Chase does offer high-yield savings accounts, but only through one specific product
Chase Bank offers the Chase Performance Savings account, which is their high-yield savings product. This account earns interest at a higher rate than Chase's standard savings account, though the exact rate changes based on market conditions and Federal Reserve decisions.
The catch is that Chase Performance Savings is not available to everyone walking into a branch. You must open it online, and you need to meet Chase's current requirements — which typically include maintaining a minimum balance or having other Chase accounts. The rate you earn also depends on your account balance tier; larger balances earn higher rates.
If you already have a Chase checking account, opening a Performance Savings account online takes about 10 minutes. If you do not have a Chase account yet, you would need to open a checking account first, then add the savings account afterward.
Key Takeaways
- Chase Performance Savings is Chase's high-yield savings account, opened online only, not in branches.
- Interest rates vary by balance tier, so the rate you earn depends on how much money you keep in the account.
- You typically need an existing Chase checking account to open a Performance Savings account.
- Chase's rates change frequently and may be lower than some online-only banks that specialize in savings accounts.
- The account has no monthly fee, but Chase may require a minimum balance to earn the highest rate.
How Chase Performance Savings rates work
Chase Performance Savings uses a tiered rate structure. This means the interest rate you earn depends on your account balance. A smaller balance earns a lower rate; a larger balance earns a higher rate. Chase publishes these tiers on their website, and you can see exactly what rate applies to your balance before you open the account.
The rates themselves change regularly — sometimes weekly — based on what the Federal Reserve does with its benchmark interest rate. When the Fed raises rates, banks typically raise their savings rates. When the Fed lowers rates, savings rates drop. This is normal across all banks, not unique to Chase.
You can check Chase's current Performance Savings rates on their website without logging in. Compare those rates to what online banks like Marcus, Ally, or American Express offer. Many online-only banks pay the same or higher rates across all balance levels, with no tiered structure and no minimum balance requirement.
Who can open Chase Performance Savings
You must be a Chase customer already — specifically, you need an existing Chase checking or savings account to open a Performance Savings account. If you do not have a Chase account, you would need to open a checking account first.
Chase also requires you to be at least 18 years old and a U.S. resident with a valid Social Security number or Individual Taxpayer Identification Number. You must open the account online through Chase's website or mobile app; you cannot open it in a branch.
Some customers report that Chase requires a minimum opening deposit, though this varies. Check Chase's website or call their customer service line before you start the process to confirm the current requirement.
How to open Chase Performance Savings online
Log into your Chase online banking account or mobile app. Look for the option to open a new account — this is usually under "Products" or "Open an Account." Select Chase Performance Savings from the list of savings products.
Chase will ask you to confirm your personal information, set an initial deposit amount, and choose how you want to fund the account. You can transfer money from your existing Chase checking account, or link an external bank account and transfer from there. The account typically opens within minutes, and you can start depositing money the same day.
Once the account is open, you can move money between your Chase checking and Performance Savings accounts through online banking at no cost. You can also set up automatic transfers if you want to move a fixed amount each month.
Limits on deposits and withdrawals
Federal law limits how many times per month you can withdraw money from a savings account — the limit is six withdrawals per calendar month. This applies to all savings accounts at all banks, not just Chase. Transfers between your own accounts at Chase count toward this limit.
There is no limit on deposits. You can deposit as much as you want, as often as you want. If you exceed six withdrawals in a month, Chase may charge a fee or convert your account to a checking account. Check your account agreement for Chase's specific policy.
In practice, most people use savings accounts for money they are not touching regularly, so this limit rarely matters. If you need to move money in and out frequently, a checking account is a better fit.
Chase Performance Savings versus other Chase accounts
Chase offers several savings products, and they pay different rates. Chase Performance Savings pays more than Chase's regular savings account. Chase also offers money market accounts, which work similarly to savings accounts but sometimes have higher minimum balances and different rate structures.
The main difference between Chase Performance Savings and Chase's regular savings account is the interest rate — Performance Savings pays more. Both have the same withdrawal limits, the same monthly fee structure (no monthly fee), and the same online access.
If you are comparing Chase to other banks entirely, online-only banks often pay higher rates on savings accounts because they have lower overhead costs. You would need to weigh the convenience of having all your accounts at one bank against the potential for earning more interest elsewhere.
What happens to your money in a Chase savings account
Your deposits are insured by the Federal Deposit Insurance Corporation, or FDIC. This means if Chase fails, the government guarantees your money up to $250,000 per account type per person. A savings account is one account type, so your savings account balance is covered up to $250,000. Your checking account is a separate account type with its own $250,000 coverage.
The money you deposit earns interest automatically. Chase calculates interest daily based on your balance and the current rate for your tier, then deposits the interest into your account monthly. You do not have to do anything — the interest just appears.
You can withdraw your money anytime (subject to the six-withdrawal limit per month). There is no penalty for closing the account. If you move your money to another bank, Chase will not charge you a fee.
Frequently Asked Questions
Is Chase Performance Savings the same as a money market account?
No. Chase Performance Savings is a savings account. Chase also offers money market accounts, which are a different product with different features and sometimes different rates. Both earn interest, but money market accounts may have higher minimum balances and different withdrawal rules. Check Chase's website to compare the two.
Can I open Chase Performance Savings without a checking account?
No. You need an existing Chase checking or savings account to open a Performance Savings account. If you do not have a Chase account, you would need to open a checking account first, then add the savings account.
What if I want to earn more interest than Chase offers?
Online-only banks like Marcus, Ally, and American Express often pay higher rates on savings accounts than Chase does. You can open a savings account at one of these banks without having a checking account there. Compare current rates on each bank's website to see which pays more for your balance level.
Does Chase charge a monthly fee for Performance Savings?
No. Chase Performance Savings has no monthly maintenance fee. You will not be charged for having the account open, even if your balance is very low. Some banks charge monthly fees if you do not maintain a minimum balance; Chase does not.
How often does Chase change the interest rate?
Chase can change rates anytime, and they often do — sometimes weekly. The rate you earn is not locked in. When rates change, Chase updates the rate on your account automatically. You do not have to do anything, but you should check the rate periodically to see if it is still competitive with other banks.