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, which is far below what other banks pay. If you keep money at Chase and want interest that actually keeps pace with inflation, you will need to move it to a different bank or use Chase's money market account, which pays slightly more but still lags behind dedicated high-yield options elsewhere.
Chase is a full-service bank built around checking accounts, credit cards, and lending. High-yield savings accounts are a specialty product that requires banks to pay depositors more in exchange for keeping money there longer. Chase does not compete in this space, and their savings products reflect that choice.
Key Takeaways
- Chase's regular savings account pays 0.01% APY, which is roughly one-tenth of what high-yield savings accounts at other banks currently pay.
- Chase offers a money market account that pays more than savings but still significantly less than high-yield options at online banks.
- If you want meaningful interest on savings, you will need to open an account at a different bank — Chase will not match high-yield rates.
- Moving money between Chase and another bank takes one to three business days, so you can keep checking at Chase and savings elsewhere without friction.
Chase savings and money market rates compared
Chase's savings account currently earns 0.01% APY on balances of any size. There is no minimum deposit and no monthly fee, but the interest is negligible — on $10,000, you would earn about $1 per year.
Chase's money market account pays a higher rate (the exact amount varies by branch and account type), but it still falls well short of high-yield savings. Money market accounts also typically require a higher minimum balance — often $2,500 to $25,000 depending on the account tier — and may limit how many withdrawals you can make per month.
High-yield savings accounts at online banks like Marcus, Ally, and American Express currently pay between 4% and 5% APY, depending on the bank and market conditions. On the same $10,000, you would earn $400 to $500 per year instead of $1. The difference compounds over time, especially if you are saving for a goal that is months or years away.
Why Chase does not offer high-yield savings
Chase is a traditional bank with physical branches, which means higher operating costs. They make money primarily through lending — mortgages, auto loans, credit cards — and they use deposits to fund those loans at lower rates than high-yield banks pay. Offering 4% or 5% on savings would cut into their lending margins and does not fit their business model.
Online banks and credit unions can afford to pay more because they have no branch network, lower staff costs, and often focus on savings products rather than lending. They pass those savings to depositors in the form of higher interest rates. Chase could theoretically offer a high-yield product, but it would require a separate online division or a partnership with another bank — something they have chosen not to do.
How to move money from Chase to a high-yield account
You do not have to close your Chase account to open a high-yield savings account elsewhere. Most people keep their Chase checking account for everyday use and move savings to a bank that pays more. The process is straightforward:
- Open a high-yield savings account at another bank (online process, usually takes 5 to 10 minutes).
- Link your Chase account to the new bank using the routing number and account number from your Chase debit card or online banking portal.
- Transfer money from Chase to the new account (takes one to three business days).
- Once the transfer clears, your money earns interest at the higher rate.
You can set up automatic transfers if you want to move a fixed amount each month. There is no penalty for closing a Chase savings account, and you can do it online or by calling Chase customer service.
When Chase savings might still make sense
If you have a Chase checking account and only keep a small emergency fund in savings — say, $500 to $1,000 — the difference between 0.01% and 4% is only $5 to $40 per year. The convenience of having everything in one place might outweigh that loss, especially if you use Chase's mobile app frequently or visit a branch regularly.
Chase also offers relationship discounts on some products if you maintain a checking account with them. If you are already getting a break on a mortgage or credit card rate, the math might work out even if your savings earn less interest. Run the numbers: multiply your savings balance by the rate difference, then compare that to any discounts you are getting elsewhere.
For most people saving more than $5,000, moving that money to a high-yield account at another bank will earn you hundreds of dollars per year with no additional effort. The transfer takes a few days and costs nothing.
Frequently Asked Questions
Can I keep my Chase checking account and move only my savings?
Yes. You can keep your Chase checking account open and transfer your savings to a high-yield account at another bank. The two accounts can be linked, so moving money between them takes one to three business days. Many people do exactly this.
Does Chase charge a fee to close a savings account?
No. Chase does not charge a fee to close a savings account. You can do it online, by phone, or at a branch. If you close the account within a short time of opening it (usually 90 days), Chase may flag it, but there is no penalty.
What if I need my money quickly from a high-yield account?
Transfers from a high-yield savings account back to your Chase checking account take one to three business days, the same as moving money in. If you need cash when ready, you can withdraw from an ATM if the high-yield bank offers ATM access, or you can keep a smaller emergency fund in your Chase account for true emergencies.
Will moving my savings hurt my credit score?
No. Opening a savings account or moving money between banks does not affect your credit score. Credit scores are based on borrowing and repayment history, not on where you keep your deposits.
What happens to my FDIC insurance if I move to another bank?
Your deposits remain insured up to $250,000 per depositor, per bank, per account type. If you move $50,000 from Chase to a high-yield account at another bank, both banks insure that money separately. You are not losing protection by moving.