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 offers savings accounts with rates around 0.01% APY on most balances, which means $10,000 sitting in a Chase savings account earns roughly $1 per year. Online banks and credit unions routinely offer rates between 4% and 5% APY on the same money.

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 minimum balance of $75,000 and pays a slightly higher rate, but still nowhere near what the market offers for savings.

If you bank with Chase primarily for checking or other services, you may choose to keep some savings there for convenience. But if your goal is to earn meaningful interest on money you are not spending, you will need to look outside Chase.

Key Takeaways

  • Chase savings accounts pay around 0.01% APY, earning roughly $1 per year on $10,000.
  • Chase Premier Savings requires $75,000 minimum but still does not pay a competitive rate.
  • Online banks and credit unions offer 4% to 5% APY on savings accounts with no relationship to Chase.
  • You can keep a small emergency fund at Chase for access while holding larger savings elsewhere at a higher rate.
  • Moving money between Chase and an outside savings account takes one to three business days via ACH transfer.

Why Chase rates lag behind the market

Chase is a large brick-and-mortar bank with physical branches in most states. Those branches cost money to operate and staff. Online-only banks have no branches, so they pass the savings to depositors in the form of higher interest rates. Credit unions are member-owned and often prioritize rates for savers over profits for shareholders.

Chase makes money partly from the difference between what it pays you on savings and what it charges borrowers on loans and credit cards. A lower savings rate widens that gap. Because Chase has millions of customers and strong brand recognition, it does not need to compete aggressively on savings rates to keep deposits flowing in.

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

If you decide to open a high-yield savings account elsewhere, you can transfer money from Chase using an ACH transfer. This is an electronic bank-to-bank transfer that takes one to three business days and costs nothing.

To set up an ACH transfer, you will need the routing number for the receiving bank (the bank where you want the money to go) and your account number there. Log into your Chase account online, select "Transfer Money," choose "External Transfer," and enter the receiving bank's details. Chase will verify the account with a small deposit and withdrawal, then you can move larger amounts.

Alternatively, you can have the new bank pull the money from Chase. Most online banks offer this option during account setup. You provide your Chase account and routing number, and the new bank handles the transfer on your end.

Chase savings products that might work for specific needs

Chase offers a Chase Savings Account with no monthly fee if you maintain a $300 minimum balance. This works well if you want a basic savings account tied to a Chase checking account for convenience, even if the rate is low.

Chase also offers Certificates of Deposit (CDs), which lock your money away for a set term (three months to five years) in exchange for a may provide rate. Chase CD rates are typically higher than their savings rates but still lag behind online banks. A one-year CD at Chase might pay 4% to 5%, while online banks offer similar or better rates with no lock-in period.

If you have a large balance and want to keep everything at Chase, the Chase Premier Savings Account requires $75,000 to open and $75,000 to maintain. It pays a higher rate than the standard savings account, but you will still earn more elsewhere.

What happens to your money if you keep it at Chase

Your Chase savings account is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. This means if Chase fails, the government guarantees your money up to that limit. This protection applies whether you earn 0.01% or 5%.

Your money is safe at Chase, but it is not working hard for you. Over five years, $10,000 earning 0.01% at Chase grows to $10,000.50. The same $10,000 at 4.5% APY grows to $12,386. That $2,386 difference is real money you are leaving on the table by staying at a low-rate bank.

How to compare Chase to other banks

When shopping for a high-yield savings account, compare three things: the APY (annual percentage yield), the minimum balance required, and the monthly fee. Many online banks offer no minimum balance and no monthly fee, which means you can open an account with $1 and start earning immediately.

Check the current rates at online banks like Marcus, Ally, American Express Personal Savings, or Wealthfront. Credit unions often offer competitive rates too—you can search for credit unions in your area or join a national credit union if you meet their membership requirements.

Keep in mind that rates change frequently. A bank offering 5% today might drop to 4% in three months if the Federal Reserve cuts interest rates. Lock in the best rate you can find now, but plan to review your savings account rate once or twice a year.

Frequently Asked Questions

Can I earn more interest by opening a Chase Money Market Account?

Chase offers Money Market Accounts, but they pay rates similar to their savings accounts—around 0.01% to 0.05% APY depending on your balance. These are not high-yield either. Online banks offer money market accounts with rates of 4% to 5% APY if you want that product type elsewhere.

What if I want to keep my checking account at Chase but move my savings?

You can do this easily. Keep your Chase checking account and open a high-yield savings account at another bank. Transfer money between them using ACH whenever you need to move funds. Many people do this to earn a higher rate on savings while keeping their primary checking relationship at Chase.

Does Chase offer any promotional rates for new savings accounts?

Chase occasionally runs promotions offering a small bonus (usually $50 to $200) for opening a new account and meeting deposit requirements. These bonuses are one-time payments and do not change the ongoing APY. Even with a bonus, the ongoing rate remains low compared to online banks.

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

An ACH transfer from Chase to another bank takes one to three business days. Weekends and holidays do not count as business days. If you initiate a transfer on Friday afternoon, it may not arrive until Tuesday. Plan ahead if you need the money on a specific date.

Is my money safer at Chase than at an online bank?

No. Both Chase and online banks are FDIC-insured up to $250,000 per account. Your money is equally safe at either one. The difference is the interest rate you earn, not the safety of your deposit.