Chase Savings and CD Rates Are Nearly Zero. Why That Matters, and How to Choose the Right Option for You

Photo to accompany a story about Chase savings and CD rates, and how they compare to high-yield accounts
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Chase Bank is pretty ubiquitous in many Americans’ daily lives. 

It’s the largest financial institution in America by total number of assets, with $3.38 trillion, plus nearly 5,000 branches across the country and a broad range of popular cash back and travel credit cards.

Despite all that, Chase does lag in one category: savings. You can open a savings account with Chase and get easy access at its branch locations across the country. But Chase offers little long-term benefit when it comes to earning interest on your savings balance, and many of its accounts charge fees (which you can waive with eligible activities). In fact, it offers close to nothing on your savings — whereas some high-yield savings accounts today earn more than 2% APY.

If you’re considering a new savings account in today’s rising rate environment, here’s what to know before you save with Chase, and why it can be useful to compare other options:

Chase Savings Rates by Account Type

Chase offers two main savings options with slightly different account details and fees — Chase Savings and Chase Premier Savings. 

Annual Percentage Yield (APY)Minimum DepositMonthly Fees
Chase Savings0.01%$0$5 monthly service fee (waived when you meet specific requirements)
Chase Premier Savings.01% (or .02% when you link to another eligible Chase account and make qualifying transactions)$0$25 monthly service fee (waived when you meet specific requirements)

You must meet certain requirements or qualifying activities (at least one of the below) to waive the monthly service fee for either account:

Chase Savings:

  • Maintain a balance of $300 or more in this account each day
  • Set up $25 or more in repeated automatic transfers from your your personal Chase checking account each statement period 
  • Link a Chase College Checking account to this account for overdraft protection
  • Be under the age of 18
  • Link this account to an eligible Chase checking account

Chase Premier Savings:

  • Maintain a balance of $15,000 or more in this account each day
  • Link this account to an eligible Chase checking account

How Do Chase Savings Rates Compare to Other Banks?

Chase offers very low savings rates compared to high yield savings accounts from online banks. Today, the best high-yield savings accounts earn more than 2% APY. Plus, these accounts have no monthly fees or restrictions for fee waivers.

Chase even offers below the national average savings interest rate, which is currently 0.17%, according to the Federal Deposit Insurance Corporation (FDIC). While that’s still not a lot, it’s much better than even the best savings rate from Chase, at 0.02%. 

For the best savings account rates, the best place to look is online — online banks have fewer overhead costs, so they’re able to pass on savings to customers in the form of interest. To help you compare, here are the best high-yield savings account interest rates available today:

Best Savings Account Rates

BankAPY
DollarSavingsDirect3.00%
TAB Bank2.66%
UFB Direct2.61%
CIT Bank2.40%
Prime Alliance Bank2.26%
Lending Club Bank2.25%
Bread Savings2.15%
Goldman Sachs Bank USA2.15%
Synchrony2.15%
Ally Bank2.10%
Barclays2.00%
Varo Bank2.00%
Live Oak Bank2.00%
Capital One2.00%
Discover Bank2.00%
American Express National Bank1.90%
Salem Five Direct1.65%
FNBO Direct1.65%

Chase CD Rates by Type

Chase Bank’s certificates of deposit (CDs) offer little improvement over savings when it comes to interest rates. The bank offers CDs with terms ranging from one month to 10 years (120 months). The chart below shows Chase’s CD interest rates and minimum deposit requirements by term:

TermAnnual Percentage Yield (APY)Minimum Deposit
1 month0.01%$1,000
12 months0.01%$1,000
60 months0.01%$1,000
120 months0.01%$1,000

*Note: Chase offers more CD terms than listed in this chart; each one offers the same rates. Chase CD rates can vary depending on where you live. Rates may also increase based on your relationship with the bank, such as if you have other eligible checking or savings accounts with Chase.

Chase CD Rates vs. Other Banks

Like savings accounts, Chase’s CD interest rates are incredibly low. Today, the best CD rates earn upwards of 2%-3% APY, even on CDs with shorter terms (which experts recommend today as rates rise).

National average CD rates are higher than Chase’s regular CD interest rates, too. The average yield for a one-month CD is currently .07% nationally, according to the FDIC, while 12-month CDs earn .60% on average, and 60-month CD averages are .74%.

Once again, you’ll find that online banks offer much higher yields on their certificates of deposit (CDs). High-yield CDs from online banks not only offer better rates, but may also carry lower or no minimum deposit requirements and fewer restrictions, depending on the CD type.

Is Chase a Good Choice for a Savings or CD Account?

Chase doesn’t offer much interest at all on its savings accounts and CDs, and its account options come with fees and minimum requirements that you can avoid elsewhere. 

For most people, a high-yield savings or CD account with a competitive interest rate can offer a lot more long-term benefit. Especially as interest rates continue to rise, a few extra dollars in interest on your balance can add up —  whether you’re saving for an upcoming big purchase or putting away money in an emergency fund.

But you should also remember that any account you choose is much less important than simply starting to save. Any FDIC-insured account that’s accessible in case of emergency is a good starting point. Even if a well-stocked emergency fund will take months of contributions, putting a small amount away regularly will help you reach your goal over time.

If you’re looking for the best place to save, compare options with interest rates and other details that align with your goals. Make sure any financial institution you choose offers FDIC insurance, which can protect your savings in amounts up to $250,000 per depositor, per account. And check all the options available for making account transfers or withdrawals, so you can access your money when you need it.