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

Chase's standard savings account, called Chase Savings, pays a variable interest rate that is typically much lower than what you would find at online banks or credit unions. As of now, Chase has not launched a product specifically branded as a high-yield savings account (HYSA) to compete with accounts that offer rates above 4% or 5%.

This matters because the difference between Chase's savings rate and a high-yield rate can add up quickly. If you keep $10,000 in a Chase savings account earning 0.01% annually versus a HYSA earning 4.5%, you would earn roughly $450 less per year. Over time, that gap widens.

Chase does offer other savings products—including money market accounts and certificates of deposit (CDs)—but these are separate from a high-yield savings account and come with different terms and features.

Key Takeaways

  • Chase Savings currently offers a low interest rate (typically under 0.1% annually) and is not a high-yield product.
  • Online banks and some credit unions offer high-yield savings accounts with rates that are often 40 to 50 times higher than Chase's standard savings rate.
  • If you want a high-yield savings account, you will need to open one at a different bank or credit union, even if you keep your main checking account at Chase.
  • Chase's money market accounts and CDs may offer slightly better rates than savings accounts, but they still typically lag behind dedicated high-yield products.

Why Chase does not offer a high-yield savings account

Chase is a traditional brick-and-mortar bank with physical branches in most states. Banks with branches have higher operating costs—they pay for buildings, staff, and in-person services. Those costs come out of the interest they can afford to pay depositors.

Online banks and some credit unions have no branches, which means lower overhead. They pass some of those savings to customers in the form of higher interest rates. This is why you typically see the highest rates at banks like Marcus, Ally, or American Express Personal Savings, all of which operate online only.

Chase's business model prioritizes lending and investment services, not deposit rates. The bank makes money primarily from loans, credit cards, and wealth management—not from competing on savings rates. This is a deliberate choice, not a temporary gap.

What Chase does offer for saving money

Chase Savings is the basic option. It comes with no monthly fee if you maintain a $300 minimum balance, and you can withdraw money anytime without penalty. The tradeoff is the interest rate, which has historically been well below 0.1% annually.

Chase Money Market Account is a step up in some ways. It typically offers a slightly higher rate than savings, though still far below high-yield rates. Money market accounts also come with a debit card and check-writing privileges, which regular savings accounts do not. However, you are usually limited to six withdrawals per month before fees kick in.

Chase CDs lock your money away for a set term—ranging from three months to five years—in exchange for a may provide rate. The longer the term, the higher the rate tends to be. If you withdraw early, you pay a penalty. Chase CDs are useful if you know you will not need the money for a specific period, but the rates still lag behind what online banks offer.

How to compare Chase products to high-yield alternatives

Start by deciding what you need the account to do. If you want to set money aside and leave it untouched for months or years, a CD might make sense. If you want to add to savings regularly and withdraw without penalty, a high-yield savings account is usually better. If you need check-writing and a debit card, a money market account is an option—though you will still earn less than a HYSA.

Next, check the current rates. Chase's rates change, so visit Chase.com directly rather than relying on older information. Then compare that number to what online banks are offering. Sites like Bankrate or DepositAccounts show current rates across multiple banks, updated daily. The gap is usually substantial.

Consider whether you want everything in one bank or whether you are comfortable splitting accounts. Many people keep their main checking account at Chase for the branch network and ATM access, then open a high-yield savings account elsewhere for better returns. There is no rule against this, and it is a common strategy.

Opening a high-yield savings account outside Chase

If you decide to move some savings to a higher-rate account, the process is straightforward. Most online banks let you open an account in 10 to 15 minutes using your Social Security number, a government ID, and proof of address. You can fund the account by linking your Chase checking account and transferring money electronically—transfers usually arrive within one to three business days.

You do not need to close your Chase accounts. You can keep your checking account there and use it as a hub for moving money to your high-yield savings account at another bank. Some people set up automatic transfers each month to make saving easier.

One thing to know: high-yield savings accounts are FDIC-insured up to $250,000 per depositor per bank, just like Chase accounts. So your money is equally protected whether it sits at Chase or at an online bank. The only real difference is the interest rate.

When Chase products might still make sense

If you have a large Chase checking account balance and want to keep everything in one place for simplicity, the money market account is a reasonable middle ground. You will earn more than savings, and you keep the convenience of one bank relationship.

If you are saving for a specific goal with a known timeline—a down payment in two years, a car purchase in 18 months—a Chase CD locks in a rate and removes the temptation to spend the money. The rate will not be the highest available, but it is may provide.

If you value in-person banking and need to deposit cash or speak to someone face-to-face, Chase's branch network is an advantage that online banks cannot match. Some people weight that convenience heavily enough to accept lower rates.

Frequently Asked Questions

Can I move money from Chase to a high-yield savings account easily?

Yes. Most online banks let you link your Chase checking account and transfer money electronically. Transfers typically take one to three business days. You can set up recurring transfers if you want to move money automatically each month.

Is my money as safe in an online bank as it is at Chase?

Yes. Both Chase and online banks are FDIC-insured up to $250,000 per depositor per bank. Your deposits are equally protected. The only difference is the interest rate you earn.

What is the current interest rate on Chase Savings?

Chase Savings rates change frequently and vary slightly by region. Check Chase.com directly for the current rate, or call your local branch. As of recent years, the rate has been well below 0.1% annually, but you should verify the current number before deciding.

If I open a high-yield account elsewhere, do I have to close my Chase accounts?

No. You can keep your Chase checking account open and use it as your main account while opening a high-yield savings account at another bank. Many people do this to get the best of both worlds—branch access and high interest rates.

What is the difference between a high-yield savings account and a money market account?

High-yield savings accounts are simpler: you deposit, earn interest, and withdraw anytime. Money market accounts often come with a debit card and checks, but usually limit you to six withdrawals per month. Both are FDIC-insured, but HYSAs typically offer higher rates.