Chase does not offer a traditional high-yield savings account

Chase's standard savings accounts earn 0.01% annual percentage yield (APY) on most balances, which is far below what other banks offer. If you open a Chase savings account today, you will not earn the 4% to 5% APY that online banks and credit unions advertise. Chase has chosen not to compete in the high-yield savings space, and that choice has not changed.

This matters because the difference between 0.01% and 4.5% is real money. On $10,000, you earn $1 per year at Chase versus $450 per year elsewhere. Over five years, that gap grows to $2,250 in lost interest. Chase's reasoning is straightforward: they make more money from loans and credit products than from savings deposits, so they do not need to offer competitive rates to attract savers.

If high-yield savings is your goal, you will need to look outside Chase. The rest of this guide explains what Chase does offer, why their rates are low, and where to find better options.

Key Takeaways

  • Chase savings accounts earn 0.01% APY, which is roughly 400 times lower than high-yield accounts at online banks.
  • Chase offers no high-yield savings product under any name, even for customers with large balances or premium checking accounts.
  • The rate difference costs you real money: $450 per year on $10,000 compared to Chase's $1.
  • If you want high-yield savings, you will need to move money to a different bank or open a second account elsewhere while keeping your Chase checking.

What Chase savings accounts actually earn

Chase offers three savings products: the regular Chase Savings Account, the Chase Premier Savings Account, and the Chase find Savings Account. All three earn 0.01% APY. The Premier version requires a higher opening balance ($25,000) and charges a monthly fee if you drop below that, but the interest rate is identical to the basic account.

The find Savings Account is designed for people who cannot open a traditional account due to banking history issues. It also earns 0.01% APY. None of these accounts have tiered rates—meaning you do not earn more if you deposit $50,000 instead of $5,000.

Chase has not raised these rates in years, even as the Federal Reserve raised interest rates and competitors responded by offering 4% to 5%. This is a deliberate business decision. Chase's profit comes primarily from credit cards, mortgages, and auto loans, not from paying interest on deposits. They can afford to offer low rates because customers stay for checking accounts, debit cards, and branch access.

Why Chase rates lag so far behind

Online banks like Marcus, Ally, and American Express Personal Savings offer rates five to ten times higher than Chase because their cost structure is different. They have no physical branches, no tellers, and no retail overhead. Every dollar they save on operations can go toward paying depositors. They also compete directly on rate—it is their main selling point.

Chase competes on convenience and brand recognition instead. They have 4,700 branches and 16,000 ATMs in the United States. They offer same-day transfers, mobile check deposit, and integration with their checking accounts. For many people, that convenience is worth the lower rate. For savers who prioritize interest income, it is not.

Credit unions often offer higher rates than Chase as well, typically 3% to 4.5% on savings accounts, though some have balance caps or membership requirements. If you belong to a credit union or can join one, that is often a middle ground between Chase's convenience and online banks' rates.

How to keep your Chase checking and earn more on savings

You do not have to choose between Chase and high-yield savings. Many people keep their Chase checking account for everyday use—direct deposit, bill pay, ATM access—and open a high-yield savings account elsewhere for money they want to grow.

This strategy works because you can transfer money between banks in one to three business days using ACH transfers (free) or same-day transfers (sometimes a fee). You can also set up automatic transfers: deposit your paycheck at Chase, then move a portion to your high-yield account each payday. The money sits in the high-yield account earning 4% to 5% until you need it, then moves back to Chase for spending.

The downside is that you manage two accounts instead of one, and you cannot access the high-yield money when ready from a Chase ATM. For emergency savings or money you do not touch often, this trade-off usually makes sense. For money you need to access frequently, keeping it at Chase may be more practical despite the lower rate.

Online banks and credit unions that offer high-yield rates

If you decide to move your savings elsewhere, here are the main categories of institutions offering rates significantly higher than Chase:

  • Online banks like Marcus (by Goldman Sachs), Ally Bank, American Express Personal Savings, and Discover Bank typically offer 4% to 5.35% APY with no monthly fees, no minimum balance, and FDIC insurance up to $250,000.
  • Credit unions often offer 3% to 4.5% APY on savings accounts, though some cap the amount you can earn the higher rate on (for example, 4% on the first $25,000, then 0.5% above that). You must be a member to open an account.
  • Regional banks like Connexus Credit Union and some local institutions offer competitive rates, but you need to check your area and verify current rates, as they change frequently.

Rates change constantly, so before you open an account, visit the bank's website directly and confirm the current APY. Marketing materials can lag behind actual rates, and some banks offer promotional rates for a limited time.

The FDIC insurance question

Chase deposits are FDIC-insured up to $250,000 per account type, per depositor, per bank. So are deposits at online banks and credit unions (credit unions use NCUA insurance, which works the same way). This means your money is equally safe at Marcus or Ally as it is at Chase—the insurance protection is identical.

If you have more than $250,000 in savings, you can split it across multiple banks to keep all of it insured. For example, $250,000 at Chase and $250,000 at Ally means both amounts are fully protected. This is a common strategy for people with large savings.

Should you move your money, or stay put?

The answer depends on how much money you are talking about and how often you need to access it. If you have $5,000 in savings and you touch it monthly, the interest difference ($225 per year versus $50) might not justify managing two accounts. If you have $50,000 sitting untouched for a year, the difference ($2,250 versus $50) probably does justify it.

You should also consider your own habits. If you tend to spend money when it is easily accessible, keeping savings at a different bank—where transfers take a day or two—can be a useful friction. That friction prevents impulse withdrawals and helps you stick to your savings goal.

For most people, the practical answer is to keep checking at Chase and move savings to a high-yield account. The setup takes 15 minutes, the transfer is free, and you earn significantly more. The only reason not to do this is if you need when ready access to your savings from a Chase ATM, or if you have less than $1,000 saved and the interest difference feels trivial to you.

Frequently Asked Questions

Does Chase offer any account that earns more than 0.01%?

No. Chase's checking accounts, savings accounts, and money market accounts all earn 0.01% APY or close to it. Their certificates of deposit (CDs) earn higher rates—currently around 4% to 5% depending on the term—but you cannot withdraw the money without a penalty until the CD matures.

What if I have a Chase Premier checking account or other premium product?

Premium checking accounts do not come with higher savings rates at Chase. The Premier Savings Account has the same 0.01% APY as the basic savings account, despite the higher minimum balance requirement. Chase does not use account tier to differentiate savings rates.

Can I transfer money from Chase to a high-yield account when ready?

No. Standard ACH transfers between banks take one to three business days. Some banks offer same-day transfers, but there is usually a fee ($10 to $15), and it only works if both banks participate in the same network. For most people, the free three-day transfer is the practical option.

If I move my savings to another bank, do I lose FDIC protection?

No. FDIC insurance follows your money, not the bank. Deposits at Marcus, Ally, Discover, and other FDIC-insured banks are protected the same way as Chase deposits—up to $250,000 per account type. Credit union deposits are insured by NCUA, which provides equivalent protection.

What happens to my Chase checking account if I move my savings elsewhere?

Nothing. Your checking account works exactly as before. You can keep your Chase checking for direct deposit, bill pay, and everyday spending while your savings sit in a high-yield account at another bank. The two accounts are separate and do not affect each other.