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Chase Savings Account Interest Rates for May 2024

  • Chase Bank offers two savings accounts: Chase Savings and Chase Premier Savings.
  • Both accounts have no minimum balance requirement.
  • Monthly service fees of $5 or $25 can be waived if you meet certain criteria.
  • You can open and manage your account in person, online or via Chase’s mobile app.
  • Chase also offers CDs and credit cards.
  • The basic Chase Savings account has an APY of 0.01%. In comparison, Western Alliance offers an APY of 5.24%, and Synchrony offers 4.75%.

Whether you’ve just amassed enough cash to start saving money for the first time or you’re interested in moving your money from one bank to another, it’s important to know how the institution you choose is going to make your money work for you.

Before you sock away your hard-earned money, take a moment to learn about current Chase savings account interest rates and how details like service fees and withdrawal limits could affect your bottom line. Along the way, we’ll also explore ways you can sign up for a savings account and what other options are available if you’re not so keen on non-competitive APY.

As you read on, you’ll get up close and personal with topics like:

  • Chase savings account interest rates
  • How much can I earn with the Chase savings account?
  • How the Chase savings account interest rate compares

Our top picks for savings accounts

Chase savings account interest rates

As of May 2024, the basic Chase Savings account has an APY of 0.01%. The Chase Premier Savings account has a slightly higher maximum annual percentage yield (APY), with account holders eligible for interest rates of 0.01% to 0.02%.?

Unlike some banks that offer higher interest rates based on bigger account balances, Chase rewards customers with “relationship rates” based on preferred activities.

To double your Premier interest rate from 0.01% to 0.02%, you’d need to:

Note that the exact APY may also depend on your geographic location.

Chase Savings Account Interest Rate & Fees

Account name APY Monthly service fee Minimum opening deposit
Chase Savings 0.01% $5 N/A
Chase Premier Savings 0.01% - 0.02% $25 N/A

Chase Savings Account

Because Chase has brick-and-mortar locations, you can open your account online, at a Chase branch nearby or through Chase’s branded mobile app. There is no minimum opening deposit required to open an account, but there are some fees you should be aware of before moving forward.

You can get the $5 monthly fee for basic Chase Savings accounts waived if you meet any of the following criteria:

The other fee you need to keep in mind is the charge you could incur if you exceed your monthly withdrawal ceiling. Historically, Chase has limited customers to six withdrawals per monthly statement period. Every withdrawal beyond those six was subject to a fee of $5. This included transfers, withdrawals at a bank branch and ATM transactions, but fees were capped at three customer-initiated transactions or $15 per month. Chase has not enforced withdrawal limits since the COVID-19 pandemic, but that change may not last forever.?

Check the fine print on your account’s terms and conditions to learn about any extra fees Chase may charge.

Chase Premier Savings Account?

Chase Premier Savings accounts are similar to the basic Chase Savings option in terms of how the accounts are opened and structured.?

However, there are some differences in how much you might pay in fees and how you can eliminate those extra charges.?These accounts have a monthly maintenance fee of $25, but there are workarounds here too.

To eliminate the fee, you must:

Chase Premier Savings account holders have the same monthly withdrawal limits as those with a Chase Savings account, but there is one additional perk. While customers with a basic savings account have to pay extra fees for transactions at a non-Chase ATM and for incoming wire transfers, Chase Premier members do not.

How much can I earn with the Chase savings account?

Chase Bank compounds savings account interest monthly and credits the earned interest to your account once per monthly statement period. This method is preferable to simple interest because you’ll earn money based on your total bank balance (principal + interest) rather than just earning interest based on your initial deposit.

With Chase, your total earnings over time will depend on a variety of factors, including:

To get an idea of how your money might work for you in a Chase Savings account versus a Chase Premier account, check out this chart. Assume that both accounts are funded with an initial deposit of $8,000 and you aren’t going to make any additional deposits after the account is funded.

Total Amount in Savings, Including Interest Earned on $8,000 Initial Deposit

Account Type APY 1 Year 2 Years 3 Years 4 Years 5 Years
Chase Savings 0.01% $8,000.80 $8,001.60 $8002.40 $8003.20 $8004.00
Chase Premier Savings 0.02% $8,001.60

$8003.20

$8004.80 $8006.40 $8008.00

Compare these earnings to what you could potentially bring in with a high-yield savings account.

Here’s what your year-end totals would look like if you made the same initial deposit of $8,000 but had an interest rate of 4.5% APY:

With a high-yield savings option at 4.5% APY, you’d earn over $2,000 more in five years compared to how much you would earn with a low-yield Chase savings account.?

Make additional deposits each month, even just $50 or $100, and that final number will be even more attractive.

To better understand how much you could earn, try using our savings calculator.

How the Chase savings account interest rate compares

The going interest rate of a savings account at Chase (0.01%) is a bit less than the national average interest rate, which the Federal Deposit Insurance Corporation (FDIC) lists as 0.47%.?

As for how Chase stacks up against other banks in America, take a look.

