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, and 4.30% APY on smaller balances — but this is not marketed as a high yield product and comes with a $25 minimum opening deposit and monthly maintenance fees that can offset the interest.
If you are looking for a savings account that earns significantly more than Chase's standard rate, you will need to look outside Chase. Banks like Marcus by Goldman Sachs, Ally Bank, and American Express offer high yield savings accounts with rates between 4.25% and 4.50% APY, with no monthly fees and no minimum balance requirements. The difference between Chase's 0.01% and a 4.35% rate means that on a $10,000 balance, you would earn $1 per year at Chase versus $435 per year elsewhere.
Key Takeaways
- Chase's standard savings account earns 0.01% APY, which is far below what other banks offer for high yield savings.
- Chase's money market account earns 4.30% to 4.35% APY depending on your balance, but requires a $25,000 minimum for the higher rate and charges a monthly maintenance fee.
- Online banks and some national banks offer high yield savings accounts with rates between 4.25% and 4.50% APY with no monthly fees and no minimum balance.
- The difference in interest earned compounds over time — a $10,000 balance earns roughly $435 more per year at a 4.35% rate than at Chase's standard 0.01% rate.
Why Chase's rates are lower than competitors
Chase is a large national bank with thousands of branches and ATMs. Maintaining that physical footprint costs money — rent, staff, technology infrastructure. Those costs get passed to customers partly through lower interest rates on savings and higher fees on checking accounts. Online-only banks like Ally and Marcus have no branches, which means lower overhead and the ability to pass savings to customers in the form of higher interest rates.
Chase also makes money by lending out customer deposits at higher rates than they pay depositors. A customer earning 0.01% at Chase while the bank lends that money out at 7% or 8% generates significant profit for Chase. Banks that offer 4.35% APY operate on a thinner margin, which means they rely on volume and lower operating costs rather than the spread between what they pay and what they earn.
Chase's money market account: the closest option
If you want to stay within Chase, the money market account is the only product that comes close to competitive rates. It currently earns 4.30% APY on balances under $25,000 and 4.35% APY on balances of $25,000 or more. The account requires a $25 minimum opening deposit and charges a $12 monthly maintenance fee, though Chase waives the fee if you maintain a $25,000 minimum balance or set up a direct deposit of at least $500 per month.
The fee structure matters. If you have $10,000 in the account and do not meet the waiver conditions, you pay $144 per year in fees. At 4.30% APY, you earn $430 in interest, leaving you with a net gain of $286. At an online bank earning 4.35% with no fees, the same $10,000 earns $435 with no deductions. The difference is small in this case, but it grows as your balance grows.
How Chase's rates compare to other banks
| Bank | Product Type | Current APY | Minimum Balance | Monthly Fee |
|---|---|---|---|---|
| Chase | Savings | 0.01% | $0 | $0 |
| Chase | Money Market | 4.30%–4.35% | $25 | $12 (waivable) |
| Marcus by Goldman Sachs | High Yield Savings | 4.50% | $0 | $0 |
| Ally Bank | High Yield Savings | 4.35% | $0 | $0 |
| American Express | High Yield Savings | 4.40% | $0 | $0 |
Rates change frequently and vary based on the Federal Reserve's actions. The rates shown above reflect current market conditions but may shift within weeks. Before opening any account, check the bank's website directly for the most recent rate.
When Chase savings makes sense despite lower rates
There are situations where keeping money at Chase is worth the lower rate. If you use Chase for checking and have a large direct deposit, you may have access to their premium checking accounts, which offer higher interest rates on linked savings accounts and waive fees across your accounts. Chase also offers a rewards checking account in some markets that earns cash back on debit card purchases — a benefit that can offset lower savings rates if you use the account actively.
Convenience matters too. If you deposit cash regularly or need to visit a branch in person, Chase's 4,700+ branches nationwide may be worth more to you than an extra 0.2% in interest. The trade-off is personal — only you can decide whether the ability to walk into a branch is worth earning less on your savings.
How to move money from Chase to a high yield account
If you decide to move your savings to a higher-rate account, the process is straightforward. Most online banks allow you to link your Chase checking account and transfer money electronically. You provide your Chase account number and routing number (which you can find on a check or in the Chase mobile app), and the transfer typically completes within one to three business days.
You do not have to close your Chase account. Many people keep a small balance at Chase for branch access or bill pay while moving the bulk of their savings to an online bank. This gives you the convenience of Chase plus the higher rates elsewhere. Some people also keep their emergency fund at Chase for quick access and move longer-term savings to a high yield account.
Frequently Asked Questions
Can I earn more interest at Chase if I have a large balance?
Chase's money market account earns 4.35% APY on balances of $25,000 or more, which is their highest rate. Their standard savings account earns 0.01% regardless of balance. No Chase product earns rates competitive with online banks offering 4.35% to 4.50% with no minimums.
Does Chase offer any promotional rates for new savings accounts?
Chase occasionally runs promotions on checking accounts but rarely offers bonus rates on savings accounts. Check the Chase website or ask at a branch about current offers, but do not expect rates higher than their standard money market rate.
What happens to my money if I move it to an online bank?
Your money is insured by the FDIC up to $250,000 at any FDIC-insured bank, including online banks. Online banks are just as safe as Chase for deposit insurance purposes. The main difference is you cannot walk into a branch — all transactions happen online or by phone.
Can I keep my Chase checking account and move only my savings?
Yes. You can keep your Chase checking account for bill pay and branch access while moving your savings to a high yield account at another bank. Many people do this to get the best of both worlds.
How often do savings rates change?
Banks adjust savings rates in response to Federal Reserve decisions, typically within days or weeks of a rate change. Rates can move up or down. If you open a high yield account, the rate you see today may be different in three months, so check your bank's website periodically to see current rates.