Chase does not offer a standalone high-yield savings account

Chase offers savings accounts, but none of them are marketed or structured as high-yield products. The bank's standard savings account, called Chase Savings, currently pays a rate that is substantially lower than what you can find at online banks or credit unions. Chase also offers a Money Market account, which has tiered rates based on your balance, but these rates are also not competitive with high-yield options elsewhere.

If you are looking for a savings account that pays significantly more interest on your deposit, you will need to look outside Chase. Online banks like Marcus, Ally, and American Express Personal Savings typically offer rates that are two to three times higher than what Chase provides. Credit unions may also offer better rates, especially if you are a member.

Chase's strength is in checking accounts, debit cards, and loan products — not in savings account interest rates. The bank makes its money partly through the difference between what it pays depositors and what it charges borrowers, so keeping savings rates low is part of their business model.

Key Takeaways

  • Chase Savings and Chase Money Market accounts exist, but neither pays rates that compete with high-yield savings accounts at other banks.
  • Online banks and some credit unions currently pay two to three times more interest on savings deposits than Chase does.
  • If you keep money at Chase for convenience or because you have a checking account there, moving savings to a separate high-yield account at another bank costs nothing and takes a few days.
  • Chase's competitive advantage is in checking accounts, credit cards, and loans — not in the interest you earn on savings.

How Chase savings rates compare to other banks

Chase Savings typically pays between 0.01% and 0.04% annual percentage yield (APY), depending on your balance and the current rate environment. This means that on a $10,000 deposit, you would earn between $1 and $4 per year in interest. Chase Money Market accounts pay slightly more — usually between 0.04% and 0.10% APY — but still lag far behind what online banks offer.

Online banks currently pay between 4% and 5% APY on high-yield savings accounts, though rates change frequently. A $10,000 deposit at 4.5% APY would earn $450 per year — more than 100 times what Chase Savings would pay. The difference compounds over time, especially if you are saving a larger amount or leaving the money untouched for years.

The gap exists because online banks have lower overhead costs than traditional banks with physical branches. They pass some of those savings to depositors in the form of higher interest rates. Chase maintains thousands of branches and ATMs, which costs money, and that cost is reflected in lower deposit rates.

Why Chase customers keep savings at Chase anyway

Many people leave money in Chase savings accounts even though the rates are poor, usually for one of three reasons: convenience, inertia, or the belief that they need to keep all their money at one bank.

Convenience is real. If you have a Chase checking account and a Chase debit card, moving money between your checking and savings at Chase takes seconds through the mobile app or online banking. Moving money to a high-yield account at a different bank requires setting up an external transfer, which takes one to three business days. For everyday spending, this friction matters.

Inertia is also common. Many people opened a Chase savings account years ago and have not thought about it since. They may not realize that rates have changed or that better options exist. If you have not checked your savings rate in several years, it is worth doing so.

The belief that you need one bank for everything is a myth. There is no rule requiring you to keep all your money in one place. Many people maintain a checking account at one bank and a high-yield savings account at another. The accounts are separate, but transfers between them are straightforward and free.

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

If you decide to move your savings to a higher-paying account, the process is simple and takes a few days. You do not need to close your Chase account or change your checking setup.

First, open a high-yield savings account at the bank of your choice. You will need to provide your name, address, Social Security number, and initial deposit method. Most online banks let you open an account in 10 to 15 minutes through their website or app.

Next, link your Chase checking account to the new savings account. You can do this by providing your new bank with your Chase routing number and account number, or by using the ACH transfer feature in your new bank's app. Your new bank will send two small test deposits to your Chase account (usually under $1 each) to verify that the account is yours. You will confirm these amounts in your Chase online banking, and the link will be active.

Once the link is confirmed, you can transfer money from Chase to your new high-yield account. Transfers typically take one to three business days. You can also set up recurring transfers if you want to move money automatically each month.

What happens to FDIC insurance when you split accounts across banks

A common worry is that splitting your savings across multiple banks will reduce your FDIC insurance coverage. This is not how FDIC insurance works.

The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per depositor, per bank, per account category. This means that if you have $250,000 in a Chase savings account and $250,000 in a high-yield savings account at another bank, both amounts are fully insured. The insurance is tied to the bank, not to how many banks you use.

If you have multiple savings accounts at the same bank — for example, a Chase Savings account and a Chase Money Market account — those are counted separately for insurance purposes. You could have $250,000 in each and both would be covered. But if you have two savings accounts at Chase, they are combined and only $250,000 total is insured.

For most people, this is not a practical concern. If you are saving more than $250,000, you would want to spread it across multiple banks anyway to maximize insurance coverage.

Whether to keep a Chase savings account at all

You do not need to keep a savings account at Chase if you have a checking account there. Many people close their Chase savings account once they open a high-yield account elsewhere and never look back.

However, some people find it useful to keep a small amount ($500 to $1,000) in a Chase savings account as an emergency buffer. The money is instantly available through the Chase app, and you avoid the one-to-three-day transfer delay if you need cash quickly. The interest you lose on this small amount is negligible — a few dollars per year — and the convenience may be worth it to you.

Others close the Chase savings account entirely and rely on their high-yield account. If they need money urgently, they transfer it to their Chase checking account (which is faster than transferring to savings) and withdraw it from an ATM or branch. This approach maximizes interest earned but requires slightly more planning.

There is no wrong choice. The decision depends on how much you value instant access versus maximizing interest earned.

Frequently Asked Questions

Can I earn more interest by putting money in a Chase Money Market account instead of Chase Savings?

Yes, slightly. Chase Money Market accounts pay higher rates than Chase Savings, especially if you maintain a large balance. However, the rates are still far below what online banks offer. A Money Market account also typically requires a higher minimum balance to open and may limit the number of withdrawals you can make per month.

Does Chase offer any savings product with a promotional rate?

Chase occasionally runs promotions on savings or Money Market accounts, offering a higher rate for a limited time (usually three to six months). These promotions are not advertised widely and are often available only to existing customers or in certain regions. Even with a promotion, the rate usually does not match what online banks offer permanently.

What if I need my money quickly — is a high-yield account at another bank too slow?

Transfers from a high-yield account to your Chase checking account take one to three business days. If you need cash within hours, this is too slow. However, if you keep a small emergency fund in your Chase checking account (not savings), you can access it instantly. Most people do not need their entire savings available within hours.

Will opening a high-yield account at another bank affect my credit score?

No. Opening a savings account does not trigger a hard credit inquiry and does not affect your credit score. Banks may do a soft inquiry to check for fraud, but this does not show up on your credit report or impact your score.

Can I have both a Chase savings account and a high-yield account at the same time?

Yes. There is no rule against maintaining accounts at multiple banks. Many people keep a small Chase savings account for convenience while maintaining a high-yield account elsewhere for the better rate. You can close the Chase account anytime if you decide you no longer need it.