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 this category.

Some readers arrive here hoping Chase added a high-yield option recently. It has not. Chase's strategy is to keep savings rates low while offering other products (checking accounts, credit cards, investment services) that generate revenue in other ways. If you want meaningful interest on savings, you will need to look elsewhere.

Key Takeaways

  • Chase savings accounts earn 0.01% APY, which means $100 in savings generates about $0.10 per year in interest.
  • High-yield savings accounts at other banks currently earn between 4% and 5% APY, depending on the bank and current market rates.
  • You can open a high-yield account online at banks like Marcus, Ally, or American Express in about 10 minutes using your Social Security number and a funding source.
  • High-yield accounts have the same FDIC insurance protection as Chase savings accounts — up to $250,000 per account holder per bank.
  • If you keep a Chase checking account for other reasons, you can hold a high-yield savings account elsewhere without closing your Chase relationship.

Why Chase savings rates are so low

Chase is a full-service bank that makes money from lending (mortgages, auto loans, credit cards) more than from deposit products. A low savings rate keeps customers' money flowing into loans rather than sitting idle. Chase also relies on monthly fees, overdraft charges, and credit card revenue to offset the cost of maintaining branches and customer service.

Banks that offer high-yield savings — like Marcus, Ally, or American Express Personal Savings — operate online only, with no branches and minimal overhead. They can afford to pay higher rates because they have lower costs and because savings deposits are their primary product, not a side business.

Where to find high-yield savings accounts instead

Online banks currently offer rates between 4% and 5% APY on savings accounts with no minimum balance and no monthly fees. The exact rate changes weekly based on Federal Reserve policy. Marcus (owned by Goldman Sachs), Ally Bank, American Express Personal Savings, and Discover Bank are among the largest and most stable options.

Credit unions sometimes offer competitive rates as well, though you must be a member. Some traditional banks (not Chase) offer high-yield savings to customers who also maintain a checking account with them. Compare current rates at sites like Bankrate or DepositAccounts before opening, since rates shift frequently and the best option changes month to month.

How to open a high-yield account at another bank

The process takes about 10 minutes online. You will need your Social Security number, a government-issued ID, your current address, and a bank account or debit card to fund the new account. Most banks verify your identity instantly using a third-party service.

After you submit your information, the bank deposits two small test transfers (usually under $1 each) into a linked checking account. You confirm the amounts in your Chase or other bank's online portal, and the account is fully activated. Some banks skip this step and verify you immediately. Funds you transfer in typically arrive within one to three business days.

FDIC insurance and safety

High-yield savings accounts at FDIC-insured banks are protected up to $250,000 per account holder per bank, the same as a Chase savings account. This means if the bank fails, your money is backed by the federal government. All the major online banks mentioned above are FDIC-insured.

You can confirm a bank's FDIC status by searching its name on the FDIC's official website (fdic.gov). If you have more than $250,000 to save, you can split it across multiple banks to keep all of it insured — for example, $250,000 at Marcus and $250,000 at Ally.

Moving money between Chase and a high-yield account

Once your high-yield account is open, you can transfer money from Chase to the new bank using external transfer. Log into your Chase account, select "Transfer Money," and choose "Transfer to another bank." You will need the routing number and account number of your new high-yield account. Transfers typically take one to three business days.

You can also set up automatic transfers if you want to move money on a regular schedule — for example, $500 per paycheck. This keeps your high-yield account funded without requiring you to remember to transfer manually. You can stop or change the amount at any time.

When to keep money at Chase instead

If you use Chase checking for everyday spending and bill pay, keeping a small emergency fund in your Chase savings account (even at 0.01%) may be convenient because the money is instantly available and you do not have to log into a separate bank. The interest loss is minimal on small balances — $100 in Chase savings costs you about $0.10 per year compared to a high-yield account.

For any amount you do not need immediate access to — money you are saving for a goal six months or more away — a high-yield account at another bank will earn you significantly more. A $10,000 balance earns roughly $500 per year at 5% APY versus $1 per year at Chase's 0.01% rate.

Frequently Asked Questions

Can I keep both a Chase savings account and a high-yield account at another bank?

Yes. There is no rule against holding accounts at multiple banks. Many people keep a Chase checking account for daily use and a high-yield savings account elsewhere for longer-term savings. You can transfer money between them whenever you need to.

What happens if the online bank I choose goes out of business?

Your money is protected by FDIC insurance up to $250,000. If the bank fails, the FDIC takes over and either transfers your account to another bank or sends you a check. You do not lose your money. Confirm the bank is FDIC-insured before you open an account by checking fdic.gov.

Do high-yield savings accounts have withdrawal limits?

Federal rules previously limited savings account withdrawals to six per month, but that rule was suspended in 2020. Most banks now allow unlimited withdrawals. Check your bank's terms, but most online banks have no withdrawal limit or fee.

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

Banks can change rates at any time, though most notify you before a decrease. Rates are tied to the Federal Reserve's benchmark rate, which changes several times per year. Your rate may go up or down depending on Fed policy, but you are never locked into a rate like you would be with a certificate of deposit (CD).

Can I open a high-yield account if I have bad credit?

Yes. Banks do not run a credit check to open a savings account. They verify your identity and Social Security number, but your credit score does not matter. You can open a high-yield account even if you have no credit history or past credit problems.