Yes, Chase offers money market accounts with variable interest rates and check-writing access
Chase Bank offers money market accounts through its Chase Bank and Chase Private Client divisions. These accounts sit between a regular savings account and a money market fund — they pay interest that moves with the market, let you write checks or make transfers, and typically require a higher opening deposit than a standard savings account.
The specific account Chase offers depends on your balance and banking relationship. Chase Bank customers can open a money market savings account; customers with higher balances may have access to different terms through Chase Private Client. Interest rates and minimum balance requirements change, so the current terms depend on when you open the account and market conditions at that time.
Key Takeaways
- Chase money market accounts pay variable interest rates and allow you to write checks or make transfers, unlike regular savings accounts.
- Minimum opening deposits and interest rates vary by account type and current market conditions, so you should check Chase's current offerings directly.
- Money market accounts are FDIC-insured up to $250,000, the same protection as a regular Chase savings account.
- You can open a Chase money market account online, by phone, or at a branch if you already have a Chase checking account.
How Chase money market accounts differ from savings accounts
A Chase money market account pays interest that changes based on market rates, whereas a regular Chase savings account typically pays a fixed rate. Money market accounts also give you limited check-writing ability — you can usually write checks or make transfers up to a certain number per month, whereas a regular savings account restricts transfers more tightly.
The trade-off is that money market accounts usually require a higher minimum balance to open and to avoid a monthly fee. If you keep a lower balance or make frequent transfers, a regular savings account may cost you less. Chase's website shows the current minimum balance requirement and fee structure for each account type.
Minimum deposits and interest rates at Chase
Chase money market account minimums and rates change based on market conditions and your banking relationship. Some Chase money market accounts have had opening minimums in the range of $2,500 to $25,000, though this varies. Interest rates are variable, meaning they move up and down with the Federal Reserve's rate changes.
Because these terms shift, the best way to see what Chase currently offers is to visit Chase.com, call Chase customer service at 1-800-935-9935, or visit a Chase branch. A banker can tell you the current minimum deposit, the current interest rate, and any monthly fees based on your balance.
FDIC insurance and account safety
Chase money market accounts are FDIC-insured up to $250,000 per account holder per bank. This means if Chase fails, the federal government guarantees your money up to that limit. The insurance covers the principal and accrued interest together.
If you have multiple accounts at Chase — for example, a checking account and a money market account — the FDIC insurance is separate for each account type. A checking account and a money market account are each insured up to $250,000. If you have more than $250,000 to deposit, you can spread it across different account types or different banks to stay fully insured.
How to open a Chase money market account
If you already have a Chase checking or savings account, you can open a money market account online through Chase.com, by calling 1-800-935-9935, or by visiting a Chase branch. You will need your Social Security number, a government-issued ID, and your current Chase account information.
If you do not have a Chase account yet, you must open a checking account first before you can open a money market account. Chase requires a primary account to link to the money market account. Once your checking account is open, you can add the money market account in the same visit or later.
When a money market account makes sense for your money
A money market account works well if you have money you want to earn interest on but may need to access within a few months or a year. Because the interest rate moves with the market, you benefit when rates rise. If rates are falling, the interest you earn will drop too, so a money market account is not a way to lock in a high rate.
If you have a large emergency fund or short-term savings goal, a money market account gives you more flexibility than a certificate of deposit (CD), which locks your money away for a set time. However, if you rarely need to write checks or make transfers, a high-yield savings account may pay just as much interest with fewer restrictions and lower minimums.
Comparing Chase money market accounts to other options
Chase money market accounts compete with high-yield savings accounts from online banks, which often pay higher interest rates and have no minimum balance. The trade-off is that online banks have no physical branches, so deposits and withdrawals happen by transfer or mail.
If you want to stay with Chase for convenience and already have a checking account there, a money market account keeps everything in one place. If you are willing to bank online and want the highest interest rate available, a high-yield savings account at an online bank may pay more. Some people keep both — a money market account at Chase for everyday access and a high-yield account elsewhere for savings they do not touch as often.
Frequently Asked Questions
Can I write checks on a Chase money market account?
Yes, Chase money market accounts allow limited check-writing, usually up to a certain number of checks per month. You can also make transfers online or by phone. The exact number of checks allowed depends on the specific account; ask Chase when you open the account or check your account agreement.
What happens to my interest rate if the Federal Reserve raises or lowers rates?
Chase adjusts the interest rate on money market accounts in response to Federal Reserve changes, but the timing and amount of the adjustment is up to Chase. When rates rise, your rate may go up within days or weeks. When rates fall, your rate will drop as well. You can check your current rate anytime on Chase.com or by calling customer service.
Is there a penalty if I close my money market account early?
Chase money market accounts are not CDs, so there is no early withdrawal penalty. You can close the account anytime without a fee. However, if you close the account before meeting any promotional rate requirements, you may lose any bonus interest that was offered.
Can I transfer money from my Chase checking account to my money market account?
Yes, you can transfer money between your Chase checking and money market accounts online, by phone, or at a branch. Transfers between your own accounts at Chase are free and usually happen the same day or next business day.
What is the difference between a Chase money market account and a money market fund?
A Chase money market account is a bank deposit account insured by the FDIC. A money market fund is an investment product sold through Chase Investment Services that is not FDIC-insured. For most people, a money market account is simpler and safer because your money is may provide up to $250,000.