Chase savings account interest rates
As of September 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:
- Link your Premier Savings account to a Chase Premier Plus or Sapphire Checking account
- Complete at least five customer-initiated transactions involving your linked checking account within each monthly statement period (transferring money from checking to savings, for instance)
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 |
*Rates are correct as of September 2024. Rates may vary by location. APYs are for California.
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:
- Keep a minimum of $300 in your account
- Link your savings account to an eligible Chase checking account
- Link to a Chase College Checking account for overdraft protection
- Schedule automatic transfers for at least $25/month from Chase checking to savings
- Include an account owner who is under the age of 18
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:
- Maintain a minimum balance of at least $15,000 in your savings account
- Link your Savings Premier account to a Chase Premier Plus Checking or Chase Sapphire Checking account
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:
- The amount of your initial deposit
- How long you leave the money in the account
- If you withdraw money at any time
- Whether you make additional deposits along the way
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 |
Figures are correct as of September 2024. The calculations shown are just a simple example. Always seek advice from a qualified professional before making important financial decisions or long-term agreements.
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:
- After 1 year: $8,367.52
- After 2 years: $8,751.92
- After 3 years: $9,153.98
- After 4 years: $9,574.52
- After 5 years: $10,014.37
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 0.46%.
As for how Chase stacks up against other banks in America, take a look.
*Rates are correct as of October 2024. Rates may vary by location. Chase and PNC APYs are for California.
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.
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
Chase also offers a business savings account as well as a whopping 17 options for certificates 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 September 2024, 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 nine-month CD with an initial deposit of at least $100,000.