Yes, Chase offers money market accounts, but the product name and features depend on which Chase account tier you may have access to for

Chase Bank does offer money market accounts, though they market them under specific product names rather than a generic "money market account" label. The main option is the Chase Money Market Account, available to most customers. However, Chase also offers a premium version called the Chase Preferred Money Market Account for customers who maintain higher balances or have other Chase products. Both accounts earn interest on your balance and let you write checks or make transfers, but the rates, minimum balance requirements, and fees differ between them.

The account you can open depends on your starting balance and whether you already bank with Chase. If you are new to Chase or have a smaller balance to deposit, the standard Money Market Account is the entry point. If you maintain a higher balance or have a Chase checking account, you may be routed toward the Preferred version, which typically offers a higher interest rate in exchange for a larger minimum balance.

Key Takeaways

  • Chase offers two money market accounts: the standard Chase Money Market Account and the Chase Preferred Money Market Account, each with different minimum balance requirements and interest rates.
  • The standard account requires a lower opening deposit, while the Preferred version requires a higher minimum balance but pays a higher interest rate on your funds.
  • Both accounts allow you to write checks and make transfers, but they limit the number of withdrawals per month under federal rules.
  • You can open a Chase money market account online, by phone, or in person at a Chase branch, and you can link it to an existing Chase checking account.
  • Interest rates on Chase money market accounts change regularly and are lower than rates on certificates of deposit (CDs) with the same term.

Minimum balance requirements and interest rates at Chase

The Chase Money Market Account requires a minimum opening deposit that varies by state and account type. As of the most recent information, the standard account typically requires between $2,500 and $25,000 to open, depending on your location. The Chase Preferred Money Market Account requires a higher minimum, often $25,000 or more. Chase does not publish a single national rate; instead, rates vary by state and change regularly based on market conditions.

Interest rates on Chase money market accounts are tiered, meaning the rate you earn depends on how much money you keep in the account. A higher balance earns a higher rate. Because Chase rates change frequently and vary by state, you should check Chase's website or call a branch directly to learn the current rate for your state and balance level. Comparing Chase rates to other banks' money market accounts can help you decide whether Chase's rates match your savings goals.

How to open a Chase money market account

You can open a Chase Money Market Account online through Chase.com, by phone at the number on the back of your Chase debit card (or 1-800-935-9935 if you are not yet a customer), or in person at any Chase branch. If you open online, you will need to provide your Social Security number, date of birth, and address. Chase will verify your identity and check your banking history through ChexSystems, a consumer reporting agency that tracks bank account activity.

If you already have a Chase checking account, opening a money market account takes about 10 minutes online. If you are new to Chase, you may be asked to visit a branch in person to verify your identity, or Chase may mail you a debit card before the account is fully active. Once the account is open, you can link it to your existing Chase checking account so you can transfer money between them online or through the Chase mobile app.

Withdrawal limits and how they affect your savings strategy

Federal rules limit the number of withdrawals you can make from a money market account to six per month. This rule applies to transfers to other accounts, checks you write, and debit card withdrawals — but not to deposits. If you exceed six withdrawals in a month, Chase may charge a fee (typically $25 to $35 per excess withdrawal) or convert your account to a checking account, which would change your interest rate.

This limit is important to understand before you open the account. If you think you will need to access your money more than six times per month, a regular savings account or checking account may be a better fit. A money market account works best for money you plan to leave alone for several months or longer, such as an emergency fund or short-term savings goal.

How Chase money market rates compare to CDs and savings accounts

Chase money market accounts typically pay less interest than Chase CDs with the same time frame. For example, a one-year CD at Chase may pay 0.50% annual percentage yield (APY), while a money market account might pay 0.35% APY. The trade-off is flexibility: a CD locks your money for a set term (you pay a penalty if you withdraw early), while a money market account lets you withdraw your funds anytime, subject to the six-withdrawal limit.

Chase savings accounts usually pay less than money market accounts. A regular Chase savings account might pay 0.01% APY, while a money market account could pay 0.35% or higher. The money market account is the better choice if you want higher interest without locking your money away like a CD does. However, other banks often pay higher rates on both money market accounts and savings accounts than Chase does, so comparing rates across multiple banks is worth your time before you decide where to open an account.

Fees and account maintenance costs

Chase charges a monthly maintenance fee on some money market accounts, though the fee is often waived if you meet certain conditions. The conditions typically include maintaining a minimum daily balance (often $2,500 or $25,000, depending on the account tier) or setting up direct deposit to a Chase checking account. If you do not meet the waiver conditions, the monthly fee is usually $12 to $25.

Chase also charges fees for excess withdrawals (beyond the six allowed per month), overdrafts if you link the account to a checking account, and wire transfers. Some of these fees can be waived if you maintain a high balance or have other Chase products, such as a checking account or credit card. When you open the account, ask the representative which fees apply to your specific account and what you need to do to waive them.

Frequently Asked Questions

Can I write checks on a Chase money market account?

Yes, Chase provides check-writing privileges on both the standard and Preferred Money Market Accounts. However, you are limited to six withdrawals per month total, which includes checks you write. If you write more than six checks in a month, Chase may charge a fee for each excess withdrawal.

What happens if I need to withdraw money more than six times per month?

If you exceed six withdrawals in a month, Chase charges a fee (typically $25 to $35) for each withdrawal over the limit. Repeated violations may result in Chase converting your account to a checking account, which would lower your interest rate. If you know you will need frequent access to your money, a checking or savings account is a better choice.

How do Chase money market rates compare to other banks?

Chase rates are typically lower than rates offered by online banks and some credit unions. You can compare current rates by visiting Chase.com and checking other banks' websites. Online banks often pay 4% to 5% APY on money market accounts, while Chase rates are usually below 1%, so shopping around can make a significant difference in the interest you earn.

Can I open a Chase money market account if I do not have a checking account?

Yes, you can open a money market account as your first Chase product. However, Chase may require you to visit a branch in person to verify your identity, or they may mail you a debit card before the account is fully active. Having an existing Chase checking account can speed up the process.

Is my money safe in a Chase money market account?

Yes, Chase is a member of the Federal Deposit Insurance Corporation (FDIC). Your money market account is insured up to $250,000 per depositor, per bank. If you have more than $250,000 to save, you can open accounts at multiple banks to keep all your money insured.