Chase does not offer a dedicated high-yield savings account

Chase's standard savings account earns 0.01% annual percentage yield (APY) on most balances. That rate has not changed in years and is far below what other banks pay. If you want a high-yield savings account, you will need to bank elsewhere — Chase does not have one.

Chase does offer a Chase Savings Account and a Chase Premier Savings Account (for customers with higher balances), but both pay the same minimal rate. The Premier version requires a $25,000 minimum balance and offers no rate advantage. Chase's focus is on checking accounts and credit products, not on competing for savings deposits through higher rates.

Other banks — including online-only banks like Marcus, Ally, and American Express Personal Savings — currently pay between 4% and 5% APY on savings accounts with no minimum balance and no monthly fees. The difference between 0.01% and 4.5% on a $10,000 deposit is roughly $450 per year in lost earnings.

Key Takeaways

  • Chase savings accounts pay 0.01% APY, which is among the lowest rates available and has not increased despite rising interest rates elsewhere.
  • Chase Premier Savings requires $25,000 minimum but pays the same rate as the standard account, making it a poor choice for savers.
  • Online banks and credit unions often pay 4% to 5% APY with no minimum balance, earning you hundreds of dollars more per year on the same deposit.
  • If you keep money at Chase for checking or credit products, moving savings to a high-yield account at another bank costs nothing and takes a few days.

Why Chase's rate is so low compared to competitors

Chase is a large retail bank with thousands of branches, ATMs, and employees. That physical infrastructure costs money. Chase funds itself partly through customer deposits, but it does not need to offer high rates to attract savings because most customers stay for checking accounts, mortgages, and credit cards — not for savings rates.

Online banks have no branches or tellers. They pass those savings to customers through higher rates. A bank like Ally or Marcus can pay 4.5% APY because it has no physical locations to maintain. Chase could pay more, but it chooses not to because it does not have to compete on rate.

This is not new. Chase has kept savings rates low for over a decade. Even when the Federal Reserve raised interest rates sharply between 2022 and 2023, Chase barely moved its savings rate. Competitors raised rates immediately because they compete directly on that metric. Chase does not.

What you get with a Chase savings account

Chase savings accounts come with basic features: FDIC insurance up to $250,000, online access, mobile app transfers, and the ability to link to a Chase checking account. You can set up automatic transfers and view your balance in real time. There are no monthly maintenance fees if you keep a $300 minimum balance (or $500 for Premier).

The real value of a Chase savings account is convenience if you already bank there. You can move money between checking and savings instantly using the app. You can visit a branch to deposit cash or ask questions in person. For someone who values that integration and does not care about rate, it works fine.

But convenience does not earn you interest. If your goal is to grow savings, the rate is what matters. Chase's rate does not grow your money — it barely keeps pace with inflation.

How to move savings to a higher-rate account

Opening a high-yield savings account at another bank takes 10 to 15 minutes online. You will need your Social Security number, address, and a government ID. Most banks approve you instantly and let you link your Chase checking account to transfer money the same day or within one business day.

You do not have to close your Chase savings account. Many people keep a small balance there for convenience and move the bulk of their savings to a high-yield account elsewhere. Your Chase checking account stays open and works exactly as before.

To move money, log into your new bank's app, select "Link External Account," enter your Chase routing number and account number (both visible on your Chase debit card or in the app), and authorize the transfer. Most transfers clear within one business day. Some banks offer a one-time bonus of $100 to $300 for opening a new account, which adds to your earnings.

Which banks pay the most right now

Rates change frequently and vary by bank. As of early 2024, online banks and some credit unions pay between 4% and 5.35% APY on savings accounts with no minimum balance. Marcus, Ally, American Express Personal Savings, and Wealthfront all offer rates in this range. Credit unions like Connexus and Pentagon Federal also compete on rate.

Before opening an account, check the current rate on the bank's website — do not rely on rates quoted in articles, which can change weekly. Also confirm that the account is FDIC-insured (or NCUA-insured for credit unions) up to $250,000. All major online banks carry this insurance.

Some banks offer slightly higher rates for larger balances or require you to make a certain number of debit card transactions per month. Read the terms carefully. Most high-yield accounts have no such requirements and pay the same rate on all balances.

Should you keep checking at Chase and move savings elsewhere

Yes, this is a common and sensible strategy. Chase's checking account is solid — it has good app features, no monthly fee if you keep $500 minimum, and access to 4,700 branches and 15,000 ATMs. The checking rate does not matter because checking accounts are meant for spending, not saving.

Your savings, though, should go where the rate is highest. Money sitting in a Chase savings account for six months earns $0.30 on a $10,000 deposit. The same money in a 4.5% account earns $225. That is real money, and it compounds over years.

The only reason to keep savings at Chase is if you value the ability to walk into a branch and withdraw cash without planning ahead. For most people, that convenience is not worth $200+ per year in lost earnings.

What happens if Chase raises its rate in the future

Chase could raise its savings rate at any time, but history suggests it will not move quickly or go high. Even during the Federal Reserve's aggressive rate increases from 2022 to 2023, Chase lagged competitors by months and settled on a rate far below market.

If you move your savings to another bank now and Chase later raises its rate to 3% or 4%, you can move your money back. Transfers between banks take one to three business days. There is no penalty for moving money, and most banks do not charge fees for closing an account. You are not locked in.

The risk of waiting for Chase to raise rates is that you lose earnings in the meantime. A 4.5% account earning money today is better than a 0.01% account waiting for a rate increase that may not come.

Frequently Asked Questions

Can I earn interest on my Chase checking account?

No. Chase checking accounts pay 0% APY. Some checking accounts at other banks pay 1% to 2% APY, but they usually require direct deposit or a minimum number of debit card transactions per month. If you want any interest on your money, it must go into a savings account or money market account.

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

Yes, as long as the bank is FDIC-insured. All major online banks and credit unions carry FDIC or NCUA insurance up to $250,000 per account. Your money is just as safe at Marcus or Ally as it is at Chase. You can check a bank's insurance status on the FDIC website.

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

Most transfers take one to three business days. Some banks offer faster transfers if you link your Chase account and authorize the transfer through their app. You can usually start earning interest on the money the day it arrives at the new bank, even if it is still in transit.

Will opening a savings account at another bank hurt my credit?

No. Opening a savings account does not trigger a hard credit inquiry and does not affect your credit score. Banks may do a soft check to verify your identity, but this does not show up on your credit report. Your credit score is based on credit use, not on how many savings accounts you have.

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

You can withdraw money instantly through the app or website, and it usually arrives in your checking account within one business day. High-yield savings accounts are not like CDs — there are no penalties for withdrawals. The only limit is that federal law allows six withdrawals per month (though most banks no longer enforce this rule).