Looking for a way to save and earn interest, while still maintaining access to your funds? You may be wondering about opening a money market account from Chase®. Read on as we cover the key questions: does Chase bank have a money market account, and if so, what’s the Chase money market account interest rate?
Does Chase Bank have a money market account?
Money market accounts can be a handy vehicle for some customers, with flexibility to access your money alongside decent interest earning opportunities. However, if you’re asking - does Chase have a money market account - at the time of writing, the answer is no.
Chase does offer a money market fund¹, which is a different type of investment vehicle, as well as some other products like savings accounts and CDs. We’ll look at some alternatives to a Chase bank money market account, later.
What is Chase’s money market account rate?
At the time of writing, the Chase money market account rate isn’t available as this product isn’t offered to new customers. However, Chase does have a couple of different savings accounts: Chase Savings and Chase Premier Savings², plus some Certificates of Deposit (CDs) available.
While interest rates do change, the Chase interest rates at the time of writing are as follows:
- Chase Savings: 0.01%³
- Chase Premier Savings: 0.02%⁴
- Chase Standard CDs: 0.01%⁵
- Chase relationship rate CDs: 0.02% - 4.25% depending on term and value of CD⁵
What is the minimum balance for Chase money market account?
The Chase money market savings account isn’t currently available, but Chase does note in its financial information pages, that money market accounts typically have a high minimum deposit requirement⁶.
Other Chase products have their own minimum deposit requirements - Chase CDs have a minimum deposit of 1,000 USD⁷ for example.
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Alternatives to Chase money market accounts
Although the Chase money market account isn’t available at present, there are plenty of alternatives that you might want to consider.
If you’re specifically looking for a money market account, you can still find alternative options from popular providers such as Sallie Mae®⁸ and Discover Bank®⁹. Alternatively, you might want to look at a high yield savings account, or a business savings account if you’re on the hunt for ways to manage your company finances more productively.
As we’ve also mentioned, Chase also has CDs which have varied yields depending on the amount you save, the term you select and whether or not you qualify for relationship status. Check out the full details, including the up-to-date terms and rates, over on the Chase desktop site.
Bottom line: Chase money market accounts
While Chase has a pretty broad range of products including checking accounts you can use for day to day spending and to send and receive Chase international wires, plus Chase cards for easy spending, there’s currently no money market account from Chase bank.
Instead, check out money market accounts from alternative providers, or take a look at the other Chase savings products on offer. And don’t forget, if you’re spending, sending, receiving or holding foreign currencies, you could find your money goes further with Wise.
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Frequently asked questions
Which bank gives 7% interest on a savings account?
Savings interest rates change all the time, depending on a range of factors. To find the best rate available for your deposit, you’ll need to shop around and compare options across different savings vehicles and providers.
What is the downside of a money market account?
One drawback to a money market account is that you may be required to deposit a fairly high minimum deposit amount, and you’ll only be able to make a limited number of withdrawals from your account without facing possible penalties.
All sources checked on 24 July 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
