Chase does not currently offer a high-yield savings account

Chase's regular savings accounts earn little to no interest — typically 0.01% annual percentage yield (APY) or less, depending on the account type. If you are looking for a savings account that pays meaningfully higher interest, you will need to look outside Chase.

This matters because the difference between 0.01% and 4% or 5% APY (rates available elsewhere) adds up quickly. On $10,000, you would earn roughly $1 per year at Chase versus $400 to $500 per year at a high-yield account. Over time, that gap grows.

Chase does offer a Money Market Account, which sometimes pays slightly higher rates than their savings accounts, but it still typically lags far behind what online banks and credit unions offer. If you want a high-yield savings account, you will be opening it somewhere other than Chase.

Key Takeaways

  • Chase's savings accounts pay very low interest rates, usually 0.01% APY or less, making them unsuitable if you want your money to earn meaningful returns.
  • Online banks and some credit unions offer high-yield savings accounts paying 4% to 5% APY or higher, though rates change frequently.
  • You can keep a checking account at Chase for everyday banking while opening a high-yield savings account elsewhere for money you want to save.
  • High-yield accounts typically require a minimum deposit (often $0 to $25,000) and limit how many withdrawals you can make per month.
  • Moving money between Chase and another bank takes one to three business days, so plan ahead if you need access to your savings quickly.

Where to find high-yield savings accounts instead

Online banks offer the highest rates because they have lower overhead costs than brick-and-mortar banks. Banks like Marcus (owned by Goldman Sachs), Ally, American Express Personal Savings, and Discover all offer high-yield savings accounts. Rates vary and change frequently — you can compare current rates on sites like Bankrate or DepositAccounts, which update daily.

Credit unions sometimes offer competitive rates, especially if you are a member. The National Credit Union Administration (NCUA) insures deposits up to $250,000, just like the Federal Deposit Insurance Corporation (FDIC) does for banks, so your money is protected either way.

The tradeoff is convenience. Online banks have no physical branches, so you cannot deposit cash in person. If you need to deposit checks, you can use mobile check deposit (photograph the check with your phone). If you need to deposit cash, you may need to keep a small amount in a Chase account and transfer it electronically, or find an ATM network the online bank partners with.

How to open a high-yield account at an online bank

The process is similar across most online banks. You will need a computer or smartphone, a valid government ID (driver's license or passport), and your Social Security number. Most banks verify your identity when ready online — you do not need to visit a branch or mail documents.

Here is the typical order of steps: (1) Go to the bank's website or app and select "Open an Account" or "Sign Up". (2) Enter your personal information: name, address, date of birth, Social Security number, and employment status. (3) Verify your identity by uploading a photo of your ID or answering security questions based on your credit history. (4) Link a bank account (usually your Chase account) so you can transfer money in. (5) Make your first deposit, which can be as small as $0 at many banks. (6) Receive your account number and routing number, which you will need to set up transfers.

The whole process usually takes 10 to 20 minutes. You can start using the account the same day, though transfers from Chase may take one to three business days to arrive.

Setting up transfers between Chase and your new account

Once your high-yield account is open, you will want to move money from Chase into it. You have two main options: external transfer (also called ACH transfer) or wire transfer.

An external transfer is free and takes one to three business days. You initiate it from either your Chase account or your new bank's account. If you start from Chase, log in, go to "Transfer Money", select "Transfer to Another Bank", and enter your new account's routing number and account number. If you start from your new bank, look for "Link External Account" or "Add Bank Account" and follow the prompts to connect Chase. The new bank will usually verify the connection by making two small test deposits to your Chase account, which you then confirm.

A wire transfer is faster (same day or next day) but usually costs $15 to $30. Use it only if you need the money urgently. For routine transfers to build your savings, external transfers are the standard choice.

What to know about withdrawal limits and account rules

High-yield savings accounts are designed for saving, not frequent withdrawals. Federal rules historically limited withdrawals to six per month, though that rule was suspended in 2020 and has not been reinstated. However, individual banks may still impose their own limits — some allow unlimited withdrawals, while others charge a fee (usually $10) for withdrawals beyond a certain number per month.

Check the account agreement before you open the account. If you think you will need to withdraw money frequently, look for an account with no withdrawal limits, or consider keeping a smaller amount in Chase for everyday access and putting larger sums in the high-yield account.

Interest is calculated daily and deposited monthly. This means your balance grows slightly each month, and that growth is added to your balance so you earn interest on your interest (called compounding). The longer you leave money untouched, the more this compounds.

Keeping Chase for checking while saving elsewhere

Many people keep a Chase checking account for direct deposit and everyday spending, then open a high-yield savings account elsewhere. This is a practical approach because it separates your spending money from your savings, making it less tempting to dip into savings for daily expenses.

You can set up automatic transfers from Chase to your high-yield account on payday. For example, if you are paid $3,000 monthly, you might transfer $500 to savings automatically and keep $2,500 in Chase for bills and groceries. Over time, this builds your savings without requiring you to think about it.

The downside is that moving money between accounts takes a few days, so you cannot access your high-yield savings when ready. If you have an emergency and need cash when ready, you would need to keep enough in Chase to cover it, or use a credit card and pay it back later.

Comparing rates and switching if rates drop

High-yield savings rates are not locked in — they change as the Federal Reserve adjusts interest rates. When the Fed raises rates, banks raise their savings rates. When the Fed lowers rates, banks lower theirs. You might open an account at 4.5% APY and see it drop to 3.5% a year later.

You are not locked into any account. If another bank offers a better rate, you can open a new account there and transfer your money. There is no penalty for closing a savings account (unlike some checking accounts, which may charge a fee if you close within a certain period). Keep an eye on rates — sites like Bankrate update them daily, and you can set up alerts to notify you when rates change.

Some people maintain accounts at two or three banks to take advantage of promotional rates. A bank might offer 5% APY for the first three months to new customers, then drop to 4% after that. Once the promotional period ends, you can move your money to another bank running a new promotion. This requires more attention but can maximize your earnings.

Frequently Asked Questions

Is my money safe in an online bank?

Yes, as long as the bank is FDIC-insured. Check the bank's website for the FDIC logo or search the FDIC's Bank Find tool online. Your deposits are insured up to $250,000 per account owner, per bank. Online banks are regulated the same way as traditional banks — they just have no physical branches.

Can I deposit cash into a high-yield savings account?

Most online banks cannot accept cash deposits directly. You would need to deposit cash into a Chase account (or another bank with branches), then transfer the money electronically to your high-yield account. Some online banks partner with ATM networks or retail locations where you can deposit cash, so check before you open an account if this matters to you.

What happens if the online bank fails?

Your money is protected by FDIC insurance up to $250,000. If the bank fails, the FDIC takes over and either transfers your account to another bank or sends you a check. This has happened only a handful of times in recent decades, and depositors have always been protected.

Can I have a high-yield savings account and a Chase savings account at the same time?

Yes. Many people do this — they keep a Chase savings account for small amounts they might need quickly, and a high-yield account elsewhere for longer-term savings. There is no rule against having accounts at multiple banks.

How much should I keep in Chase versus a high-yield account?

A common approach is to keep one to three months of expenses in Chase (for emergencies and bills), and put everything else into the high-yield account. The exact amount depends on your situation — if your job is unstable, keep more in Chase; if you have a steady income and a credit card for emergencies, you can keep less.