Chase does not offer a dedicated high-yield savings account

Chase's standard savings account earns 0.01% annual percentage yield (APY) on balances of any size. Their money market account earns slightly more—currently 0.01% APY as well—but neither product competes with what online banks and credit unions offer. If you want a savings account that actually earns interest, you will need to look outside Chase.

Chase's strength is convenience: branches everywhere, ATM access, and integration with checking accounts. But convenience costs money. Banks that operate only online—like Marcus, Ally, or American Express Personal Savings—typically offer 4% to 5% APY on savings accounts because they have no physical locations to maintain. Chase has chosen to keep rates low and pass the savings to themselves.

The gap between Chase's 0.01% and a 4.5% account elsewhere is real money. On $10,000, you earn $1 per year at Chase versus $450 at a high-yield account. Over five years, that difference compounds to roughly $2,300 in lost earnings.

Key Takeaways

  • Chase savings and money market accounts both earn 0.01% APY, which is far below what online banks offer.
  • High-yield savings accounts from online-only banks typically earn 4% to 5% APY and have no monthly fees.
  • You can keep a Chase checking account for bill pay and ATM access while moving savings to a higher-rate account elsewhere.
  • Chase's rates do not change based on your balance or account history, so even loyal customers earn the same minimal rate.

How Chase savings accounts compare to high-yield alternatives

Chase offers two savings products: the regular savings account and the money market account. Both earn 0.01% APY. The money market account requires a $2,500 minimum balance to avoid a $25 monthly fee, while the regular savings account has no minimum. Neither rate moves with the Federal Reserve—Chase adjusts rates on its own schedule, and that schedule has kept rates flat for years.

Online banks like Marcus, Ally, American Express Personal Savings, and Discover typically earn between 4% and 5.25% APY. These rates do fluctuate when the Federal Reserve changes its benchmark rate, so they move faster than Chase's. Most have no monthly fees, no minimum balance requirements, and no penalties for withdrawals. Some offer the same FDIC insurance protection as Chase (up to $250,000 per account holder per bank).

Credit unions often offer competitive rates too. If you belong to one or can join through your employer or community, their savings accounts may earn 3% to 4% APY. The tradeoff is that credit unions have fewer branches and ATMs than Chase, though many participate in shared branching networks.

Why Chase keeps savings rates so low

Chase is a retail bank with 4,700 branches and 16,000 ATMs. That infrastructure costs money—rent, staff, maintenance, security. Chase funds those costs partly through low savings rates. When you earn 0.01% on your savings, Chase uses that money to lend out at much higher rates, keeping the difference as profit.

Online banks have no branches. They spend money on technology, customer service, and marketing instead of real estate. That lower overhead lets them offer higher rates and still turn a profit. They are betting you will move money there for the rate, and they make money on volume and lending, not on the spread between what they pay you and what they charge borrowers.

Chase's strategy works because many people prioritize convenience over rate. If you use Chase's checking account, pay bills through their app, and visit branches regularly, moving your savings elsewhere feels like friction. Chase counts on that. But the cost of that convenience—in lost interest—is something you can measure and decide whether it is worth it.

What to do if you want to keep using Chase

You do not have to close your Chase account to earn a better rate. Many people keep a Chase checking account for bill pay and ATM access, then move their savings to a high-yield account elsewhere. Money transfers between banks take one to three business days via ACH, so you can move money when you need it without much delay.

Some people use Chase for spending and short-term money, then keep a high-yield savings account at another bank for money they plan to leave untouched for months or years. That way you get Chase's convenience for daily banking and a real interest rate for savings.

If you want to stay entirely within Chase, your only option is their money market account at 0.01% APY. It offers slightly more flexibility than savings (you can write checks on some money market accounts, though Chase's does not), but the rate is identical. Neither product is a substitute for a true high-yield account.

How to move money from Chase to a high-yield account

Opening a high-yield savings account at another bank takes 10 to 15 minutes online. You will need your Social Security number, a government ID, and proof of address (a recent utility bill or bank statement works). Most banks verify your identity instantly and let you start using the account the same day.

To move money from Chase, log into your new bank's app or website and look for "Link an external account" or "Add a bank account." You will enter your Chase routing number (011000015 for most Chase accounts) and your account number. The new bank will make two small test deposits to your Chase account (usually $0.01 to $0.99 each) within one to two business days. You verify the amounts in your Chase account, and the link is confirmed.

Once linked, you can transfer money from Chase to your new account. ACH transfers typically take one to three business days. Some banks offer faster transfers for a fee, but standard ACH is free. You can set up recurring transfers—for example, moving $500 to savings every payday—so you do not have to remember to do it manually.

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. Your checking account can stay open.

When Chase savings might still make sense

Chase savings is reasonable only in narrow situations. If you have less than $1,000 and plan to spend it within weeks, the interest difference is negligible—you will earn a few cents either way. If you need instant access to cash and do not want to wait for transfers, keeping some money in Chase savings for emergencies is practical, even if the rate is poor.

If you are a Chase Private Client (which requires $250,000 in combined assets), you may get a slightly higher rate on savings, though still well below market. Check with your relationship manager about what rate you actually earn.

For most people, though, the math is simple: move savings to a high-yield account, keep checking at Chase if you like it, and earn real interest on money you are not spending right now.

Frequently Asked Questions

Can I earn more interest if I keep a higher balance in Chase savings?

No. Chase pays 0.01% APY regardless of your balance. Some banks offer tiered rates—higher APY for larger balances—but Chase does not. Your rate stays the same whether you have $100 or $100,000 in the account.

Does Chase ever raise its savings rate?

Chase raises rates occasionally, but slowly and not in line with Federal Reserve changes. When the Fed raised rates sharply from 2022 to 2023, Chase kept savings at 0.01% for months while online banks moved to 4% and higher. Chase eventually raised rates slightly, but remains far below market.

What if I need to withdraw money from a high-yield account quickly?

High-yield savings accounts are liquid—you can withdraw money anytime without penalty. Transfers to another bank take one to three business days. If you need cash immediately, you can use the bank's ATM or visit a branch if they have one. Online banks often participate in ATM networks so you can withdraw cash without fees.

Is my money safe in a high-yield account at another bank?

Yes, as long as the bank is FDIC-insured. Most high-yield savings accounts at online banks and credit unions carry the same $250,000 FDIC protection as Chase. Check the bank's website to confirm FDIC coverage before you open an account.

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

Yes. Many people keep a Chase checking account and a small Chase savings balance for convenience, then maintain a high-yield savings account elsewhere for serious savings. There is no rule against having accounts at multiple banks.