Chase does not currently offer a 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 around 0.01% to 0.02% depending on your balance tier—but neither product competes with what online banks and credit unions offer. If you want a savings account earning 4% to 5% APY, you will need to open an account elsewhere.
Chase's strength is in checking accounts and branch access, not in savings rates. The bank prioritizes customers who maintain multiple products and larger balances, but even then, the savings rate does not move. This matters because the difference between 0.01% and 4.5% on $10,000 is roughly $450 per year.
Key Takeaways
- Chase's savings account earns 0.01% APY and its money market account earns around 0.01% to 0.02%, both well below market rates for high-yield accounts.
- High-yield savings accounts earning 4% to 5% APY are offered by online banks like Marcus, Ally, and American Express Personal Savings, not by Chase.
- If you want to stay with Chase for checking and branch access, you can open a savings account there for convenience, but you will earn almost nothing on the balance.
- Moving money between a Chase checking account and a high-yield savings account at another bank takes one to two business days via ACH transfer.
- Some people keep a small emergency fund at Chase for when ready access and move larger amounts to a high-yield account elsewhere for actual growth.
Why Chase savings rates lag behind the market
Chase sets its rates based on what it costs the bank to borrow money and what it can earn by lending. Because Chase has massive branch networks and brand recognition, it does not need to offer high rates to attract deposits. Customers come for the convenience and the checking account, and the bank keeps savings rates low to protect its lending margins.
Online banks like Marcus, Ally, and American Express have no branches and lower overhead, so they pass savings to depositors through higher rates. They compete almost entirely on yield. Chase competes on convenience and integration with checking—two different business models.
If you move your savings to a high-yield account elsewhere, you lose the ability to walk into a branch and withdraw cash the same day. For most people, that trade-off is worth $400 or $500 a year in extra interest. For others, the convenience of having everything at one bank matters more.
How to open a Chase savings account if you decide to stay
If you want a savings account at Chase anyway—perhaps to keep emergency money accessible or to simplify your banking—you can open one online, by phone, or in a branch. You will need a government-issued ID, your Social Security number, and an initial deposit (usually $0 to $25, depending on the account type).
Online: Go to chase.com, select "Open an Account," and choose "Savings Account." You will answer questions about your employment, income, and account purpose. The process takes about 10 minutes. Chase will verify your identity using information from credit bureaus and may ask follow-up questions. You can fund the account when ready from another bank account via ACH transfer, or deposit cash at a Chase branch.
By phone: Call Chase at 1-800-935-9935 and ask to open a savings account. A representative will walk you through the same questions and can often complete the process in one call. You will still need to fund the account afterward.
In branch: Bring your ID and Social Security number to any Chase branch. A banker will open the account on the spot and can take a cash deposit when ready. This is the fastest route if you want to fund the account the same day.
Moving money between Chase and a high-yield account
Once you have a high-yield savings account open elsewhere, you can move money between it and your Chase checking or savings account using an ACH transfer. This is a free electronic transfer that takes one to two business days.
From Chase to another bank: Log into your Chase account online or in the app. Select "Transfer Money," then "Transfer to Another Bank." Enter the receiving bank's name and your account number there. Chase will send a small test deposit (usually $0.01) to verify the account, then you can transfer larger amounts. After verification, transfers typically post within one business day.
From another bank to Chase: Log into the other bank's website or app and add your Chase account as an external account. You will enter your Chase routing number (typically 021000021 for most regions) and your Chase account number. That bank will send test deposits to verify, then you can transfer money back to Chase.
Some people set up a monthly automatic transfer—for example, moving $500 from Chase checking to a high-yield account on payday. This forces savings without requiring you to remember to do it manually.
The case for splitting your savings between Chase and elsewhere
Many people keep a small amount at Chase—$500 to $2,000—for true emergencies that need same-day cash access. They keep the rest in a high-yield account at another bank. This gives you the best of both: when ready access to some money, and real interest on the bulk of your savings.
The math is straightforward. If you keep $2,000 at Chase earning 0.01% and $8,000 at a high-yield account earning 4.5%, you earn roughly $360 per year on the $8,000 and almost nothing on the $2,000. If you kept all $10,000 at Chase, you would earn about $1 per year. The difference is worth the minor inconvenience of managing two accounts.
This strategy also protects you if Chase's systems go down or if you need cash outside business hours. A high-yield account at a different bank means you are not entirely dependent on one institution.
Comparing Chase to actual high-yield options
| Bank | Account Type | Current APY Range | Minimum Deposit | Branch Access |
|---|---|---|---|---|
| Chase | Savings Account | 0.01% | $0–$25 | Yes, nationwide |
| Chase | Money Market Account | 0.01%–0.02% | $2,500 | Yes, nationwide |
| Marcus by Goldman Sachs | High-Yield Savings | 4.30%–4.50% | $0 | No |
| Ally Bank | High-Yield Savings | 4.20%–4.35% | $0 | No |
| American Express Personal Savings | High-Yield Savings | 4.30%–4.50% | $0 | No |
Rates change frequently and vary based on your balance and account type. The table above reflects typical ranges as of early 2024, but you should check each bank's website for current rates before opening an account. Online banks update rates more often than traditional banks because they compete directly on yield.
The gap between Chase and online banks has remained consistent for years. Even when the Federal Reserve raises interest rates, Chase's savings rates move slowly while online banks adjust within weeks. This is by design—Chase's business model does not depend on attracting deposits through high rates.
Frequently Asked Questions
Can I get a higher rate if I keep a large balance at Chase?
No. Chase does not offer tiered rates for savings accounts based on balance size. Your rate will be 0.01% whether you have $100 or $100,000 in the account. The money market account has slightly higher rates at higher balances, but the difference is minimal—typically 0.01% to 0.02% total.
Is my money safe in a high-yield account at another bank?
Yes, as long as the bank is FDIC-insured. Most online banks that offer high-yield savings are FDIC-insured, which means your deposits up to $250,000 are protected if the bank fails. Check the bank's website for their FDIC insurance statement before opening an account.
How long does it take to transfer money from Chase to a high-yield account?
ACH transfers typically take one to two business days. If you initiate a transfer on a Friday afternoon, it may not post until Tuesday. Some banks offer faster transfers for an additional fee, but standard ACH is free and sufficient for most people who are not moving money for an emergency.
What if I want to keep everything at Chase for simplicity?
You can open a Chase savings account and leave your money there. You will earn almost no interest, but you will have one login, one statement, and one customer service line. The trade-off is worth it to some people. Just know that you are giving up $400 to $500 per year in potential interest on a $10,000 balance.
Do I need a Chase checking account to open a savings account?
No. You can open a Chase savings account on its own. However, many people open both because Chase offers checking accounts with no monthly fee and no minimum balance, which makes them convenient to pair with savings.