Chase does not offer a dedicated high-yield savings account

Chase's standard savings accounts pay rates well below the market rate for high-yield savings. As of now, Chase savings accounts earn between 0.01% and 0.04% annual percentage yield (APY), depending on the account type and your balance. Banks that specialize in high-yield savings—often online-only institutions—currently offer rates between 4% and 5.35% APY on the same type of account.

If you want a high-yield savings account, you will need to open one at a different bank. Chase offers other products that might fit your goals, but none carry the "high-yield" label or the rates that come with it.

Key Takeaways

  • Chase savings accounts pay 0.01% to 0.04% APY, far below what online banks and credit unions offer for high-yield savings.
  • Chase's money market accounts pay slightly higher rates than savings accounts but still fall short of true high-yield products.
  • If you keep a large balance at Chase for other reasons—checking, loans, or investment accounts—the convenience may outweigh the lower savings rate for some people.
  • Online banks, credit unions, and some regional banks offer high-yield savings accounts with rates five to ten times higher than Chase's standard products.

What Chase savings accounts actually pay

Chase offers three main savings products: the Chase Savings Account, the Chase Premier Savings Account, and the Chase Money Market Account. The basic Chase Savings Account pays 0.01% APY on all balances. The Premier Savings Account, which requires a higher opening deposit and minimum balance, pays 0.04% APY. Neither rate changes based on how much money you deposit.

The Chase Money Market Account pays a slightly higher rate—currently around 0.04% to 0.05% APY depending on your balance tier—but it still lags far behind high-yield options elsewhere. Money market accounts typically come with check-writing privileges and a debit card, which savings accounts do not, but the rate difference is minimal.

On a $10,000 balance held for one year, a Chase savings account would earn roughly $1 to $4 in interest. The same balance in a high-yield savings account earning 4.5% APY would earn $450. That gap widens significantly for larger balances or longer time horizons.

Why Chase rates are so low

Chase is a large, full-service bank with physical branches, ATMs, and staff in thousands of locations. Those branches and services cost money to maintain. Chase funds those costs partly through the difference between what they pay depositors and what they charge borrowers. Online banks have no branches, no tellers, and no physical infrastructure, so they can pass most of their savings directly to depositors in the form of higher rates.

Chase also makes money from the products you use with them—checking accounts, credit cards, mortgages, investment accounts. A customer who keeps money in a low-yield Chase savings account but uses Chase for checking, a mortgage, and a brokerage account is valuable to the bank for reasons beyond the savings account itself. That customer relationship matters more to Chase than competing on savings rates.

Chase products that might make sense alongside a high-yield account elsewhere

If you already bank with Chase for checking or other products, you might keep a small emergency fund in a Chase savings account for convenience—the ability to transfer money instantly to your checking account without waiting for an ACH transfer. But this only makes sense if the amount is small enough that the lost interest is worth the convenience.

Chase also offers CDs (certificates of deposit) with rates that vary by term length. These rates are still below what online banks offer, but they are higher than savings account rates. If you have money you will not need for a set period—six months, one year, two years—a CD might pay more than a savings account at any bank, though online banks typically offer better CD rates as well.

Chase's investment accounts and retirement accounts (IRAs, 401(k)s) are separate from savings accounts and are not designed to compete on interest rates. Those products are about investment options and account structure, not cash yields.

Where to find high-yield savings accounts

Online banks like Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Wealthfront Cash Account currently offer rates between 4% and 5.35% APY. Credit unions often offer competitive rates as well, sometimes through shared branching networks that give you access to ATMs and tellers beyond your own credit union. Some regional banks—particularly those in the Midwest and South—also offer high-yield savings accounts.

Rates change frequently, sometimes weekly. The best way to compare is to visit the websites of several banks and note their current rates, minimum balance requirements, and any fees. Most high-yield savings accounts have no monthly fees and no minimum balance, though a few require $25,000 or more to open.

You can open a high-yield savings account at a different bank while keeping your Chase checking account. There is no rule against having accounts at multiple banks. Many people use Chase for checking and bill pay, then keep their savings at a higher-yielding institution.

How to move money between Chase and a high-yield account

Once you open a high-yield savings account elsewhere, you can link it to your Chase checking account and transfer money between them using ACH (Automated Clearing House). ACH transfers typically take one to three business days. You can set up recurring transfers—for example, moving $500 from Chase checking to your high-yield savings account every payday—through either bank's website.

Some high-yield banks also offer a feature called "sweep" or "auto-transfer," where they automatically move money from your checking account to savings once your checking balance exceeds a certain amount. This can help you save without thinking about it, though you will need to set it up through the high-yield bank's system.

If you want to close your Chase savings account after moving the money, you can do that online or by calling Chase. There is no penalty for closing a savings account, though Chase may ask why you are leaving.

Frequently Asked Questions

Can I get a higher rate if I keep a really large balance at Chase?

No. Chase savings rates do not increase based on your balance size. The Premier Savings Account pays 0.04% regardless of whether you have $10,000 or $1 million in it. Some banks tier their rates, but Chase does not.

Does Chase offer any savings product that competes with high-yield accounts?

Not really. Chase CDs pay slightly more than savings accounts, but online banks typically offer better CD rates. If you want a true high-yield product, you will need to bank elsewhere.

What if I want to keep my money at Chase for safety reasons?

Chase is FDIC-insured up to $250,000 per account type, just like any other bank. Online banks and credit unions are also insured the same way. Your money is equally safe at a high-yield bank as it is at Chase.

Can I have both a Chase savings account and a high-yield savings account?

Yes. Many people keep a small amount in a Chase savings account for convenience and their main savings at a high-yield bank elsewhere. You can link both accounts and transfer money between them whenever you need to.

What happens to my interest if I withdraw money before the end of the year?

Interest accrues daily and is paid monthly, so you earn interest on whatever balance you hold each day. There is no penalty for withdrawing money from a savings account at any time. If you withdraw $5,000 on the 15th of the month, you earn interest only on the balance you held from the 1st to the 15th.