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 around 0.01% APY on most savings accounts—essentially nothing. If you want a high yield savings account, you will need to look outside Chase or use a different product within their platform.

Chase does offer a Chase Savings Account and a Chase Premier Savings Account (for customers with higher balances), but neither qualifies as high yield. The Premier version pays slightly more, but still falls far short of what online banks and credit unions offer.

The reason Chase keeps rates low is straightforward: they are a large brick-and-mortar bank with branch networks, ATM fees, and physical overhead. Online-only banks and credit unions can pay more because they have lower costs to pass along to customers.

Key Takeaways

  • Chase savings accounts pay around 0.01% APY, which is not competitive with high yield savings accounts offered by online banks.
  • Chase Premier Savings pays slightly more than standard savings but still does not reach high yield rates.
  • Online banks and credit unions currently offer rates between 4% and 5% APY on high yield savings accounts.
  • If you want to stay with Chase for checking, you can open a high yield savings account elsewhere and transfer money between them.

What counts as high yield right now

A high yield savings account typically pays between 4% and 5% APY, though rates change based on Federal Reserve decisions. The exact rate depends on the bank and shifts monthly. Online banks like Marcus, Ally, and American Express Personal Savings have consistently offered rates in this range, as have some credit unions.

Chase's rates are roughly 400 times lower than what high yield accounts pay. On $10,000, Chase would earn you about $1 per year. A high yield account at 4.5% would earn you $450 per year on the same balance.

The gap matters most if you are holding money you do not need immediately—an emergency fund, a down payment you are saving for, or money set aside for a known expense months away. The longer the money sits, the more the rate difference compounds.

Chase products that might work instead

Chase offers a Chase Money Market Account, which is a hybrid between checking and savings. It typically pays slightly more than savings but still nowhere near high yield rates. Money market accounts come with check-writing privileges and sometimes a debit card, but the rate advantage does not make up for the low yield.

Chase also offers CDs (certificates of deposit) with fixed terms ranging from 3 months to 5 years. CD rates are higher than savings rates but still lag behind what online banks offer. You also have to lock your money away for the full term or pay an early withdrawal penalty.

If you want to stay within Chase's ecosystem, neither of these products will give you high yield savings. They are better than a regular savings account, but only marginally.

How to get high yield savings while keeping your Chase checking

You do not have to choose between Chase and high yield. You can keep your Chase checking account and open a high yield savings account at an online bank or credit union. Moving money between them takes one to three business days via ACH transfer, which is free.

This approach works well if you use Chase for everyday banking—bill pay, direct deposit, ATM access—but want your savings to earn real interest. You transfer money from checking to the high yield account when you want to save it, and move it back when you need it.

Many people do this specifically because they like Chase's interface or branch network but do not want to sacrifice yield. There is no penalty for having accounts at multiple banks.

Why Chase rates stay low

Chase is a national bank with thousands of branches and ATMs. That infrastructure costs money—rent, staff, maintenance, security. They pass some of those costs to customers through low savings rates. They make money on the spread between what they pay you and what they charge borrowers for loans and mortgages.

Online banks have no branches. They operate from a few data centers and customer service centers. That lower cost structure means they can pay you more on savings and still make a profit. Credit unions are member-owned, so they return profits to members through higher rates.

Chase's business model is not built around competing on savings rates. It is built around convenience, brand recognition, and lending products. If savings yield is your priority, their model does not serve you well.

What to watch if you move money out

Opening a high yield savings account elsewhere does not affect your Chase checking account or credit score. The new bank will ask for your Social Security number and run a soft credit check, but this does not lower your score.

Make sure the new bank is FDIC-insured (or NCUA-insured if it is a credit union). This means your deposits are protected up to $250,000 if the bank fails. Most online banks and all credit unions display this information clearly on their website.

Set up ACH transfers between Chase and the new bank so you can move money easily. This usually takes one business day to set up and one to three business days per transfer. Keep enough in your Chase checking account to cover your regular expenses and avoid overdraft fees.

Frequently Asked Questions

Does Chase have any savings account that earns more than 0.01%?

Chase Premier Savings pays slightly more than standard savings, but the rate is still well below 1% APY. It requires a higher opening balance and minimum balance to avoid fees. Even with the higher rate, it does not come close to high yield savings accounts at online banks.

Will opening a high yield account at another bank affect my Chase relationship?

No. Banks do not penalize you for having accounts elsewhere. Your Chase checking account works exactly the same, and you can transfer money between banks freely. Many people maintain accounts at multiple banks for different purposes.

How often do high yield savings rates change?

Rates change based on Federal Reserve decisions, which typically happen every six to eight weeks. Banks adjust their rates within days of a Fed announcement. Your rate is locked in at the time you open the account, but the bank can change it going forward with notice.

Can I get a high yield rate if I keep a large balance at Chase?

No. Chase does not offer tiered rates based on balance size. Whether you have $1,000 or $100,000 in a Chase savings account, the rate stays the same. This is another reason many customers with larger balances move their savings elsewhere.

What happens to my money if I transfer it to an online bank?

Your money is protected the same way. As long as the online bank is FDIC-insured, your deposits are covered up to $250,000 if the bank fails. Check the bank's website for the FDIC insurance logo and confirmation number.