Chase does not currently offer a dedicated high-yield savings account
Chase's standard savings accounts pay interest rates that are much lower than what you can find at online banks or credit unions. As of now, Chase does not have a product specifically branded as a high-yield savings account. Their regular savings accounts typically pay between 0.01% and 0.04% annual percentage yield (APY), depending on your account type and balance — far below the 4% to 5% APY that online banks commonly offer.
This matters because the difference compounds over time. On $10,000, the gap between 0.01% and 4.5% means you earn roughly $450 per year at an online bank instead of $1 at Chase. If you keep savings at Chase, you are essentially paying for the convenience of their branch network by accepting lower returns.
Chase does offer other savings products — money market accounts and certificates of deposit (CDs) — but these also pay rates below what online competitors offer. The reason is structural: Chase maintains thousands of physical branches, which costs money. Online banks have no branches, so they pass the savings to you through higher interest rates.
Key Takeaways
- Chase savings accounts pay 0.01% to 0.04% APY, while online banks typically pay 4% to 5% APY on high-yield savings accounts.
- If you keep $10,000 in a Chase savings account instead of a high-yield account elsewhere, you lose roughly $400 to $450 per year in interest.
- Chase's money market accounts and CDs also pay below-market rates compared to online alternatives.
- You can keep a Chase checking account for everyday banking and branch access while holding your savings at an online bank that pays more interest.
Why Chase's rates lag behind online banks
Chase is a full-service bank with physical branches in most U.S. states. Maintaining that network — paying rent, staffing tellers, processing in-person transactions — is expensive. Those costs get passed to customers through lower interest rates on savings products.
Online banks like Marcus, Ally, and American Express Personal Savings have no branches and no tellers. They operate entirely through websites and phone lines. That lower overhead means they can offer rates that are often 100 times higher than Chase's. They compete for your deposits by offering the best rates they can afford.
Chase competes on convenience and trust instead. Many people choose Chase because they can walk into a branch, talk to a person, or deposit a check at an ATM. That convenience has a cost — and that cost is paid in lower interest earnings on your savings.
Chase savings products and their current rates
Chase offers three main savings vehicles. Rates change frequently and vary slightly by state, so these are examples of the range you might see, not guarantees.
| Product | Typical APY Range | Minimum Balance | Best For |
|---|---|---|---|
| Chase Savings Account | 0.01% to 0.04% | $0 | Everyday savings if you value branch access |
| Chase Money Market Account | 0.01% to 0.04% | $2,500 | Slightly higher rates than savings, with check-writing ability |
| Chase CDs | Varies by term (3 months to 5 years) | $1,000 | Locking money away for a may provide rate |
Chase CDs sometimes offer slightly better rates than their savings accounts, but they still lag behind online CD rates. The trade-off is that your money is locked away — if you withdraw early, you pay a penalty.
How to compare Chase against online alternatives
If you are deciding whether to keep savings at Chase or move them to an online bank, the math is straightforward. Take the amount you plan to save, multiply it by the APY difference, and that is what you earn or lose per year.
For example: $25,000 at Chase (0.02% APY) earns $5 per year. The same $25,000 at an online bank (4.5% APY) earns $1,125 per year. The difference is $1,120 — money that stays in your pocket instead of Chase's.
The catch is that online banks have no physical branches. You cannot deposit cash or talk to someone in person. If you need those services, you have options: keep a small checking account at Chase for everyday use and branch access, then move your savings to an online bank. Or use a credit union, which often pays better rates than Chase and may have shared branch networks you can access.
When a Chase savings account might still make sense
A Chase savings account is reasonable if you are new to banking and want to start small with a trusted, familiar institution. Chase has no monthly fees on their basic savings account, and you can open one with no minimum deposit. That removes barriers if you are building savings for the first time.
It also makes sense if you already have a Chase checking account and you value the simplicity of one bank for everything. Moving money between your Chase checking and savings is when ready and free. If you move savings to an online bank, transfers take one to three business days, which can feel slow if you need the money quickly.
But if you are serious about building savings — especially if you have more than a few thousand dollars — the interest rate difference is too large to ignore. You can always start at Chase and move your savings later once you are comfortable with online banking.
How to move savings from Chase to a higher-rate account
If you decide to move your savings, the process is straightforward and takes about a week. First, open an account at the online bank or credit union you choose. You will need your Social Security number, a government ID, and proof of address (a recent utility bill or bank statement works).
Once your new account is open, you have two options. You can transfer money electronically by linking your Chase account to the new bank — the new bank will walk you through this, and it usually takes one to three business days. Or you can withdraw cash from Chase and deposit it at the new bank, though this is slower and riskier if you are moving large amounts.
Keep your Chase account open for at least a few weeks after the transfer, in case something goes wrong. Once you are confident the money arrived safely, you can close the Chase account if you want. Closing an account does not hurt your credit score.
Frequently Asked Questions
Does Chase have any high-yield products at all?
No. Chase's savings accounts, money market accounts, and CDs all pay rates well below what online banks offer. If you want a high-yield savings account, you will need to look outside Chase.
Can I keep my Chase checking account and move only my savings?
Yes. Many people do this. You can keep a Chase checking account for everyday spending and branch access, and move your savings to an online bank that pays higher interest. Transfers between the two take one to three business days.
What if I need to withdraw my savings quickly?
Online savings accounts have no withdrawal limits, so you can take your money out anytime. Transfers back to Chase take one to three business days. If you need cash when ready, you can withdraw from an ATM at the online bank's partner network, though not all online banks offer this.
Is my money safe at an online bank?
Yes, as long as the bank is FDIC-insured. FDIC insurance protects up to $250,000 per account at any bank, whether it has branches or not. Check the bank's website to confirm FDIC coverage before you open an account.
What happens to my interest if I move my money mid-month?
Interest is calculated daily and paid monthly. When you transfer money out of Chase, you receive interest through the last day your money was there. When it arrives at the new bank, it starts earning interest when ready at the new rate.