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

Chase, one of the largest banks in the United States, does not have a dedicated high-yield savings account product. Instead, Chase offers a regular savings account called the Chase Savings Account, which pays a much lower interest rate than what you would find in a high-yield savings account at other banks or online-only institutions.

If you are a Chase customer looking for higher interest on your savings, you have two realistic paths: keep your money in Chase's regular savings account and accept the lower rate, or move some or all of your savings to another bank that does offer a high-yield product. Many people do both — they keep a checking account at Chase for everyday banking and move their savings to a different institution where the interest rate is substantially higher.

Chase's decision to not offer a high-yield savings account reflects a broader pattern among large traditional banks. These banks rely on customer loyalty, branch networks, and checking account relationships rather than competing on savings rates. Online banks and some credit unions have built their entire business model around offering high rates on savings, so they can afford to pay more.

Key Takeaways

  • Chase offers a regular savings account, not a high-yield savings account, and the interest rate is significantly lower than what competing banks pay.
  • Your Chase savings account rate will vary based on your account type and balance, but it will remain well below rates offered by online banks and credit unions.
  • You can keep a Chase checking account for everyday banking while moving your savings to another institution that pays higher interest.
  • If you want to stay within the Chase ecosystem, you could explore whether Chase offers any promotional rates or special savings products, though these are typically temporary and limited.

What Chase savings accounts actually pay

Chase's regular savings account pays an interest rate that changes based on market conditions and your account balance. The rate is typically in the range of 0.01% to 0.04% annually, though this varies and can change without notice. To find your exact current rate, you would need to log into your Chase account online or call Chase customer service, because the rate is not always published on their website.

For comparison, high-yield savings accounts at other banks currently pay rates that are roughly 10 to 20 times higher. If you had $10,000 in a Chase savings account earning 0.01%, you would make about $1 per year. The same $10,000 in a high-yield account earning 4% to 5% would earn $400 to $500 per year. That difference compounds over time, especially if you are building savings over several years.

Chase does occasionally run promotional offers on savings accounts — for example, a temporary boost to the interest rate for new customers or existing customers who meet certain conditions. These promotions are usually time-limited and come with specific requirements, so they are worth checking on if you are a Chase customer, but they do not represent a permanent high-yield option.

Why Chase does not compete on savings rates

Large traditional banks like Chase have different business priorities than online banks. Chase makes money primarily through lending — mortgages, auto loans, credit cards, and business loans. They use customer deposits to fund those loans, but they do not need to pay high interest rates to attract deposits because they already have millions of customers with established relationships.

Online banks, by contrast, have no branch network and no existing customer base. To attract deposits, they have to offer something traditional banks do not: much higher interest rates. They can afford to do this because they have lower operating costs — no physical branches, no tellers, no regional offices. That cost advantage gets passed to customers in the form of higher rates.

Chase's strategy is to keep customers through convenience and service, not through rate competition. If you use Chase for your checking account, payroll direct deposit, and credit card, you are likely to keep your savings there too, even if the rate is lower. Chase is betting on that loyalty, and for many customers, that bet pays off — the convenience of having everything in one place is worth a slightly lower rate.

Your options if you want higher savings rates

If you want to earn a higher interest rate on your savings, you have several realistic choices. You can open a high-yield savings account at an online bank like Marcus, Ally, American Express Personal Savings, or Discover. These accounts typically require no minimum balance, charge no monthly fees, and allow you to withdraw your money whenever you need it — they function exactly like a regular savings account, just with a much higher rate.

You can also explore credit unions, which sometimes offer high-yield savings accounts to their members. Credit union rates vary widely depending on the institution, so you would need to check with credit unions in your area or credit unions you are may be able to access to join based on your employer or other affiliations.

Many people use a hybrid approach: they keep a Chase checking account for direct deposit and everyday spending, and they keep a high-yield savings account at a different bank for their emergency fund or other savings goals. Money moves between the accounts easily through transfers, and you get the best of both worlds — Chase's convenience for checking and a competitive rate for savings.

How to move money from Chase to another bank

If you decide to open a high-yield savings account elsewhere, transferring your money from Chase is straightforward. Most banks allow you to set up an external transfer using your Chase account routing number and account number. You provide those details to the new bank, and they pull the money from your Chase account into your new savings account.

The transfer typically takes one to three business days. During that time, the money is in transit and you cannot access it from either account. Once it arrives at the new bank, it is yours to use or leave sitting and earning interest.

You do not have to close your Chase savings account to do this. You can leave it open with a small balance, or you can close it once the transfer is complete. Closing a savings account has no penalty at Chase — you simply contact them and ask them to close it, or you can do it through their online banking portal.

What happens to your Chase savings account if you do not use it

If you leave money in a Chase savings account and do not touch it, nothing negative happens. Chase will not close the account for inactivity, and you will not be charged a monthly fee. The money will simply sit there earning whatever the current interest rate is, which will likely be very low.

Chase will continue to send you statements and account information. If you ever need to access the money, it is there. The main cost to you is the opportunity cost — the interest you could have earned if the money had been in a higher-paying account elsewhere.

Frequently Asked Questions

Does Chase have any savings account that pays more than their regular savings account?

Chase occasionally runs promotional rates on their regular savings account for new customers or customers who meet specific conditions, but these are temporary. Chase does not have a permanent high-yield savings account product. You would need to check Chase's current promotions or contact them directly to see if any special rates are available to you right now.

Can I earn more interest by putting money in a Chase money market account instead?

Chase does offer money market accounts, which sometimes pay slightly higher rates than their regular savings accounts, but the difference is usually small — often just a fraction of a percent. The rates are still far below what you would earn in a high-yield savings account at another bank. Money market accounts also typically require a higher minimum balance to open.

If I move my savings to another bank, will it affect my Chase checking account or credit score?

No. Opening a savings account at another bank and transferring money there will not affect your Chase checking account or your credit score. Your credit score is based on your borrowing and repayment history, not on where you keep your savings. You can keep your Chase checking account active while moving your savings elsewhere.

What if I want to keep all my money at one bank?

If you prefer to keep everything at one institution, you can certainly do that. Your money will be safe at Chase, and you will have the convenience of managing everything in one place. The trade-off is that you will earn a much lower interest rate on your savings than you would at a bank that specializes in high-yield products. That is a choice only you can make based on what matters more to you — convenience or rate.

How often does Chase change their savings account interest rate?

Chase can change their savings account rate at any time without notice. Rates typically move when the Federal Reserve changes its benchmark interest rate, but banks do not always pass those changes directly to customers. You can check your current rate by logging into your Chase account online or calling their customer service line.