Chase does not offer a dedicated high yield savings account

Chase's standard savings account, called Chase Savings, pays a variable interest rate that sits well below what you can find elsewhere. As of now, Chase Savings pays rates that change with the Federal Reserve's decisions, but the bank does not publish a single rate—it varies by branch and account type. The rate is typically a fraction of a percent, often 0.01% or lower, which means $10,000 in the account earns roughly $1 per year or less.

If you are looking for a savings account that actually pays interest you can see, Chase is not the place to look. Banks that specialize in online savings—like Marcus, Ally, or American Express Personal Savings—currently pay rates in the 4% to 5% range on standard savings accounts. Chase's physical branch network and checking account ecosystem come with a trade-off: lower deposit rates.

Chase does offer a money market account called Chase Money Market, which sometimes pays slightly higher rates than the savings account, but the difference is usually minimal and still lags far behind online-only banks. The rate depends on your balance tier and changes without notice.

Key Takeaways

  • Chase Savings and Chase Money Market both pay rates well below 1%, making them poor choices if interest earnings matter to your decision.
  • Online banks unaffiliated with Chase currently pay 4% to 5% on savings accounts, which means your money grows roughly 50 times faster elsewhere.
  • Chase's advantage is convenience and integration with checking accounts, not interest rates.
  • If you keep money at Chase for checking and bill pay, moving savings to a separate high-yield account costs nothing and takes a few minutes to set up.

Why Chase rates are so low

Chase can afford to pay low rates because customers stay for reasons other than interest. If you use Chase checking for direct deposit, bill pay, and ATM access, moving your savings elsewhere feels like friction—even though it is not. The bank relies on this stickiness. They do not need to compete on deposit rates because they are competing on convenience.

Online banks have no branch network, no tellers, no physical infrastructure. Their only product is the savings account itself, so they compete directly on rate. They pass along the savings from lower overhead as higher interest. Chase has both a branch network and a deposit base, so they optimize for customer lifetime value across all products, not for attracting savings deposits specifically.

How to move money from Chase to a high-yield account

You do not have to close your Chase account. Most people keep a Chase checking account for paychecks and bills, then move savings to a separate bank. This takes about five minutes to set up and costs nothing.

The process: open an account at the bank offering the rate you want (Marcus, Ally, American Express, or another online bank). During signup, you will enter your Chase checking account number and routing number. The new bank will verify the account with two small deposits—usually $0.01 and $0.02—that appear in your Chase account within one to two business days. You confirm the amounts in the new bank's app, and the link is active. Then you can transfer money between the two accounts whenever you want, usually within one business day.

If you have money sitting in Chase Savings right now, you can move it all at once or in pieces. There is no penalty for closing the savings account—Chase does not charge monthly fees on savings accounts, so you can leave it open and unused if you want to keep the option.

What to compare when choosing a high-yield account

Interest rate is the obvious number, but it is not the only one. The rate you see advertised is usually the Annual Percentage Yield (APY), which accounts for how often the bank compounds interest. A 5% APY means you earn 5% per year, compounded daily. This is the number to compare across banks.

Check whether the rate is may provide or variable. Most online banks offer variable rates, meaning they can lower it whenever the Federal Reserve cuts rates or whenever they decide to. Some banks may provide a rate for a set period—usually three to six months for new customers. If rates are falling, a may provide rate is valuable. If rates are rising, it does not matter.

Confirm the bank is FDIC-insured. This means your deposits are protected up to $250,000 per account holder per bank. Every major online bank offering high-yield savings is FDIC-insured, but it is worth checking the bank's website to be sure.

Look at the minimum balance required to earn the advertised rate. Some banks require $0. Others require $25,000 or more. If you have $5,000 to save, a bank requiring $25,000 minimum will pay you a lower rate on your actual balance.

The math: what the rate difference actually means

Let's say you have $10,000 in savings. At Chase's current rate of roughly 0.01%, you earn about $1 per year. At a 5% APY from an online bank, you earn $500 per year on the same $10,000. That is $499 more per year, or about $41 per month, for doing nothing except moving the money once.

Over five years, that difference grows to roughly $2,500 in additional earnings, assuming the rate stays constant (it will not—rates will move up and down). The longer your money sits in savings, the larger the gap becomes.

This math assumes you are not touching the money. If you are saving for a specific goal—a down payment, an emergency fund, a car—and you plan to leave it untouched for months or years, the rate matters enormously. If you are moving money in and out constantly, the rate matters less because your average balance is lower.

When Chase savings might make sense anyway

If you have less than $1,000 in savings and you move it frequently, the difference between 0.01% and 5% is less than $50 per year. The convenience of having everything in one app might be worth that to you. That is a reasonable choice.

If you use Chase's premium checking account (like Chase Sapphire), you may get a slightly higher savings rate as a benefit of membership. Check your account terms or call the bank to confirm. Even with a boost, it is unlikely to reach 1%, but it is worth knowing what you have.

If you are saving for something you might need to access within days—an emergency fund you are still building—keeping it at Chase means you can move money to checking when ready if you need it. An online bank transfer takes one business day. For most people, one day is fine. For some, when ready access matters more than the rate.

Frequently Asked Questions

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

Yes. You do not have to close anything. Open a savings account at an online bank, link it to your Chase checking account, and transfer money whenever you want. Your Chase checking account stays active and works exactly as before.

Will moving money to another bank affect my credit score?

No. Opening a savings account and transferring money between banks does not show up on your credit report. Credit scores are based on borrowing and repayment history, not on where you keep deposits.

What happens if the online bank fails?

Your money is protected up to $250,000 by FDIC insurance. If the bank fails, the FDIC pays you directly. This protection applies to every major online bank offering high-yield savings. Confirm the bank displays the FDIC logo on its website.

Can I move money back to Chase if I change my mind?

Yes. You can transfer money back to Chase checking anytime. You can also close the online savings account whenever you want. There is no penalty or lock-in period.

Do I have to pay taxes on the interest I earn?

Yes. Interest earned on savings is taxable income. The bank will send you a 1099-INT form at the end of the year if you earned $10 or more in interest. You report this on your tax return. This is true whether the interest is $1 at Chase or $500 at an online bank.