Chase does not offer a dedicated high-yield savings account
Chase's standard savings accounts earn interest rates well below what you can find elsewhere. As of now, Chase offers rates around 0.01% on most savings accounts — meaning $10,000 would earn about $1 per year. Banks that specialize in online savings, by contrast, often pay 4% to 5% or higher on the same money.
Chase does offer a product called Chase Savings, which is their basic savings account, and a tiered account called Chase Premier Savings for customers with higher balances. Neither qualifies as high-yield. The Premier version pays a slightly better rate if you maintain a large minimum balance, but it still lags far behind what online banks and credit unions offer.
If you bank with Chase primarily for checking and want to save money in a way that actually grows, you have two realistic paths: keep your savings at Chase for convenience and accept the low rate, or move your savings to a separate institution that pays more.
Key Takeaways
- Chase's savings accounts pay around 0.01% interest, which means your money grows very slowly compared to high-yield options elsewhere.
- Chase Premier Savings pays slightly more if you keep a large balance, but still does not compete with online banks or credit unions on rate.
- You can keep your Chase checking account and move only your savings to another bank that pays higher interest.
- The difference between 0.01% and 4.5% on $10,000 is roughly $450 per year, so the choice matters if you have money sitting in savings.
Why Chase's rates are so low
Chase is a large, full-service bank with physical branches in most U.S. cities. Maintaining that branch network, employing tellers, and keeping buildings open costs money. Chase passes some of that cost to customers by paying lower interest rates on deposits.
Online banks and credit unions have lower overhead because they do not maintain branches. They can afford to pay more interest because they spend less on operations. This is not a sign that Chase is doing anything wrong — it is straightforward a different business model. You pay for convenience and access to a teller; the tradeoff is lower interest.
Chase also makes money by lending out the deposits customers place in savings accounts. The less interest they pay you, the more profit they keep from lending your money. Competition from online banks has not forced Chase to raise rates significantly, likely because many Chase customers prioritize convenience over yield.
What Chase does offer for savers
Chase Savings is the basic option. It has no monthly fee if you keep a $300 minimum balance. The interest rate is fixed by Chase and changes at their discretion — you cannot negotiate it or lock it in.
Chase Premier Savings requires a higher opening balance (typically $25,000 or more, depending on your region) and pays a modestly better rate if you maintain that balance. If your balance drops below the minimum, the rate drops to the standard rate. This account also has no monthly fee if you meet the balance requirement.
Both accounts allow you to withdraw money without penalty, though federal rules limit you to six withdrawals per month from a savings account. If you exceed that, Chase may charge a fee or convert the account to a checking account.
How to compare Chase to other options
Before deciding to move your savings, check what rate Chase is currently offering and what rate you could get elsewhere. Visit Chase's website or call a branch to confirm the current rate on their savings accounts. Then compare it to rates at online banks (which you can find by searching "high-yield savings account") and your local credit union.
The math is straightforward. If you have $10,000 in savings, multiply that by the interest rate as a decimal. At 0.01%, you earn $1 per year. At 4.5%, you earn $450 per year. The difference grows larger with bigger balances and compounds over time.
You do not have to choose one bank for everything. Many people keep a checking account at Chase for its branch network and bill-pay features, then keep savings at an online bank or credit union for the higher rate. Transfers between banks take one to three business days, so this works well if you do not need when ready access to your savings.
Moving savings to another bank without closing your Chase account
You can open a savings account at another bank while keeping your Chase checking account open. You do not need to close anything or move all your money at once.
To transfer money from Chase to a new bank, you have two options. The easiest is to link your new account to your Chase checking account and transfer the money online — this usually takes one to three business days. The second option is to withdraw cash and deposit it at the new bank, though this is slower and riskier.
Once you move your savings, you can still use your Chase checking account for direct deposit, bill pay, and everyday spending. Your Chase debit card still works. The only thing that changes is where your savings sit and how much interest you earn.
When it might make sense to keep savings at Chase
If you have a very small amount of savings — under $1,000 — the difference in interest is minimal. You might keep it at Chase straightforward for convenience, knowing you can walk into a branch if you need to withdraw cash quickly.
If you use Chase's other products heavily (checking, credit card, mortgage, investment account), you may may have access to for a relationship discount or bundled offer that makes staying with Chase more attractive. Ask a Chase banker whether you may have access to for any such offers.
If you are saving for a goal you might need to access within a few months, the low interest rate matters less than having your money in a place you trust and can reach easily. Chase's stability and branch access have value, even if the interest rate does not.
Frequently Asked Questions
Can I earn more interest at Chase if I open multiple savings accounts?
No. The interest rate is the same across all Chase savings accounts at the same tier. Opening a second account does not change the rate you earn. You would earn the same total interest on $10,000 in one account as you would on $5,000 in each of two accounts.
Does Chase offer a money market account with higher interest?
Chase offers a Money Market Account, but it pays similarly low rates to their savings accounts — around 0.01% to 0.02%. It functions like a savings account but may offer check-writing privileges. It is not a high-yield option compared to online banks.
What if I need my money quickly — does that change whether I should move it?
Transfers between banks take one to three business days, so if you need cash within hours, you would need to visit a Chase branch or ATM. If you rarely need emergency access, the higher interest rate at another bank is worth the slight delay. If you need when ready access, keep some money at Chase and move only what you do not need when ready.
Will moving my savings hurt my credit score?
No. Opening a savings account at another bank does not affect your credit score. Credit scores track borrowing and repayment, not where you keep your savings. Transferring money between your own accounts also has no impact on credit.
What happens to my savings if Chase fails?
Chase is insured by the FDIC (Federal Deposit Insurance Corporation) up to $250,000 per account type per person. This means if Chase failed, the government would reimburse you for up to $250,000 in savings. Online banks and credit unions have the same protection, so moving your money does not change your safety.