Put $10,000 in a JP Morgan savings account for a year and you will earn about $1 in interest. That is not a typo. It is the math on a 0.01% APY, and it is exactly what the biggest bank in America pays most savers.
If you searched for a JP Morgan savings account, here is the first thing to know: JPMorgan Chase sells its everyday consumer savings accounts under the Chase brand. J.P. Morgan is the brand used for the company's investment, private banking, and wealth management arms. So the real question is whether Chase's two savings accounts are worth opening. Here are the verified numbers.
What Is a JP Morgan Savings Account, Exactly?
JPMorgan Chase & Co. is the parent company. Chase is its consumer bank, with roughly 4,700 branches nationwide. When people talk about a JP Morgan savings account, they almost always mean one of two Chase products:
- Chase Savings, the standard entry-level account
- Chase Premier Savings, the higher-tier account with relationship rates
Both are FDIC-insured up to $250,000 per depositor, per ownership category. Safety is not the issue with these accounts. The interest rate is.
Chase Savings: Rates and Fees
Chase Savings pays 0.01% APY on all balance tiers as of July 2026. Whether you keep $100 or $100,000 in the account, the rate is the same.
The account carries a $5 monthly service fee, waived if you meet any of these conditions:
- Keep a balance of at least $300 at the start of each day
- Receive $25 or more per month in automatic transfers from a linked Chase checking account
- Are under 18 years old
- Link the account to certain premium Chase checking accounts
The waivers are easy to hit, so most account holders will not pay the fee. But avoiding a fee is not the same as earning a return. At 0.01% APY, a $5,000 balance generates about 50 cents per year.
Chase Premier Savings: Rates and Fees
Chase Premier Savings sounds like an upgrade, but the numbers barely move. The standard rate is 0.01% APY, and relationship rates reach just 0.02% APY as of July 2026. To earn the relationship rate, you must link a Chase Premier Plus Checking or Chase Sapphire Banking account and make at least five customer-initiated transactions per statement period.
The monthly fee is $25, waived with a beginning daily balance of at least $15,000 or an eligible linked premium checking account. Think about that tradeoff: parking $15,000 to avoid the fee earns you about $3 per year at the relationship rate.
Chase Savings vs. Premier Savings Side by Side
| Feature | Chase Savings | Chase Premier Savings |
|---|---|---|
| Standard APY | 0.01% | 0.01% |
| Relationship APY | Not available | Up to 0.02% |
| Monthly fee | $5 | $25 |
| Easiest fee waiver | $300 daily balance | $15,000 daily balance |
| Best for | Small balances, Chase loyalists | Almost no one at current rates |
Rates are current as of July 2026 and can change at any time.
How Chase Rates Compare to High-Yield Savings Accounts
This is where the comparison gets uncomfortable for Chase. As of July 2026, the FDIC's national average savings rate is 0.38%, and top online high-yield savings accounts pay up to about 4.50% APY.
Here is one year of interest on a $10,000 balance:
- Chase Savings at 0.01% APY: about $1
- National average at 0.38% APY: about $38
- Top high-yield account at 4.50% APY: about $450
Same $10,000, same FDIC insurance, a difference of roughly $449 per year. Online banks can pay more because they skip the cost of thousands of branches and compete for deposits on rate.
Who Should Still Choose a Chase Savings Account?
An honest case exists for keeping some savings at Chase, just not a rate-based one:
- You want everything in one app. If your checking, credit cards, and mortgage live at Chase, instant internal transfers are convenient.
- You deposit cash often. Branch and ATM access still matters for cash-heavy savers.
- You need an overdraft buffer. A linked Chase savings account can backstop your Chase checking.
- You hold a small starter balance. On $500, the rate difference is about $22 a year.
If you hold five figures in savings, though, the math is hard to defend. A hybrid setup works well: keep a small buffer at Chase for convenience and move the bulk of your emergency fund somewhere that pays a real rate.
Better Places to Grow Your Savings
If your goal is actually growing your balance, modern banking apps make it easy to automate saving and typically pay far more than 0.01%.
Current is a banking app with no minimum balance requirements that offers savings pods, which let you split your emergency fund into named goals and automate contributions. That structure alone helps many people save more consistently than a traditional account ever did.
Current Banking
Current Banking
Current is a mobile-first banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY with a qualifying direct deposit of $200, receive direct-deposit paychecks up to 2 days early, and overdraft up to $200 fee-free.
Standout feature
4.00% APY on Savings Pods (with a $200+ qualifying direct deposit) plus paycheck up to 2 days early — both included on the standard account for free
Fees
Free
Pros
$0 monthly fee; up to 4.00% APY on Savings Pods with qualifying direct deposit; paycheck up to 2 days early;
Cons
No physical branches
Chime takes a similar automation-first approach. Its savings account can automatically move a percentage of every paycheck into savings and round up debit card purchases, sweeping the spare change into your balance. For savers who struggle with consistency, those small automatic moves compound quickly.
Chime
Chime
- Fee-free banking plus early pay access - Overdraft up to $200 without fees - 5% cash back and build credit everyday. - 3.75% APY on your savings.
Standout feature
No credit check, no interest, no annual fee, and no minimum deposit required.
Fees
$0
Pros
Fee-Free Banking and Get paid up to 2 days early
Cons
App/online-only support, no branches
Both apps provide FDIC insurance through partner banks, and terms and conditions apply. Compare current rates and features before opening any account, since APYs change with the market.
The Bottom Line
A JP Morgan savings account means a Chase savings account, and both versions pay near-zero interest: 0.01% APY standard, topping out at 0.02% as of July 2026. They are safe, convenient, and fine as a small buffer next to Chase checking.
As a home for real savings, they cost you serious money in missed interest. Keep your buffer at Chase if the convenience helps, move your main savings to a high-yield option, and compare a few accounts this week.
Frequently Asked Questions
Does JP Morgan have a high-yield savings account?
Not for everyday consumers. JPMorgan Chase's retail savings products, Chase Savings and Chase Premier Savings, pay 0.01% to 0.02% APY as of July 2026, while online high-yield accounts pay up to about 4.50% APY.
What is the interest rate on a Chase savings account?
Chase Savings pays 0.01% APY on all balances as of July 2026. Chase Premier Savings pays 0.01% standard, or up to 0.02% APY with a linked premium checking account and five qualifying transactions per statement period. Rates can change at any time.
How do I avoid the monthly fee on Chase Savings?
The $5 monthly fee is waived if you keep at least $300 in the account at the start of each day, receive $25 or more in monthly automatic transfers from a linked Chase checking account, are under 18, or link an eligible premium checking account.
Is Chase Premier Savings worth it?
For most savers, no. The relationship rate tops out at 0.02% APY, and avoiding the $25 monthly fee requires a $15,000 balance or a linked premium checking account. That same $15,000 could earn hundreds of dollars more per year in a high-yield savings account.
