Chase does not currently offer a high-yield savings account
Chase's standard savings account earns almost no interest. As of now, Chase does not have a product marketed as a high-yield savings account (HYSA). Their regular savings account pays a rate that varies by branch and account type, but it is typically well below 1% annual percentage yield (APY)—often closer to 0.01% to 0.05%. If you keep money at Chase primarily for interest earnings, you will earn very little.
This matters because other banks—both online-only and traditional—now offer savings accounts with APY rates between 4% and 5.35%, depending on the bank and current market conditions. The difference between Chase's rate and a high-yield account compounds quickly. On $10,000, Chase might earn $5 to $50 per year, while a HYSA at 5% would earn roughly $500 per year.
Chase does offer money market accounts, which pay slightly higher rates than savings accounts, but these are still not competitive with true high-yield products offered elsewhere. If earning interest on savings is your goal, you will need to move money to another institution.
Key Takeaways
- Chase's savings account earns less than 0.1% APY, making it unsuitable for earning interest on cash you want to keep liquid.
- High-yield savings accounts at other banks currently pay 4% to 5.35% APY, which means your money grows significantly faster elsewhere.
- Chase's money market accounts pay slightly more than savings but still lag far behind dedicated high-yield products.
- If you bank at Chase for checking and bill pay, you can keep your savings account there for convenience and move cash to a HYSA at another bank when you want it to earn interest.
- Online banks and some credit unions offer the highest rates, though they typically do not have physical branches.
Why Chase's rates are so low
Chase is a large traditional bank with thousands of branches, customer service centers, and physical infrastructure. Those costs get passed to customers through lower interest rates on deposits. Chase makes money partly by paying you very little on savings and lending that money out at much higher rates to borrowers.
Online-only banks have no branches and far fewer employees, so they can afford to pay higher rates on savings accounts and still remain profitable. They compete on rate alone because they cannot compete on convenience or brand recognition. Chase, by contrast, relies on convenience and brand trust, so they do not need to offer competitive rates to keep your money.
This is not unique to Chase. Most large traditional banks—Bank of America, Wells Fargo, Citibank—offer similarly low savings rates. If you want a high-yield account, you will almost always need to move your money to a smaller or online institution.
Where to move savings if you want higher rates
Online banks like Marcus (owned by Goldman Sachs), Ally Bank, American Express Personal Savings, and Discover Bank all offer high-yield savings accounts. Rates change frequently as the Federal Reserve adjusts interest rates, but these banks typically stay near the top of the market. You can compare current rates on sites like Bankrate or DepositAccounts, which update daily.
Credit unions sometimes offer competitive rates as well, especially if you are a member. Some credit unions pay 4% to 5% on savings, though often with limits—for example, the rate might apply only to the first $20,000 in your account. Check with your local credit union to see what they offer.
Opening an account at another bank does not require you to close your Chase account. Many people keep a checking account at Chase for bill pay and direct deposit, then move savings to a HYSA elsewhere. Transfers between banks take one to three business days via ACH, so your money is not locked away.
How to move money from Chase to a high-yield account
Once you open a HYSA at another bank, you can transfer money from Chase in two ways. The easiest is to link your Chase account to the new bank and initiate an ACH transfer from the receiving bank's website. You will need your Chase routing number (010000000 for most Chase accounts) and your account number. The transfer typically takes one to three business days.
Alternatively, you can initiate the transfer from Chase's website by adding the new bank as an external account, then sending money out. This also uses ACH and takes the same amount of time. Both methods are free.
If you need the money faster, you can withdraw cash from a Chase branch and deposit it at the new bank, but this is slower and less secure than an electronic transfer. For large amounts, stick with ACH.
Should you keep any money at Chase?
Many people keep a small amount at Chase—enough to cover a month of expenses—while moving the rest to a HYSA. This gives you the convenience of a nearby branch and ATM if you need cash quickly, while your larger savings earn interest elsewhere. Chase also offers no monthly fees on most savings accounts if you maintain a low minimum balance, usually $300 to $500.
If you use Chase for checking and bill pay anyway, keeping a savings account there costs you nothing in fees. The only cost is the opportunity cost of earning almost no interest. For money you plan to spend within the next month or two, that cost is negligible. For money you are saving for a year or longer, moving it to a HYSA makes a real difference.
Some people also keep money at Chase for FDIC insurance purposes. Each bank insures deposits up to $250,000 per account holder per account type. If you have more than $250,000 in savings, you can split it between Chase and another bank to keep all of it insured. But this is only relevant if you have very large savings.
What about Chase's other savings products
Chase offers certificates of deposit (CDs), which lock your money away for a set term—usually three months to five years—in exchange for a higher rate. Current CD rates at Chase are higher than their savings account rates but still lower than high-yield savings accounts at online banks. A Chase CD might pay 4% to 5%, but you cannot touch the money without paying an early withdrawal penalty.
High-yield savings accounts have no lock-in period. You can withdraw your money anytime without penalty. This makes them more flexible than CDs, even if the rate is similar. If you might need the money within the next year or two, a HYSA is usually the better choice.
Chase also offers money market accounts, which are a hybrid between checking and savings. They typically pay slightly more interest than savings accounts but require a higher minimum balance. At Chase, these rates are still not competitive with HYSAs elsewhere.
Frequently Asked Questions
Can I transfer money from Chase to a HYSA online?
Yes. Link your Chase account to the new bank's website using your routing number and account number, then initiate an ACH transfer. The money arrives in one to three business days and costs nothing. You can also initiate the transfer from Chase's website by adding the new bank as an external account.
Will I lose FDIC insurance if I move my money to another bank?
No. Every bank that offers FDIC insurance protects deposits up to $250,000 per account holder per account type. Moving your money to another bank does not change this protection—it just moves where the insurance applies. Your money is insured at the new bank the moment it arrives.
What if I need to withdraw cash from my HYSA?
Most online banks that offer HYSAs do not have physical branches, so you cannot withdraw cash in person. However, you can transfer money back to Chase (or any bank with branches) in one to three business days, then withdraw cash there. Some online banks also offer ATM networks or reimburse ATM fees, so check the terms before you open an account.
Do I have to close my Chase account to open a HYSA elsewhere?
No. You can keep your Chase checking and savings accounts open while opening a HYSA at another bank. Many people do this to maintain the convenience of Chase while earning interest elsewhere. There are no fees for keeping an inactive savings account at Chase.
What if Chase starts offering a high-yield account in the future?
Chase has not announced plans to launch a HYSA. If they do, their rate would likely be competitive with other large banks rather than with online-only banks, since they have the same cost structure. You can always move money back to Chase at that time, but for now, online banks and credit unions offer the best rates.