Chase offers high-yield savings through two main products, but the rates are lower than many online banks
Chase has two savings accounts that pay interest above their standard savings rate: Chase Savings (their basic account) and Chase Premier Savings (for customers with higher balances). As of early 2024, Chase Savings pays around 0.01% APY on most balances, while Premier Savings pays slightly higher rates depending on your balance tier—typically ranging from 0.01% to 0.04% APY. These rates are substantially lower than what online-only banks and credit unions currently offer, which often exceed 4.5% APY on high-yield savings accounts.
Chase's rates change without notice and vary by region and account type. You can check your current rate by logging into your Chase account online or calling 1-800-935-9935. The rate you receive depends on your total relationship with Chase—the more money you keep there and the more products you use, the better your tier placement may be, though this does not may provide a higher rate.
The trade-off is convenience: if you already bank with Chase, keeping savings there means one login, one customer service line, and easier transfers to your checking account. But if your goal is to maximize interest earned on savings, Chase's rates will cost you money compared to alternatives.
Key Takeaways
- Chase Savings and Chase Premier Savings both pay rates well below 1% APY, making them among the lowest-paying savings accounts available.
- Your rate depends on your account tier, which is based on your total balance and relationship with Chase, and rates vary by region.
- Online banks and credit unions typically pay 4% to 5% APY on high-yield savings, meaning you would earn significantly more elsewhere.
- Chase savings accounts offer FDIC protection up to $250,000 per account category and integrate easily with Chase checking, which may matter more to you than rate.
How Chase savings rates compare to other banks
A $10,000 balance earning 0.01% APY at Chase generates about $1 per year in interest. The same balance at an online bank paying 4.5% APY generates $450 per year—a difference of $449. Over five years, that gap widens to $2,245 in lost earnings. The longer your money sits in a low-rate account, the more you lose to inflation and opportunity cost.
Chase's rates are competitive only if you value the convenience of having all your accounts in one place, or if you need a physical branch for deposits and withdrawals. If you are primarily moving money online and do not need in-person banking, the rate difference is hard to justify.
Some customers keep a small amount in Chase savings for emergency access while holding the bulk of their savings at a higher-paying institution. This hybrid approach lets you use Chase's branch network and customer service while earning real interest elsewhere.
What you need to open a Chase savings account
To open Chase Savings or Premier Savings, you need a valid government-issued ID, a Social Security number, and an initial deposit. Chase requires a minimum opening deposit that varies by account type—typically $0 to $25 depending on the product and your region. You can open online, by phone at 1-800-935-9935, or at any Chase branch.
If you already have a Chase checking account, opening a savings account takes minutes online. Chase will link the accounts automatically, letting you transfer money between them instantly. If you are new to Chase, you may be asked additional questions about your employment and income for fraud prevention.
Chase does not charge a monthly maintenance fee on savings accounts, and there is no penalty for closing the account. You can withdraw money at any time without losing interest earned to date, though some withdrawals may take one to two business days to post depending on the transfer method.
FDIC protection and account safety
Chase Savings and Premier Savings are both FDIC-insured up to $250,000 per depositor, per account category, at each bank. This means if Chase fails, the federal government guarantees your money up to that limit. If you have multiple savings accounts at Chase, each one is insured separately as long as they are registered differently (for example, one in your name alone and one as a joint account).
Your deposits are safe from Chase's business decisions or financial trouble. The FDIC insurance is automatic—you do not need to register or do anything to activate it. If your balance exceeds $250,000, only the first $250,000 is covered, so very large savers should split deposits across multiple banks or account types.
Withdrawal limits and how to move money out
Chase Savings has no limit on the number of withdrawals you can make per month. You can withdraw money online, by phone, at an ATM, or at a Chase branch. Online and phone transfers typically post within one to two business days. ATM withdrawals are instant if you use a Chase ATM; non-Chase ATM withdrawals may take longer and could incur a fee from the other bank.
Transfers to external accounts (banks outside Chase) are processed through ACH and usually take one to two business days. If you need money faster, you can withdraw cash at a Chase branch or ATM the same day. There is no penalty for frequent withdrawals, and you do not lose interest if you withdraw before the end of a statement cycle.
When a Chase savings account makes sense
A Chase savings account is practical if you already use Chase for checking and want to keep everything in one place. It works well as a holding account for money you plan to move elsewhere, or for an emergency fund you want to access quickly at a physical branch. It also makes sense if you have a large Chase relationship (mortgage, auto loan, credit card) and may have access to for Premier Savings with a slightly higher rate.
A Chase savings account is not the right choice if your main goal is to earn interest on savings. The rate difference between Chase and online alternatives is too large to ignore if you have money sitting for months or years. If you are saving for a specific goal—a down payment, a vacation, a car—and you have time before you need the money, moving that balance to a higher-paying account costs nothing and gains you hundreds of dollars.
Some customers use both: a small emergency fund at Chase for quick access, and a larger savings balance at an online bank for interest. This splits your attention between two logins but maximizes both safety and earnings.
How to find your current Chase savings rate
Log into your Chase account online and navigate to your savings account details. The current APY is displayed on the account summary page. You can also call Chase at 1-800-935-9935 and ask a representative for your rate. Rates are updated periodically and posted on Chase's website under their savings account product pages, though your personal rate may differ based on your account tier and region.
Chase does not notify you when rates change, so check periodically if you are tracking your earnings. If you see your rate drop significantly, that is a signal to compare what other banks are offering. Many savers set a reminder to check rates quarterly or when the Federal Reserve changes its benchmark rate.
Frequently Asked Questions
Can I earn more interest by keeping a higher balance in Chase savings?
Your rate depends on your account tier, which is based on your total balance and other Chase products you use. Premier Savings offers slightly higher rates than regular Savings, but even the top tier at Chase pays less than 0.1% APY. The rate difference between tiers is minimal compared to what online banks pay, so moving to a higher-paying bank will earn you far more than moving between Chase account types.
What happens if Chase lowers its savings rate?
Chase can change rates at any time without notice. Your balance is not affected—you simply earn less interest going forward. If the rate drops below what you can get elsewhere, you can transfer your balance to another bank. There is no penalty for closing a Chase savings account or moving your money.
Is my money safe in a Chase savings account?
Yes. Chase Savings and Premier Savings are FDIC-insured up to $250,000 per account. If Chase fails, the federal government guarantees your deposit. Your money is not at risk from Chase's business decisions, and the insurance is automatic—you do not need to do anything to activate it.
Can I use a Chase savings account as an emergency fund?
Yes. You can withdraw money instantly at a Chase ATM or branch, and transfers to your Chase checking account post within hours. If you need cash quickly and have a Chase branch nearby, this is convenient. However, if you want your emergency fund to earn interest while sitting unused, an online bank paying 4% or higher is a better choice.
Do I need a Chase checking account to open savings?
No. You can open a Chase Savings account on its own. However, if you already have Chase checking, linking a savings account takes minutes and makes transfers between them instant. If you are new to Chase, opening both accounts together is simpler than opening them separately.