Chase does not currently offer a dedicated high-yield savings account

Chase's standard savings account earns a very low interest rate — currently around 0.01% annual percentage yield (APY), which means $1,000 in the account earns about 10 cents per year. This is far below what other banks offer. If you want higher interest on savings held at Chase, you would need to use a money market account or certificate of deposit (CD) instead, though these come with different rules about when you can withdraw money.

High-yield savings accounts at other banks currently pay between 4% and 5% APY, depending on the bank and current market conditions. The difference matters: that same $1,000 would earn $40 to $50 per year at a high-yield account elsewhere, compared to 10 cents at Chase. Over time, especially with larger balances, this gap grows significantly.

Key Takeaways

  • Chase's regular savings account pays around 0.01% APY, which is much lower than high-yield savings accounts at other banks.
  • Chase offers money market accounts and CDs as alternatives, but these have restrictions on how often you can withdraw money.
  • If earning interest on savings is important to you, you may want to compare Chase's rates against banks that specialize in high-yield savings.
  • You can keep a checking account at Chase for everyday banking while holding savings elsewhere to earn more interest.

Chase's savings account options and their interest rates

Chase offers three main savings products. The regular savings account is the most flexible — you can deposit and withdraw money whenever you want — but it pays the lowest rate. The money market account pays slightly higher interest but limits you to six withdrawals per month (after that, you may face fees). A CD locks your money away for a set period — typically three months to five years — and pays a higher rate in exchange for that commitment.

Interest rates change frequently and vary based on how much money you deposit. Chase's website shows current rates, but they are typically well below what you would find at online banks or credit unions. The trade-off is that Chase has physical branches in most states, so you can deposit cash or speak to someone in person if you need help.

Why Chase's rates are lower than high-yield accounts

Banks with physical branch networks — like Chase — have higher costs to run those locations, pay staff, and maintain the buildings. They pass some of those costs along by offering lower interest rates. Online banks and some credit unions have no branches, so they can offer much higher rates because their overhead is lower.

Chase's strength is convenience and customer service, not interest earnings. If you value being able to walk into a branch or call a local number, that convenience has a cost: you earn less on your savings. If your priority is maximizing interest, a high-yield account at an online bank makes more sense, even if you keep your checking account at Chase.

How to compare Chase against high-yield savings banks

Start by checking the current APY on Chase's savings account on their website, then compare it against banks like Marcus, Ally, American Express Personal Savings, or Discover. Write down the rates and imagine how much interest you would earn on the amount you plan to keep in savings. Over one year, the difference becomes clear.

Also check whether the bank requires a minimum balance to earn the stated rate, and whether there are monthly fees. Some high-yield accounts have no minimums and no fees, which makes them simpler to use. Chase's savings account has no monthly maintenance fee, which is a point in its favor, but the low rate usually outweighs that benefit.

Using Chase for checking while saving elsewhere

You do not have to choose between Chase and a high-yield bank. Many people keep a checking account at Chase for everyday spending and bill payments, then move extra money to a high-yield savings account at another bank. This gives you the convenience of Chase's branches and customer service while earning real interest on money you are saving.

Moving money between banks takes one to three business days, so this approach works best if you are not moving money back and forth constantly. If you need to access your savings quickly and frequently, a high-yield account at the same bank as your checking account is simpler. If you are saving for a goal that is months or years away, the extra interest from a high-yield account elsewhere is worth the small delay in transfers.

Chase money market accounts and CDs as alternatives

If you want to stay within Chase, a money market account pays more than a regular savings account but restricts your withdrawals. You can make up to six withdrawals per month; after that, you may be charged a fee or the account may be closed. This works if you are truly saving and not touching the money regularly.

A CD is Chase's highest-paying savings product. You agree to leave money untouched for a set period — three months, six months, one year, two years, or five years — and in exchange you earn a higher rate. If you withdraw before the term ends, you pay a penalty, usually equal to a few months of interest. CDs make sense if you know you will not need the money for a specific period and want a may provide rate.

Frequently Asked Questions

Can I earn more interest at Chase than 0.01%?

Yes, through a money market account or CD. Money market accounts pay slightly higher rates but limit withdrawals to six per month. CDs pay the most but lock your money away for a set period. Check Chase's website for current rates on each product.

What happens if I keep my savings at Chase despite the low rate?

Your money stays safe and accessible, but you earn very little interest. Over time, especially with larger balances, you lose significant earnings compared to a high-yield account. The difference compounds year after year.

Do I have to move my checking account to get a high-yield savings account?

No. You can keep your checking account at Chase and open a savings account at a different bank. Transfers between banks take one to three business days, so this works well if you are not moving money constantly.

Are high-yield savings accounts at other banks safe?

Yes, as long as the bank is FDIC-insured, which most are. FDIC insurance protects up to $250,000 per account type per bank, so your money is protected the same way it is at Chase. Check the bank's website to confirm FDIC coverage.

What if interest rates drop — will high-yield accounts still be better than Chase?

Probably. Even if rates fall across all banks, high-yield accounts typically remain higher than Chase's standard savings rate. Chase's rate has stayed near 0.01% for years, while other banks adjust their rates more frequently to stay competitive.