Chase does not offer a dedicated high-yield savings account
Chase's standard savings account earns 0.01% annual percentage yield (APY), which is far below what other banks pay. If you open a Chase savings account today, your money will grow almost not at all. Chase has chosen not to compete in the high-yield savings market, even though dozens of online banks now offer rates between 4% and 5% APY.
Chase's business model relies on customers who keep money in low-yield accounts because they value the branch network, the debit card, or the convenience of having everything in one place. The bank makes money on the difference between what it pays you and what it charges borrowers. By paying you almost nothing, Chase widens that gap.
If you have a large emergency fund or money you do not plan to spend soon, keeping it in a Chase savings account costs you real money in foregone interest. A $10,000 balance earning 0.01% generates $1 per year. The same $10,000 at a 4.5% APY account generates $450 per year—a difference of $449 that compounds year after year.
Key Takeaways
- Chase savings accounts earn 0.01% APY, which is lower than inflation and lower than nearly every online bank.
- Chase offers no high-yield savings product and has not launched one despite years of competitors offering 4% to 5% rates.
- Money Market Accounts at Chase earn slightly more than savings accounts but still lag far behind online alternatives.
- If you want higher interest on savings held at Chase, you would need to move the money to another bank or use a Chase brokerage account to buy money market funds.
What Chase savings accounts actually pay
Chase offers two deposit products that function like savings accounts: the regular Chase Savings Account and the Chase Money Market Account. The regular savings account pays 0.01% APY on all balances. The Money Market Account pays slightly more—typically between 0.01% and 0.04% depending on your balance tier—but the difference is negligible.
Both accounts charge a monthly service fee of $5 unless you maintain a minimum balance (usually $300 to $500) or have direct deposit set up. If you fall below the minimum, the fee erases any interest you would have earned in that month. Chase also limits you to six withdrawals per month from savings accounts; exceeding that limit triggers a $10 fee per excess withdrawal.
These terms reflect an older banking model. Online banks have eliminated monthly fees, removed withdrawal limits, and paid rates 100 to 500 times higher than Chase because they have no branch costs and can pass savings to customers. Chase has not followed.
Why Chase does not offer high-yield savings
Chase is a full-service bank that makes money across mortgages, credit cards, investment services, and business banking. A high-yield savings account would cannibalize deposits from other products and force Chase to pay rates that cut into profit margins. The bank's strategy is to keep customers in the ecosystem—checking, savings, credit cards, loans—rather than compete on interest rates.
Chase also benefits from customer inertia. Many people keep savings at Chase simply because they already have a checking account there, even if they know the rate is poor. Switching money to another bank requires opening an account, setting up transfers, and updating any automatic deposits. That friction keeps billions in low-yield accounts.
Smaller online banks like Marcus, Ally, and American Express Personal Savings have no branch network to maintain and no credit card business to protect. They can afford to offer 4.5% APY because their only product is the savings account itself. Chase's diversified model works against it in this one category.
Where to move money if you want higher interest
If you want to earn more on savings while keeping your Chase checking account, open a high-yield savings account at an online bank. You can transfer money between Chase and another bank using ACH (Automated Clearing House), which takes one to three business days. You do not have to close your Chase account; many people keep both.
Online banks that currently offer rates above 4% include Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank. Rates change frequently—some banks raise rates to attract new customers, others lower them when they have enough deposits. Check the current rate before you open an account, because the rate you see today may not be the rate you earn next month.
If you want to keep all your money at Chase, you can buy money market funds or short-term bond funds through Chase You Invest (Chase's brokerage platform). These investments can yield 4% to 5% but carry market risk—the value can go down—and are not FDIC insured the way a savings account is. This route makes sense only if you understand the tradeoff and do not need the money within a year.
How to transfer money out of Chase
To move money from Chase to a high-yield savings account at another bank, you need the receiving bank's routing number and your new account number. Log into Chase online banking, go to Transfers, and select "Transfer to another bank." Enter the receiving bank's details and the amount you want to move. Chase will send the money via ACH, which typically arrives within one to three business days.
Some banks offer a faster option called wire transfer, which can arrive the same day but costs $15 to $25. ACH is free and sufficient for most people—there is no reason to pay for a wire unless you need the money immediately.
You can also visit a Chase branch and ask a teller to help you set up the transfer, though this takes longer than doing it online. If you are moving a very large amount, call Chase first to make sure there are no holds on your account that would delay the transfer.
Should you keep a Chase savings account at all
A Chase savings account makes sense only if you need the money within days and want it to stay in your checking account ecosystem. For anything else—an emergency fund, a down payment you are saving for, money you will not touch for months—the interest rate is too low to justify keeping it there.
If you have a Chase checking account and like the bank, keep the checking account. But move your savings to a bank that pays real interest. The time it takes to open an account and transfer money—about 20 minutes—will pay for itself in the first month through higher interest.
Chase does offer a small incentive to open a savings account: occasional sign-up bonuses of $50 to $200 if you meet deposit requirements. These bonuses appear and disappear based on Chase's marketing calendar. If you see a bonus offer, it might be worth opening an account just to claim it, then moving the money elsewhere once the bonus posts.
Frequently Asked Questions
Can I earn more interest at Chase by putting money in a different product?
Chase Money Market Accounts pay slightly more than savings accounts but still earn less than 0.1% APY. If you want real interest at Chase, you would need to invest in money market funds or short-term bonds through Chase You Invest, but those carry market risk and are not FDIC insured like a savings account.
Does Chase offer any savings account with no monthly fee?
Chase savings accounts charge a $5 monthly fee unless you maintain a minimum balance of $300 to $500 or set up direct deposit. The fee waiver is automatic if you meet either condition, but most online banks charge no fee at any balance level.
If I move my savings to another bank, do I have to close my Chase account?
No. You can keep your Chase checking account and move only your savings to another bank. Many people maintain accounts at multiple banks for different purposes. There is no penalty for having money elsewhere.
How long does it take to transfer money from Chase to another bank?
ACH transfers (the standard free method) take one to three business days. Wire transfers arrive the same day but cost $15 to $25. For most situations, ACH is fast enough and costs nothing.
What if I need to access my money quickly from a high-yield savings account?
Online banks allow you to withdraw money via ACH transfer (one to three days), debit card, or wire transfer (same day, with a fee). You can also transfer money back to your Chase checking account and withdraw it from an ATM. High-yield accounts are not less accessible than Chase; they are just held at a different bank.