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 around 0.01% APY on most savings accounts—meaning $10,000 would earn about $1 per year. Online banks and credit unions routinely offer rates between 4% and 5% APY on savings accounts, which would earn $400 to $500 annually on that same $10,000.
Chase does offer a Chase Savings Account and a Chase Premier Savings Account (for customers with higher balances), but neither is marketed as high-yield and both pay minimal interest. If you want a high-yield savings account, you will need to open one at a different bank.
Chase's strategy is to keep customers within its ecosystem by offering convenience and branch access rather than competitive interest rates. If you have a Chase checking account and want to earn more on savings, you have two realistic paths: move your savings to a high-yield account elsewhere, or keep a small emergency fund at Chase and put the rest where rates are higher.
Key Takeaways
- Chase savings accounts currently pay around 0.01% APY, which is roughly 400 times lower than high-yield savings accounts at online banks.
- Chase does not offer a high-yield savings product, even for customers with large balances or premium checking accounts.
- You can open a high-yield savings account at an online bank or credit union while keeping your Chase checking account open.
- The difference between Chase's rate and a 4.5% rate adds up quickly: on $25,000, you would earn $25 per year at Chase versus $1,125 at a high-yield account.
Why Chase's rates lag behind online banks
Chase maintains physical branches in most U.S. states, which costs money. Tellers, building leases, and customer service staff are expensive. Online banks have no branches and no tellers, so they pass the savings to depositors in the form of higher interest rates. This is not a secret—Chase is transparent that it prioritizes convenience and accessibility over rate competitiveness.
Chase also makes money by lending out customer deposits at higher rates than it pays depositors. The wider the gap between what it pays you and what it charges borrowers, the more profit it keeps. Online banks operate on thinner margins and compete primarily on rate, so they keep that gap smaller.
If you value being able to walk into a branch, deposit cash, and speak to a person, Chase's lower rate is the trade-off. If you primarily bank online and rarely need a physical location, that trade-off does not make sense.
Where to find high-yield savings accounts if you leave Chase
High-yield savings accounts are offered by online banks (Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings), online divisions of traditional banks (Capital One 360, Discover Bank), and some credit unions. Rates vary and change frequently, but most are between 4% and 5% APY as of early 2024. You can compare current rates on sites like Bankrate or DepositAccounts, which update daily.
Opening an account at another bank does not require you to close your Chase account. Many people keep a Chase checking account for direct deposit and bill pay, then move savings to a high-yield account elsewhere. Transfers between banks take one to three business days via ACH, which is the standard electronic transfer method.
Credit unions sometimes offer high-yield savings to members, and rates can be even higher than online banks—some offer 5% or more on balances up to a certain limit (often $20,000 to $25,000). You must be a member to open an account, which usually requires living or working in a specific area or belonging to a may have access to organization. Check if you are already a member of a credit union through your employer or school.
What Chase savings accounts do offer
Chase savings accounts come with FDIC insurance up to $250,000, which protects your money if the bank fails. This protection applies to all banks, not just Chase, so it is not a reason to choose Chase over a high-yield account elsewhere. Both Chase and online banks offer the same insurance.
Chase offers easy transfers between your Chase checking and savings accounts through its mobile app or website. If you use Chase for checking, moving money to savings is instant. This convenience is real, but it does not offset earning 400 times less interest.
Chase also offers overdraft protection, which can link your savings account to your checking account to cover overdrafts automatically. Again, this is a convenience feature, not a reason to keep savings at a low rate.
The math: how much you lose by staying at Chase
The difference between Chase's rate and a high-yield rate compounds over time. Here is what $25,000 would earn over five years:
| Account Type | Annual Rate | Year 1 Earnings | Year 5 Total Earnings |
|---|---|---|---|
| Chase Savings | 0.01% | $2.50 | $12.50 |
| High-Yield Savings (4.5%) | 4.5% | $1,125 | $5,850 |
| Difference | — | $1,122.50 | $5,837.50 |
These numbers assume rates stay constant, which they do not. Rates rise and fall with the Federal Reserve's decisions. But the gap between Chase and high-yield accounts has remained consistent for years, so the comparison holds roughly true even as absolute rates change.
If you have $50,000 or $100,000 in savings, the difference becomes even more dramatic. This is not a small rounding error—it is real money you could be earning.
Should you keep money at Chase for other reasons
If you have a Chase checking account and use it for direct deposit, bill pay, or frequent transfers, keeping a small emergency fund (one to three months of expenses) at Chase makes sense for speed and convenience. You can access it instantly without waiting for a transfer to clear.
Beyond that emergency cushion, moving the rest to a high-yield account is the rational choice. You lose nothing except the convenience of having everything in one place, and you gain hundreds or thousands of dollars per year in interest.
Some people also keep money at Chase to maintain a minimum balance for fee waivers or to may have access to for premium checking perks. Read your account agreement to see what balance Chase requires. If you need to keep $10,000 at Chase anyway, that $10,000 should be in savings (earning 0.01%) rather than checking (earning nothing), but ideally it would be in a high-yield account elsewhere.
How to move money from Chase to a high-yield account
Open a high-yield savings account at your chosen bank. Most online banks let you open an account in 10 to 15 minutes using your Social Security number, driver's license, and current address. You will need to verify your identity, which usually happens instantly or within one business day.
Once your new account is open, link it to your Chase account. You can do this by providing your new account number and routing number to Chase, or by providing your Chase details to the new bank. Chase will send two small test deposits (usually under $1 each) to verify the connection. You confirm the amounts, and the link is active.
Transfer money from Chase to your new account via ACH. This takes one to three business days. Once the transfer clears, your money is earning a real rate of interest. You can keep your Chase account open for checking and emergencies, or close it if you no longer need it.
Frequently Asked Questions
Can I earn more interest at Chase if I have a lot of money?
No. Chase's Premier Savings Account, which requires a higher balance, still pays around 0.01% APY. The rate does not increase based on how much you deposit. Some credit unions offer tiered rates that go up with your balance, but Chase does not.
Will Chase ever offer a high-yield savings account?
Chase has not announced plans to do so. Large traditional banks like Chase, Bank of America, and Wells Fargo have chosen to compete on convenience and branch access rather than interest rates. Online banks and credit unions dominate the high-yield market because that is their business model.
Is my money safe in a high-yield account at an online bank?
Yes. Online banks are FDIC-insured just like Chase. Your deposits are protected up to $250,000 per account owner per bank. Online banks are regulated by the same federal agencies as traditional banks. The only difference is the lack of physical branches.
What if I need to withdraw money quickly from a high-yield account?
You can withdraw money online or by phone within one business day. If you need cash immediately, you can transfer to your Chase checking account (one to three business days) or use an ATM if the high-yield bank is part of a network. For true emergencies, keep a small amount at Chase for instant access.
Do I have to close my Chase account to open a high-yield account elsewhere?
No. You can have accounts at multiple banks at the same time. Many people keep a Chase checking account for convenience and a high-yield savings account at another bank for interest. There is no penalty for having accounts in multiple places.