Chase Savings Account Interest Rates for January 2023
Over the past year, the Federal Reserve has been raising the federal funds rate. Although interest rates have risen dramatically, the Fed is expected to continue pushing interest rates higher in the New Year. As the federal funds rate rises, so do interest rates on tied to savings accounts. As a saver, you’ll have an opportunity to earn more on your savings thanks to these rate hikes.
With that, you might find yourself wondering about Chase’s savings account interest rates. Let’s explore what Chase has to offer in terms of interest rates for their savings account holders.
Chase Savings Account Interest Rates
When exploring your Chase savings account interest rate options, there are two savings accounts to choose from. As a saver, you can opt for the Chase Savings or the Chase Premier Savings account. Both offer relatively low interest rates. But you’ll find different monthly fees and minimum balance requirements for each account.
The standard Chase Savings account offers an APY of . This account comes with a $5 monthly service fee, which can be waived if you maintain a minimum daily balance of $300, have $25 in repeating automatic transfers, have a linked Chase College Checking, are younger than 18, or have a linked Premier Plus Checking or Private Client Checking account.
Chase Premier Savings
The Chase Premier Savings account offers a slightly higher APY of on all balances if you qualify for a Premium Relationship rate through Chase.
In order to earn the Premium Relationship rates, you must link a Premier Plus Checking or Chase Sapphire Checking account and intimated at least five transactions from your linked checking account each month.
This account comes with a $25 monthly service fee, which can be waived if you maintain a minimum daily balance of $15,000 or have a linked Premier Plus Checking or Private Client Checking account.
How Do the Interest Rates on Chase Savings Accounts Compare To Other Banks?
The interest rates offered through Chase savings accounts are nothing too exciting. Although it is nice to earn something on your savings, you can likely lock in a better interest rate for your savings if you shop around.
According to the FDIC, the average interest rate on savings accounts was 0.30% on Dec. 19, 2022. With that, Chase is offering interest rates much lower than the national average. In contrast to Chase, you can find some banks offer APYs topping out over 4%.
How To Decide on the Best Savings Account
The most basic purpose of a savings account is to store funds for future use. But your plans for the funds have an impact on the best savings account option for your situation.
As a saver who wants to put their funds to work, shopping around for a savings account with a high APY might be a top priority. That’s especially true if you prefer to keep a relatively large amount of cash available for emergencies. If you are okay with earning less of an APY for the conveniences that come with a big bank, then Chase might be the right choice.
Before you move forward with any particular bank account, explore the best savings account interest rates to see what is possible. We have a convenient list for you to scope out the top saving rates on the market.
Chase Savings Account Interest Rates FAQIf you have questions about Chase's savings account interest rates, look no further. Here are some answers.
- What is the interest rate on Chase's savings account?
- The interest rate offered through Chase savings accounts varies based on the account type you choose. But as of January 2023, the APYs range from 0.01% to 0.02%. Of course, this interest rate range is subject to change at any time.
- Which bank gives 7% interest on a savings account?
- At the moment, there is yet to see a bank offering 7.00% APY on a savings account. But with interest rates rising, it's possible you might see APYs on savings accounts top 7.00%. The interest rates have a long way to go before hitting this mark.
- Which bank gives 6% interest in a savings account?
- Currently, there are no accounts that offer 6.00% APY on a savings account. However, rising interest rates could soon push APYs to the 6.00% mark at some banks. If you are looking for higher interest rates, make sure to shop around for the top APYs before signing up for a new savings account.
- Is Chase savings a good account?
- The Chase savings account options offer an opportunity to tuck away cash at one of the largest banks in the nation. You won't be locking in the top interest rates on the market. But the bank offers a large physical footprint, which means you can find branches across the nation. If you are looking for a banking experience with in-person options, then Chase might be a good fit for your savings.
As one of the largest banks in the country, Chase is a well-known brand that offers multiple savings account options. But the APYs tied to these Chase savings accounts is relatively low. If you are comfortable with a relatively low APY, then Chase’s savings account might make sense in light of the bank’s expansive physical presence. But if you are comfortable working with an online bank, you will likely find much higher APY options.
The information related to Chase Savings and Chase Premier Savings was collected by GOBankingRates and has not been reviewed or provided by the issuer of these products. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for these products.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 3, 2023.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.