Chase does not offer a dedicated high yield savings account

Chase's standard savings accounts pay rates well below what you can find elsewhere. As of now, Chase savings accounts earn around 0.01% annual percentage yield (APY) on balances, which means $10,000 sitting in a Chase savings account earns roughly $1 per year. Banks that specialize in online savings—like Marcus, Ally, or American Express Personal Savings—currently offer rates between 4% and 5% APY on the same $10,000, which would earn $400 to $500 per year.

Chase does offer a Chase Savings account and a Chase Premier Savings account (for customers with higher balances), but neither qualifies as high yield. The difference between them is mainly the minimum balance required and the monthly fee structure. If you want to earn meaningful interest on savings at Chase, you would need to use a Chase Money Market account, which sometimes offers slightly higher rates than savings accounts—but still typically lags behind online banks.

The reason Chase rates stay low is structural: Chase operates thousands of physical branches and ATMs, which costs money. Online-only banks have lower overhead and pass those savings to customers through higher rates. If earning interest on your savings matters to you, Chase is not the right choice, even if you bank there for checking or loans.

Key Takeaways

  • Chase savings accounts currently earn around 0.01% APY, which is roughly one-tenth of what online banks pay.
  • Chase Premier Savings and Chase Money Market accounts pay slightly more than standard savings, but still fall short of high yield rates.
  • Online banks like Marcus, Ally, and American Express Personal Savings offer rates between 4% and 5% APY with no physical branches to maintain.
  • If you keep money in Chase savings for convenience, you are trading interest earnings for branch access and ATM availability.

How Chase savings rates compare to the market

The gap between Chase and high yield savings accounts is substantial and has widened since 2022. When the Federal Reserve raised interest rates, online banks passed increases to customers quickly. Chase raised rates more slowly and to lower levels. A customer with $50,000 in Chase savings earns roughly $5 per year; the same amount in a 4.5% APY account earns $2,250.

Chase does adjust rates periodically, usually when the Federal Reserve moves. However, Chase typically lags behind online competitors by several months and settles at lower final rates. If you are comparing Chase to other banks, check current rates directly—they change frequently—but assume Chase will be on the lower end of the market.

Chase Money Market accounts and what they actually pay

Chase offers Chase Money Market accounts, which are sometimes confused with high yield savings. A money market account functions similarly to savings—your money stays liquid and you can withdraw it—but it may come with a debit card and checkbook. The rate structure is tiered: you earn a higher rate on larger balances and a lower rate on smaller ones.

As of recent rate environments, Chase Money Market accounts pay rates that vary by balance tier, typically ranging from 0.01% on smaller balances to around 0.05% or slightly higher on balances over $100,000. This is still far below high yield rates. The tiered structure means you need a very large balance to earn even a modest rate, and even then it will not compete with online banks.

Why you might keep money at Chase anyway

Some people maintain Chase savings accounts not for the interest, but for convenience. If you use Chase for checking, have a mortgage with Chase, or rely on their branch network and ATM access, keeping a small emergency fund in Chase savings costs you little in lost interest. The trade-off is explicit: you sacrifice earnings for immediate access to a teller or ATM.

This makes sense only if your savings balance is small or if you need frequent in-person banking. If you have $10,000 or more sitting in savings, moving it to a high yield account—even if you keep your checking at Chase—will earn you hundreds of dollars per year with no real inconvenience. You can transfer money between banks in one to three business days, which is fast enough for most emergencies.

How to move money from Chase to a high yield account

Transferring savings from Chase to another bank is straightforward. You can initiate an ACH transfer (Automated Clearing House) from your Chase account to another bank, which typically takes one to three business days. You will need the routing number and account number of the receiving bank. Most online banks display these numbers prominently in their account settings.

Alternatively, you can have the new bank pull the money from Chase using the same information. This is called an incoming ACH transfer and is equally safe. Some online banks offer a small bonus (usually $50 to $200) for opening an account and moving money in, which can offset the first few months of interest earnings.

You do not need to close your Chase savings account to do this. Many people keep a small balance at Chase for branch access and move the bulk of their savings to a high yield account elsewhere. This hybrid approach gives you both convenience and competitive rates.

What to check before moving your savings

Before you transfer, confirm the current APY of the account you are moving to. Rates change frequently and vary by bank. Visit the bank's website directly or call their customer service line to get the exact rate. Do not rely on comparison websites alone, as they sometimes lag behind actual rate changes.

Also check whether the receiving bank has any monthly fees or minimum balance requirements. Most online high yield savings accounts have no monthly fees and no minimums, but a few do. Read the account agreement or call to confirm. If you are moving a large sum, ask whether the bank has any deposit limits or holds on incoming transfers.

Frequently Asked Questions

Does Chase have any savings account that pays competitive interest?

No. Chase's highest-paying savings products—Money Market accounts with large balances—still pay rates well below online banks. If earning interest matters, you need to move your money outside Chase.

Will I lose FDIC protection if I move to an online bank?

No. Online banks like Marcus, Ally, and American Express Personal Savings are all FDIC-insured, just like Chase. Your deposits are protected up to $250,000 per account. FDIC protection is not tied to whether a bank has physical branches.

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

An ACH transfer typically takes one to three business days. Weekends and holidays do not count as business days. Some banks offer faster transfers for an extra fee, but standard ACH is free and fast enough for most purposes.

Can I keep my Chase checking account and move only my savings?

Yes. You can keep your Chase checking account, mortgage, or any other products and move only your savings to a high yield account elsewhere. The two banks do not need to be connected in any way.

What if Chase raises its rates in the future?

Chase may raise rates, but it will likely remain below market rates. Even if Chase improves, online banks will almost certainly stay ahead. Switching once is simple; you can always switch back if circumstances change, though that is unlikely.