bank rates credit cards insurance finance calculators

Worst Rate of the Week: Chase has the poorest paying MMA around

Let’s face it. Rates really suck right now.

It’s hard to get excited about building a nest egg when even the most lucrative CDs, savings and money market accounts are only offering 2% or 3%.

But maybe you’ll be able to whip up a little more enthusiasm after seeing our pick for the worst rate of the week.

JPMorgan Chase Bank, take a bow.

As you can see, Chase Money Market Savings is paying 0.01%.

Drop $10,000 into your MMA, let the interest compound daily, and a year from now you’ll walk away with $10,001.

If you have a “relationship” with Chase — which means you also have an active checking or credit card account — the interest rate doubles to 0.02% and your balance would grow to $10,002.

What kind of a relationship is that? Disfunctional, we’d say.

And it gets worse.

The minimum deposit is a mere $25 but if you don’t maintain a balance of $1,500 (or have a checking account) you’re hit with a service fee of $12 per month.

Some unwary customer could put $1,000 into this MMA and find they only have $988 a month later.

Makes those 2% to 3% returns from places like Charter Bank, AmericaNet, ADB Bank and Beverly National Bank look a little better, eh?

Comments (7)
1 Star2 Stars3 Stars4 Stars5 Stars (8 votes, average: 4.25 out of 5)
Loading...
7 Existing Comments
  1. Jimbo said:
    on March 27th at 11:51 am

    Amen! It’s been all fees and no return at Chase for a while now. The local branch managers seem to actually care but the corporate office is all about finding new creative ways to charge fees. I’ve been moving money to other banks and closing accounts for a while.

  2. Mike M said:
    on March 28th at 02:08 pm

    Good grief. My local bank interest isn’t much better.

    But what fool would put their money with one of these banks at those rates when federal government debt can yield you 300 TIMES that interest over the course of the year?

  3. Benji said:
    on March 29th at 05:03 pm

    I myself just finished going around in circles with Bank of America over a recently new account that they talked me into, they were supposed to give me a $60 incentive to open a checking with a $25 minimum and savings.
    It appears that the checking has a $5.95 maintenance fee with zero interest.
    The savings as a three dollar maintenance fee with a 0.02% interest. This entire episode has been nothing but a big joke.

  4. Emerson said:
    on April 1st at 02:34 pm

    Yeah, I’m unhappy that my bank (WaMu) was bought by Chase. WaMu didn’t have the greatest interest rates by a long shot, but compared to what’s being offered now, they were a gold mine before the takeover.

    Sadly, in California, there don’t seem to be a lot of good choices of banks anymore… it’s pretty much one of the big three (Chase, BofA, etc), or a tiny bank with little to no zero-fee ATM exposure.

    I seriously wonder… Banks are always complaining about how they don’t make any money, but years ago, when I earned 4% on my CHECKING account and didn’t need to jump through hoops (required auto deposits, X# of Visa Checking Card purchases per month, etc etc), they seemed to be happy enough.

    Sounds like someone’s milking the ol’ cow a bit too much, and Bessie’s getting ornery.

  5. KP Knight said:
    on May 9th at 04:42 pm

    Gee, .01 interest looks good. My last two months’ statements from Franklin Money Fund stated in normal-sized type that the current yield was .00. I’ve kept money in Franklin for about 20 years and most of that time the interest rate was excellent. Now I’m searching for another place to “invest” my extra money. Thanks for teaching me the difference between MMAs and MMFs!

  6. Tony said:
    on March 29th at 03:58 pm

    I must be one of those jerks taking advantage of $100.00 Free when I open a mm for at least 6 months with a balance of $5,000.00.
    Actually it’s a good deal, but after the 6 months is over…
    BYE BYE CHASE

Trackbacks