Chase does not offer a dedicated high-yield savings account
Chase's standard savings account earns 0.01% annual percentage yield (APY) on most balances, which is well below what other banks offer. If you want a high-yield savings account, you will need to open one at a different bank — Chase does not have a product in that category.
Chase does offer a Chase Savings Account and a Chase Premier Savings Account for customers with higher balances, but neither earns rates competitive with high-yield savings accounts elsewhere. The Premier version requires a $10,000 minimum balance and earns slightly more, but still typically under 0.05% APY depending on your balance tier.
If you already bank with Chase and want to keep your money there, your best option is a Chase money market account, which sometimes offers rates closer to (though still usually below) what you would find at online banks. Even then, the rate is not may provide and changes at Chase's discretion.
Key Takeaways
- Chase's standard savings account earns 0.01% APY, which is far below the 4% to 5% APY available at online banks and credit unions.
- Chase Premier Savings requires a $10,000 minimum and earns more than the standard account, but rates remain low compared to dedicated high-yield products.
- Chase money market accounts sometimes offer higher rates than savings accounts, though they still typically lag behind online alternatives.
- If earning meaningful interest is your goal, you will need to move your savings to an online bank, credit union, or other institution that specializes in high-yield products.
How Chase savings rates compare to other banks
Online banks and credit unions currently offer high-yield savings accounts with APY rates between 4% and 5.35%, depending on the institution and current market conditions. Chase's rates are roughly 100 times lower. A $10,000 deposit earning 0.01% at Chase generates about $1 per year in interest; the same deposit at a 4.5% account generates $450 per year.
The gap exists because Chase operates physical branches nationwide, which costs money. Online banks have lower overhead and pass some of that savings to customers through higher rates. Credit unions, which are member-owned, also tend to offer better rates than large national banks.
If you keep a large emergency fund at Chase, the difference compounds quickly. Over five years, $25,000 earning 0.01% at Chase would grow to $25,001.25. The same amount at 4.5% would grow to $31,200. That is a real difference in your money's growth.
Why Chase keeps rates low
Chase's low savings rates reflect a business model built on lending, not deposit gathering. The bank makes money by lending out customer deposits at higher rates and keeping the spread. They do not need to compete aggressively on savings rates because many customers stay with Chase for checking accounts, credit cards, mortgages, or investment services.
Customers often accept lower savings rates in exchange for convenience — one login for multiple products, branch access, or the ability to move money between accounts when ready. That convenience has a cost, and the cost is paid in lost interest.
Chase occasionally raises rates slightly during periods of high inflation or when the Federal Reserve raises its benchmark rate, but the bank's rates typically remain below market. If you move your savings elsewhere, you will not lose access to your Chase checking account or credit cards.
What to do if you want higher interest on savings
Open a high-yield savings account at an online bank or credit union and keep your Chase checking account for everyday spending. You can transfer money between the two accounts in one to three business days, which is fast enough for most emergency savings. Many people use this strategy: checking at Chase for convenience, savings at an online bank for interest.
Online banks with competitive rates include Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank. Credit unions often offer high-yield savings to members, sometimes with even better rates than online banks. You can search for credit unions in your area through the CO-OP Network or Alliant Credit Union, which accepts members nationwide.
If you prefer to keep everything at one institution, consider whether the convenience is worth the cost. Over ten years, the interest difference between Chase and a 4.5% account on $25,000 could exceed $10,000. That money could go toward an emergency fund, debt payoff, or investment.
Chase money market accounts as an alternative
Chase offers money market accounts that sometimes earn more than savings accounts, though rates vary by balance tier. These accounts typically require a higher minimum balance ($2,500 to $25,000 depending on the tier) and may limit the number of withdrawals per month. The rates are still low compared to dedicated high-yield products, but they are better than Chase savings.
Money market accounts also come with a debit card and checkbook, which savings accounts do not. If you need regular access to your money and want slightly better interest than a savings account, a money market account might fit. However, the rate advantage is usually small — often less than 0.1% higher than savings.
Before opening a Chase money market account, compare the rate to high-yield savings accounts elsewhere. The convenience of staying at Chase rarely justifies the interest cost.
How to move money from Chase to a high-yield account
Most online banks and credit unions let you link your Chase checking account and transfer money electronically. The process takes a few minutes: you provide your Chase account number and routing number, and the bank verifies the connection with two small test deposits. Once verified, you can transfer money in either direction.
Transfers typically take one to three business days. Some online banks offer faster transfers or even same-day transfers for certain account types, so check before you open an account. You do not need to close your Chase account — you can keep it open for checking and use the other bank only for savings.
If you have a large balance, consider splitting the transfer across a few days to avoid triggering fraud alerts. Chase and other banks sometimes flag large outgoing transfers as suspicious, which can delay the move. Calling Chase ahead of time to let them know you are moving money can prevent this.
Frequently Asked Questions
Can I earn better interest by keeping my money in a Chase checking account instead of savings?
No. Chase checking accounts earn even less than savings accounts — typically 0.01% or nothing at all. If you want interest, you need a savings or money market account, and Chase's rates in both categories are well below market. Moving money to an online bank is the only way to earn meaningful interest.
Does Chase offer any savings product that earns 4% or higher?
No. Chase's highest-earning savings products top out around 0.05% APY. If you need a 4% or higher rate, you will need to open an account at an online bank, credit union, or other institution. Chase does not compete in the high-yield savings market.
What happens to my Chase account if I move my savings elsewhere?
Nothing. You can keep your Chase checking account, credit cards, and other products open while moving savings to another bank. Many people do this — they use Chase for convenience and another bank for interest. Closing your savings account does not affect your checking account or credit history.
Is it risky to keep savings at an online bank instead of Chase?
No, as long as the bank is FDIC-insured. Most online banks are FDIC-insured, which means deposits up to $250,000 are protected by the federal government. Chase is also FDIC-insured. The protection is the same; the only difference is the interest rate you earn.
How often does Chase change its savings rates?
Chase changes rates at its discretion, usually in response to Federal Reserve rate changes or market conditions. There is no set schedule. If you want to lock in a higher rate, you will need to move your money to another bank — Chase will not may provide a rate for the future.