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

Chase's standard savings account earns 0.01% annual percentage yield (APY), which is far below what other banks offer. If you want a high-yield savings account, you will need to open one at a different bank — Chase does not have a product in this category.

Chase does offer a Chase Savings Account and a Chase Premier Savings Account (for customers with higher balances), but neither qualifies as high-yield. The Premier version earns slightly more interest if you maintain a $100,000 minimum balance, but the rate is still well below 4% APY, which is typical for high-yield accounts at online banks.

This matters because the difference between 0.01% and 4.5% APY is substantial over time. On $10,000, you would earn roughly $1 per year at Chase versus $450 per year at a high-yield bank. Chase's strength is in checking accounts, debit cards, and branch access — not in savings rates.

Key Takeaways

  • Chase savings accounts earn 0.01% APY on standard accounts and a slightly higher rate on Premier accounts, neither of which is competitive with high-yield savings accounts.
  • High-yield savings accounts typically earn between 4% and 5% APY and are offered by online banks like Marcus, Ally, and American Express, not by Chase.
  • If you want to keep all your accounts at Chase, you can use a Chase checking account for spending and a high-yield account elsewhere for savings.
  • The interest rate difference between Chase savings and a high-yield account compounds over months and years, making it worth opening a separate account if you have money sitting idle.

Why Chase's savings rates lag behind online banks

Chase maintains low savings rates because it operates thousands of physical branches and employs thousands of staff. Those costs get passed along as lower interest rates on deposits. Online banks like Marcus, Ally, and American Express have no branches and minimal overhead, so they can offer much higher rates on the same deposits.

Chase's business model is built around checking accounts, credit cards, mortgages, and investment services — not on competing for savings deposits. The bank makes money from lending and fees, not from paying you interest on savings. This is why Chase has never launched a high-yield savings product, even as competitors have made them standard.

If you have a Chase checking account and like the convenience of one bank, you can keep both accounts open. Many people do exactly this: they use Chase for daily banking and bill pay, and they keep a high-yield savings account elsewhere for money they are not spending in the next few months.

How Chase savings accounts actually work

Chase offers two savings products. The Chase Savings Account has no minimum balance requirement and no monthly fee. You can open it online or at a branch, link it to a Chase checking account, and transfer money between them when ready.

The Chase Premier Savings Account requires a $100,000 minimum balance and earns a higher rate — but still nowhere near high-yield rates. This account is designed for customers with substantial deposits who want a slightly better return without moving their money elsewhere.

Both accounts are FDIC-insured up to $250,000, which means your deposits are protected if Chase fails. You can withdraw money at any time without penalty. There is no lock-in period, no maturity date, and no restrictions on how often you transfer funds out.

Where to find high-yield savings accounts if you leave Chase

High-yield savings accounts are offered by online banks and some credit unions. Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings are among the most common. Rates change frequently, so you should check current rates before opening an account.

Most high-yield savings accounts have no minimum balance, no monthly fees, and no restrictions on transfers. You can move money in and out as needed. The main trade-off is that you lose branch access — all transactions happen online or by phone.

If you want to compare rates across multiple banks at once, sites like Bankrate and DepositAccounts list current rates and update them daily. This lets you see which banks are offering the highest yield on the day you plan to open an account.

Keeping money at Chase despite lower rates

Some people choose to keep savings at Chase anyway, even at 0.01% APY. The reasons are usually convenience, simplicity, or the value of having all accounts in one place. If you rarely move money between accounts, the interest rate difference may not matter much to you.

Chase also offers Chase Sapphire Preferred and Chase Sapphire Reserve credit cards, which earn cash back or points on purchases. If you use these cards heavily and value the rewards program, keeping your savings at Chase might make sense for account management reasons — even if the interest rate is low.

The decision depends on your situation. If you have $50,000 sitting in a Chase savings account and do not plan to touch it for a year, moving it to a high-yield account would earn you roughly $2,000 more in interest. If you have $2,000 in savings and check your balance weekly, the convenience of staying at Chase might outweigh the interest difference.

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

Opening a high-yield savings account takes about 10 minutes online. You will need your Social Security number, a government ID, and your current address. Most banks verify your identity when ready and let you start using the account the same day.

To move money from Chase, you can either transfer it directly from your Chase account (if the high-yield bank accepts external transfers) or withdraw cash and deposit it. Most high-yield banks accept ACH transfers from other banks, which take one to three business days to complete.

You do not have to close your Chase savings account. Many people keep both open — they use Chase for everyday banking and the high-yield account for money they are saving. This way, you keep the convenience of Chase while earning a real return on your savings.

Frequently Asked Questions

Can I get a higher interest rate if I keep a large balance at Chase?

The Premier Savings Account offers a higher rate than the standard account, but only if you maintain a $100,000 minimum balance. Even then, the rate is still far below what high-yield banks offer. If you have that much money to save, a high-yield account will earn you significantly more interest.

Does Chase offer any savings product that competes with high-yield accounts?

No. Chase has not launched a high-yield savings account and shows no signs of doing so. The bank's business model relies on branch networks and fee income, not on competing for savings deposits. If high-yield savings is your priority, you will need to open an account elsewhere.

What if I want to keep all my money at one bank?

You can use Chase for checking and everyday banking while opening a high-yield savings account at another bank. Many people do this. You will have two accounts to monitor, but the interest difference usually makes it worthwhile if you have more than a few thousand dollars in savings.

Are high-yield savings accounts safe if they are not at a big bank like Chase?

Yes. High-yield accounts at online banks like Marcus and Ally are FDIC-insured just like Chase accounts, which means deposits up to $250,000 are protected. The bank's size does not affect the safety of your money — federal insurance does.

How often do high-yield savings rates change?

Banks adjust rates based on Federal Reserve decisions and competition. Rates can change weekly or monthly. When you open an account, the rate you see is the rate you get, but it may go up or down in the future. You can always move your money to a different bank if rates drop significantly.