Chase does not offer a standalone high-yield savings account

Chase Bank does not have a dedicated high-yield savings account product. The bank's standard savings accounts — including its basic savings account and money market accounts — carry rates well below what you will find at online banks or credit unions. As of early 2024, Chase's savings rates typically range from 0.01% to 0.04% annual percentage yield (APY), depending on the account type and your balance.

If you bank with Chase for checking or other services, you may be tempted to keep savings there for convenience. But that convenience costs you real money. A high-yield savings account at an online bank might pay 4% to 5% APY on the same balance. On $10,000, that difference amounts to $400 to $500 per year in lost interest.

Key Takeaways

  • Chase's savings accounts pay 0.01% to 0.04% APY, which is far below the rates offered by online banks and credit unions.
  • Chase offers no high-yield savings product, even for customers with large balances or premium account tiers.
  • You can keep a checking account at Chase while holding your savings elsewhere without penalty or account closure.
  • The difference between Chase's rate and a high-yield account's rate compounds significantly over time, especially on balances above $5,000.

What Chase actually offers for savings

Chase provides two main savings vehicles: a basic savings account and a money market account. Both are FDIC-insured up to $250,000, which is the same protection you get at any bank. The insurance protects your principal, but it does not protect you from earning almost nothing on your money.

Chase's money market account requires a higher opening balance — typically $2,500 — and offers slightly better rates than the basic savings account, but still nowhere near competitive with the market. There is no tiered rate structure that rewards larger deposits with higher yields. Whether you have $1,000 or $100,000 in a Chase savings account, you earn the same low rate.

Why Chase keeps rates low

Chase is a brick-and-mortar bank with thousands of branches, ATMs, and employees. Those physical locations cost money to maintain. The bank funds its operations partly through the spread between what it pays depositors and what it charges borrowers. Keeping deposit rates low is one way Chase keeps its costs down and its profits up.

Online banks have no branches and no tellers. They pass those savings to customers in the form of higher deposit rates. Credit unions, which are member-owned rather than shareholder-owned, often do the same. Chase's business model does not require it to compete on deposit rates, so it does not.

How to compare Chase against real high-yield options

If you are deciding whether to move your savings, compare the actual numbers. Take your current balance and multiply it by the APY difference. If you have $25,000 in savings and Chase pays 0.02% while an online bank pays 4.5%, you are giving up roughly $1,125 per year. Over five years, that is $5,625 in foregone interest — money that would have been yours.

The comparison becomes even starker if you plan to save regularly. Someone who deposits $500 per month into a high-yield account earning 4.5% will have accumulated roughly $31,000 after five years, with about $2,500 of that from interest alone. The same deposits into a Chase account earning 0.02% would grow to about $30,000, with only $25 from interest.

Moving money out of Chase without closing your account

You do not have to close your Chase checking account to move your savings elsewhere. Many people keep a Chase checking account for its branch network and ATM access while holding savings at an online bank or credit union. You can transfer money between accounts at different banks using ACH transfers, which typically take one to three business days and cost nothing.

To set up an external transfer, log into your Chase account online, go to the transfer section, and add the external account details. You will need the routing number and account number from your high-yield savings account. Chase will verify the account with two small deposits, which takes a few days. After that, transfers are instant or next-day.

When keeping money at Chase might make sense

If your savings balance is very small — under $1,000 — the interest difference is negligible in dollar terms, and convenience might outweigh the loss. A $500 balance earning 0.02% versus 4.5% costs you about $22 per year, which is not worth the friction of managing accounts at two banks if you are not comfortable doing that.

You might also keep some money at Chase if you use its overdraft protection or other services that bundle with your checking account. But for any meaningful savings balance — $5,000 or more — the math strongly favors moving that money to a high-yield account elsewhere.

Frequently Asked Questions

Does Chase offer any promotional rates on savings accounts?

Chase occasionally runs limited-time promotions offering slightly higher rates for new savings accounts, typically 0.05% to 0.10% APY for a few months. These promotions are temporary and do not change the long-term rate structure. Even with a promotion, Chase's rates remain far below what online banks offer permanently.

Will Chase close my checking account if I move my savings elsewhere?

No. Moving your savings to another bank does not affect your checking account at Chase. The two are separate products, and you can maintain a Chase checking account indefinitely while keeping savings anywhere you choose.

What if I have a Chase Premier or Sapphire account — do those get better savings rates?

Chase's premium checking accounts like Sapphire come with perks like fee waivers and travel rewards, but they do not include higher savings rates. The savings account rates are the same across all customer tiers.

How long does it take to move money from Chase to a high-yield account?

The first transfer takes longer because Chase must verify the external account with two small deposits, which can take three to five business days. After that, transfers typically complete within one to three business days using standard ACH. Some online banks offer faster transfers if you link your Chase account directly.

Is my money safe in an online bank's high-yield savings account?

Yes, as long as the bank is FDIC-insured, which nearly all online banks are. FDIC insurance covers up to $250,000 per account holder per bank, the same as at Chase. Your principal is protected whether you earn 0.02% or 4.5%.