Chase does not offer a dedicated high-yield savings account

Chase's regular savings accounts pay interest rates that are much lower than what you can find elsewhere. As of now, Chase offers savings accounts with rates that typically fall between 0.01% and 0.05% annual percentage yield (APY) — the amount of interest your money earns each year. Banks that specialize in online savings, by contrast, often pay 4% to 5% APY on the same type of account.

If you keep money at Chase primarily because you use their checking account or visit their branches, a low-rate savings account there might still make sense for convenience. But if your main goal is to earn interest on savings, you would earn significantly more money by moving that balance to another bank.

Key Takeaways

  • Chase savings accounts currently pay less than 0.1% APY, while online banks pay 4% to 5% APY on comparable accounts.
  • Chase offers no high-yield savings product under any name — not even a premium tier for larger balances.
  • You can hold a Chase savings account for everyday banking while keeping your main savings balance at a higher-paying bank.
  • The difference between 0.05% and 4.5% APY means hundreds of dollars per year on a $10,000 balance.

Why Chase rates are so much lower

Chase is a full-service bank with thousands of physical branches, customer service centers, and ATMs. Maintaining that network costs money. Online-only banks have no branches and no staff in local offices, so they pass those savings to customers through higher interest rates.

Chase makes money partly from the difference between what they pay you on savings and what they charge borrowers on loans. A lower savings rate means a bigger profit margin for the bank. Because Chase has a large customer base and many people stay with them for convenience, they do not need to compete on interest rates to keep deposits.

What Chase savings accounts do offer

Chase has two main savings products: the Chase Savings Account and the Chase Premier Savings Account. The Premier version requires a higher opening balance and a higher minimum balance to avoid monthly fees, but the interest rate is essentially the same as the regular savings account.

Both accounts include FDIC insurance up to $250,000, which means your money is protected by the federal government if Chase fails. Both allow you to withdraw money without penalty, though federal rules limit you to six withdrawals per month from a savings account (this rule applies across all banks).

How to compare Chase savings to other banks

If you want to see the real difference, compare Chase's current rate to rates at online banks like Marcus, Ally, or American Express Personal Savings. Visit each bank's website and look for the APY listed on their savings account page — it will be displayed prominently.

Multiply your savings balance by the APY to see how much interest you would earn in a year. For example, $10,000 at 0.05% earns $5 per year. The same $10,000 at 4.5% earns $450 per year. That $445 difference is real money that stays in your pocket instead of Chase's.

When it makes sense to keep savings at Chase anyway

If you have a Chase checking account and regularly visit a branch to deposit cash or get help from a teller, keeping a small savings account there for convenience might be worth the lower rate. You avoid transferring money between banks and can manage everything in one place.

Some people also keep a small emergency fund at Chase for quick access while moving larger savings balances to higher-paying banks. This approach gives you the convenience of a local branch plus the interest earnings of a competitive rate.

Moving money to a higher-rate account

Opening a savings account at another bank takes about 10 minutes online. You will need your Social Security number, a government ID, and your current address. Most online banks let you link your Chase checking account and transfer money electronically.

You do not have to close your Chase savings account. You can leave it open with a small balance and move the rest to a bank paying higher rates. This way you keep the convenience of Chase while earning more on your savings.

Frequently Asked Questions

Does Chase have any savings account that pays more than 0.1%?

No. Chase's Premier Savings Account and regular Savings Account both pay the same low rate. Chase does not offer a high-yield product at any tier.

Can I earn more interest by keeping a larger balance at Chase?

No. Chase does not increase the interest rate based on your balance size. The rate is the same whether you have $100 or $100,000 in the account.

Is my money safe if I move it to an online bank?

Yes, as long as the bank is FDIC-insured. Online banks like Marcus, Ally, and American Express are all FDIC-insured, so your money is protected up to $250,000 just as it is at Chase.

How long does it take to transfer money from Chase to another bank?

Electronic transfers between banks usually take one to three business days. You can set up the transfer online in minutes, and the money will arrive automatically.

What if I want to keep my Chase checking account but move my savings?

You can do both. Open a savings account at another bank, transfer your balance there, and keep your Chase checking account open. Many people use this approach to get the best of both worlds.