Chase Bank Money Market Rates: All You Need to Know

Opening a Chase Bank account can be a smart move for those looking to sock away some savings and earn a bit of interest while still having easy access to their savings. Chase money market accounts offer flexible access to funds while giving you a solid way to receive interest. The bank also provides an extensive suite of financial services when it comes to savings.

Keep reading our comprehensive Chase money market account review to learn more about the types available, their pros and cons, the opening process, and current Chase money market account rates.

Chase’s Money Market Account Rate

The bank offers several various savings accounts, such as Savings and Premier Savings, along with Certificate of Deposit (CD) options. There’s no minimum deposit requirement to open these accounts, but it does charge a monthly fee. So, let’s take a closer look at Chase Bank savings account 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 these 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 ups the game but comes with a $25 monthly service fee. To avoid this, you can:

• 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 successfully make at least five transactions within 30 days using your linked checking account.

Chase Standard CDs

One more solution for those looking for a more long-term savings solution, Chase offers Certificate of Deposit (CD) accounts. You can open CDs with different terms and interest rates—there are 17 CD options available today with terms from 1 month to 120 months.

By default, Standard CDs start with a classic APY of 0.01%. However, you can qualify for some special CD offers with higher Chase Bank money market rates.

Chase Relationship Rate CDs

If you’re ready to deposit more money into a Chase CD, you may qualify for “relationship rates” by linking a qualifying checking account. This way, you can earn the most interest—the bank’s relationship rate CDs come with interest rates from 0.02% to 4.25%, depending on the term and balance of the CD.

What Is the Minimum Deposit Requirement for Chase Money Market Account?

According to Chase Bank policy, there is no required minimum initial deposit to open an account. Although its savings accounts do not have a minimum balance requirement, you may need to reach certain balances to waive monthly fees.

For example, with a Savings account, you must keep a $300 minimum balance to waive the $5 monthly fee, while with a Premier Savings one, you can waive the $25 fee each month by maintaining a minimum balance of $15,000.

Pros and Cons of Chase Savings Accounts

To better understand whether a Chase Savings Account is right for you, let’s dive into some of the benefits and drawbacks of this way to store cash savings.

Advantages

• No Minimum Deposit Requirements: While many savings accounts require a minimum opening balance, Chase Savings doesn’t impose this restriction.
• No Withdrawal Fees: Previously, fee-free withdrawals were limited to six 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 by making instant online transfers to a Chase account, using ATMs, or visiting Chase branches.

Disadvantages

• Monthly Fees. Some alternative savings accounts offer better terms and lower commissions. However, the good news is that you can take steps to eliminate Chase’s monthly fees.
• Low Interest Rates. Chase savings accounts aren’t high-yield, and they don’t pay great interest—even with a lot of money, you’ll earn very little.
• Lack of Extra Features. While other banks’ offerings come with tools for goal-setting, rounding up card balances, or creating multiple sub-accounts, Chase’s offerings are limited to the basics.

Chase Savings Account Opening Guide

You have several options to open a Chase Bank account—online, through the app, or at a branch. Here is our step-by-step guide for opening a Chase Bank money market account online using your phone, tablet, or computer:

1. Decide on an Account Type. The bank offers several options depending on your savings goals and balance level. Once you’ve selected the right option, click “Open Now” to start the registration process.
2. Enter Personal and Financial Information: Fill in details like your Social Security number, date of birth, and address.
3. Provide Verifying Documents. Whether you open an account online via a device 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 other document.
4. 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 to deposit money to your new Chase account.

Conclusion

Chase is a reputable and reliable choice for savings with a wide range of flexible financial products. However, Chase’s money market account 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, money market account Chase comes with no minimum initial deposit, making it easy to jump into, and there are no extra fees for withdrawals. Still, a few notable drawbacks stand out. Monthly fees, the lack of specialized 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 high-yield options at other financial institutions might be the way to go.