ATM reimbursement and priority customer service. Sapphire Checking is $25 per month with a $25,000 minimum balance requirement and is designed for customers who also use Chase investment or wealth management services.

All three come with a debit card, online banking, mobile app access, and the ability to deposit checks by phone camera. Chase reimburses ATM fees at its own machines nationwide, but out-of-network ATM fees vary by account type—Total Checking reimburses up to $2.50 per transaction, while Premier Plus reimburses up to $5. If you do not meet the minimum balance or direct deposit requirement, the monthly fee applies, so confirm which waiver option works for your situation before opening.

Chase Savings Accounts and Interest Rates

Chase offers Chase Savings and Chase Premier Savings. Both earn interest, but the rate changes based on the Federal Reserve's actions and varies by how much money you have in the account. Chase Savings has no monthly fee and no minimum opening deposit; you can start with $0. Premier Savings requires a $10,000 minimum balance to earn the higher interest tier and charges $25 per month if you fall below that threshold.

Interest rates at Chase are typically lower than what you would find at online banks or credit unions, so if maximizing interest is your goal, compare rates before deciding. Both accounts limit you to six withdrawals per month (a federal rule that applies to most savings accounts), and you can link them to a checking account to help meet checking account fee waivers. You can also set up automatic transfers from checking to savings to build a habit of saving.

Money Market Accounts: Higher Interest With Withdrawal Limits

Chase Money Market Account pays a higher interest rate than savings accounts but comes with the same six-withdrawal-per-month limit and a $2,500 minimum opening deposit. There is no monthly fee as long as you keep that minimum balance; if you drop below it, you pay $25 per month. The interest rate is tiered, meaning you earn more on larger balances—Chase publishes these rates on its website, and they change when the Federal Reserve moves rates.

Money market accounts make sense if you have a few thousand dollars you do not plan to touch regularly and want to earn more than a savings account would pay. The withdrawal limit is the trade-off: you can write checks or make transfers, but only six per month. If you need to access your money more often, a savings account is simpler. If you need to access it almost never, a CD will lock in a higher rate.

Certificates of Deposit: Locked Rates for Set Time Periods

A Chase CD is an account where you deposit money for a fixed time—called the term—and Chase pays you a may provide interest rate for that entire period. Chase offers terms ranging from three months to five years. The longer the term, the higher the rate (usually). You can open a CD with as little as $1,000 at Chase, though some terms may have higher minimums.

The catch: if you withdraw money before the term ends, you pay an early withdrawal penalty. The penalty amount depends on the term length—a three-month CD might have a penalty of one month's interest, while a five-year CD might have a penalty of six months' interest. Chase publishes the exact penalty for each term on its CD rates page. CDs are useful if you know you will not need the money for a specific time and want to lock in a rate without worrying about market changes.

Business and Specialty Accounts

Chase also offers Chase Business Checking and Chase Business Savings for sole proprietors, partnerships, and corporations. These work similarly to personal accounts but are designed for business transactions and tax reporting. Business checking accounts typically have higher monthly fees than personal accounts but come with features like unlimited transactions and merchant services integration.

Chase also offers Chase IRAs (traditional and Roth), which are retirement savings accounts with different rules about when you can withdraw money and how much you can contribute each year. If you are self-employed or running a business, a business checking account keeps your money separate from personal funds, which simplifies taxes and accounting. IRAs are a different category entirely and have contribution limits, tax rules, and withdrawal penalties that differ from regular savings or checking accounts. Chase also offers investment accounts and credit cards, but those are separate products with their own terms.

How to Choose Between Chase Account Types

Start with what you need the money for. If you spend from it regularly and pay bills, you need a checking account. If you want to set money aside and earn interest, a savings account works. If you have several thousand dollars sitting idle and do not plan to touch it for months or years, a money market account or CD will pay you more interest than savings.

Next, look at the fees and minimums. Chase checking accounts waive fees if you meet one of several conditions—direct deposit, minimum balance, or a linked savings account—so pick the account tier that matches your situation. For savings and money market accounts, the minimum balance is lower, but you pay a monthly fee if you drop below it. CDs have no monthly fee, only an early withdrawal penalty if you break the term early.

Finally, compare interest rates. Chase rates are published on its website and change frequently. If you are opening an account primarily to earn interest, check what online banks or credit unions are offering first—Chase rates are often lower, and the difference compounds over time if you have a large balance.

Frequently Asked Questions

Can I have multiple Chase checking accounts?

Yes. Chase allows you to open more than one checking account, and you can link them together for transfers. Some people open a second checking account to separate spending categories or to take advantage of different fee waivers, though you will pay the monthly fee on each account unless you meet the waiver conditions for each one.

What happens if my balance drops below the minimum on a savings or money market account?

You will be charged the monthly fee ($25 for most accounts) each month you stay below the minimum. The fee is deducted from your account balance, which can drop you further below the minimum. You can avoid this by transferring money in from checking or by closing the account if you no longer need it.

Can I withdraw money from a CD early?

Yes, but you will pay an early withdrawal penalty. The penalty is a set amount of interest based on the CD's term length—Chase publishes the exact penalty when you open the CD. For example, a one-year CD might have a penalty of three months' interest. If the interest you earned is less than the penalty, you will lose money.

Do I need to keep a minimum balance in a checking account to avoid fees?

It depends on which checking account you choose. Chase Total Checking waives the $12 monthly fee if you keep a $500 minimum balance, set up direct deposit, or link a savings account with $500. Premier Plus and Sapphire require higher minimums ($15,000 and $25,000 respectively) or direct deposit. If you cannot meet any of these, you will pay the monthly fee.

Which Chase account earns the most interest?

CDs earn the most interest because you lock your money away for a set time. Money market accounts earn more than savings accounts. Regular savings accounts earn the least. The exact rates change based on Federal Reserve decisions, so check Chase's current rates to compare what you would earn in each account type.