Chase does not offer a dedicated high-yield savings account

Chase's standard savings accounts earn between 0.01% and 0.04% annual percentage yield (APY), depending on the account type and balance. These rates are far below what you can find elsewhere. If you are looking for a savings account that pays meaningfully more interest, you will need to look outside Chase.

Chase does offer a Chase Savings Bank product through a separate subsidiary, but even that account's rates are not competitive with online banks or credit unions that specialize in high-yield savings. The reason Chase keeps rates low is straightforward: they do not need to compete aggressively for deposits because their branch network and checking account products keep customers loyal.

If you keep money at Chase primarily for checking, bill pay, or ATM access, moving your savings elsewhere does not mean closing your Chase account. You can maintain a Chase checking account and hold your savings at a different institution that pays more interest.

Key Takeaways

  • Chase savings accounts pay 0.01% to 0.04% APY, which is significantly lower than high-yield savings accounts at online banks or credit unions.
  • Chase does not market or maintain a high-yield savings product, even through its subsidiary Chase Savings Bank.
  • You can keep a Chase checking account for everyday banking while holding savings at another institution that pays higher interest.
  • The difference between Chase's rate and a high-yield account paying 4% to 5% APY means hundreds of dollars per year in lost interest on a $10,000 balance.

What Chase savings accounts actually pay

Chase offers three main savings products: Chase Savings, Chase Premier Savings, and Chase Savings Bank. The APY on each varies slightly and changes without notice, but all three sit in the range of 0.01% to 0.04%. On a $10,000 balance, you would earn between $1 and $4 per year in interest.

By contrast, online banks and credit unions regularly offer APY between 4% and 5.35% on savings accounts with no minimum balance and no monthly fees. On the same $10,000, you would earn $400 to $535 per year. That is a real difference in your money.

Chase's rates do not change based on how much you deposit or how long you keep the money there. The account type and your relationship with Chase determine the rate, and even their premium tier (Premier Savings) does not move the needle significantly.

Why Chase keeps rates low

Banks set savings rates based on what they need to pay to attract deposits. Chase has 4,700 branches and 16,000 ATMs in the United States. Most customers stay with Chase because of convenience and habit, not because of interest rates. Chase does not need to pay competitive rates to keep your savings account open.

Chase makes money by lending out deposits at higher rates than they pay you. When they pay you 0.01% and lend that money at 6% to 8%, the spread is enormous. Keeping savings rates low is a deliberate business choice, not an oversight.

This is not unique to Chase. Most large national banks (Bank of America, Wells Fargo, Citibank) use the same strategy. The banks that do pay high yields are typically online-only institutions with no branch network and lower operating costs, or credit unions that operate on a non-profit model.

How to move savings to a higher-paying account

If you decide to move your savings, you do not have to leave Chase entirely. Open a high-yield savings account at an online bank or credit union while keeping your Chase checking account. You can transfer money between them in one to three business days using an ACH transfer.

To set up an ACH transfer, you will need your Chase account number and routing number (available on your checks or in the Chase app). Log into your new savings account and select "Link External Account" or "Add Bank Account." Enter Chase's routing number (typically 021000021 for most Chase accounts) and your account number. Chase will send two small test deposits to verify ownership, which you confirm in the new account. Once verified, you can transfer money freely.

Some people keep a small balance in their Chase savings account (perhaps $500 to $1,000) for emergency access through a branch, while moving the bulk of their savings to a higher-paying account. This gives you the convenience of Chase's physical locations without sacrificing interest income on larger balances.

High-yield alternatives to consider

Online banks like Marcus (by Goldman Sachs), Ally Bank, American Express Personal Savings, and Discover Bank currently offer APY between 4% and 5.35%. These accounts have no monthly fees, no minimum balance requirements, and FDIC insurance up to $250,000 (the same protection Chase offers). The trade-off is that you cannot walk into a branch to deposit cash or speak to someone in person.

Credit unions often offer competitive rates as well, and some have shared branching networks that give you access to thousands of locations nationwide. If you belong to a credit union or are may be able to access to join one (through your employer, school, or community), it is worth checking their savings rates.

The best account for you depends on whether you need physical branch access, how often you move money in and out, and whether you want all your banking in one place or are comfortable splitting accounts. There is no single right answer, but the math on interest earnings is clear: keeping significant savings at Chase costs you money.

What to do if you want to stay with Chase

If you prefer to keep all your banking with Chase for simplicity, understand that you are paying for that convenience. You are earning less interest than you could elsewhere. This is a trade-off, not a mistake—some people value having one bank, one login, and one relationship.

If you do stay with Chase, at least move money you do not need when ready into their savings account rather than leaving it in checking. Chase checking accounts earn 0.01% APY or nothing at all, so even Chase's low savings rate is better than that. It is a small gain, but it costs nothing.

You should also review your Chase account annually. Rates change, and new products launch. It is unlikely Chase will ever offer a truly competitive high-yield savings account, but it is worth checking rather than assuming nothing has changed.

Frequently Asked Questions

Can I keep my Chase checking account and move my savings elsewhere?

Yes. You can maintain a Chase checking account for bill pay, direct deposit, and ATM access while opening a high-yield savings account at another bank. The two accounts can work together—you transfer money between them as needed. There is no requirement to keep your savings at the same bank as your checking.

Is my money safe if I move it to an online bank?

Online banks are FDIC-insured just like Chase, meaning deposits up to $250,000 are protected by the federal government. The main difference is that you cannot walk into a physical location. Transfers between accounts take one to three business days, so you should keep some money accessible in case of emergency.

How much money would I actually earn by switching?

On a $10,000 balance, the difference between Chase (0.01% to 0.04%) and a high-yield account (4% to 5%) is roughly $400 to $500 per year. On $50,000, it is $2,000 to $2,500 per year. The larger your balance and the longer you leave it untouched, the bigger the difference compounds.

What if I need to deposit cash?

Online banks do not accept cash deposits. If you receive cash regularly, you can deposit it at a Chase ATM or branch, then transfer the money to your high-yield account. Some credit unions also accept cash and offer competitive rates, which might be a better fit if cash deposits are important to you.

Do I have to close my Chase savings account to open one elsewhere?

No. You can keep your Chase savings account open and inactive while your money sits elsewhere. Some people do this as a backup or to maintain their relationship with Chase. There is no penalty for having an account with a zero balance.