Chase does not currently offer a dedicated high-yield savings account
Chase's standard savings accounts earn little to no interest. Their regular savings account pays a rate that varies by branch and account type, but it is typically well below 0.01% annual percentage yield (APY). If you are looking for a savings account that pays significantly more — the kind that compounds your money faster — you will not find it at Chase.
Chase does offer money market accounts, which sometimes pay slightly higher rates than savings accounts, but these rates still lag far behind what online banks and credit unions offer. A money market account at Chase might pay 0.01% to 0.05% APY depending on your balance and location, whereas online banks routinely offer 4% to 5% APY on savings accounts right now.
If you want to keep your money at Chase for convenience or because you already bank there, you have limited options for earning meaningful interest. The trade-off is clear: staying with Chase means accepting lower returns on your savings.
Key Takeaways
- Chase savings and money market accounts pay rates below 0.05% APY, which is far lower than high-yield savings accounts offered elsewhere.
- Online banks and some credit unions offer high-yield savings accounts paying 4% to 5% APY, meaning your money grows much faster outside of Chase.
- If you want to earn higher interest while keeping most of your banking at Chase, you can open a high-yield savings account at another bank and transfer money between them.
- Chase does not penalize you for having accounts at other banks, so you can use Chase for checking and bill pay while keeping savings elsewhere.
Why Chase rates are so low compared to online banks
Chase maintains physical branches, pays staff, and covers real estate costs. Those expenses come out of the interest they can afford to pay depositors. Online banks have no branches and minimal overhead, so they pass the savings to customers through higher rates.
Chase also makes money by lending out deposits at higher rates than they pay you. The wider the gap between what they pay you and what they charge borrowers, the more profit they keep. Because Chase has a large customer base and strong brand loyalty, they do not need to compete aggressively on savings rates to keep deposits flowing in.
This is not unique to Chase — most traditional banks with branches pay similarly low rates. The difference between a big bank and an online bank can be 40 to 50 times larger in your favor if you move your savings.
What Chase does offer for cash management
Chase has a Chase Sapphire Banking tier and a Chase Premier Plus Checking tier that offer slightly better rates on savings and money market accounts, but only if you maintain high balances (usually $75,000 or more) and meet other requirements like direct deposit or credit card spending. Even then, the rates remain below 0.1% APY.
Chase also offers Chase Secure Banking, which is designed for customers with limited banking history or credit challenges. This account does not pay interest on savings either.
If you have a Chase business account, business savings and money market accounts also pay minimal interest. The rate structure is the same: you are paying for the convenience of the Chase name and branch access, not for competitive returns on your cash.
How to earn high-yield rates while staying with Chase for checking
You do not have to choose between Chase and higher interest rates. Many people keep a Chase checking account for bill pay, direct deposit, and ATM access, then open a high-yield savings account at an online bank like Marcus, Ally, or American Express Personal Savings.
Transferring money between banks takes one to three business days using ACH (Automated Clearing House) transfers, which are free. You can set up automatic transfers from your Chase checking account to your high-yield savings account each payday, and the money will grow at 4% to 5% APY instead of sitting at Chase earning almost nothing.
This strategy works especially well if you are saving for a goal that is six months or more away. The interest compounds faster at a high-yield account, and you still have immediate access to your money through Chase for everyday expenses.
Money market accounts at Chase versus high-yield savings elsewhere
Chase money market accounts come with a debit card and check-writing privileges, which savings accounts do not. If you need to access your money frequently or write checks against it, a money market account might be more convenient than a savings account at another bank.
However, the rate difference is so large that convenience usually does not justify staying. A money market account at Chase earning 0.05% APY on $10,000 will earn $5 per year. The same $10,000 in a high-yield savings account earning 4.5% APY will earn $450 per year — 90 times more.
If you do choose a Chase money market account, read the fine print about minimum balance requirements and monthly fees. Some tiers require $2,500 or more to avoid fees, and fees can eat into whatever small interest you earn.
What happens to your interest if you move your savings
When you open a high-yield savings account at another bank, your existing Chase savings account stays open and active. You can leave it with a small balance or close it entirely — Chase does not require you to keep a certain amount or maintain the account if you do not want to.
If you close a Chase savings account, any interest earned up to that point is paid out to you. There is no penalty for closing a savings account at Chase, unlike some banks that charge early withdrawal fees.
Your Chase checking account is separate and unaffected. You can keep checking at Chase and move only your savings to a high-yield account without disrupting your direct deposit, bill pay, or other services.
Frequently Asked Questions
Can I move money from Chase to a high-yield savings account for free?
Yes. ACH transfers between banks are free and take one to three business days. You can set up recurring transfers from your Chase checking account to any high-yield savings account at another bank. Chase does not charge for outgoing transfers.
Will opening a high-yield savings account at another bank hurt my credit?
No. Opening a savings account does not trigger a hard credit inquiry and does not affect your credit score. Banks may do a soft check to verify your identity, but this does not show up on your credit report or lower your score.
What if I need my money back quickly from a high-yield savings account?
High-yield savings accounts are liquid, meaning you can withdraw your money anytime without penalty. Transfers back to Chase take one to three business days. If you need cash the same day, you would need to use an ATM or visit a branch at the high-yield bank if they have physical locations.
Do I have to close my Chase savings account if I open one elsewhere?
No. You can keep both accounts open. Many people maintain a small emergency fund at Chase for quick access and keep their larger savings at a high-yield bank. There is no rule against having accounts at multiple banks.
What if Chase raises its savings rates in the future?
Chase could raise rates at any time, but historically they lag behind online banks even when rates rise across the industry. If Chase rates ever become competitive, you can always move your money back. For now, the gap is too large to ignore.