Bank Interest Rate
American Express 4.25%
Barclays 4.35%
Capital One 4.25%
Chase 0.01%
Discover 4.25%
Marcus 4.40%
PNC (High Yield Savings) 4.65%
Synchrony 4.75%
U.S. Bank 0.01%
Wells Fargo (Platinum Savings) 0.25% (for balances under $100K)
Western Alliance 5.24%

Is a Chase savings account right for you?

To find out whether a Chase savings account is the best savings account option for you, review this list of pros and cons.

Pros
  • Interest rates aren’t dependent on your account balance
  • Monthly fees will be waived if you meet certain criteria
  • Chase has over 4,700 brick-and-mortar locations and 15,000 ATMs
  • You can make withdrawals in person, via transfer or through an ATM
  • Accounts are FDIC-insured for up to $250,000 per depositor, per institution
  • Low minimum balance requirements make it easy to open an account
  • Chase QuickDeposit allows you to snap pictures of checks and deposit via the mobile app
Cons
  • 0.01% APY is far lower than you’d get from high-yield savings with an online bank
  • Chase Savings has a monthly fee of $5; Chase Premier has a monthly fee of $25
  • The institution offers lower rates compared to online-only banks

In most cases, the drawbacks of a low-yield account outweigh the benefits. But if you feel more comfortable with a big-name bank like Chase or simply want to access your account and deal with customer service in person, you may be happy with the APY and widespread availability Chase has to offer.?

How to open a Chase savings account

You can open a savings account with Chase in person, online or through the Chase app.?

All methods require you to enter personal information and provide proof of identity, typically with a government-issued ID, as well as proof of address. Your driver’s license or passport will do, and a copy of a recent utility bill can be used to verify where you live. In some cases, you may also be asked for your Social Security number (SSN) or individual taxpayer identification number (ITIN).

Once you enter that information, you should be approved for your account.?

Now, it’s time to fund it. If you’re setting up your account at a bank branch, you can probably fund the account using cash or a cashier’s check. If you’re online or using Chase’s app, it’s easier and faster to fund the account using a bank transfer or even a debit card.

Other Chase savings options

In addition to savings accounts, Chase offers a whopping 17 options for a certificate of deposit (CD). CDs differ from savings accounts in that you make a single deposit and lock in the interest rate for the duration of the CD’s life span. Long-term CDs tend to have higher rates of return, but that isn’t a hard and fast rule.

CDs are also different from savings accounts in that your money will be secured until the CD matures. You can’t make withdrawals or deposits like you would with a bank account, and if you try to withdraw money, you could face stiff penalties.

As of May, Chase required a minimum deposit of $1,000 to open a CD. Interest rates range from 2.0% APY for a 12-month CD to as much as 5.0% for a short-term 9-month CD with an initial deposit of at least $100,000.

Our top picks for savings accounts

FAQ Chase savings account interest rates

Do Chase Savings Accounts have a minimum balance requirement?

Unlike accounts offered by many other banks, Chase savings accounts do not have a minimum balance requirement. That said, you may have to pay a monthly maintenance fee of $5 for Chase Savings accounts or $25 for Chase Premier Savings accounts if you don’t meet certain criteria, including maintaining a minimum balance of $300 or $15,000, depending on the type of savings account.

Does Chase have a high-yield savings account?

Chase Bank does not currently offer a high-yield savings account. As of May 2024, the institution’s standard savings account has an APY of 0.01%. That’s considerably lower than the national average of 0.46% APY. For a more competitive interest rate, you may want to open a high-yield savings account with an online-only bank.

How do you close a Chase savings account?

You can close your Chase savings account online, in person, on the phone or via email. The easiest way to do it is to simply talk to a Chase representative ?who can then guide you through the process. You’ll need to provide some identification (online you may have to provide your SSN and account password) and fill out some paperwork confirming that you intend to close the account. If there’s money left in the account, you’ll also need to transfer it out or make a withdrawal to zero out the balance.

Alana Luna (Musselman)
Alana Luna (Musselman) Writer & Content Strategist

Alana Luna (Musselman) is a versatile storyteller with over a decade of writing experience. She is passionate about helping people build their business through unique and engaging content. Some examples of her current freelance projects include building content strategies for small businesses, completing industry research to build case studies, crafting buyer guides and more.

She has a passion and keen ability to simplify complex ideas through storytelling to make it easier for readers to understand hard-to-digest information. As such, Alana’s writing holds strong three principles – content that educates, engages and entertains.

Apart from her contributions to LA Times Compare, Alana has freelanced and ghostwritten for large publications and prestigious brands such as Orbitz, Groupon, Amazon, JCPenney, Walmart and more.

* Opinions expressed here are those of the LA Times Compare Cards Team and have not been reviewed or approved by any advertiser or entities included within this content. See our editorial policy for more details.

All products or services are presented in this content without warranty. The information, including card details such as rates and fees, is accurate at the time of publish. Please visit each bank's website directly for the most current information.

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