Chase Money Market Rates: Everything You Should Know
Contents
When it comes to savings, money market accounts remain a popular option for cautious investors seeking stability. A big name in banking, Chase is often a prime option people consider. Chase money market accounts offer flexible access to funds while also giving you a solid way to receive interest.
In our comprehensive Chase money market account review, we’ll explore Chase money market account rates, discuss its main features, and outline the key factors you should consider before opening an account.
Chase Money Market Account Interest Rate
The bank offers several savings accounts, such as Savings and Premier Savings, along with Certificate of Deposit (CD) options. There’s no minimum deposit requirement, but Chase does charge a monthly fee. So, let’s take a closer look at Chase money market rates — though keep in mind that they’re always subject to change.
Chase Savings
The standard Savings account has a $5 per month fee, but you can skip it if you meet one of the following conditions:
- Your minimum balance is always $300 or higher.
- You have a linked qualifying Chase checking account.
- You set up an automatic monthly deposit of at least $25 each month from a Chase checking account.
The current APR for Chase Savings is a modest 0.01%.
Chase Premier Savings
Premier Savings raises the bar but comes with a substantial $25 monthly service fee. To avoid it, you should:
- Keep a minimum balance of $15,000.
- Connect to a Chase Premier Plus Checking or Chase Sapphire Checking account.
The APY on this account ranges from 0.01% to 0.02%.
What’s more, with Premier Savings, you can qualify for “relationship rates.” To get these higher interest rates, you must link your account to Premier Plus Checking or Sapphire Checking and complete at least five transactions within 30 days using your linked checking account.
Chase Standard CDs
Another option for clients who prefer to think long-term is the Certificate of Deposit (CD) account, which differs from traditional ones. You can open CDs with various terms and interest rates — there are 17 CD options available today with terms ranging from 1 month to 120 months.
By default, Standard CDs start with a classic APY of 0.01%. However, you can qualify for special CD offers with higher Chase Bank money market rates.
Chase Relationship Rate CDs
If you’re ready to deposit more money into your Chase CD, you may qualify for “relationship rates” by linking a qualifying checking account. Relationship rate CDs currently range from about 0.02% APY on the shortest terms to around 3.90% APY on select mid-range terms.
What Is the Minimum Deposit Requirement for a Chase Money Market Account?
You can get a Chase Savings or Premier Savings account with no initial deposit, but CDs require at least $1,000 to open. Although there are no Chase money market account minimum balance requirements in place, you may want to reach certain thresholds to waive monthly fees.
For example, with a Chase Savings account, a $300 daily balance waives the $5 monthly fee, while a far more impressive sum of at least $15,000 is required to waive the $25 fee on Premier Savings.
Pros and Cons of Chase Savings Accounts
To better understand whether a Chase Savings Account is right for you, we should take a closer look at the benefits and drawbacks of partnering with the bank.
Advantages
- No Minimum Deposit Requirements: While many savings accounts require a minimum opening balance, Chase Savings doesn’t have this restriction.
- No Withdrawal Fees: Previously, fee-free withdrawals were limited to six times per month, with a $5 fee for extra transactions. Now, Chase does not charge any withdrawal fees.
- Easy Access to Savings. Customers always have hassle-free access to their money via instant online transfers, ATMs, and local Chase branches.
Disadvantages
- Monthly Fees. Some alternative savings accounts offer better terms while also having lower fees. However, note that you can avoid Chase’s monthly fees if you keep your balance high enough.
- Low Interest Rates. Chase savings accounts aren’t high-yield, and they don’t pay great interest, so even if you invest a lot of money, you’ll earn very little.
- Lack of Extra Features. While many similar offers come pre-packed with tools for goal-setting, rounding up card balances, or creating multiple sub-accounts, Chase accounts are limited to the basics.
Chase Savings Account Opening Guide
You can open a Chase account online, through the bank’s app, or at your local branch. Here is a step-by-step guide for opening a Chase Bank money market account online:
- Decide on an Account Type. The bank offers several account options tailored for different savings goals and balance levels. Once you’ve selected the one that fits your financial needs, click “Open Now” to start the registration process.
- Enter Personal and Financial Information. Fill in details like your Social Security number, date of birth, and address.
- Provide Verifying Documents. Whether you open an account online or in person at a branch, you’ll need to provide the bank with proof of your identity. You can upload your citizen’s passport, driver’s license, or another similar document.
- Deposit Money. Though Chase doesn’t require an initial deposit to open an account, adding funds upfront is a good start. All you have to do is input your bank details, select an amount you want to transfer, and complete the transaction.
Conclusion
Chase is a reputable and reliable choice for savings with a wide range of flexible financial products. However, the Chase money market interest rate doesn’t exactly hit the mark if you're after a high yield — many other banks offer savings accounts with rates that leave Chase’s in the dust.
On the upside, a Chase money market account comes with no minimum initial deposit, making it easy to jump into, and no extra fees for cash withdrawals. Still, a few notable drawbacks stand out. Monthly fees, the lack of specialized quality of life features, and relatively low interest rates could have you looking elsewhere. If you're on the hunt for a savings account that lets you maximize your interest and offers robust savings tools, exploring higher-yield options at other banks might be the way to go.
FAQ
Can I withdraw funds from my Chase Premier savings account at any time?
The funds you deposit into a Chase Premier savings account become available for withdrawal on the next business day. You can cash it out at a branch, ATM, or through online banking. However, the bank reserves the right to limit certain types of withdrawals or transfers (this mainly refers to large cash withdrawals). Besides, fees could apply if your balance falls below the required minimum.
Do Chase rates change over time?
Like with any other bank, Chase money market account rates are subject to change at the bank’s discretion. Those changes depend on economic factors, market competition, and the bank’s internal policies.
How do Chase bank money market rates compare to other savings account rates?
Though an industry leader, Chase’s savings rates are quite low unless you qualify for special or relationship pricing. For better rates, maintain a high minimum balance and have a linked checking account.
