Chase's Current High-Yield Savings Options
Chase offers a Chase Savings Account and a Chase Premier Savings Account, but neither carries a rate that competes with online banks or credit unions focused on high-yield savings. As of now, Chase's standard savings account pays rates well below 1% APY, and the Premier version—which requires a higher balance—pays a modest premium over that but still lags behind accounts at online-only banks that regularly offer 4% to 5% APY.
Chase is a brick-and-mortar bank with physical branches in most states. That branch network costs money to maintain, and Chase passes those costs to customers through lower deposit rates. If your priority is the highest possible yield on savings, Chase is not the right choice. If your priority is convenience—depositing cash in person, speaking to someone face-to-face, or keeping all your money in one place—Chase savings may fit your situation despite the lower rate.
The rates Chase pays change without notice and vary slightly by state and account type. You should check Chase's website or call 1-800-935-9935 to confirm the current rate on the account you are considering before opening it.
Key Takeaways
- Chase savings accounts pay rates below 1% APY, which is significantly lower than online banks and credit unions offering 4% to 5% or higher.
- Chase offers two savings products: a standard savings account and a Premier savings account, with the Premier requiring a higher opening balance and paying a slightly better rate.
- Chase's lower rates reflect the cost of maintaining physical branches; you pay for convenience, not yield.
- Rates change without notice and may vary by state, so confirm the current rate directly with Chase before opening an account.
Chase Premier Savings Account vs. Standard Savings
The Chase Premier Savings Account requires a higher opening deposit than the standard account—typically $25,000 or more, depending on your state. In return, it pays a marginally higher interest rate. The difference is usually a fraction of a percent, so the extra rate you earn on $25,000 might be $10 to $20 per year compared to the standard account.
The standard Chase Savings Account has no minimum opening deposit at many branches, though some locations may require $25. It pays the lower of the two rates. Both accounts charge a monthly service fee (usually $5 to $12) unless you meet a waiver condition—typically maintaining a minimum balance or having a may have access to Chase checking account linked to it.
If you already have a Chase checking account and plan to keep a balance above the minimum anyway, the fee waiver may make the savings account free to hold. If you do not have a Chase checking account and do not want to open one, the monthly fee will eat into whatever interest you earn, making the account a poor choice.
How Chase Savings Rates Compare to Other Banks
Online banks and some credit unions currently offer savings rates 4 to 5 times higher than Chase. On a $10,000 balance, the difference between Chase's rate (under 0.5% APY) and an online bank's rate (4% to 5% APY) is roughly $350 to $450 per year in lost interest. Over five years, that gap compounds to thousands of dollars.
Credit unions, which are member-owned and have lower overhead than Chase, often offer competitive rates without requiring you to live in a specific state. You can join many credit unions online if you have an address in their service area or if you work for a participating employer. A few credit unions offer savings rates comparable to online banks.
The trade-off is access. Chase has 4,700+ branches and 16,000+ ATMs nationwide. If you deposit cash frequently or need to speak to someone in person, that network has real value. Online banks have no branches and no phone support at most institutions. Credit unions have fewer locations than Chase but more than online banks. Your choice depends on whether convenience is worth the rate difference to you.
Fees and Minimum Balances
Chase charges a monthly maintenance fee on savings accounts unless you meet one of these conditions: maintain a minimum balance (often $300 to $500, depending on the account type), have a direct deposit into a linked Chase checking account, or maintain a linked Chase checking account with a may have access to balance. The fee itself is usually $5 to $12 per month.
If you do not meet any waiver condition, the monthly fee will cost you $60 to $144 per year. At Chase's current rates, you would need a balance of $15,000 to $30,000 just to earn enough interest to cover the annual fee. Most people do not keep that much in a savings account, which means the account becomes a net cost, not an investment.
Online banks and many credit unions charge no monthly fee and have no minimum balance requirement. If you are comparing Chase to another bank, always factor in the fee. A 4.5% rate with no fee beats a 0.4% rate with a $10 monthly fee, even on a small balance.
When a Chase Savings Account Makes Sense
A Chase savings account is practical if you already have a Chase checking account, use Chase's branch network regularly, and want to keep all your banking in one place. The convenience of depositing cash at a branch or speaking to a teller may justify accepting a lower rate, especially if the monthly fee is waived by your checking account.
It also makes sense if you need a savings account temporarily—for example, to hold money for a few weeks while you decide where to invest it. The rate does not matter much over a short time frame, and having the account at the same bank as your checking account simplifies transfers.
A Chase savings account does not make sense if you are trying to build wealth through savings interest, if you do not use Chase's branches, or if you are willing to bank online. In those cases, an online bank or credit union will earn you significantly more money over time with no additional effort.
How to Open a Chase Savings Account
You can open a Chase savings account online at chase.com, by phone at 1-800-935-9935, or in person at any Chase branch. Online applications take about 10 minutes and require your Social Security number, date of birth, address, and initial deposit information (either a linked bank account or a debit card). You will receive a confirmation number immediately, and the account typically opens within one business day.
In-person applications at a branch are faster—the account opens the same day—but require you to bring a government-issued ID and proof of address (a utility bill or lease). Phone applications take 15 to 20 minutes and require the same information as online applications.
Once the account is open, you can transfer money from another bank, deposit cash at a Chase ATM or branch, or set up direct deposit. Transfers from outside banks typically take 1 to 3 business days. Cash deposits at a branch or ATM post immediately.
Frequently Asked Questions
Can I earn more interest by keeping a larger balance in a Chase savings account?
No. Chase pays the same interest rate on all balances in a savings account, regardless of size. A $1,000 balance and a $100,000 balance earn the same APY. The only exception is the Premier Savings Account, which pays a slightly higher rate than the standard account, but the difference is small and does not change based on your balance.
What happens if I do not meet the minimum balance requirement?
Chase will charge you the monthly maintenance fee. If your balance drops below the minimum and you do not have a linked checking account or direct deposit to waive the fee, you will be charged $5 to $12 that month. The fee is deducted from your savings account balance.
Can I transfer money from a Chase savings account to another bank?
Yes. You can transfer money from your Chase savings account to another bank account you own by linking the external account online or by calling Chase. Transfers typically take 1 to 3 business days. You can also withdraw cash at a Chase branch or ATM and deposit it elsewhere.
Is my money safe in a Chase savings account?
Yes. Chase is a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type are protected if the bank fails. A savings account and a checking account are separate account types, so you have $250,000 coverage in each.
Should I move my savings to an online bank for a higher rate?
If you do not use Chase's branches and do not need in-person banking, moving to an online bank or credit union will earn you significantly more interest with no additional risk. The difference compounds over time. If you value the convenience of Chase's branch network, the choice depends on how much that convenience is worth to you compared to the rate difference.