Chase does not currently offer a high yield savings account
Chase's standard savings account earns 0.01% annual percentage yield (APY) on balances of any size. Their Money Market Account earns slightly more—currently 0.01% APY as well—but neither product is competitive with what other banks offer. If you want a savings account that actually earns interest, you will need to look elsewhere.
Chase's strength is in checking accounts, debit cards, and branch access. If you already bank with Chase and want to keep your primary account there, you can open a savings account for other purposes—moving money between accounts, holding emergency funds, or saving toward a goal—but understand that the interest earned will be minimal. The account itself is free to open and maintain.
Key Takeaways
- Chase savings accounts and money market accounts currently earn 0.01% APY, which is far below what online banks and credit unions offer.
- You can open a Chase savings account online, by phone, or in person at a branch, and it takes about 10 minutes if you already have a Chase checking account.
- If you want meaningful interest on savings, you will need to compare accounts at online banks like Marcus, Ally, or American Express, which currently offer rates between 4% and 5% APY.
- Chase savings accounts have no monthly fees, no minimum balance requirements, and no restrictions on how often you withdraw money.
How to open a savings account at Chase if you already have a checking account
If you already have a Chase checking account, opening a savings account takes about 10 minutes online. Log into your Chase account, go to the Accounts section, and select "Open a New Account." Choose "Savings Account" from the product list. You will confirm your personal information (name, address, Social Security number), choose whether you want a regular savings account or a Money Market Account, and set an initial deposit amount. The account opens when ready and you can transfer money into it from your existing Chase checking account right away.
You can also open a savings account by phone by calling Chase customer service at 1-800-935-9935, or by visiting a Chase branch in person. The phone and branch routes take longer—typically 20 to 30 minutes—but do not require you to navigate the website. If you do not have a Chase checking account yet, you will need to open that first; Chase does not allow you to open a savings account as your only account.
What you need to open the account
You will need your Social Security number, a government-issued ID (driver's license or passport), your current address, and a phone number. If you are opening the account online, have your Chase username and password ready. If you are opening it in person or by phone, bring or have your ID information available.
For the initial deposit, Chase requires a minimum of $0—you can open the account with no money and deposit later. However, if you want to move money into the account when ready, you can transfer from your Chase checking account, or you can fund it with a debit card or bank transfer from another bank. Transfers from outside banks typically take one to three business days to appear.
Why the interest rate matters when choosing where to save
The difference between 0.01% APY and 4.5% APY is substantial over time. On $10,000 in a Chase savings account earning 0.01%, you would earn $1 per year. The same $10,000 in an account earning 4.5% would earn $450 per year. Over five years, that difference compounds to roughly $2,250 in lost interest.
Interest rates change based on what the Federal Reserve does with its benchmark rate. When rates are high, the gap between Chase and online banks is wider. When rates fall, all accounts earn less, but online banks still typically pay more. If you are saving money you do not plan to touch for months or years, the interest rate is the most important factor in choosing where to keep it.
Comparing Chase to banks that actually offer high yield savings
| Bank | Account Type | Current APY | Minimum Balance | How to Open |
|---|---|---|---|---|
| Chase | Savings Account | 0.01% | $0 | Online, phone, or branch |
| Marcus by Goldman Sachs | High Yield Savings | 4.50% | $0 | Online only |
| Ally Bank | Online Savings | 4.50% | $0 | Online only |
| American Express Personal Savings | High Yield Savings | 4.40% | $0 | Online only |
| Capital One 360 | Money Market Account | 4.40% | $0 | Online only |
All of these accounts are FDIC-insured up to $250,000, just like Chase. The main trade-off is that online-only banks have no physical branches—you cannot walk in to deposit cash or speak to someone in person. If you need branch access, some credit unions and regional banks offer rates between 3% and 4.5% APY and have physical locations. Your own bank or credit union may offer a high yield savings product; it is worth asking.
What happens after you open the account
Once your Chase savings account is open, you can transfer money into it from your Chase checking account when ready, or from other banks within one to three business days. You can withdraw money the same way—transfers to your checking account are when ready, and transfers to other banks take one to three business days. There is no limit on how many times you can withdraw per month, though some banks do restrict this; Chase does not.
Your account will show up in your Chase online banking dashboard alongside your checking account. You can set up automatic transfers if you want to move a fixed amount each week or month. The account statement will show all deposits, withdrawals, and interest earned. Interest is calculated daily and deposited monthly, usually on the last business day of the month.
Frequently Asked Questions
Can I transfer money from my Chase savings account to another bank?
Yes. You can set up an external transfer to any bank account in your name. The transfer takes one to three business days. You can also move money when ready to your Chase checking account, then transfer from there if you need it faster.
What is the difference between Chase's savings account and money market account?
Both earn 0.01% APY. The money market account comes with a debit card and checkbook, making it more like a checking account. The savings account does not. Choose the savings account unless you need to write checks or use a debit card from that account.
Will opening a savings account affect my credit score?
No. Opening a savings account is not a credit inquiry. Chase will verify your identity and check for fraud, but this does not appear on your credit report or affect your score.
Can I have multiple savings accounts at Chase?
Yes. You can open as many savings accounts as you want. Some people open separate accounts for different goals—one for an emergency fund, one for a vacation, one for a down payment. Each account earns the same 0.01% APY.
What if I want to move my savings to a higher-rate account later?
You can close your Chase savings account anytime with no penalty. Transfer your money out first, then request closure online, by phone, or at a branch. The process takes a few minutes.