Chase does not offer a dedicated high-yield savings account

Chase's standard savings accounts earn interest rates well below what you can find elsewhere. As of now, Chase savings accounts earn around 0.01% annual percentage yield (APY) on most balances — meaning $10,000 would earn about $1 per year. Other banks, including online-only banks and some credit unions, offer rates 40 to 50 times higher.

This matters because the difference compounds. At a 4.5% APY (available at many online banks), that same $10,000 would earn $450 per year. Chase's rate would earn $1. Over five years, the gap grows to thousands of dollars.

Chase does offer other savings products that pay slightly more, but none of them are what the banking industry calls a "high-yield savings account." Understanding what Chase actually offers — and what it does not — helps you decide whether to keep savings at Chase or move them elsewhere.

Key Takeaways

  • Chase savings accounts pay around 0.01% APY, which is far below rates offered by online banks and credit unions.
  • Chase offers a money market account that pays a higher rate than savings, but still typically below 1% APY.
  • If you keep checking and savings at Chase, you may earn a small bonus for maintaining a minimum balance, but this is not the same as competitive interest rates.
  • Moving savings to an online bank or credit union while keeping checking at Chase is a common strategy for people who want both convenience and higher returns.

Chase Money Market Accounts pay more than savings, but still lag behind competitors

Chase offers a Money Market Account that pays more interest than its savings account. The exact rate depends on your balance and changes regularly, but it typically stays below 1% APY — still much lower than what online banks pay.

Money market accounts come with a debit card and check-writing privileges, which savings accounts do not. This makes them useful if you need to access your money quickly for a specific purpose. However, the higher interest rate does not make up for the gap between Chase's rate and rates available elsewhere.

Like savings accounts, money market accounts are FDIC-insured up to $250,000, so your money is protected if Chase fails. But protection from bank failure is not the same as earning a competitive return on your savings.

Why Chase rates are so low compared to online banks

Chase keeps rates low because it operates thousands of physical branches and employs tens of thousands of people. Those costs get passed along to customers through lower interest rates. Online banks have no branches and far fewer employees, so they can pay depositors more of the interest they earn.

You are essentially paying for the convenience of walking into a branch. If you rarely visit a branch, that convenience costs you money in lost interest.

Chase also does not need to compete aggressively on savings rates because many customers keep their money there out of habit or because they already have a checking account with the bank. The bank can afford to offer low rates and still keep deposits.

How to compare Chase rates to other banks

Chase publishes its current rates on its website, though you may need to log in or call to see the exact rate for your balance tier. Rates vary based on how much you have in the account — higher balances sometimes earn slightly more, though the difference is usually small.

To compare, visit the websites of online banks like Marcus, Ally, or American Express Personal Savings, or check your local credit union's rates. Most post their current APY on the homepage without requiring you to log in. Write down the rates for accounts with similar features (FDIC insurance, no monthly fees, no minimum balance) and calculate what you would earn on your actual balance over one year.

The math is straightforward: multiply your balance by the APY. A $25,000 balance at 0.01% earns $2.50 per year at Chase. The same balance at 4.5% earns $1,125 per year. That $1,122.50 difference is real money you could use.

Keeping checking at Chase while moving savings elsewhere

Many people keep a Chase checking account for its convenience and branch network, then move savings to an online bank or credit union for better rates. This is a practical middle ground that does not require you to abandon Chase entirely.

To do this, open a savings account at another bank, then transfer your savings there. You can set up automatic transfers from your Chase checking account to fund the new savings account each month. Your checking account stays at Chase for bill payments and everyday spending, while your savings grows faster elsewhere.

The main inconvenience is managing two banks, but online banks make this straightforward through their websites and apps. You can check both balances in minutes and move money between them in one to three business days.

Chase savings products that offer bonuses instead of high rates

Chase occasionally offers cash bonuses for opening new savings or money market accounts and meeting minimum balance requirements. These bonuses are one-time payments — typically $50 to $200 — not ongoing interest rates.

A $200 bonus is useful, but it is not a substitute for a competitive interest rate. That bonus is earned once; the interest rate compounds every month for as long as your money sits in the account. Over five years, the difference between 0.01% and 4.5% APY far exceeds any opening bonus.

Check Chase's current offers on its website if you are opening a new account anyway, but do not let a bonus persuade you to keep savings at a low-rate bank long-term.

When it makes sense to keep savings at Chase

Keeping savings at Chase makes sense only in specific situations. If you have less than $1,000 in savings and do not plan to add to it, the difference in interest is so small (less than $50 per year) that convenience might outweigh it. If you use Chase's branches frequently and value having all your accounts in one place, the trade-off might be worth it to you.

If you are saving for a short-term goal — a purchase you plan to make in the next few months — the interest rate matters less because you will not have the money in the account long enough for the difference to add up. In that case, keeping it at Chase for straightforward access makes sense.

For any other situation — building an emergency fund, saving for a down payment, or setting aside money for retirement — moving to a higher-rate bank is worth the small effort of opening an account and setting up transfers.

Frequently Asked Questions

Does Chase offer any account that pays 4% or higher?

No. Chase's highest-paying account is its money market account, which typically pays less than 1% APY. If you need a rate above 4%, you will need to use a different bank.

Can I move my savings to another bank without closing my Chase checking account?

Yes. Opening a savings account at another bank does not affect your Chase checking account. You can keep both open and transfer money between them whenever you need to.

How long does it take to move money from Chase to another bank?

Transfers between banks typically take one to three business days. You can set up automatic transfers so money moves on a schedule you choose — for example, $500 every payday — without having to do it manually each time.

Will I lose FDIC insurance if I move my savings to an online bank?

No. As long as the bank you move to is FDIC-insured (which nearly all banks are), your deposits are protected up to $250,000 per account, just as they are at Chase. Check the bank's website to confirm FDIC insurance before you open an account.

What if Chase raises its rates in the future?

Chase could raise rates, but it has historically kept rates low even when competitors offer much higher rates. If Chase does raise rates significantly, you can always move your savings back. For now, the gap is large enough that moving makes financial sense.