Chase does not currently offer a 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.
This matters because the difference compounds. On $10,000, Chase's standard savings account earns about $1 per year. A high-yield account at another bank might earn $400 to $500 per year on the same balance, depending on the current rate. Over time, that gap widens.
You can keep your Chase checking account for daily banking and bill pay while moving savings to a bank that pays more. Many people do this because Chase's checking account features (no monthly fee, widespread ATM network, mobile app) remain useful even if savings sit elsewhere.
Key Takeaways
- Chase's savings account pays 0.01% APY, which is significantly lower than high-yield accounts at other banks.
- High-yield savings accounts at online banks and credit unions currently pay between 4% and 5% APY, though rates change with Federal Reserve decisions.
- You can open a high-yield account at another bank while keeping your Chase checking account for everyday use.
- High-yield accounts require the same documents as any savings account: government ID, Social Security number, and proof of address.
- Transfers between Chase and another bank take one to three business days using ACH, so money is not locked away.
Where to find high-yield savings accounts
Online banks and some credit unions offer the highest rates. Banks like Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank have historically offered rates between 4% and 5% APY. Credit unions through networks like CO-OP or Allpoint sometimes offer competitive rates as well. Rates change when the Federal Reserve adjusts its benchmark rate, so what you see today may be different in three months.
You can compare current rates on sites that track savings accounts, but verify the rate on the bank's own website before opening. Some promotional rates apply only to new customers or only for the first few months. Read the terms to see whether the rate is may provide or variable, and whether there are minimum balance requirements.
The tradeoff is that online banks have no physical branches. You cannot walk in to deposit cash or speak to someone face-to-face. If you need to deposit cash regularly, a credit union or a regional bank with branches may be a better fit, even if the rate is slightly lower.
Steps to open a high-yield account at another bank
The process is nearly identical to opening any savings account. Go to the bank's website, click "Open an Account" or "New Account", and choose the savings product. You will need your Social Security number, a government-issued ID (driver's license or passport), and proof of address (a recent utility bill, lease, or bank statement).
Most banks let you complete the application online in 10 to 15 minutes. You will enter personal information, choose how much to deposit initially, and link a funding source. Many banks require a minimum opening deposit, which ranges from $0 to $25,000 depending on the institution. Some waive the minimum if you set up automatic transfers.
After you submit the application, the bank verifies your identity and may place a temporary hold on your account while they confirm your information. This usually takes one business day. Once approved, you can log in and see your account number and routing number, which you will need to transfer money from Chase.
How to move money from Chase to your new account
Use an ACH transfer, which is free and takes one to three business days. Log into your Chase account online or through the mobile app, go to "Transfers", and select "Transfer to another bank". Enter the routing number and account number of your new high-yield account, give it a nickname (like "Savings"), and enter the amount.
Chase will ask you to verify the transfer by confirming a small deposit (usually under $1) that the other bank will send back to your Chase account within a few days. Once verified, you can transfer larger amounts. There is no limit on how much you can transfer, but Chase may flag unusually large transfers for fraud review, which can delay the transfer by a day.
If you need the money faster, some banks offer expedited transfers for a fee, but ACH is free and reliable for routine moves. Set up a recurring transfer if you want to move money automatically each month — many people transfer their savings contribution on payday.
Why Chase's savings rate is so low
Chase is a large retail bank with thousands of branches and ATMs. The cost of maintaining that physical network is high, and Chase passes lower rates to savers to offset it. Chase makes money by lending out deposits at higher rates, so they do not need to offer competitive savings rates to attract deposits — customers stay for the convenience and brand recognition.
Online banks have no branches, so their overhead is lower. They can afford to pay higher rates and still be profitable. Credit unions are member-owned and often prioritize paying members more on savings, so they also tend to offer better rates than large retail banks.
This does not mean Chase is a bad bank for checking or other services. It means Chase's savings account is not the right place to park money you want to grow. The two products serve different purposes.
FDIC insurance and safety
Money in a high-yield savings account at any FDIC-insured bank is protected up to $250,000 per depositor, per bank, per account type. This means if the bank fails, the federal government guarantees your money back. Most online banks and credit unions are FDIC-insured or NCUA-insured (the credit union equivalent), so your savings are just as safe as they would be at Chase.
Before opening an account, confirm the bank displays an FDIC or NCUA insurance logo on its website. You can also search the FDIC's Bank Find tool to verify a bank's insurance status. If you have more than $250,000 to save, you can split it across multiple banks to stay within the insurance limit at each one.
What happens to your Chase account
Opening a high-yield account elsewhere does not affect your Chase checking or savings account. Your Chase account remains open and active. You can keep using your Chase debit card, paying bills through Chase, and depositing checks through the mobile app. Moving savings to another bank is simply redirecting where that particular money sits.
If you want to close your Chase savings account after moving the money, you can do that online or by calling Chase customer service. There is no penalty for closing a savings account. If you keep it open with a small balance, it does not hurt anything — it just continues to earn 0.01% APY on whatever is in it.
Frequently Asked Questions
Can I transfer money back from the high-yield account to Chase if I need it?
Yes. The transfer process works both ways. Log into your high-yield account, initiate an ACH transfer to your Chase account, and the money will arrive in one to three business days. There is no penalty for moving money between your own accounts.
Do I have to keep a minimum balance in a high-yield account?
It depends on the bank. Some require a minimum opening deposit but no ongoing minimum. Others require you to maintain a certain balance to earn the advertised rate. Read the account terms before opening to see what applies. Many online banks have no minimum balance requirement at all.
What if the high-yield rate drops after I open the account?
Rates on savings accounts are variable, meaning the bank can change them at any time. When the Federal Reserve cuts rates, banks typically lower savings rates within days or weeks. You are not locked into a rate. If rates drop significantly, you can move your money to a different bank offering a better rate.
Will opening a new account hurt my credit score?
No. Opening a savings account does not involve a credit check and does not appear on your credit report. Only credit products like loans and credit cards trigger a hard inquiry. You can open as many savings accounts as you want without affecting your credit.
How long does it take to earn interest on a high-yield account?
Interest accrues daily based on your balance and the APY, but most banks pay interest monthly. So if you deposit $10,000 on the first of the month at 4.5% APY, you will see roughly $37.50 added to your account on the last day of that month. The interest compounds, so next month you earn interest on $10,037.50.