Chase does not currently offer a dedicated high-yield savings account

Chase's standard savings products—the Chase Savings Account and Chase Premier Savings Account—pay rates well below what you'll find at online banks and credit unions. As of now, Chase savings accounts earn between 0.01% and 0.04% annual percentage yield (APY), depending on your account type and balance. That means on $10,000, you'd earn roughly $1 to $4 per year.

High-yield savings accounts at other banks currently pay between 4% and 5% APY. The difference matters: that same $10,000 would earn $400 to $500 per year elsewhere. Chase's decision to keep rates low reflects their business model—they rely on deposits to fund loans, and they can afford lower rates because of their branch network and brand recognition.

If you bank with Chase for checking or other services, your savings account will be convenient but not competitive on rate. If rate is your priority, you'll need to move money elsewhere or use a different institution for savings.

Key Takeaways

  • Chase savings accounts currently pay 0.01% to 0.04% APY, which is significantly lower than high-yield accounts at online banks.
  • Chase has not introduced a high-yield savings product and shows no indication of doing so in the near term.
  • Online banks and credit unions offer rates 50 to 100 times higher than Chase's standard savings accounts.
  • Keeping savings at Chase makes sense if convenience and integration with your checking account matter more to you than earning the highest rate.

Why Chase rates are lower than online banks

Chase maintains a large branch network across the United States, which costs money to operate. They also spend heavily on marketing and customer service. Those costs get passed along to customers in the form of lower deposit rates—the bank doesn't need to offer competitive rates because many people choose Chase for reasons other than yield.

Online banks have no branches, no tellers, and minimal overhead. They can afford to pass most of their savings directly to depositors through higher rates. They compete almost entirely on rate, because they have nothing else to offer—no physical location, no relationship manager, no brand prestige.

Chase could offer a high-yield product if they wanted to. They choose not to, because doing so would require them to either raise rates across the board (cutting into profit) or create a separate product that might cannibalize deposits from their standard savings account. For now, they've decided the trade-off isn't worth it.

Where to move money if you want a higher rate

If you want to earn a meaningful return on savings while keeping your Chase checking account, you have two straightforward options: open a high-yield savings account at an online bank, or move your savings to a credit union.

Online banks that currently offer rates between 4% and 5% APY include Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Wealthfront. All are FDIC-insured up to $250,000 per account, the same protection you get at Chase. Opening an account takes 10 to 15 minutes online, and you can link it to your Chase checking account for transfers.

Credit unions often offer competitive rates and may have lower minimum balance requirements than online banks. If you're a member of a credit union, ask what their savings rate is. If you're not, you can search for credit unions in your area or join a national credit union through a shared branching network.

How to move money between Chase and a high-yield account

Once you open a high-yield savings account elsewhere, linking it to your Chase checking account is straightforward. Log into your Chase account online, go to the Transfer & Pay section, and select "Add an external account." You'll enter the routing number and account number of your new savings account.

Chase will send two small deposits (usually under $1 each) to verify the account. Once verified—typically within one to three business days—you can transfer money back and forth. Transfers initiated from Chase usually arrive within one to two business days. Transfers initiated from the other bank may take longer, depending on their processing speed.

You don't have to close your Chase savings account. Many people keep a small balance there for convenience and move the bulk of their savings to the high-yield account. This way you maintain the integration with your checking account while earning a real return on your money.

What to consider before moving your savings

The main reason to keep money at Chase is convenience. If you use Chase checking and want to move money between accounts without logging into a separate website or app, Chase savings is simpler. The rate difference only matters if you're actually saving money—if your savings account is a temporary holding place for money you're about to spend, the rate is irrelevant.

Consider also how much money you're moving. If you have $500 in savings, the difference between 0.01% and 4.5% is about $22 per year. If you have $50,000, the difference is about $2,200 per year. The higher your balance, the more the rate matters.

FDIC insurance covers up to $250,000 per account at each bank. If you have more than $250,000 in savings, you'll want to split it across multiple banks or use a service like IntraFi that spreads your deposits across multiple FDIC-insured institutions. This applies whether you use Chase or any other bank.

Frequently Asked Questions

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

Yes. Your checking and savings accounts are separate products. You can close your Chase savings account and move the money to a high-yield account elsewhere while keeping your Chase checking account active. Many people do this.

Will moving money to another bank affect my credit score?

No. Opening a savings account and transferring money between banks does not appear on your credit report and does not affect your credit score. Credit bureaus only track borrowing and repayment, not deposits.

What if Chase introduces a high-yield savings account in the future?

If Chase launches a competitive product, you can move your money back. There's no penalty for moving savings between banks. You can also keep money in multiple places—some at Chase and some at a high-yield bank—if you want the convenience of both.

Are online banks safe if they don't have physical branches?

Yes, as long as they're FDIC-insured. FDIC insurance protects your deposits up to $250,000 per account regardless of whether the bank has branches. An online bank with FDIC insurance is just as safe as Chase.

How often do high-yield savings rates change?

Rates change based on what the Federal Reserve does with interest rates. When the Fed raises rates, banks typically raise their savings rates within days or weeks. When the Fed cuts rates, savings rates fall. Current rates are higher than they've been in years, but they could move down if the Fed changes course.