Chase offers high-yield savings through two main accounts, but the rates are lower than most online banks

Chase has two savings products marketed as high-yield: the Chase Savings Account and the Chase Premier Savings Account. Both earn interest, but neither pays what you would get from online banks like Marcus, Ally, or American Express Personal Savings. As of early 2024, Chase's rates sit around 0.01% to 0.35% depending on your balance and account type—well below the 4% to 5% range available elsewhere. If your primary goal is maximizing interest on savings, Chase is not the best choice.

The trade-off is convenience: if you already bank with Chase and use their branches and ATM network, keeping savings there means one login, one statement, and no transfers between institutions. That matters to some people more than the rate difference. But you should understand what that convenience costs you in actual dollars before deciding.

Key Takeaways

  • Chase's high-yield savings accounts pay roughly 0.01% to 0.35% annual interest, significantly less than online-only banks offering 4% to 5%.
  • The Chase Premier Savings Account requires a higher minimum balance and pays a slightly better rate than the standard Chase Savings Account.
  • Chase savings accounts come with no monthly fees, FDIC insurance up to $250,000, and access to Chase's branch and ATM network.
  • If you prioritize interest earnings over convenience, moving savings to an online bank would result in hundreds of dollars more per year on a $10,000 balance.

Chase Savings Account versus Chase Premier Savings Account

The Chase Savings Account is the basic option. It requires no minimum opening deposit, charges no monthly maintenance fee, and earns interest on whatever balance you hold. The rate varies by region and account type but typically falls between 0.01% and 0.10%. You get FDIC insurance up to $250,000, online and mobile access, and the ability to link transfers to other Chase accounts.

The Chase Premier Savings Account requires a higher opening balance—usually $25,000 or more, depending on your Chase relationship—and pays a modestly higher rate, typically 0.15% to 0.35%. It also includes benefits like waived wire transfer fees and priority customer service. If you already maintain a large balance at Chase, this account costs nothing extra to open and will earn you slightly more interest than the standard account.

Neither account has a withdrawal limit, though Chase reserves the right to impose one. Both are FDIC-insured and accessible through Chase's mobile app and website.

How Chase rates compare to online banks

The gap between Chase and online-only banks is substantial. On a $10,000 balance, Chase Savings at 0.10% earns $10 per year. The same $10,000 at Marcus, Ally, or American Express at 4.5% earns $450 per year—a difference of $440. Over five years, that gap grows to $2,200 or more, and the online bank's rate may rise further if the Federal Reserve raises rates again.

Online banks can offer higher rates because they have no physical branches, lower overhead, and pass savings to depositors. Chase's rate reflects the cost of maintaining thousands of branches and ATMs nationwide. If you rarely use Chase branches and do not need immediate access to cash, the rate difference is hard to justify.

Some people keep a small emergency fund at Chase for quick access and move larger savings to an online bank. That strategy captures some convenience while minimizing the cost of the lower rate.

Fees, minimums, and account rules

Chase Savings has no monthly maintenance fee, no minimum balance requirement to keep the account open, and no fees for transfers or withdrawals. You can deposit money via mobile check deposit, ACH transfer, wire transfer, or in-branch deposit. Withdrawals work the same way—online transfer, ATM, or teller.

Chase Premier Savings also has no monthly fee once you meet the opening balance requirement. If your balance drops below the minimum, Chase may convert you to a standard Chase Savings Account rather than charging a penalty, though you should confirm this with your branch.

Both accounts allow six withdrawals per month before triggering a fee (this rule has been relaxed in recent years, but limits can return). For most people, this is not a practical constraint—you are not making six separate withdrawals from savings each month.

When a Chase savings account makes sense

A Chase Savings Account is worth keeping if you are already a Chase checking customer and use their branches or ATMs regularly. The convenience of one bank, one app, and one statement can be real, especially if you move money between checking and savings frequently or need to deposit cash in person.

It also makes sense as a temporary holding account—a place to park money for a few weeks or months while you decide what to do with it, without worrying about opening a new account elsewhere. The rate is low, but if the money is there for only 30 days, the interest loss is negligible.

Chase Savings is not the right choice if your goal is to build wealth through interest earnings or if you have a large sum sitting idle. In those cases, the rate difference is too significant to ignore.

How to open a Chase Savings Account

You can open a Chase Savings Account online, on the mobile app, or at a branch. Online and app applications take about 10 minutes and require your Social Security number, address, date of birth, and initial deposit information. Chase will verify your identity and run a ChexSystems check (a banking history report). Most applications are approved immediately.

If you already have a Chase checking account, opening savings is faster—you can link the accounts right away and transfer money between them. If you are new to Chase, you will need to provide an initial deposit, which can come from another bank account via ACH transfer or from a debit card.

Once open, you can set up automatic transfers from checking to savings, receive direct deposits into savings, or move money manually whenever you want.

Frequently Asked Questions

Can I move my savings from Chase to another bank without penalty?

Yes. There is no penalty for closing a Chase Savings Account or transferring your balance elsewhere. You can initiate an outgoing ACH transfer to another bank, or ask the new bank to pull the money directly. Chase will close the account once the balance reaches zero. The whole process takes three to five business days.

Is my money safe in a Chase Savings Account?

Yes. Chase Savings is FDIC-insured up to $250,000 per depositor, per bank. If Chase fails, the FDIC will cover your balance. This protection applies regardless of the interest rate—a 0.01% account and a 4.5% account are equally protected.

What happens if I withdraw money from savings more than six times a month?

Chase may charge a fee for excess withdrawals, though the rule has become less strictly enforced in recent years. The fee is typically $10 per excess withdrawal. If you regularly need to move money in and out of savings, a money market account or checking account may be a better fit.

Can I earn more interest by moving to Chase Premier Savings?

Only if you can meet the $25,000 minimum balance. The rate increase from standard to Premier is usually 0.10% to 0.25%, which on $25,000 earns an extra $25 to $62 per year. That is real money, but still far less than an online bank would pay on the same balance.

Should I close my Chase Savings Account and move to an online bank?

If you have more than $5,000 in savings and do not use Chase branches, moving to an online bank will earn you significantly more interest with no real downside. You can keep a small Chase Savings Account for convenience and move the bulk of your savings elsewhere. There is no rule against having accounts at multiple banks.