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, which is far below what other banks pay. If you want a high-yield savings account, you will need to open one at a different bank — Chase does not have a product in that category.

Chase does offer a Chase Savings Bank product through a partnership with Customers Bank, which pays higher rates on savings, but it is not marketed as a Chase product and requires a separate application. Most people looking for high-yield savings at Chase find that their best option is to move money to another institution or use Chase for checking and keep savings elsewhere.

Key Takeaways

  • Chase's regular savings account pays 0.01% APY, which means you earn almost nothing on your balance.
  • Chase Savings Bank, offered through a partnership with Customers Bank, pays a higher rate but is a separate account that requires its own application.
  • Other banks — including online-only banks and credit unions — routinely pay 4% to 5% APY on savings accounts, which is hundreds of dollars more per year on a $10,000 balance.
  • If you want to stay with Chase for checking, you can keep your savings at a different bank and transfer money between them when you need it.

Why Chase's savings rates are so low

Chase is a large retail bank with thousands of physical branches. Branches cost money to operate — staff, rent, security, technology — and those costs are built into the rates Chase can afford to pay. Banks that operate only online have no branch network, so they can pass savings on to customers through higher interest rates.

Chase makes money partly by paying depositors very little interest, then lending that money out at much higher rates. A customer with $10,000 in a Chase savings account earning 0.01% APY makes $1 per year. Chase can lend that same $10,000 at 6% to 8% on a personal loan or credit card, keeping the difference. The low savings rate is how Chase funds its branch network and its marketing.

Chase Savings Bank: the higher-rate option

Chase offers a savings account through Customers Bank, a partner institution, under the name Chase Savings Bank. This account pays a higher APY than Chase's regular savings account, though the exact rate changes based on market conditions and your balance. You open it separately from your regular Chase account, and deposits are insured by the FDIC up to $250,000.

The catch is that Chase Savings Bank is not as convenient as a regular Chase account. You cannot walk into a Chase branch to deposit money or withdraw cash. Transfers between your Chase checking account and Chase Savings Bank can take one to two business days. If you need your money quickly or prefer in-person banking, this account may not fit your habits.

To find the current rate on Chase Savings Bank, you will need to visit the Customers Bank website or call Chase directly, because rates are not always displayed on Chase's main website. Compare that rate to what other online banks are paying before you open it — you may find a better rate elsewhere with fewer restrictions.

How high-yield savings accounts work at other banks

A high-yield savings account is simply a savings account that pays more interest than the national average. Most online banks — including Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and others — pay between 4% and 5% APY on savings accounts with no minimum balance and no monthly fees.

These accounts work the same way as Chase savings: you deposit money, it sits there, and the bank pays you interest monthly. The money is FDIC-insured up to $250,000. You can transfer money in and out, though transfers to accounts at other banks take one to three business days. The main trade-off is that you cannot deposit cash in person or visit a branch — everything happens online or by phone.

On a $10,000 balance, the difference between Chase's 0.01% and a 4.5% high-yield account is roughly $450 per year. On $50,000, it is $2,250 per year. That money adds up quickly, which is why many people keep their savings at a different bank even if they use Chase for checking.

Moving money between Chase and another bank

If you decide to open a high-yield savings account elsewhere, you do not have to close your Chase account. Many people keep a Chase checking account for everyday spending and bill payments, then move extra money to a high-yield savings account at another bank for storage.

To transfer money from Chase to another bank, you can use external transfer through Chase's website or mobile app. You will need the routing number and account number of the other bank. The transfer usually takes one to three business days. Some online banks also offer a service where they pull money directly from your Chase account, which can be faster.

You can also transfer money the other direction — from a high-yield savings account back to Chase — using the same method. This makes it easy to move money when you need it for a large purchase or emergency without closing either account.

Credit unions as an alternative to Chase

If you are a member of a credit union, check whether they offer high-yield savings accounts. Some credit unions pay competitive rates on savings, especially if you meet certain requirements like maintaining a checking account or setting up direct deposit. Credit unions are member-owned, so they sometimes return profits to members through higher interest rates.

Credit unions also tend to have lower fees and more personalized service than large banks. The downside is that credit union networks are smaller — you may have fewer branches and ATMs available. If you travel frequently or need 24/7 in-person access, a credit union may not be practical, but for pure savings rate, it is worth asking your credit union what they offer.

What to compare when choosing a high-yield savings account

If you decide to move your savings to another bank, compare these factors: the current APY (which changes over time), whether the rate is may provide or variable, the minimum balance required, monthly fees, FDIC insurance limits, and how easy transfers are. Some banks offer promotional rates for new customers that drop after a few months, so read the fine print.

Also consider how you access your money. If you need to withdraw cash regularly, an online-only bank may be frustrating. If you rarely touch your savings, the convenience does not matter and you should focus purely on the interest rate. Most people find that the higher interest rate is worth the slight inconvenience of online-only banking for a savings account they do not touch often.

Frequently Asked Questions

Can I earn more interest by keeping my money in Chase checking instead of savings?

No. Chase checking accounts earn even less interest than savings accounts — usually 0.01% or nothing at all. If you want to earn interest, you need a savings account somewhere, whether at Chase or another bank. Checking accounts are designed for spending and bill payments, not for storing money long-term.

Does Chase Savings Bank have a minimum balance?

Chase Savings Bank requirements vary and change over time. Check the current terms on the Customers Bank website or call Chase directly to confirm whether there is a minimum balance, what it is, and what happens if your balance falls below it. Some accounts have no minimum, while others require $1 or more.

If I open a high-yield savings account at another bank, do I lose any Chase benefits?

No. Having a savings account at another bank does not affect your Chase checking account, credit card, or any other Chase product. You can use both simultaneously. Some people keep multiple accounts at different banks to spread their FDIC insurance across $250,000 limits at each institution.

How often does the interest rate on a high-yield savings account change?

Rates change based on what the Federal Reserve does with interest rates. When the Fed raises rates, banks usually raise savings rates within days or weeks. When the Fed cuts rates, banks lower savings rates more slowly. You should check your account's rate every few months and compare it to other banks — if another bank is paying significantly more, you can move your money.

What if I need my money from a high-yield savings account in an emergency?

You can transfer money from a high-yield savings account back to your Chase checking account in one to three business days. Some online banks also let you link a debit card or use an ATM network, though this is less common. If you need cash immediately, you would need to keep some money in your Chase checking account or withdraw from an ATM before the transfer clears.