Chase does not offer a dedicated high yield savings account
Chase's standard savings accounts pay rates well below what you can find elsewhere. As of now, Chase offers savings accounts with rates typically between 0.01% and 0.04% annual percentage yield (APY), depending on the account type and balance. These rates are far lower than accounts marketed as "high yield," which commonly pay 4% to 5% APY or higher at online banks and credit unions.
If you have money sitting in a Chase savings account expecting meaningful interest, you are earning almost nothing. Chase's business model relies on keeping deposit rates low while charging higher rates on loans and credit products. They do not compete on savings rates the way online-only banks do.
Chase does offer other products that might work for your money, but none of them are high yield savings accounts in the traditional sense. Understanding what Chase actually has available, and what the real alternatives are, matters if you want your savings to grow.
Key Takeaways
- Chase savings accounts pay between 0.01% and 0.04% APY, which is not competitive with high yield savings accounts elsewhere.
- Chase offers money market accounts and CDs that pay slightly higher rates, but these still lag behind online banks and credit unions.
- If you want a true high yield savings account, you will need to open one at an online bank, credit union, or brokerage firm outside of Chase.
- Keeping a Chase savings account makes sense only if you value the branch network and convenience over interest earnings.
What Chase savings accounts actually pay
Chase offers three main savings products: the Chase Savings Account, the Chase Premier Savings Account, and the Chase Secure Savings Account. The regular Chase Savings Account pays around 0.01% APY on most balances. The Premier Savings Account, which requires a higher opening deposit and minimum balance, pays slightly more—typically 0.04% APY—but the difference is negligible.
To put this in perspective: if you have $10,000 in a Chase savings account earning 0.01% APY, you will earn about $1 per year in interest. At a high yield savings account paying 4.5% APY, that same $10,000 earns $450 per year. The gap is enormous.
Chase does not advertise these accounts as high yield because they are not. The bank is transparent about the rates on its website, but most people do not check before opening an account. If you already have a Chase savings account, you can see your exact APY by logging into your account online or calling customer service.
Chase money market accounts and CDs as alternatives
Chase offers money market accounts and certificates of deposit (CDs) that pay higher rates than savings accounts, but they still fall short of what online banks offer. Chase money market accounts typically pay between 0.01% and 0.04% APY, similar to savings accounts. Chase CDs vary by term length and current market conditions, but rates are usually 1% to 2% below what you can find at online banks.
A CD locks your money away for a set period—anywhere from three months to five years. If you withdraw early, Chase charges a penalty. The rates are not high enough to justify that restriction when other banks offer better terms with no early withdrawal penalty or with lower penalties.
Chase does offer a "CD ladder" strategy tool on its website to help you understand how to split money across multiple CDs with different maturity dates. This is useful information, but it does not change the fact that Chase's CD rates are not competitive.
Where to find actual high yield savings accounts
Online banks consistently offer the highest savings rates because they have lower overhead costs than brick-and-mortar banks. Banks like Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank regularly offer rates between 4% and 5.35% APY on savings accounts. Credit unions also offer competitive rates, sometimes higher than online banks, especially if you are a member.
Opening an account at an online bank takes 10 to 15 minutes. You provide your name, address, Social Security number, and initial deposit information. The account is fully operational within one to three business days. You can transfer money in and out using ACH transfers, which typically take one to two business days.
If you want to keep your primary checking account at Chase for convenience—to use their ATM network or visit branches—you can do that. Many people maintain a Chase checking account for daily spending and bill payments, then keep their savings at an online bank where the money actually earns interest.
Why Chase rates stay low
Chase is a full-service bank that makes money from loans, credit cards, investment products, and fees. They do not need to attract deposits with high interest rates because they have a massive customer base and access to capital markets. Online banks, by contrast, rely almost entirely on deposits to fund their lending, so they compete aggressively on rates.
Chase's branch network and ATM access have value if you use them regularly. Some people are willing to accept lower interest rates in exchange for the ability to walk into a physical location or withdraw cash without fees. That is a legitimate choice, but it should be a conscious one—not the result of not knowing that better rates exist.
How to move money from Chase to a high yield account
If you decide to open a high yield savings account elsewhere, moving money from Chase is straightforward. Most online banks have a transfer tool that lets you link your Chase account and move money electronically. You provide your Chase account number and routing number, and the transfer typically completes in one to two business days.
You do not have to close your Chase savings account. Many people keep a small balance there for emergencies or keep the account open to maintain their relationship with Chase. There is no penalty for having money sit in a low-rate account if you choose to do so.
If you have automatic transfers set up from Chase (for example, a paycheck direct deposit), you can change the destination to your new high yield account. You can also set up a recurring transfer from Chase to your new account if you want to move money regularly.
Frequently Asked Questions
Does Chase have any savings account that pays more than 0.04%?
Chase's standard savings and money market accounts do not exceed 0.04% APY. CDs pay higher rates depending on the term, but Chase CD rates are still lower than what online banks offer for the same maturity period. If earning interest is your priority, you will need to look outside Chase.
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 inquiry to check for fraud, but this does not show up on your credit report. You can open as many savings accounts as you want without any credit impact.
Can I keep my Chase checking account and move only my savings?
Yes. You can maintain your Chase checking account for daily use and move your savings to a high yield account elsewhere. Many people do this to keep the convenience of Chase's branch network while earning better interest on money they are not spending immediately.
What happens to my money if the online bank fails?
Deposits at banks insured by the FDIC (Federal Deposit Insurance Corporation) are protected up to $250,000 per account holder, per bank. Most online banks are FDIC-insured. You can verify this on the FDIC website before opening an account. Your money is just as safe at an online bank as it is at Chase.
How often do high yield savings rates change?
Banks adjust rates based on Federal Reserve decisions and market conditions. Rates can change weekly or monthly. When you open an account, the rate you see is not may provide forever—it can go up or down. However, online banks have historically kept rates higher than traditional banks even as rates fluctuate.