Chase does not offer a dedicated high yield savings account

Chase's standard savings account earns interest, but the rate is much lower than what you can find elsewhere. As of now, Chase's regular savings account pays around 0.01% annual percentage yield (APY) on balances under $25,000, and slightly more on larger amounts — but these rates are far below what other banks offer for high yield savings.

If you want a high yield savings account, you will need to open one at a different bank. Many online banks and credit unions offer rates that are 20 to 50 times higher than Chase's standard savings product. The trade-off is usually that these banks have no physical branches, though you can deposit checks by phone camera and withdraw cash at ATMs in their networks.

You can keep a checking account at Chase for everyday banking while opening a high yield savings account elsewhere for money you want to grow. Many people do this because it lets them use Chase's branch network for deposits and withdrawals while earning real interest on savings.

Key Takeaways

  • Chase's standard savings account earns around 0.01% APY, which is much lower than high yield accounts at other banks.
  • Online banks and some credit unions offer high yield savings rates that are significantly higher, though they typically have no physical branches.
  • You can use Chase for checking and everyday banking while keeping a high yield savings account at another institution.
  • Interest rates change over time, so comparing current rates across banks before opening an account will show you the real difference in earnings.

Why Chase's rates are lower than other banks

Chase is a large national bank with thousands of branches and ATMs across the country. Maintaining that physical network costs money — rent, staff, utilities, and security. Those costs get passed along to customers in the form of lower interest rates on savings.

Online banks have no branches to maintain. They operate from a few data centers and hire customer service staff who work remotely. Because their overhead is much lower, they can afford to pay depositors more interest. A bank that pays 4% APY on savings is not being generous — it is straightforward passing along the money it saves by not running a branch network.

Chase makes money from loans, investment products, and fees. They do not need to attract savings deposits by offering high rates the way an online bank does. This is why you will see Chase advertising checking accounts and credit cards more heavily than savings products.

What you lose and gain by switching to another bank for savings

The main thing you lose is convenience. If you have a Chase branch near your home or work, you can walk in and deposit cash or speak to someone in person. Most online banks cannot take cash deposits directly — you have to transfer money from another account or use a mobile check deposit.

What you gain is interest. If you keep $10,000 in a Chase savings account earning 0.01% APY, you make about $1 per year. The same $10,000 in a high yield account earning 4% APY makes about $400 per year. Over five years, that difference is roughly $2,000 in extra earnings — money that comes from the bank, not from your own pocket.

Many people solve the convenience problem by keeping a small amount in Chase savings for emergencies and the bulk of their savings elsewhere. You can transfer money between banks in one to three business days, so you are not locked out of your money if you need it quickly.

How to compare high yield savings accounts

When you are looking at banks other than Chase, focus on three things: the current APY, whether the rate is may provide or variable, and whether there are monthly fees.

The APY is the annual percentage yield — the amount of interest you earn in a year, expressed as a percentage of your balance. A higher APY means more money in your account. Variable rates can change at any time, while may provide rates are locked in for a set period. Most high yield savings accounts have variable rates, which means the bank can lower the rate if interest rates in the economy fall.

Monthly fees are rare at online banks, but some charge a fee if your balance drops below a minimum amount or if you make too many withdrawals in a month. Read the account terms before opening to make sure there are no surprise fees. The best accounts have no monthly fees, no minimum balance requirement, and no limit on how many times you can withdraw money.

Other Chase savings products to consider

Chase offers a few savings-related products beyond the standard savings account. Chase Money Market accounts pay slightly higher interest than savings accounts but require a larger opening deposit and may have withdrawal limits. Chase CDs (certificates of deposit) lock your money away for a set time — three months, six months, one year, or longer — in exchange for a fixed interest rate.

These products still pay much less than high yield savings accounts at online banks. A Chase CD might pay 4% to 5% APY depending on the term, which sounds good until you compare it to online banks offering similar rates on savings accounts with no lock-in period and no withdrawal restrictions.

If you already have a Chase checking account and want to keep all your banking in one place, these products are better than the standard savings account. But if you are willing to bank at two institutions, a high yield savings account elsewhere will serve you better.

How to set up savings at two banks

Start by opening a checking account at Chase if you do not have one already. Use this for your paycheck, bills, and everyday spending. Then open a high yield savings account at an online bank or credit union of your choice.

Link the two accounts so you can transfer money between them. Most banks let you add an external account through their website or app — you will need the routing number and account number of the other bank. The first transfer usually takes three to five business days while the bank verifies the account. After that, transfers are faster.

Set up an automatic transfer from your Chase checking account to your high yield savings account each time you get paid. Even $100 or $200 per paycheck adds up, and you will not have to think about it. This is sometimes called "paying yourself first" — you move money to savings before you spend it.

Frequently Asked Questions

Does Chase have any savings account that earns decent interest?

Chase's highest-earning savings product is the Money Market account, which pays more than the standard savings account but still significantly less than high yield accounts at online banks. If you want to keep everything at Chase, the Money Market account is the best option, but you will earn more money by opening a high yield account elsewhere.

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

Yes. Many people do this. You can use Chase for checking and everyday banking while keeping your savings at an online bank that pays higher interest. The two accounts can be linked so you can transfer money between them easily.

What if I need cash from my high yield savings account?

Most online banks let you transfer money to your Chase checking account in one to three business days, then withdraw cash from a Chase ATM. Some online banks are part of ATM networks that let you withdraw cash at thousands of ATMs nationwide without a fee. Check the bank's website to see what options they offer.

Will opening a second bank account hurt my credit?

No. Opening a savings account does not affect your credit score. Banks check your banking history, not your credit history, when you open a savings account. Your credit score only changes when you explore for credit — loans, credit cards, or lines of credit.

How often do high yield savings rates change?

High yield savings rates are variable, meaning they can change at any time. Banks usually lower rates when the Federal Reserve lowers interest rates in the economy, and raise them when the Fed raises rates. You will not earn the same rate forever, but you can switch banks if another one offers a better rate.