Chase offers high-yield savings accounts, but the rates are lower than most online banks

Chase has two savings products that carry higher rates than their standard savings account: Chase Savings (their everyday account) and Chase Premier Savings (for customers with larger balances). Neither pays what you will find at online-only banks like Marcus, Ally, or American Express Personal Savings, where rates typically run 4.00% to 4.50% as of early 2024. Chase's rates are lower because they operate physical branches and charge fewer fees, which costs them more to maintain.

The real question is whether you want to keep your savings at the same bank where you have checking, or whether you are willing to move money to a separate institution for a higher rate. That choice depends on how much you have saved and how often you move money between accounts.

Key Takeaways

  • Chase Premier Savings pays a higher rate than Chase Savings, but requires a minimum balance that varies by region and changes with market conditions.
  • Chase's high-yield rates are typically 0.5% to 1.5% lower than rates at online-only banks, which means a $10,000 balance earns $50 to $150 less per year.
  • Chase Savings has no minimum balance requirement and no monthly fee, making it useful if you want savings and checking at one bank despite the lower rate.
  • Money in Chase savings accounts is FDIC insured up to $250,000, the same protection you get at any bank.
  • Transferring money from Chase to an online bank takes one to three business days, so you can keep your emergency fund at Chase and move longer-term savings elsewhere.

Chase Savings versus Chase Premier Savings

Chase Savings is the standard option. It has no minimum balance, no monthly maintenance fee, and no restrictions on how many times you withdraw. The rate is modest — typically 0.01% to 0.05% depending on your account type and region — which is why most people do not use it for money they want to grow.

Chase Premier Savings pays a higher rate, but the minimum balance requirement varies. In some regions it is $25,000; in others it is $100,000 or more. Chase does not publish a single national rate or minimum because both change based on local market conditions and the bank's funding needs. You have to call your local branch or log into your account to see what the current requirement and rate are for your location.

The rate difference between the two accounts is usually 0.5% to 1.5%, which means a $50,000 balance in Premier Savings might earn $250 to $750 more per year than the same balance in regular Savings. That is real money, but it is still less than you would earn at an online bank with the same balance.

How Chase rates compare to online banks

As of early 2024, online banks without physical branches typically offer rates between 4.00% and 4.50% on high-yield savings accounts. Chase Premier Savings usually pays between 2.5% and 3.5%, depending on your region and the current rate environment. That gap means a $50,000 balance earns roughly $750 to $1,000 more per year at an online bank than at Chase.

The trade-off is convenience. With Chase, you can walk into a branch, deposit cash, and move money to your checking account when ready. With an online bank, deposits take one to three business days, and you cannot deposit cash at all — you have to transfer from another account or use a mobile check deposit. If you need to access your savings quickly or deposit cash regularly, Chase's lower rate may be worth the cost.

If you have a large balance and do not need to touch it often, moving the money to an online bank for a few months can add up. A $100,000 balance earning 1% more per year generates $1,000 in additional interest. The transfer takes three business days and costs nothing.

Fees and account rules

Chase Savings and Chase Premier Savings have no monthly maintenance fee, no minimum balance requirement for Savings (though Premier has one), and no limit on how many times you withdraw per month. This is different from older savings account rules that capped withdrawals at six per month — those rules were eliminated by the Federal Reserve in 2020, and Chase follows the new standard.

You can link your Chase savings account to your Chase checking account and transfer money between them when ready through the Chase mobile app or website. You can also set up automatic transfers on a schedule — for example, moving $200 from checking to savings every payday.

FDIC insurance and safety

Money in a Chase savings account is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account holder per bank. This means if Chase fails, the FDIC will return your money. The insurance covers both Chase Savings and Chase Premier Savings equally.

If you have more than $250,000 in savings, you can protect the excess by opening a second savings account at a different bank — each bank's FDIC coverage is separate. For example, $250,000 at Chase and $250,000 at an online bank like Ally would both be fully insured.

When to keep savings at Chase versus moving it elsewhere

Keep your savings at Chase if you have less than $10,000 saved, you deposit cash regularly, or you need to move money between savings and checking frequently. The convenience of one bank and the lower rate difference (usually under $50 per year on small balances) makes it simpler.

Move your savings to an online bank if you have $25,000 or more, you do not need to deposit cash, and you can wait one to three business days for transfers. The higher rate will earn you $250 to $1,000 more per year depending on your balance, and you can always keep $5,000 or $10,000 at Chase for emergencies that need same-day access.

Some people split the difference: they keep their emergency fund (three to six months of expenses) at Chase for quick access, and move longer-term savings to an online bank. This approach gives you both safety and a better rate.

How to open or switch to Chase Premier Savings

If you already have a Chase checking account, you can open a Chase Savings or Chase Premier Savings account online through the Chase app or website, or by visiting a branch. You will need to provide your Social Security number and verify your identity, which usually takes a few minutes.

If you want to move money from another bank into Chase savings, you can link the external account and transfer funds online. The transfer typically takes one to three business days. If you are moving money from an online bank to Chase, the process is the same — provide the online bank's routing number and your account number, and Chase will pull the funds.

To find out the current rate and minimum balance for Chase Premier Savings in your region, call your local Chase branch or log into your account and look at the savings product details. Rates and minimums change, so what applied last month may not explore now.

Frequently Asked Questions

Can I have both Chase Savings and Chase Premier Savings at the same time?

Yes. You can open multiple savings accounts at Chase and keep different amounts in each one. Some people use this to separate money by purpose — one account for emergencies, another for a vacation fund. Transfers between your own Chase accounts are when ready.

What happens to my rate if the Federal Reserve changes interest rates?

Chase will adjust your rate when the Federal Reserve changes its benchmark rate, but the timing and amount of the adjustment are up to Chase. Typically, Chase raises rates within a few weeks of a Fed increase and lowers them more slowly after a Fed cut. Online banks usually move faster in both directions.

Is there a penalty if I close my Chase savings account?

No. Chase does not charge a fee to close a savings account. You can withdraw all your money and close the account anytime without penalty. If you close the account within 30 days of opening it, Chase may report it to ChexSystems (a banking history database), but this does not affect your credit score.

Can I use Chase Premier Savings if I do not have a Chase checking account?

No. Chase Premier Savings is only available to customers who also have a Chase checking account. If you want a high-yield savings account at Chase but do not have checking, you would need to open checking first, which requires a minimum opening deposit (usually $25).

How do I know if my balance qualifies for Chase Premier Savings?

Log into your Chase account online or call your local branch and ask what the current minimum balance is for Premier Savings in your region. The requirement varies by location and changes over time. If your balance meets the minimum, you can request to move your savings account to Premier Savings, usually through the app or by calling the bank.