Chase offers high-yield savings through one product, but the rate is lower than many competitors
Chase has one high-yield savings account: the Chase Savings Account, which earns interest on your balance. As of early 2024, Chase's rate sits well below what online banks and credit unions offer — typically 0.01% APY on standard savings, with slightly higher rates on certain account tiers, though these vary by region and change frequently. If you are comparing Chase to other banks, you will find higher rates elsewhere, sometimes by 4% or more on the same deposit amount.
Chase does not market a separate "high-yield" product the way some banks do. What they offer instead is a tiered structure: the more money you keep in the account, the slightly better your rate becomes. But even at the highest tier, Chase's rate remains below what you would earn at an online bank or a credit union savings account opened specifically for yield.
The reason many people stay with Chase despite the lower rate is convenience: if you already have a checking account there, moving money between accounts is when ready, and you can manage everything in one app. That trade-off — lower interest for easier access — is worth calculating before you decide.
Key Takeaways
- Chase's standard savings account earns interest, but the rate is significantly lower than online banks and credit unions offer for the same type of account.
- Chase does not have a separate high-yield product; instead, rates increase slightly based on your account balance, but even the highest tier lags behind competitors.
- The main reason to keep money in a Chase savings account is convenience if you already bank there, not because of the interest rate.
- If maximizing interest is your goal, opening a high-yield savings account at an online bank or credit union alongside your Chase checking account will earn you significantly more.
How Chase's savings rates compare to other banks
A typical online bank's high-yield savings account earns between 4% and 5% APY, depending on the current interest rate environment. Chase's savings account earns a fraction of that. The difference compounds quickly: on a $10,000 deposit, you might earn $400 to $500 per year at an online bank, versus $1 or less at Chase.
Credit unions often offer rates competitive with online banks, sometimes higher, especially if you meet their membership requirements. Some credit unions have savings accounts earning 3% to 4% on balances up to a certain limit, then a lower rate above that threshold.
Chase's advantage is not rate — it is integration. If your paycheck goes into a Chase checking account and you use Chase's debit card and bill pay, moving money to savings takes seconds. That convenience has a cost in foregone interest, but for some people it is worth paying.
What happens if you keep a large balance at Chase
Chase's tiered structure means that customers with higher balances earn a marginally better rate than those with smaller deposits. The exact tiers and rates vary by region and change when the Federal Reserve adjusts interest rates. You would need to check your specific account or call Chase directly to see what rate applies to your balance level.
Even at the highest tier, however, the rate remains low compared to dedicated high-yield products. A customer with $100,000 in a Chase savings account might earn $10 to $20 per year, while the same $100,000 at an online bank could earn $4,000 to $5,000 annually. That gap widens the larger your balance grows.
Whether to split your savings between Chase and another bank
Many people keep a small emergency fund at Chase — perhaps one month of expenses — for quick access, then move larger amounts to a high-yield account elsewhere. This approach gives you the convenience of Chase for everyday needs while capturing higher interest on money you do not need when ready.
The mechanics are straightforward: you link your Chase checking account to a savings account at an online bank or credit union. Transfers between them take one to three business days, which is fast enough for most people's emergency needs. If you need the money urgently, you can withdraw from Chase when ready; if you have a few days, you can move it from the higher-yield account.
This split strategy also protects you if Chase ever changes its terms or fees. You are not locked into one bank for all your savings.
How to find Chase's current savings rate
Chase publishes its rates on its website, though the page is not always straightforward to find. Start at chase.com, search for "savings account rates," and look for the page titled "Savings Account" or "Personal Savings Account." The rate shown applies to new accounts; existing customers may see a different rate depending on their balance tier and region.
You can also call Chase at 1-800-935-9935 and ask what rate your specific account is earning. Have your account number ready. The representative can also tell you whether your balance qualifies for a higher tier.
Rates change when the Federal Reserve adjusts its benchmark rate, which typically happens several times per year. Chase usually updates its rates within days of a Fed announcement, though the direction and size of the change depends on Chase's own decisions.
Other Chase savings products to consider
Chase offers a Money Market Account alongside its standard savings account. Money market accounts typically come with a debit card and check-writing privileges, but the interest rate is usually similar to or slightly lower than savings. Chase's money market account is not a high-yield product either.
Chase also offers Certificates of Deposit (CDs), which lock your money away for a set term — typically three months to five years — in exchange for a may provide rate. CD rates are usually higher than savings rates, but you cannot withdraw the money without penalty before the term ends. If you have money you will not need for a specific period, a CD might earn more than a savings account, but you should compare Chase's CD rates to those at online banks and credit unions first.
Why Chase's savings rate matters less than you might think
If you have less than $5,000 in savings, the difference between Chase's rate and a competitor's rate is small in dollar terms — perhaps $15 to $20 per year. The hassle of managing accounts at two banks might not be worth it.
If you have $25,000 or more, the gap becomes meaningful. At that point, moving some or all of it to a higher-yield account costs you nothing and earns you hundreds of dollars per year. The transfer takes a few minutes to set up and then runs on its own.
The real question is not whether Chase's rate is competitive — it is not — but whether the convenience of keeping everything in one place is worth the interest you give up.
Frequently Asked Questions
Does Chase have any savings account that earns more than 1% APY?
Chase's savings rates are typically well below 1% APY. The exact rate depends on your balance and region, but even at the highest tier, Chase's savings account does not compete with online banks or credit unions on interest earned. If earning a higher rate is your priority, you will need to open an account elsewhere.
Can I open a Chase savings account and a high-yield account at another bank at the same time?
Yes. Many people do this. You can keep a small balance at Chase for convenience and link it to a high-yield savings account at an online bank or credit union for the money you want to earn interest on. Transfers between them take one to three business days.
What is the minimum balance to open a Chase savings account?
Chase's minimum opening deposit for a savings account is typically $0 to $25, depending on the account type and your region. Check chase.com or call 1-800-935-9935 to confirm the current requirement for your area.
If I move my savings to another bank, do I lose access to my Chase account?
No. Your Chase checking account and any other Chase products remain active. You can keep a savings account at Chase and also have a savings account at another bank. You control how much money is in each one.
How often does Chase change its savings rate?
Chase typically updates its rates when the Federal Reserve changes its benchmark rate, which happens several times per year. Chase may also adjust rates independently of Fed changes. You can check your current rate by logging into your account online or calling 1-800-935-9935.