Chase does not offer a dedicated high-yield savings account
Chase's standard savings account earns 0.01% annual percentage yield (APY) on balances of any size. This rate has remained flat for years and is far below what other banks offer. If you are looking for a savings account that actually earns money on your balance, Chase is not the place to put it.
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 Premier version requires a $25,000 minimum balance and earns the same 0.01% APY. For comparison, online banks and credit unions routinely offer rates between 4% and 5% APY on savings accounts with no minimum balance.
Chase's strategy is to keep savers in their ecosystem through convenience and checking account bundling, not through competitive savings rates. If earning interest on savings matters to you, you will need to look elsewhere or split your money between Chase for checking and another institution for savings.
Key Takeaways
- Chase savings accounts earn 0.01% APY regardless of account type or balance size, which is substantially lower than high-yield options at other banks.
- Online banks and credit unions offer savings rates between 4% and 5% APY with no minimum balance requirement.
- Chase's savings products are designed for convenience and account bundling, not for competitive interest earnings.
- You can keep your Chase checking account and move savings to a high-yield account elsewhere without closing your Chase relationship.
How Chase savings rates compare to the market
The gap between Chase and high-yield savings accounts is substantial. On a $10,000 balance, Chase earns you $1 per year. A high-yield account at 4.5% APY earns $450 per year on the same balance. Over five years, that difference compounds to hundreds of dollars in lost earnings.
Chase does not adjust its savings rates when the Federal Reserve changes interest rates. When the Fed raised rates sharply between 2022 and 2023, most online banks and credit unions raised their savings rates within weeks. Chase's rate stayed at 0.01%. This pattern repeats every rate cycle.
The only scenario where Chase's savings account makes sense is if you are using it as a temporary holding account for money you plan to move elsewhere, or if you need to keep a small emergency fund in the same bank as your checking account for immediate access.
Where to find high-yield savings accounts
High-yield savings accounts are offered by online banks (such as Marcus, Ally, and American Express Personal Savings), traditional banks with online divisions (such as Discover), and many credit unions. Most require no minimum balance and no monthly fees. You can open one in 10 to 15 minutes online.
When comparing accounts, look at the current APY, whether the rate is may provide or promotional, and whether the bank is FDIC-insured (which protects your money up to $250,000 per account). All major online banks carry FDIC insurance. Credit unions carry NCUA insurance, which provides the same protection.
You do not have to close your Chase account to open a high-yield savings account elsewhere. Many people keep a Chase checking account for its branch network and ATM access, then hold savings at a separate institution. Money transfers between banks take one to three business days via ACH, or you can move it instantly using real-time payment services if both banks support them.
Why Chase keeps savings rates low
Chase is a large retail bank with thousands of branches and ATMs. That infrastructure costs money. The bank makes its profit partly from the difference between what it pays depositors and what it charges borrowers. By keeping savings rates low, Chase widens that gap.
Chase also benefits from customer inertia. Many people keep their savings in the same bank as their checking account for convenience, even if the rate is poor. The bank counts on this behavior and does not need to compete on rate to keep the money.
Online banks have no branches or ATMs to maintain, so they can afford to pass higher rates to savers. They compete almost entirely on rate and customer service, because they have no physical presence to differentiate themselves.
What Chase savings accounts do offer
Chase savings accounts come with no monthly maintenance fees (as long as you maintain a minimum balance, which varies by account type). You can link them to your Chase checking account and move money instantly between them. Chase's mobile app and online banking are straightforward and reliable.
If you have a Chase checking account, you get access to Chase's branch network and 60,000+ ATMs worldwide through its AllPoint network. This convenience has real value if you need to deposit cash or withdraw money in person. High-yield online banks cannot offer this.
The trade-off is clear: you pay for that convenience by earning almost nothing on your savings. Whether that trade-off makes sense depends on how much cash you keep in savings and how often you need physical access to it.
Moving money from Chase to a high-yield account
If you decide to move your savings, the process is straightforward. Open an account at your chosen bank, then initiate an ACH transfer from Chase to the new account. This takes one to three business days and costs nothing. You can transfer as much or as little as you want.
Some high-yield banks offer a service where they pull money directly from your Chase account, which can speed up the process. Others require you to push the money from Chase's side. Either way, your money is protected by FDIC or NCUA insurance during the transfer.
You do not need to close your Chase savings account when you move the money. You can leave it open with a zero balance, or close it if you prefer. Closing has no penalty and does not affect your credit score.
Frequently Asked Questions
Does Chase offer any account that earns more than 0.01%?
No. All Chase savings products, including the Premier Savings Account, earn 0.01% APY. Chase does not offer a money market account, certificate of deposit (CD), or any other savings product with a higher rate. If you want to earn interest at Chase, you would need to look at their CD offerings, which have fixed rates that vary by term length.
Will opening a high-yield account at another bank hurt my credit?
No. Opening a savings account does not trigger a hard credit inquiry and does not affect your credit score. Banks may do a soft check to verify your identity, but this does not show up on your credit report. You can open as many savings accounts as you want without any credit impact.
Can I keep my Chase checking account and move only my savings?
Yes. Your checking and savings accounts are separate products. You can close your Chase savings account and keep your checking account open indefinitely. Many people do this to maintain access to Chase's branches and ATMs while earning a competitive rate elsewhere.
What if I need my money quickly from a high-yield account?
High-yield savings accounts are liquid, meaning you can withdraw your money anytime without penalty. Transfers to another bank take one to three business days. If you need cash immediately, you can visit a branch or ATM of the bank that holds your account, or use their debit card if they offer one.
Are high-yield savings accounts safe?
Yes, as long as the bank is FDIC-insured or the credit union is NCUA-insured. Both types of insurance protect your deposits up to $250,000 per account. All major online banks and credit unions carry this insurance. You can verify a bank's insurance status on the FDIC or NCUA website.