Chase does not offer a dedicated high-yield savings account
Chase's standard savings account earns interest, but the rate is not competitive with high-yield savings accounts from other banks. As of now, Chase savings accounts earn around 0.01% annual percentage yield (APY) on most balances, which means $10,000 in savings generates roughly $1 per year in interest. Banks that specialize in online savings—like Marcus, Ally, or American Express—currently offer rates between 4% and 5% APY on the same balance, generating $400 to $500 annually.
Chase does offer a Chase Savings Account and a Chase Premier Savings Account for customers with higher balances, but neither is marketed as high-yield, and both carry the same low interest rates. If you want high-yield savings through Chase, you would need to look at their money market accounts or certificates of deposit (CDs), which offer slightly better rates but come with different terms and restrictions.
Key Takeaways
- Chase savings accounts earn around 0.01% APY, far below the 4% to 5% rates available at online banks.
- Chase offers money market accounts and CDs with higher rates, but these are not savings accounts and have different rules about withdrawals and minimum balances.
- If you keep most of your money at Chase for checking and bill pay, moving savings to a high-yield account elsewhere costs nothing and takes a few days to set up.
- You can hold accounts at multiple banks at once—there is no penalty for keeping your checking at Chase and your savings elsewhere.
Chase money market accounts and CDs as alternatives
Chase offers a Money Market Account that earns a higher rate than a standard savings account, though still lower than online high-yield options. Money market accounts at Chase typically earn between 0.05% and 0.15% APY depending on your balance tier. The trade-off is that money market accounts usually come with a limit on how many withdrawals you can make per month—often six—and may require a higher minimum balance to open.
Chase also sells Certificates of Deposit (CDs) with terms ranging from three months to five years. Longer-term CDs pay higher rates; a five-year CD at Chase currently earns more than a savings account, though still less than what online banks offer for savings. The catch is that your money is locked in for the full term. If you withdraw early, you pay a penalty that can erase months of interest.
Neither of these products is a true high-yield savings account because they either limit your access to the money or lock it away entirely. If you need to access your savings without penalty, a high-yield savings account at another bank remains the better choice.
Why Chase rates lag behind online banks
Chase is a full-service bank with physical branches, ATMs, and customer service centers across the country. Those costs—rent, staff, technology for branches—get passed along as lower interest rates on deposits. Online banks like Marcus, Ally, and American Express have no branches and lower overhead, so they can afford to pay depositors more.
Chase's business model also depends on lending money out at higher rates than it pays depositors. The wider the gap between what it pays you and what it charges borrowers, the more profit it makes. Online banks compete directly on deposit rates, so they narrow that gap to attract customers. Chase competes on convenience and brand recognition instead.
How to move money from Chase to a high-yield account
Opening a high-yield savings account at another bank takes about 10 minutes online. You will need your Social Security number, a government ID, and proof of address. Most banks verify your identity instantly and fund the account the same day or within one business day.
To move money from Chase to your new account, you have two options. The easiest is to link both accounts and use the new bank's transfer tool—most high-yield banks let you initiate an ACH transfer directly from their website, and the money arrives in two to three business days. Alternatively, you can use Chase's bill pay feature to send money to your new account, which also takes two to three days.
You do not have to close your Chase savings account. Many people keep a small balance there for convenience and move the bulk of their savings elsewhere. There is no penalty for holding accounts at multiple banks, and you can transfer money back to Chase anytime if you change your mind.
When a Chase savings account still makes sense
If you use Chase for checking and bill pay, keeping a small savings buffer at Chase can be convenient—you can move money between accounts instantly and see everything in one login. Some people also keep a Chase savings account as an emergency backup if their primary bank has technical problems.
Chase also offers perks to customers who maintain high balances across multiple accounts. If you have a Chase checking account with direct deposit and a linked savings account, you may may have access to for fee waivers or other benefits. Check your account terms or call Chase to see what you are may be able to access for.
But if your goal is to earn meaningful interest on savings, Chase is not the place to do it. The convenience of having everything in one bank costs you hundreds of dollars per year in lost interest.
Comparing Chase to actual high-yield options
| Bank | Account Type | Current APY (approximate) | Minimum Balance | Withdrawal Limits |
|---|---|---|---|---|
| Chase | Savings Account | 0.01% | $0 | None |
| Chase | Money Market Account | 0.05–0.15% | $2,500 | 6 per month |
| Marcus | High-Yield Savings | 4.50% | $0 | None |
| Ally | High-Yield Savings | 4.25% | $0 | None |
| American Express | High-Yield Savings | 4.40% | $0 | None |
On a $25,000 balance held for one year, Chase earns you $2.50 in interest. Marcus earns $1,125. That $1,122 difference is real money you could use for anything else. The rates in this table change over time, so check the current rates at each bank before you decide.
Frequently Asked Questions
Can I earn better interest at Chase if I have a lot of money?
No. Chase savings accounts earn the same low rate regardless of balance size. Money market accounts do have tiered rates—higher balances earn slightly more—but even the top tier is still far below what online banks pay. If you have a large balance, moving it to a high-yield account makes even more financial sense.
What if I need my money fast—does Chase pay interest faster?
Interest accrues and posts on the same schedule at Chase as anywhere else—usually monthly or daily, depending on the account. The real difference is the rate itself, not how quickly you earn it. A high-yield account pays you more interest per day, so speed of posting does not matter.
Will opening a high-yield account hurt my credit score?
No. Opening a savings account is a soft inquiry and does not affect your credit. Only credit applications (loans, credit cards) trigger hard inquiries that show up on your credit report. You can open as many savings accounts as you want without any impact.
Can I use a high-yield account for everyday spending?
Most high-yield savings accounts do not come with a debit card, so you cannot swipe them at stores. But you can link them to your Chase checking account and transfer money over in two to three days, or use the new bank's mobile app to send money to another account instantly. Some people keep their checking at Chase and their savings elsewhere for this reason.
What happens to my interest if rates drop?
Banks can lower savings rates anytime without notice. If you lock money into a CD, your rate is may provide for the full term. If you keep money in a savings account, the rate can change monthly. This is true at Chase and everywhere else. Right now, rates are high by historical standards, so locking in a CD rate may make sense if you do not need the money for a few years.