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

Chase's standard savings products—the Chase Savings Account and Chase Premier Savings Account—pay rates well below what you'll find at online banks and credit unions. As of now, Chase has not launched a high-yield savings account (HYSA) to compete with institutions offering rates above 4% or 5%.

If you're looking for a high-yield savings account, you'll need to open one at a different bank. That said, if you already bank with Chase or want to keep everything in one place, understanding what Chase does offer and how it compares will help you decide whether to stay or move your savings elsewhere.

Key Takeaways

  • Chase savings accounts currently earn between 0.01% and 0.04% annual percentage yield (APY), depending on the account type and balance.
  • Online banks and credit unions typically offer HYSAs with rates between 4% and 5.35% APY, meaning your money grows significantly faster elsewhere.
  • Chase's advantage is convenience and integration with checking accounts if you already have a Chase relationship, not competitive interest rates.
  • Moving money to a high-yield account at another bank takes a few days but costs nothing and can earn you hundreds of dollars per year on a $10,000 balance.

What Chase savings accounts actually pay right now

Chase offers two main savings products. The Chase Savings Account pays 0.01% APY on all balances. The Chase Premier Savings Account pays 0.04% APY if you maintain a $25,000 minimum balance; below that, it drops to 0.01%.

These rates have not changed meaningfully in years. On a $10,000 balance in a Chase Savings Account, you earn about $1 per year. In a Chase Premier Savings Account with the same balance, you earn $4 per year. At an online HYSA paying 4.5% APY, that same $10,000 earns $450 per year—a difference of $446 annually.

Chase does offer money market accounts, but these also pay rates below 0.5% APY and are not competitive with high-yield options elsewhere.

Why Chase doesn't compete on savings rates

Chase is a large retail bank with physical branches, tellers, and customer service centers. Those costs are real, and they're built into the bank's business model. Online-only banks like Marcus, Ally, and American Express have no branches and lower overhead, so they can pass higher rates to depositors.

Chase's strategy is to keep customers through convenience and integration—a checking account, credit card, and savings account all in one place, all accessible through one app. The bank makes money on lending (mortgages, auto loans, credit cards) and is willing to pay lower rates on deposits because customers often stay for the full relationship.

This doesn't mean Chase is a bad bank. It means Chase is not the place to put money you're saving and not touching. If you need a savings account primarily for convenience and don't mind earning almost nothing, Chase works. If you want your money to grow, you need to look elsewhere.

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

Opening a high-yield savings account at another bank is straightforward and free. You'll need your Social Security number, a government ID, and proof of address (a recent utility bill or bank statement works). Most online banks let you open an account in 10 to 15 minutes.

To transfer money from Chase, you have two options. External transfer through Chase's website or app takes 3 to 5 business days and is free. You'll provide the receiving bank's routing number and your new account number. ACH transfer initiated from the new bank's website also takes 3 to 5 business days and is free. Both methods are safe and widely used.

You don't have to close your Chase savings account. Many people keep a small balance at Chase for convenience while moving the bulk of their savings to a higher-paying account. This gives you the option to move money back quickly if you need it.

High-yield savings accounts worth comparing

If you're shopping for an HYSA, rates change frequently, so check current offers before opening. As a general guide, accounts at Marcus, Ally, American Express, and Discover have historically offered rates in the 4% to 5.35% range. Credit unions often offer competitive rates as well, especially if you're a member.

When comparing, look at three things: the current APY, whether the rate is may provide or promotional, and whether there are fees for transfers or account maintenance. Most online HYSAs have no monthly fees and no minimum balance requirements.

Some accounts offer slightly higher rates for larger balances (for example, 5.35% on balances over $25,000 and 4.75% on smaller amounts). Read the terms carefully so you know what rate you'll actually earn.

When it makes sense to keep money at Chase

There are legitimate reasons to keep a savings account at Chase even if the rate is low. If you use Chase checking and want to move money between accounts when ready for bill pay or emergencies, having savings at the same bank is convenient. If you're saving for something you might need in the next few weeks, the difference between 0.01% and 4.5% is negligible.

If you have a large Chase relationship—a mortgage, auto loan, or multiple credit cards—and Chase offers you a relationship discount on those products, the value of that discount might outweigh the lost interest on savings. Do the math: if a Chase mortgage rate is 0.25% lower than a competitor's, that's worth far more than the interest you'd earn on savings.

For most people, though, the answer is straightforward: keep checking at Chase if you like it, but move savings to an account that actually pays.

Frequently Asked Questions

Can I open a high-yield savings account online without visiting a branch?

Yes. Online banks that offer HYSAs have no branches and handle everything through their website or app. You'll verify your identity with your Social Security number and a photo ID, and you can fund the account by transferring money from Chase or another bank. The entire process takes 10 to 20 minutes.

Will moving my money to another bank affect my credit score?

No. Opening a savings account and transferring money between banks does not appear on your credit report and does not affect your credit score. Only borrowing activity (credit cards, loans, inquiries) affects your score.

What happens to my money if the bank offering the HYSA fails?

Deposits at banks insured by the Federal Deposit Insurance Corporation (FDIC) are protected up to $250,000 per account holder, per bank. Most online banks offering HYSAs are FDIC-insured. Check the bank's website for the FDIC insurance statement before opening an account.

Can I have multiple high-yield savings accounts at different banks?

Yes. You can open HYSAs at multiple banks. Each account is separately insured up to $250,000 by the FDIC, so if you have $100,000 at one bank and $100,000 at another, both are fully protected. Some people use multiple accounts to organize savings by goal (emergency fund, vacation, down payment).

What if Chase raises its savings rates in the future?

Chase could raise rates, but historically it has not kept pace with online banks. Even if Chase raises its savings rate to 1% or 2%, that would still lag behind HYSAs paying 4% or higher. You can always move money back to Chase later if the rate becomes competitive, and transfers are free and fast.