Chase does not currently offer a high-yield savings account
Chase's standard savings account earns little to no interest—typically 0.01% annual percentage yield (APY) or less, depending on your account type and balance. If you are looking for a savings account that pays meaningfully higher rates, you will need to open an account at a different bank.
Chase does offer a Chase Savings Account and a Chase Premier Savings Account (for customers with higher balances), but neither is designed to compete on interest rates. The Premier version pays a slightly higher rate, but it still falls well short of what online banks and some credit unions offer.
If you want to keep money at Chase while earning better returns, your only option within Chase is a Chase Money Market Account, which typically pays a higher rate than savings but still lags behind dedicated high-yield accounts elsewhere. You can also explore Chase CDs (certificates of deposit), which lock your money away for a set term but pay fixed rates that are sometimes competitive.
Key Takeaways
- Chase savings accounts pay rates far below what online banks offer, usually 0.01% to 0.05% APY depending on the account type.
- Chase Money Market Accounts pay higher rates than savings accounts but are still not considered high-yield by current market standards.
- If earning the highest possible interest is your goal, you will need to open an account at an online bank, credit union, or other institution outside Chase.
- You can hold both a Chase checking account and a high-yield savings account elsewhere, using Chase for everyday banking and the other account purely for savings.
Why Chase rates are lower than online banks
Chase is a large brick-and-mortar bank with thousands of branches, ATMs, and employees. Those physical locations and services cost money, and Chase passes some of that cost to customers through lower interest rates on deposits. Online banks have no branches and minimal overhead, so they can afford to pay depositors more.
Chase's business model also relies on lending out customer deposits at a profit. When interest rates rise, Chase raises its rates on savings accounts—but usually more slowly than online competitors, and not to the same level. This is a deliberate choice: Chase prioritizes customer convenience and brand trust over paying the highest rates.
If you value having a physical branch you can walk into, or if you want all your banking in one place, the trade-off is accepting lower interest on savings. If maximizing interest is your priority, you sacrifice convenience by banking online.
Chase Money Market Account as an alternative
A Chase Money Market Account combines features of a savings account and a checking account. You get a debit card and check-writing ability, but you also earn interest on your balance. The rate is higher than Chase savings, though still modest compared to online high-yield accounts.
Money Market Accounts typically require a higher minimum balance to open—often $2,500 to $10,000 depending on the account tier. If your balance drops below the minimum, you may face a monthly fee or lose the higher rate tier. The rate also varies based on your balance: larger balances earn higher rates, while smaller balances earn less.
This account makes sense if you want to keep money at Chase and occasionally need to write checks or access funds quickly, but you should not expect it to compete with online high-yield savings accounts on interest earned.
Chase CDs: fixed rates for locked-away money
A Chase CD (Certificate of Deposit) lets you lock money away for a set period—typically 3 months to 5 years—in exchange for a fixed interest rate. The longer the term, the higher the rate. You cannot withdraw the money before the term ends without paying an early withdrawal penalty, usually equal to several months of interest.
Chase CD rates are sometimes competitive with online banks, especially for longer terms. If you have money you know you will not need for 1, 2, or 5 years, a CD can be a reasonable way to earn a fixed return while keeping your account at Chase.
The downside is illiquidity: your money is locked up. If you need it before the term ends, you lose interest. CDs make sense only for money you are certain you will not touch.
Opening a Chase savings or money market account
If you decide to open a Chase savings or Money Market Account, you can do so online, by phone, or in a branch. Online is fastest: go to Chase.com, select the account type, and follow the prompts. You will need your Social Security number, a government-issued ID, and an initial deposit (usually $0 to $25 depending on the account).
By phone, call Chase customer service at the number on the back of your Chase card or debit card. A representative will walk you through the process and can answer questions about rates and features.
In a branch, bring your ID and ask to open an account. A banker will explain your options and help you choose the account that fits your situation. This is the slowest route but useful if you have questions or prefer face-to-face service.
Where to find high-yield savings accounts
Online banks like Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank typically offer APY rates between 4% and 5% (rates change frequently, so check current rates before opening). Credit unions also often offer competitive rates on savings accounts, especially if you are a member.
You do not have to choose between Chase and a high-yield account elsewhere. Many people keep a Chase checking account for everyday spending and bill pay, then transfer money to a high-yield savings account at another bank for long-term savings. This strategy gives you Chase's convenience and branch access while earning real interest on your savings.
When comparing accounts, look at the APY (annual percentage yield), any minimum balance requirements, monthly fees, and whether the rate is promotional (temporary) or ongoing. Read the fine print: some banks offer high rates only on balances up to a certain amount, then pay much less on anything above that threshold.
Frequently Asked Questions
Does Chase have any account that earns high interest?
No. Chase's highest-paying account is the Money Market Account, which still earns far less than online high-yield savings accounts. If earning the highest interest is your goal, you need to bank elsewhere.
Can I keep my Chase checking account and open a high-yield savings account somewhere else?
Yes. Many people do this. You can use Chase for checking and everyday banking, then transfer money to a high-yield account at another bank for savings. Transfers between banks typically take 1 to 3 business days.
What is the difference between a Money Market Account and a savings account at Chase?
A Money Market Account pays higher interest and comes with a debit card and check-writing ability, but requires a higher minimum balance and charges fees if your balance drops below the minimum. A savings account is simpler but pays almost no interest and has no check-writing feature.
Are Chase CDs worth opening if rates are low?
Only if you have money you will not need for several years and want the certainty of a fixed rate. For shorter terms or money you might need sooner, a high-yield savings account at another bank is more flexible and often pays as much or more.
How long does it take to open a Chase account online?
Usually 5 to 10 minutes. You will need your Social Security number, a government ID, and an initial deposit amount. Your account is typically ready to use the same day or within one business day.