Chase does not currently offer a dedicated high-yield savings account
Chase's standard savings accounts earn interest rates well below what other banks offer. As of now, Chase offers savings accounts with rates around 0.01% APY on most balances, which means $10,000 in savings earns about $1 per year. Banks like Marcus, Ally, and American Express offer rates between 4% and 5% APY on the same $10,000, earning $400 to $500 annually.
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, not the interest rate. If you want a high-yield savings account, you will need to open one at a different bank.
Key Takeaways
- Chase savings accounts pay around 0.01% APY, which is roughly 400 times lower than high-yield accounts at other banks.
- High-yield savings accounts at online banks typically pay between 4% and 5% APY and have no monthly fees.
- You can keep a Chase checking account for everyday banking and move savings to a high-yield account elsewhere for better returns.
- Chase's advantage is convenience and branch access if you already bank there, not interest earnings on savings.
Why Chase rates are so low compared to other banks
Chase can afford to pay low rates because it has a massive branch network and brand recognition. Customers often keep money in Chase savings accounts for convenience—to access funds quickly at a branch or ATM—rather than for interest. The bank does not need to compete on rate to attract deposits.
Online banks like Marcus, Ally, and American Express have no physical branches, so they pass the savings from lower overhead directly to customers in the form of higher interest rates. They compete almost entirely on rate, which is why their savings accounts pay so much more. If you do not need to walk into a branch, you will earn significantly more money elsewhere.
How much money you would actually earn at each rate
The difference between Chase and high-yield accounts compounds quickly. After one year, $50,000 in a Chase savings account earns $5 in total interest. The same $50,000 at Marcus earns roughly $2,250. After five years, Chase has earned $25 while Marcus has earned roughly $11,250. That is not a small gap—it is the difference between money sitting still and money actually working for you.
| Bank | APY Rate | Annual Earnings on $10,000 | Annual Earnings on $50,000 |
|---|---|---|---|
| Chase Savings | 0.01% | $1 | $5 |
| Marcus (online) | 4.50% | $450 | $2,250 |
| Ally (online) | 4.35% | $435 | $2,175 |
| American Express (online) | 4.40% | $440 | $2,200 |
These rates vary by bank and change based on Federal Reserve decisions. The table shows typical rates as they stand, but you should check the current rate at each bank before opening an account, since rates move up and down throughout the year.
What Chase does offer for interest-bearing accounts
Chase has a Chase Money Market Account, which is a hybrid between a checking and savings account. It typically pays slightly higher interest than the regular savings account, but still far below high-yield rates. Money market accounts also come with check-writing privileges and a debit card, which savings accounts do not have.
Chase also offers certificates of deposit (CDs), where you lock money away for a set term (3 months, 6 months, 1 year, or longer) in exchange for a fixed rate. Chase CD rates are also low compared to other banks—usually between 4% and 5% APY depending on the term, while some online banks offer 5% or higher. You lose access to the money for the entire term, so a CD only makes sense if you know you will not need the funds.
Moving money to a high-yield account while keeping Chase for checking
You do not have to choose between Chase and a high-yield account. Many people keep a Chase checking account for everyday spending and bill payments, then move savings to a high-yield account at another bank. Transfers between banks take one to three business days, so you can move money when you need it without losing the convenience of your Chase debit card.
To set this up, open a high-yield savings account at Marcus, Ally, American Express, or another online bank. Link your Chase checking account to the new savings account. You can then transfer money between them online whenever you want. Your Chase account remains your main banking hub, but your savings earn real interest elsewhere.
Things to watch when comparing high-yield accounts
Not all high-yield accounts are the same. Some banks lower their rates after a promotional period, so check whether the rate you see is permanent or temporary. Others charge monthly fees if your balance falls below a minimum—usually $0 to $25 per month. Read the fine print before opening an account.
Also confirm that the bank is FDIC-insured, which means your deposits are protected up to $250,000 if the bank fails. All major online banks (Marcus, Ally, American Express) are FDIC-insured. This protection is the same whether you bank at Chase or elsewhere, so you are not taking on extra risk by moving savings to a different bank.
Frequently Asked Questions
Can I transfer money from Chase to a high-yield account online?
Yes. Once you open an account at another bank, you can link it to your Chase checking account and transfer money online. The transfer usually takes one to three business days. You can also do it the other way around—transfer from the high-yield account back to Chase if you need the money quickly.
Will opening a high-yield account hurt my credit score?
No. Savings accounts and money market accounts do not trigger a hard credit inquiry. Opening one will not affect your credit score at all. Only credit products like loans and credit cards pull your credit report.
What if I need my money right away from a high-yield account?
High-yield savings accounts have no withdrawal limits or penalties. You can move money back to your Chase checking account anytime, though the transfer takes one to three business days. If you need cash immediately, keep a small emergency fund in your Chase account and the rest in the high-yield account.
Do high-yield account rates ever go down?
Yes. Banks lower rates when the Federal Reserve cuts interest rates, which happens during economic downturns. Rates can drop significantly—from 5% to 3% or lower. This is why it is worth moving money now while rates are high; you lock in the current rate for as long as you hold the account.
Is my money safer at Chase than at an online bank?
No. Both Chase and online banks like Marcus and Ally are FDIC-insured, which means deposits up to $250,000 are protected equally. The only difference is convenience—Chase has branches, online banks do not. Safety is the same.