Chase Bank savings account interest rates of April 2024

Chase Bank offers two savings accounts, each with modest interest rates. Monthly fees can make those yields even smaller, but you do have a few ways to avoid them and keep your earnings in tact. Perhaps more importantly to its customers, Chase has a large national footprint with a vast network of branches and ATMs, as well as an easy-to-use mobile app. 

Annual percentage yields (APYs) and account details are accurate as of April 5, 2024.

Are Chase savings account interest rates worth it?

Chase offers two primary savings accounts: Chase Savings℠ and Chase Premier Savings℠. 

Both have a minimum APY of 0.01%. However, you can earn an additional 0.01 percentage point on the Chase Premier Savings account if you link a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account and make at least five transactions a month. 

If you’re solely interested in getting the best yield on your savings, the juice is hardly worth the squeeze. Many other financial institutions offer higher rates on savings, making Chase’s options best for folks who are seeking something else, such as Chase checking account customers looking for a convenient place to stash a little bit of cash. 

Even in this scenario, though, your main emergency fund should be kept elsewhere.

ACCOUNT	MAXIMUM INTEREST RATE	APY	MINIMUM DEPOSIT
Chase Savings	0.01%	0.01%	$0
Chase Premier Savings	0.02%	0.01% to 0.02% APY, depending on the relationship	$0

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Overview of Chase Bank interest rates

While these rates give you a baseline of the type of interest you can earn with Chase, each savings account comes with a monthly fee, which can significantly reduce your actual earnings if you don’t qualify to get them waived.

The Chase Savings account has a monthly fee of $5 monthly fee which can be waived with a minimum balance at the beginning of each day of $300 in the account, at least $25 in total Autosave or other repeating automatic transfers from a personal Chase checking account, a Chase College Checking℠ account linked to this account for overdraft protection, an account owner who is younger than 18 years old or with a linked Chase Premier Plus Checking℠, Chase Sapphire℠ Checking or Chase Private Client Checking℠ account.

You also incur a $5 fee each time you withdraw or transfer money out of your account after doing so six times. There is a limit of three such fees per month, for a total of $15. If you find yourself taking money out of your savings account more than six times per month, though, you probably shouldn’t have the money there in the first place. 

The Chase Premier Savings account comes with a monthly service fee of $25 monthly fee which can be waived with one of the following at each monthly statement period: maintaining a $15,000 minimum balance at the beginning of each day in the account or if linked to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account.

The $5 fee on withdrawals or transfers in excess of six such actions is waived if you have $15,000 in your account at the time of the transfers. 

Learn more: Should you open a savings account?

How much can you earn?

Both Chase savings accounts offer an underwhelming APY. Over a 10-year period, an account that starts with a $5,000 balance and no additional deposits or withdrawals would only earn $5 with the standard account and just $10.01 with the Premier account’s higher rate.

Here’s an example of how much you could expect to earn in interest with each account, starting with a $5,000 deposit and no other transactions. 

YEAR	CHASE SAVINGS YEAR-END BALANCE	CHASE PREMIER SAVINGS YEAR-END BALANCE*
1	$5,000	$5,001
5	$5,002	$5,005
10	$5,005	$5,010
15	$5,007	$5,015
20	$5,010	$5,020

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^{*Earnings are based off the relationship rate.}

Such a dismal return is especially frustrating for customers given the recent action of the Federal Reserve. The nation’s central bank has hiked its short-term borrowing rate in July 2023 to a range of 5.25% to 5.50% in an effort to quash inflation. Heading into the year, the federal funds rate was more than four percentage points lower.

Banks often raise the yield on its savings products as the Fed raises rates, but Chase has not done so here.

If you greatly desire to have a Chase savings account and still earn a decent amount of interest, you could have multiple savings accounts.

How does Chase Bank compare to other banks

Chase Bank’s savings rates are quite low compared to other banks across the country. 

The national average deposit rate for a savings account is 0.46%, according to the FDIC, as of April 15, 2024. Meanwhile it doesn’t take a ton of research to find better alternatives. The Ally Bank Savings Account, to pick one example, offers customers a 4.20% APY on all balances.

While Chase doesn’t offer a competitive interest rate, it does allow folks to access these accounts easily, with no minimum opening deposit amount.

Other savings options at Chase Bank

In addition to traditional savings accounts, Chase Bank offers certificates of deposit (CDs) as an alternative low-risk savings option. Chase certificates of deposit last anywhere between one month and 10 years. 

You get to lock in an interest rate for the entire period, but you’ll incur a penalty if you withdraw money before the CD matures. Its standard rates only offer a 0.01% APY on all terms — but, Chase relationship certificates of deposit rates range between 0.02% to 5.00% APY, depending on the term and balance.

CDs are a good option for folks looking for a place to park their savings, while earning a decent interest rate for their trouble. The products make sense for a homeowner, for instance, who already has their down payment in tow and knows they won’t be buying for, say, a year. 

However, those who think they may need their money earlier than a given CD term should either consider a no-penalty option, or simply park their cash in a savings account at another bank that offers a higher interest rate.

About Chase Bank

Chase Bank is headquartered in New York City, but operates branches in the lower 48 states; in fact, it’s the first bank to have branches in the entire contiguous U.S. It has over 4,700 branches and 15,000 ATMS across the country. Chase Bank’s parent company is JPMorgan Chase.

Frequently asked questions (FAQs)