Chase does not offer a dedicated high-yield savings account

Chase's standard savings account earns 0.01% annual percentage yield (APY), which is far below what other banks pay. If you want higher returns on savings at Chase, your only option is the Chase Savings Account with a promotional rate, which occasionally offers a limited-time boost—but these promotions end, and the rate drops back to the standard 0.01% after the promotional period closes.

If you keep money at Chase primarily for checking and bill pay, moving savings to a separate high-yield account at another bank is common practice. Many people maintain a Chase checking account for everyday use while holding savings elsewhere.

Key Takeaways

  • Chase's regular savings account pays 0.01% APY, which does not keep pace with inflation and is lower than most online banks offer.
  • Chase occasionally runs promotional rates on savings accounts, but these are temporary and revert to 0.01% when the promotion ends.
  • Online banks and credit unions typically pay 4% to 5% APY on high-yield savings accounts, meaning the same $10,000 earns $40 to $50 per year instead of $1.
  • You can keep a Chase checking account for daily banking while opening a high-yield savings account elsewhere for better returns.

How Chase savings rates compare to other banks

The gap between Chase and high-yield alternatives is substantial. A $10,000 deposit at Chase earns roughly $1 per year at 0.01% APY. The same deposit at an online bank offering 4.5% APY earns $450 per year—a difference of $449 annually, or nearly $4,500 over a decade.

Chase's rate reflects its business model: the bank relies on branch networks, ATM fees, and overdraft income rather than competing on deposit rates. Online banks like Marcus, Ally, and American Express Personal Savings have no physical branches, lower overhead, and pass savings to customers through higher rates.

Credit unions often pay competitive rates as well, sometimes matching or exceeding online banks. If you belong to a credit union, checking their savings rate takes one phone call.

When a Chase savings account still makes sense

A Chase savings account is useful if you value convenience over yield. If you already bank at Chase, having savings in the same place means one login, one statement, and easier transfers between accounts. This matters most if you move money frequently between checking and savings.

Chase also offers Chase Savings Vault, a sub-savings feature within the main savings account that lets you set aside money for specific goals. It does not change the interest rate—it is purely organizational—but some people find the structure helpful for budgeting.

If you receive Chase promotions regularly (such as $200 bonuses for opening new accounts), the convenience may offset the lower rate for money you plan to keep there short-term.

How to move money from Chase to a high-yield account

Opening a high-yield savings account at another bank takes 10 to 15 minutes online. You will need your Social Security number, a government ID, and your Chase account number to link the accounts for transfers.

Once both accounts are set up, you can transfer money from Chase to the new account using external transfer (also called ACH transfer). Chase allows this free of charge. The transfer typically clears in one to three business days. You can also set up automatic transfers if you want to move a fixed amount each month.

Keeping your Chase checking account open while moving savings elsewhere does not hurt your credit or Chase relationship. Many customers do this without issue.

Promotional rates: how they work and what happens after

Chase occasionally advertises a higher savings rate for new accounts—sometimes 4.35% APY or higher—but these rates are only may provide for a set period, usually three to six months. After the promotion ends, the rate automatically drops to the standard 0.01%.

If you open a Chase savings account during a promotion, read the terms carefully to find the exact end date. Mark your calendar and plan to move the money before the rate drops, or accept that your return will shrink dramatically once the promotion closes.

Promotional rates are a one-time opportunity per account. Once the promotion ends and the rate reverts, Chase does not offer another boost unless you close the account and open a new one—and Chase may not allow this if you recently closed a savings account.

Frequently Asked Questions

Can I earn more interest by keeping a larger balance at Chase?

No. Chase pays the same 0.01% APY regardless of balance size. A $100,000 deposit earns $10 per year, while the same amount at a 4.5% high-yield account earns $4,500. Balance size does not change Chase's rate.

What happens to my money if I move it to another bank?

Your money is insured by the FDIC (Federal Deposit Insurance Corporation) up to $250,000 at any single bank. Moving savings to a different bank does not reduce protection—you simply have two separate $250,000 insurance limits, one at Chase and one at the new bank.

Is there a penalty for closing a Chase savings account?

Chase does not charge a penalty for closing a savings account. You can withdraw all funds and close the account online or at a branch with no fee. Some banks charge early closure fees; Chase does not.

Do I need to keep a minimum balance in a Chase savings account?

Chase requires a $0 minimum balance to open and maintain a savings account. There is no monthly fee and no penalty for low balances. This makes it easy to close without worrying about trapped funds.

Can I use a Chase savings account as an emergency fund?

Yes, but the low rate means your emergency fund earns almost nothing. If you keep $5,000 in emergency savings at Chase for a year, you earn about 50 cents. The same amount at a high-yield account earns $225. The trade-off is convenience versus return.