Chase does not currently offer a dedicated high-yield savings account

Chase, one of the largest banks in the United States, does not have a product marketed as a high-yield savings account. Their standard savings accounts—including the Chase Savings Account and Chase Premier Savings Account—pay rates well below what you would find in a high-yield account elsewhere. As of now, Chase's savings rates typically range from 0.01% to 0.04% annual percentage yield (APY), depending on your account type and balance.

If you bank with Chase and want access to higher rates, you have two main paths: move money to an external high-yield savings account while keeping your checking account at Chase, or switch your savings to a different bank altogether. Many people do the first option—they keep their primary checking account at Chase for convenience and branch access, then hold their savings in a high-yield account at an online bank.

Chase's reasoning for not offering a high-yield product is straightforward: they operate thousands of physical branches and employ tens of thousands of people. Those costs are built into their business model. Online banks with no branches can pass savings directly to customers through higher rates. Chase prioritizes convenience and service over rate competitiveness in their savings products.

Key Takeaways

  • Chase savings accounts currently pay 0.01% to 0.04% APY, which is significantly lower than high-yield accounts at online banks.
  • You can keep your Chase checking account for everyday banking and move savings to a high-yield account at another institution without closing your Chase relationship.
  • Online banks offer higher rates because they have no physical branches and lower operating costs than traditional banks like Chase.
  • If you want both high rates and branch access, you would need to use Chase for checking and a separate bank for savings.

Why Chase's savings rates lag behind online banks

Chase operates approximately 4,700 branches and 16,000 ATMs across the country. Maintaining that physical footprint costs billions annually—real estate, staff, security, utilities. Those expenses get passed to customers through lower interest rates on savings products. When a bank has fewer overhead costs, it can afford to pay depositors more.

Online banks like Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings have no branches. They operate from a handful of data centers and employ customer service staff who work remotely. That structural difference allows them to offer rates that are often 10 to 20 times higher than Chase's rates on the same type of account.

Chase's strategy is not to compete on rate—it's to compete on convenience. Many customers value having a physical location to visit, the ability to deposit cash at a branch, and the option to speak with someone in person. Chase charges for that convenience by paying lower rates on savings.

How to move money from Chase to a high-yield account

If you decide to open a high-yield savings account elsewhere while keeping your Chase checking account, the process is straightforward. You do not need to close your Chase account or move your paycheck. You simply open a new account at the bank offering the higher rate, then transfer money between the two accounts.

Most banks allow you to link external accounts and move money electronically. You can set up an Automated Clearing House (ACH) transfer from your Chase account to your new high-yield account. This typically takes one to three business days. Alternatively, you can withdraw cash from Chase and deposit it at the new bank, though this is slower and less convenient.

Some high-yield savings accounts require a minimum opening deposit—often $0 to $25, though this varies. Check the specific bank's requirements before you open. Once the account is open and funded, you can leave your money there earning a higher rate while your Chase checking account remains active for everyday spending and bill payments.

Chase savings products currently available

Chase offers two main savings account options: the Chase Savings Account and the Chase Premier Savings Account. The Premier version requires a higher minimum balance (typically $10,000 to $25,000 depending on your region) and pays a slightly higher rate, but still nowhere near high-yield levels. Both accounts charge a monthly service fee if you fall below the minimum balance requirement, though the fee can be waived if you maintain the balance or set up direct deposit.

Chase also offers Money Market Accounts, which function similarly to savings accounts but may offer slightly different rate structures and check-writing privileges. Like their savings accounts, these rates are not competitive with high-yield options. Chase's focus with these products is stability and access, not rate maximization.

If you want to stay within the Chase ecosystem and earn slightly more than their standard savings rate, a Money Market Account is your best option. However, the difference is minimal—you are still looking at rates well below what online banks offer.

Comparing Chase to banks that do offer high-yield savings

Several major financial institutions now offer high-yield savings accounts. Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Synchrony Bank all offer rates that are typically 4% to 5% APY or higher, depending on market conditions. These rates change frequently—they move up and down with Federal Reserve policy—but the gap between Chase and these competitors remains substantial.

The trade-off is access. With an online bank, you cannot walk into a branch or deposit cash directly. You manage everything through a website or mobile app. For many people, this is not a problem—they rarely use branches anyway. For others, the lack of physical locations is a dealbreaker.

A hybrid approach works well for many savers: keep your primary checking account at Chase for its branch network and ATM access, then open a high-yield savings account at an online bank for the money you are saving. You transfer money between them as needed, and your savings earn a rate that is actually competitive.

What to consider before moving your savings elsewhere

Before you open a high-yield account at another bank, think about how often you need to access your savings. High-yield savings accounts are designed for money you want to keep safe and earning interest, not for frequent withdrawals. Federal regulations once limited savings account withdrawals to six per month, though that rule has been relaxed. Still, high-yield accounts are best used for true savings—an emergency fund, a down payment fund, or money set aside for a specific goal.

Also consider FDIC insurance. Chase is FDIC-insured up to $250,000 per account type per depositor. Most online banks offering high-yield savings are also FDIC-insured at the same level. Verify this before you open an account—it matters for your protection if the bank fails.

Finally, think about your overall banking relationship. If you have multiple Chase products—checking, credit cards, loans—you might get relationship benefits like fee waivers or rate discounts on other products. Moving your savings to another bank does not affect those benefits, but it is worth understanding what you have before you make changes.

Frequently Asked Questions

Can I keep my Chase checking account and move only my savings?

Yes. You can open a high-yield savings account at another bank and leave your Chase checking account open. Many people do this—they use Chase for checking and bill payments, and keep their savings in a higher-rate account elsewhere. There is no requirement to close your Chase account or move your paycheck.

Will moving money to another bank affect my credit score?

No. Opening a savings account and transferring money between banks does not affect your credit score. Credit scores are based on credit activity—loans, credit cards, payment history—not on where you keep your savings. You can move money freely without any credit impact.

How often do high-yield savings rates change?

High-yield savings rates change frequently, usually in response to Federal Reserve policy decisions. When the Fed raises or lowers its benchmark rate, banks adjust their savings rates within days or weeks. Rates can go up or down, so the rate you see when you open an account may not be the same six months later. Check your bank's website regularly to see current rates.

What is the minimum deposit to open a high-yield savings account?

Most online banks offering high-yield savings require $0 to $25 to open an account. Some require no minimum at all. Check the specific bank's requirements before you apply. Once the account is open, you can deposit as much or as little as you want, though some banks may have maximum deposit limits or require a minimum balance to earn the advertised rate.

Is my money safe in an online bank?

If the online bank is FDIC-insured, your money is protected up to $250,000 per account type per depositor, the same as at Chase. FDIC insurance covers deposits if the bank fails. Nearly all online banks offering high-yield savings are FDIC-insured. Verify this on the bank's website or by checking the FDIC's bank search tool before you open an account.