Yes, Chase offers money market accounts, but they work differently than savings accounts
Chase Bank offers money market accounts through its Chase Bank and Chase Private Client divisions. A money market account is a hybrid product — it combines features of a savings account (interest earnings, FDIC protection) with features of a checking account (the ability to write checks or make transfers). Chase's money market accounts come with tiered interest rates, meaning the rate you earn depends on your balance, and they require a minimum opening deposit.
The specific money market account Chase offers depends on which division you bank with. Chase Bank customers can open a money market account through the standard retail banking platform. Chase Private Client customers (those with higher balances) have access to different money market products with different terms. Neither product is the same as a money market fund, which is an investment product sold through a brokerage and not FDIC-insured.
Key Takeaways
- Chase money market accounts earn interest on your balance and allow you to write checks or make transfers, unlike regular savings accounts that typically restrict transfers.
- Interest rates on Chase money market accounts are tiered, so you earn a higher rate only on the portion of your balance that meets the tier threshold.
- Chase money market accounts require a minimum opening deposit, which varies by account type and changes over time.
- Money market accounts are FDIC-insured up to $250,000 per depositor, per bank, so your funds are protected if Chase fails.
- Chase also sells money market funds through its brokerage services, which are investment products and not the same as money market deposit accounts.
How Chase money market accounts differ from savings and checking accounts
A Chase money market account sits between a savings account and a checking account in terms of what you can do with your money. With a savings account, you earn interest but have limited ability to withdraw or transfer funds — federal rules historically capped transfers at six per month, though that rule has been relaxed. With a checking account, you can write unlimited checks and make unlimited transfers, but you earn little to no interest.
A money market account lets you do both: you earn interest (usually more than a checking account but sometimes less than a high-yield savings account) and you can write checks or make transfers. The tradeoff is that Chase typically requires a higher minimum balance to open a money market account than it does for a savings account. You also may face a fee if your balance drops below the minimum.
Chase money market accounts are FDIC-insured, meaning your deposits are protected up to $250,000 per depositor, per bank. This protection applies even if Chase fails. Money market funds sold through Chase's brokerage are not FDIC-insured because they are investments, not deposits.
Minimum deposit and balance requirements for Chase money market accounts
Chase money market accounts require a minimum opening deposit. The exact amount depends on which Chase product you choose and can change without notice. As of the most recent information available, Chase Bank's money market account typically requires a minimum opening deposit in the range of $2,500 to $10,000, though you should confirm the current requirement with Chase directly before opening an account.
If your balance falls below the minimum, Chase may charge a monthly fee. The fee amount and the exact threshold that triggers it vary by account type. Some Chase money market accounts waive the fee if you maintain a certain balance or set up direct deposit. Again, the specific terms depend on the account you open and can change, so review the account disclosure document before you commit.
How tiered interest rates work on Chase money market accounts
Chase money market accounts use tiered interest rates, which means you earn different rates on different portions of your balance. For example, a Chase money market account might pay 0.01% on balances up to $10,000, 0.02% on balances from $10,001 to $50,000, and 0.03% on balances above $50,000. You earn the higher rate only on the money that falls into that tier.
This structure is different from a flat-rate account, where you earn the same rate on every dollar. Tiered rates reward customers who keep larger balances, but they also mean that the interest you earn depends on how much money you have in the account at any given time. Interest rates on all Chase products change over time and are not may provide to stay the same.
You can check the current rates and tier thresholds on Chase's website or by calling Chase customer service. Rates vary by region and account type, so the rate available to you may differ from the rate available to someone else.
How to open a Chase money market account
You can open a Chase money market account online, by phone, or in person at a Chase branch. If you already have a Chase checking or savings account, opening a money market account is usually faster because Chase already has your identity information on file. If you are a new Chase customer, you will need to provide personal information including your Social Security number, date of birth, and address.
Before you open an account, review the account disclosure document, which Chase is required to provide. This document lists the minimum balance requirement, the monthly fee (if any), the current interest rates and tier thresholds, and any other terms that explore to the account. The disclosure also explains how often interest is compounded and credited to your account.
Once your account is open, you can deposit money by transferring funds from another bank account, by direct deposit, or by depositing a check at a Chase ATM or branch. You can withdraw money by writing a check, making a transfer, or withdrawing cash at a Chase ATM or branch.
Chase money market accounts versus high-yield savings accounts
Chase offers both money market accounts and high-yield savings accounts, and they serve different purposes. A high-yield savings account typically pays a higher interest rate than a money market account but does not allow you to write checks. A money market account pays a lower rate but gives you check-writing ability and more flexibility in how you access your money.
If your main goal is to earn the highest interest rate possible and you do not need to write checks, a high-yield savings account may be the better choice. If you want the ability to write checks or make frequent transfers and you are willing to accept a lower interest rate in exchange, a money market account may fit better. Both are FDIC-insured and both require you to keep a minimum balance, though the minimums may differ.
Chase's high-yield savings account rates and money market account rates change independently, so comparing them requires looking at the current rates Chase is offering on each product. You can hold both types of accounts at Chase at the same time if you want to use each for a different purpose.
Money market accounts versus money market funds at Chase
Chase sells two different products with similar names: money market accounts (which are bank deposits) and money market funds (which are investments). It is important not to confuse them. A money market account is a deposit product held at Chase Bank and is FDIC-insured. A money market fund is an investment product sold through Chase's brokerage and is not FDIC-insured.
Money market funds invest your money in short-term debt securities like Treasury bills and commercial paper. The value of your investment can go up or down, and you could lose money. Money market accounts straightforward hold your deposits and pay you interest. The value does not fluctuate, and your money is protected by FDIC insurance.
If you are opening an account at Chase and you see the term "money market," ask whether it refers to a deposit account or an investment fund. The account representative can clarify which product you are looking at and explain the differences.
Frequently Asked Questions
Can I write checks on a Chase money market account?
Yes, most Chase money market accounts come with check-writing privileges. However, some accounts may limit the number of checks you can write per month or charge a fee for checks. Review your account disclosure to see what check-writing terms explore to your specific account.
What is the current interest rate on a Chase money market account?
Chase money market account rates change frequently and vary by region and account type. You can find current rates on Chase's website, by calling Chase customer service at 1-800-935-9935, or by visiting a Chase branch. Rates are not may provide and may change at any time.
Is my money in a Chase money market account protected if Chase fails?
Yes, your deposits in a Chase money market account are FDIC-insured up to $250,000 per depositor, per bank. If Chase fails, the FDIC will reimburse you for your deposits up to that limit. This protection applies to the money market account itself, not to any investments you may hold through Chase's brokerage.
Can I transfer money between my Chase checking account and my Chase money market account?
Yes, you can transfer money between Chase accounts online, by phone, or at a branch. Transfers between your own accounts at Chase are typically free and happen when ready or within one business day, depending on how you initiate the transfer.
What happens if my balance falls below the minimum on a Chase money market account?
If your balance falls below the minimum required balance, Chase may charge a monthly maintenance fee. The fee amount varies by account type. Some accounts waive the fee if you maintain a certain balance or set up direct deposit. Check your account disclosure or contact Chase to learn the specific fee and waiver terms for your account.