Chase does not offer a dedicated high-yield savings account

Chase's standard savings accounts earn interest rates well below what other banks pay. As of now, Chase savings accounts earn around 0.01% annual percentage yield (APY) on most balances—roughly one-tenth of what online banks and credit unions offer. If you keep money in a Chase savings account expecting meaningful interest, you will earn almost nothing.

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 neither competes with rates you can find elsewhere. The Premier version offers a slightly higher rate, but still falls far short of high-yield options available from other institutions.

If earning interest on savings matters to you, you will need to look outside Chase or use a different type of account within Chase's ecosystem.

Key Takeaways

  • Chase savings accounts pay around 0.01% APY, which means $10,000 earns roughly $1 per year in interest.
  • Chase Premier Savings offers a marginally higher rate for customers maintaining larger balances, but still does not may have access to as high-yield.
  • Online banks and credit unions routinely offer rates between 4% and 5% APY on savings, making them a better choice if interest earnings matter to your financial plan.
  • If you want to stay with Chase for checking and bill pay, you can keep a savings account there for convenience while holding your actual savings at a higher-paying institution.

Why Chase rates lag behind other banks

Chase is a brick-and-mortar bank with thousands of branches and ATMs nationwide. That physical infrastructure costs money—rent, staff, maintenance. Online banks have no branches, so they pass savings to customers through higher interest rates. Credit unions operate on a membership model and often prioritize member returns over profit.

Chase's business model relies on customers using checking accounts, credit cards, loans, and investment services. A savings account is often a secondary product, not a profit center. The bank has little incentive to pay competitive rates on savings when most customers are already locked in for other reasons.

This does not mean Chase savings accounts are bad—they are safe, FDIC-insured up to $250,000, and convenient if you already bank there. It means they are not designed to be a place where your money grows.

Chase Money Market Account as an alternative

Chase offers a Money Market Account that sometimes pays slightly higher rates than savings accounts, though the difference is usually minimal. Money market accounts typically require a higher opening balance and may limit how many withdrawals you can make per month. Chase's money market rates still lag far behind what online banks offer.

Money market accounts are useful if you want check-writing privileges or debit card access to your savings, which traditional savings accounts do not always provide. But if your goal is to earn meaningful interest, the rate difference between Chase's savings and money market accounts will not solve the problem.

Chase CDs: A fixed-rate option with low returns

Chase offers Certificates of Deposit (CDs) with terms ranging from 3 months to 5 years. When you open a CD, you agree to leave your money untouched for the term length in exchange for a may provide interest rate. If you withdraw early, Chase charges a penalty that eats into your earnings.

Chase CD rates are also low compared to online banks and credit unions. A 1-year CD at Chase might pay 0.05% APY, while online banks offer rates above 4% for the same term. The penalty for early withdrawal at Chase typically equals three to six months of interest, which is substantial on an already-low rate.

CDs make sense if you have money you will not need for a set period and want may provide returns. They do not make sense at Chase if your goal is to maximize what you earn.

Where to find actual high-yield savings

High-yield savings accounts are offered by online banks like Marcus, Ally, American Express Personal Savings, and Discover. Credit unions also frequently offer competitive rates through programs like CO-OP and Allpoint networks. Rates vary by institution and change weekly based on Federal Reserve policy, but you can typically find options between 4% and 5% APY.

These accounts are FDIC-insured just like Chase accounts, so your money is equally safe. The main trade-off is that you cannot walk into a physical branch or deposit cash at an ATM—everything happens online or through transfers. For most people, that is a minor inconvenience in exchange for earning 400 times more interest than Chase pays.

You do not have to close your Chase account to open a high-yield savings account elsewhere. Many people keep a Chase checking account for everyday spending and bill pay, then move savings to a higher-paying institution.

How to move money between Chase and another bank

If you decide to open a high-yield savings account at another bank, transferring money from Chase is straightforward. Most online banks let you link your Chase checking account and pull money directly via ACH transfer, which typically takes one to three business days. You can also set up recurring transfers if you want to move money regularly.

Alternatively, you can write a check to yourself from Chase and deposit it at the new bank, though this is slower and less reliable. Some banks offer a check deposit feature through their mobile app, which speeds up the process.

There is no penalty for closing a Chase savings account, and no minimum balance requirement to keep one open (though some Chase accounts do charge monthly fees if your balance drops below a threshold). If you decide Chase savings is not worth keeping, you can close it once your money is safely transferred elsewhere.

Frequently Asked Questions

Does Chase have any account that pays competitive interest?

No. Chase's savings, money market, and CD rates all fall well below what online banks and credit unions offer. If earning interest is your priority, you will need to bank elsewhere or use a combination of Chase for checking and another institution for savings.

Is my money safe in a Chase savings account?

Yes. Chase is FDIC-insured, meaning deposits up to $250,000 are protected by the federal government. The low interest rate has nothing to do with safety—it is simply Chase's pricing strategy.

Can I keep a Chase checking account and put savings somewhere else?

Yes. Many people do this. You can use Chase for checking, bill pay, and everyday spending while keeping savings at a high-yield bank. Transferring money between the two takes one to three business days via ACH.

What happens if I need to withdraw money from a Chase CD early?

Chase charges an early withdrawal penalty equal to three to six months of interest, depending on the CD term. On a low-rate CD, this penalty can wipe out most or all of your earnings. Check the specific terms before opening a CD.

How often do Chase interest rates change?

Chase adjusts rates periodically based on Federal Reserve decisions and market conditions, but changes are infrequent and usually small. Even when Chase raises rates, they remain far below what online banks pay. You will not see Chase rates become competitive without a major shift in their business strategy.