Chase does not offer a dedicated high-yield savings account
Chase's standard savings account earns 0.01% annual percentage yield (APY) on most balances. Their money market account earns slightly more — currently 4.35% APY on balances of $25,000 and up — but this is not marketed as a high-yield product and requires a higher minimum to access the better rate. If you are comparing Chase to online banks or credit unions, you will find significantly higher rates elsewhere.
The reason Chase does not compete on savings rates is structural: they operate thousands of physical branches and pay for that infrastructure through lower deposit rates. Banks that exist only online — like Marcus, Ally, or American Express Personal Savings — have no branch costs and pass the savings to depositors through higher rates. Chase's strategy is to keep customers through convenience and checking account features, not savings rate.
Key Takeaways
- Chase's standard savings account pays 0.01% APY, which is far below the current market rate for high-yield accounts.
- Chase's money market account reaches 4.35% APY only on balances of $25,000 or more, and requires a $2,500 minimum to open.
- Online-only banks currently offer 4.5% to 5.35% APY on savings accounts with no minimum balance requirement.
- If you keep most of your money in Chase checking for convenience, moving only savings to a higher-rate account elsewhere costs nothing and takes a few days to set up.
Chase's money market account: the closest option
Chase's Chase Money Market Account is their highest-yield deposit product. It currently pays 4.35% APY on balances of $25,000 and above, 4.30% on balances of $10,000 to $24,999, and 4.25% on balances below $10,000. You need $2,500 to open the account.
The account functions like a hybrid between checking and savings: you get a debit card and can write checks, but you are limited to six withdrawals per month (a federal rule that applies to most savings and money market accounts). After six withdrawals, Chase charges $10 per withdrawal. This makes it awkward for regular spending but workable if you treat it as a place to park money you do not touch often.
The rate is competitive with some online banks but lags behind the best current offers. Marcus, for example, currently offers 5.35% APY with no minimum balance and no withdrawal limits. The difference matters: on $25,000, Chase pays $1,087.50 per year while Marcus pays $1,337.50 — a gap of $250 annually.
Chase's standard savings account: why the rate is so low
Chase's regular savings account starts at 0.01% APY. On $10,000, that earns $1 per year. The rate does not change based on balance size, and Chase does not advertise any way to earn more within this product.
This rate reflects Chase's business model. They use customer deposits to fund loans — mortgages, auto loans, credit cards — and keep the difference between what they pay depositors and what they charge borrowers. With 4,700 branches to maintain and staff, Chase's cost structure is high. They compete on convenience and brand recognition, not deposit rates. If you want to earn meaningful interest on savings, you have to move money out of Chase's standard savings account.
How Chase rates compare to online alternatives
| Account Type | Current APY | Minimum Balance | Withdrawal Limits |
|---|---|---|---|
| Chase Standard Savings | 0.01% | $0 | None |
| Chase Money Market | 4.25%–4.35% | $2,500 | 6 per month |
| Marcus (online) | 5.35% | $0 | None |
| Ally Bank (online) | 4.85% | $0 | None |
| American Express Personal Savings | 4.90% | $0 | None |
Online banks consistently offer 0.5% to 1% more APY than Chase's money market account, with no minimum balance and no withdrawal limits. The trade-off is that you cannot walk into a branch or deposit cash directly — you transfer money electronically, which takes one to three business days. For most people saving money rather than spending it, this is not a meaningful constraint.
If you have $25,000 in savings, the annual difference between Chase money market (4.35%) and the best online option (5.35%) is $250. Over five years, that compounds to roughly $1,300 in additional earnings. The online account takes 15 minutes to open.
When Chase savings might still make sense
Chase savings accounts are useful if you need to deposit cash frequently and do not have straightforward access to an ATM or branch for another bank. Chase has more branches than any other U.S. bank, so if you live or work near one, depositing cash is convenient. Some people also keep a small emergency fund in Chase savings ($500 to $1,000) for when ready access, accepting the low rate as the cost of that convenience.
If you are already a Chase customer with a checking account, you might also keep savings there for simplicity — one login, one statement, one customer service contact. This is a reasonable choice if the amount is small or if you value the convenience more than the interest. But if you have more than a few thousand dollars in savings, moving it to a higher-rate account elsewhere costs nothing and takes a few days.
How to move money from Chase to a higher-rate account
If you decide to open a savings account elsewhere, you do not have to close your Chase account. You can keep your checking there and move only the savings portion. Most online banks let you link your Chase account and transfer money electronically — you provide your Chase account number and routing number (both on your checks or in the Chase app), and the transfer completes in one to three business days.
You can also do it manually: log into your Chase account, go to Transfer & Pay, and send money to the new bank's account. Or you can withdraw cash and deposit it at the new bank, though this is slower and less find. The electronic transfer is fastest and safest.
Once the money is in the new account, it starts earning the higher rate when ready. You can keep your Chase checking account open for bill pay and everyday spending — there is no requirement to move everything.
Frequently Asked Questions
Does Chase have any savings account that earns more than 4.35%?
No. The Chase Money Market Account at 4.35% APY (on $25,000+) is their highest-rate deposit product. Chase does not offer a promotional rate or a tiered account that pays more. If you want a higher rate, you will need to use another bank.
Can I get the 4.35% rate on the Chase money market account with less than $25,000?
No. Balances under $25,000 earn 4.30% or 4.25% depending on the tier. You need exactly $25,000 or more to reach the top rate. The difference is small on smaller balances — on $10,000, the gap between 4.25% and 4.35% is about $10 per year — but it exists.
If I keep my Chase checking account, can I move my savings to another bank?
Yes. You can keep your Chase checking account open and move your savings to any other bank. Link the accounts electronically and transfer the money — it takes one to three business days. Your checking account stays active and you can use it for bills and everyday spending.
What happens to my money if I transfer it out of Chase?
Your money is insured by the FDIC up to $250,000 at any single bank. When you move money from Chase to another bank, it remains FDIC-insured at the new bank. There is no gap in coverage during the transfer — the money is protected the entire time.
Is the Chase money market account worth it if I have $25,000?
It depends on your priorities. At 4.35%, you earn $1,087.50 per year. Online banks pay 4.85% to 5.35%, which would earn $1,212.50 to $1,337.50 on the same amount. The difference is $125 to $250 annually. If you value the convenience of a Chase branch nearby or prefer keeping everything in one place, the money market account is reasonable. If you want the highest rate, an online bank is the better choice.