Chase does not currently offer a high-yield savings account

Chase's standard savings account earns little to no interest—typically 0.01% APY or less depending on your account type and balance. If you want a high-yield savings account (HYSA), you will need to open one at a different bank. Chase offers other deposit products, but none of them compete with the rates you can find elsewhere for savings.

The reason is straightforward: Chase is a large national bank with thousands of branches and ATMs. That physical footprint costs money to maintain. Banks that operate online only—or primarily online—can offer much higher rates because they have lower overhead. Chase's business model prioritizes branch access and convenience over interest rates.

If you already bank with Chase and want to keep your checking account there, you can open a HYSA at another bank and transfer money between them. Most online transfers take one to two business days, and you can set up automatic transfers if you want to move money on a schedule.

Key Takeaways

  • Chase savings accounts earn 0.01% APY or less, which is far below what online banks currently offer for high-yield savings.
  • You do not have to close your Chase checking account to open a HYSA elsewhere—the two can coexist at different banks.
  • Online-only banks offer higher rates because they have no branch costs to pass on to customers.
  • Transfers between Chase and another bank typically clear in one to two business days using ACH or Chase's own transfer tools.

What Chase savings accounts actually earn

Chase offers a regular savings account and a money market account. Both earn minimal interest. The regular savings account typically earns 0.01% APY, meaning $10,000 would earn about $1 per year. Money market accounts at Chase earn slightly more—usually around 0.05% to 0.10% APY—but still fall far short of what you can get elsewhere.

These rates do not change based on your balance or account history. Chase does not reward loyalty with higher rates the way some credit unions do. The rate is the same whether you have $100 or $100,000 in the account.

By contrast, online banks and some credit unions currently offer HYSAs earning 4% to 5% APY or higher. That same $10,000 would earn $400 to $500 per year at those rates. Over time, that difference compounds significantly.

Why Chase does not compete on savings rates

Chase's business model depends on branch locations and customer convenience. The bank operates roughly 4,700 branches and 16,000 ATMs across the United States. Staffing, maintaining, and upgrading those locations is expensive. Chase passes some of that cost to customers by offering lower savings rates.

Online banks have no branches. They operate from a handful of data centers and customer service centers. Their cost structure is fundamentally different, which allows them to offer rates that are five to fifty times higher than Chase's.

This does not mean Chase is a bad bank—it means Chase is optimized for a different customer. If you value the ability to walk into a branch, deposit cash, or speak to a banker in person, Chase's convenience may be worth the lower rate. If you prioritize interest earnings and do not need branch access, an online HYSA makes more financial sense.

How to move money between Chase and an online HYSA

If you decide to open a HYSA elsewhere, you can keep your Chase checking account and link the two. Most online banks let you add an external bank account during signup. You will need your Chase routing number (010000000 for most Chase accounts) and your account number, both visible on the bottom left of your checks or in the Chase mobile app.

Transfers from Chase to another bank use the ACH network, which typically takes one to two business days. Transfers into Chase from another bank may take slightly longer—up to three business days. Neither direction costs money.

You can also set up automatic transfers if you want to move a fixed amount every month. Many people keep their paycheck going into Chase checking and then transfer a portion to their HYSA for savings goals.

Chase alternatives if you want to stay within the bank

If you strongly prefer to keep all your money at Chase, your options are limited. Chase does not offer a competitive savings product. However, Chase does offer certificates of deposit (CDs), which lock your money away for a set term—usually three months to five years—in exchange for a may provide rate.

Chase CD rates are also low compared to online banks, but they are fixed and predictable. If you know you will not need the money for a specific period, a CD can be worth considering. The tradeoff is that you cannot withdraw the money early without paying a penalty.

Chase also offers money market accounts, which earn slightly more than savings accounts but still lag far behind HYSAs. These accounts typically require a higher minimum balance and may have monthly fees if your balance drops below that threshold.

What to look for in an online HYSA

When you open a HYSA at another bank, compare a few things beyond the interest rate. First, check whether the bank is FDIC-insured—this protects your deposits up to $250,000 if the bank fails. Nearly all online banks are FDIC-insured, but it is worth confirming.

Second, look at the minimum balance requirement. Some HYSAs require $0 to open; others require $1,000 or more. If the rate is high but the minimum is steep, you may not be able to use it.

Third, check the withdrawal rules. Federal law once limited savings account withdrawals to six per month, but that rule was suspended. Most banks no longer enforce it, but some still do. If you think you will need frequent access to your money, confirm the bank's policy.

Finally, consider whether you want a bank with customer service by phone or chat. Online banks vary widely in their support options. Some offer 24/7 phone support; others offer only email or chat during business hours.

Frequently Asked Questions

Can I transfer money from Chase to a HYSA at another bank for free?

Yes. ACH transfers between banks are free and take one to two business days. You can also set up recurring automatic transfers if you want to move money on a schedule. Chase does not charge for outgoing transfers, and most online banks do not charge for incoming transfers either.

Will opening a HYSA at another bank hurt my credit score?

No. Opening a savings account does not trigger a hard credit inquiry and does not affect your credit score. Banks may do a soft inquiry to check for fraud, but this does not show up on your credit report or impact your score.

What if I need to withdraw money from my HYSA quickly?

Transfers from an online HYSA back to your Chase checking account take one to two business days. If you need cash immediately, you would need to withdraw from your Chase account instead. This is one reason some people keep a small emergency fund in their checking account rather than moving everything to savings.

Do I have to close my Chase checking account to open a HYSA elsewhere?

No. You can keep your Chase checking account and open a HYSA at another bank simultaneously. Many people do this—they use Chase for checking and bill payments, and keep a HYSA at an online bank for savings goals.

What happens if the online bank fails?

Your deposits are protected up to $250,000 per account type at each FDIC-insured bank. If an online bank fails, the FDIC will transfer your money to another bank or send you a check. This protection is the same whether you bank online or at a branch.