Chase does not currently offer a dedicated high-yield savings account

Chase's standard savings accounts earn interest rates well below what you can find elsewhere. As of now, Chase offers savings accounts with rates that typically range from 0.01% to 0.04% annual percentage yield (APY), depending on your account type and balance. This is substantially lower than what online banks and credit unions offer — many high-yield savings accounts pay 4% to 5% APY or higher.

Chase has chosen not to compete in the high-yield savings space. Instead, the bank focuses on checking accounts, money market accounts, and certificates of deposit (CDs). If you're looking for a savings account that actually grows your money through interest, you'll need to look outside Chase or use one of their other products.

Key Takeaways

  • Chase savings accounts pay between 0.01% and 0.04% APY, which is far below the 4% to 5% available at online banks and credit unions.
  • Chase offers money market accounts and CDs as alternatives, though these also pay less than many competitors in the same category.
  • If you keep money at Chase primarily for checking and bill pay, moving savings to a separate high-yield account costs nothing and can earn you hundreds of dollars per year on larger balances.
  • You can hold accounts at multiple banks — keeping your checking at Chase and your savings elsewhere is a common and practical setup.

Chase savings account rates compared to the market

The gap between Chase and high-yield savings accounts is real and measurable. On a $10,000 balance, Chase's 0.04% APY would earn you $4 per year. The same $10,000 at a 4.5% APY account would earn $450 per year — a difference of $446. Over five years, that gap grows to more than $2,000.

Chase's rates have not kept pace with the broader market. When the Federal Reserve raised interest rates starting in 2022, online banks and credit unions moved quickly to pass those higher rates to customers. Chase raised its savings rates, but only marginally. The bank's strategy appears to be keeping rates low to protect its profit margins rather than competing for savings deposits.

This is not unusual for large brick-and-mortar banks. Wells Fargo, Bank of America, and Citibank all offer similarly low savings rates. These banks make money from lending and from the spread between what they pay depositors and what they charge borrowers. High-yield savings accounts, offered mostly by online banks with lower overhead, can afford to pass more of the interest rate gains to customers.

Chase money market accounts and CDs as alternatives

Chase does offer money market accounts, which typically pay slightly higher rates than savings accounts but come with check-writing privileges and debit card access. As of now, Chase money market accounts pay rates in the range of 0.01% to 0.05% APY — still well below market rates for the same product at other banks.

Certificates of deposit (CDs) are another option. A CD locks your money away for a set term — typically three months to five years — in exchange for a may provide rate. Chase CD rates vary by term length, but they generally fall below what online banks offer for the same term. A one-year CD at Chase might pay around 4% to 4.5% APY, while online banks often offer 4.5% to 5% or higher for the same term.

The trade-off with a CD is liquidity. You cannot withdraw the money before the term ends without paying an early withdrawal penalty, which typically costs three to six months of interest. If you know you won't need the money for a specific period, a CD can lock in a rate. But for money you might need to access, a high-yield savings account elsewhere remains the better choice.

Why you might still keep money at Chase

Even if Chase's savings rates are low, there are reasons to maintain a Chase account. If you use Chase for checking and bill pay, keeping a small emergency fund there means you can access it immediately without transferring between banks. Chase has thousands of branches and ATMs nationwide, which matters if you need to deposit cash or withdraw large amounts in person.

Chase also offers perks tied to certain account packages — some checking accounts waive fees or offer cash back on purchases if you maintain a minimum balance in savings. If you're already getting value from a Chase checking account, the convenience of keeping some money in Chase savings might outweigh the interest rate difference for smaller balances.

For larger amounts, however, the math shifts. If you have $25,000 or more sitting in a Chase savings account, moving even half of it to a high-yield account elsewhere could earn you $500 to $1,000 per year in additional interest. That's real money, and it costs nothing to set up.

How to move money to a high-yield account without closing Chase

You do not have to choose between Chase and a high-yield account. Most people keep both. You can open a high-yield savings account at an online bank or credit union while keeping your Chase checking account active. Transfers between banks typically take one to three business days using ACH (Automated Clearing House), which is free.

To set up a transfer, you'll need your routing number and account number from Chase. You can find these on the bottom left of any check, or log into your Chase account online and look in the account details section. Once you've opened an account at another bank, you can initiate a transfer from that bank's website, or set up Chase to send money out to the new account.

Some people use a strategy called "sweep accounts" — they keep just enough at Chase for immediate needs and monthly bills, then move everything else to a high-yield account. Interest deposits from the high-yield account can be swept back to Chase if needed, or left to compound. This approach gives you the convenience of Chase for daily banking and the interest earnings of a high-yield account for your savings.

What to look for in a high-yield savings account

If you decide to move savings outside Chase, focus on three things: the current APY rate, whether the rate is variable or fixed, and the bank's deposit insurance coverage. Most online banks are FDIC-insured, meaning deposits up to $250,000 per account are protected if the bank fails. Confirm this before opening an account.

Variable rates, which most high-yield accounts offer, can go up or down. When the Federal Reserve cuts rates, high-yield accounts will pay less. Right now, rates are high by historical standards, but they may not stay there. A rate of 4.5% today might become 3% in a year if the Fed lowers rates. This is not a reason to avoid high-yield accounts — even at lower rates, they'll likely beat Chase — but it's worth understanding.

Check whether the account has monthly fees, minimum balance requirements, or limits on how many times per month you can withdraw. Most online high-yield savings accounts have no fees and no minimums, but it's worth confirming. Some accounts limit you to six withdrawals per month, though this rule has become less common since 2020.

Frequently Asked Questions

Can I keep my Chase checking account and move only my savings?

Yes. You can keep your Chase checking account for bills and everyday spending while opening a high-yield savings account at another bank. The two accounts work independently, and you can transfer money between them whenever you need to. Many people use this setup specifically to earn higher interest on savings while keeping the convenience of Chase for checking.

Will moving money to another bank affect my credit score?

No. Opening a savings account and transferring money between banks does not affect your credit score. Credit scores are based on borrowing and repayment history, not on where you keep your deposits. You can move money freely without any impact on your credit.

What happens to my money if the online bank fails?

If the bank is FDIC-insured, your deposits up to $250,000 are protected by federal insurance. This means if the bank fails, the FDIC will return your money. Nearly all online banks that offer high-yield savings are FDIC-insured. Check the bank's website or contact them to confirm before opening an account.

How long does it take to transfer money from Chase to another bank?

Most transfers between banks take one to three business days using ACH. Some banks offer faster transfers for an additional fee, but standard free transfers are the norm. Weekends and holidays can add time, so plan accordingly if you need the money by a specific date.

Is there a penalty for closing my Chase savings account?

Chase does not charge a penalty for closing a savings account. You can close it anytime, though Chase may ask why. If you have a small balance, you can withdraw it and close the account in person at a branch or by calling customer service. There is no fee or consequence for doing so.