Chase does not offer a dedicated high-yield savings account
Chase, one of the largest U.S. banks, does not have a product specifically branded as a high-yield savings account. The bank offers a Chase Savings Account and a Chase Premier Savings Account, but both pay rates far below what high-yield savings accounts typically offer elsewhere. As of early 2024, Chase's standard savings account paid around 0.01% annual percentage yield (APY), and the Premier version paid around 0.01% to 0.02% APY depending on your balance — rates that have not kept pace with inflation or with online banks' offerings.
If you are looking for a high-yield savings account, you will need to look outside Chase. Online banks and some credit unions offer rates that are 20 to 50 times higher than what Chase provides. The trade-off is that these accounts typically come without a physical branch network, though most offer mobile apps and phone support.
Key Takeaways
- Chase savings accounts pay around 0.01% to 0.02% APY, which is significantly lower than high-yield savings accounts offered by online banks.
- Chase does not market or offer a high-yield savings product, though the bank does offer checking and savings accounts with other features like overdraft protection.
- High-yield savings accounts from online banks typically require no minimum balance and allow unlimited transfers, unlike some traditional bank savings accounts.
- If you bank with Chase for checking, you can keep a savings account there for convenience while holding a high-yield account elsewhere for better returns on money you do not need immediate access to.
Why Chase's rates lag behind online banks
Chase maintains lower savings rates because it operates thousands of physical branches and ATMs across the country. The cost of staffing, maintaining, and securing these locations gets passed along as lower deposit rates. Online banks have no branch overhead, so they can offer higher rates to attract deposits.
Chase's business model also relies on deposits to fund loans — mortgages, auto loans, credit cards — at higher interest rates. The bank does not need to compete aggressively on savings rates because many customers stay for convenience, credit products, or employer direct deposit relationships. Online banks, by contrast, exist primarily to hold deposits and invest them, so they must offer competitive rates to survive.
What Chase savings accounts actually offer
Chase's Chase Savings Account requires a $25 minimum opening deposit and charges a $5 monthly service fee unless you maintain a $500 minimum balance or have a may have access to direct deposit. The account comes with debit card access, online banking, and the ability to link to a Chase checking account for transfers.
The Chase Premier Savings Account is designed for customers with higher balances. It requires a $25 opening deposit and has no monthly fee, but the rate structure is tiered — you earn slightly more on balances above certain thresholds. Even with the tier structure, the rates remain well below 1% APY.
Both accounts allow six transfers or withdrawals per month before Chase charges a fee, though this limit is less restrictive than it once was. You can visit any Chase branch to deposit cash or speak with a banker about your account.
Better alternatives if you want high-yield savings
Online banks like Marcus, Ally, American Express Personal Savings, and Capital One 360 offer rates between 4% and 5% APY on savings accounts with no monthly fees and no minimum balance requirements. Credit unions sometimes offer competitive rates as well, particularly if you are a member of a larger institution.
These accounts work the same way as Chase savings accounts — your money is FDIC-insured up to $250,000, you can transfer funds online, and you earn interest daily. The main difference is that you cannot walk into a physical location to deposit cash, though most allow mobile check deposit and transfers from external accounts.
If you need both a checking account and savings account, you can open a high-yield savings account at an online bank while keeping your Chase checking account. Many people do this to earn better returns on savings while maintaining the convenience of Chase's branch network for checking deposits and withdrawals.
When it might make sense to keep money at Chase
If you hold only small amounts in savings — under $1,000 — the difference between Chase's 0.01% and a high-yield account's 4.5% is a few dollars per year. The convenience of having everything in one place may outweigh the minimal interest loss.
Chase also offers other products that might justify keeping an account there: a checking account with no monthly fee, a credit card with rewards, or a mortgage. If you already have a relationship with Chase and rarely move money between accounts, the friction of opening a separate high-yield account elsewhere may not be worth the effort for very small balances.
However, if you are saving $5,000 or more, the interest difference becomes meaningful. At Chase's 0.01% rate, $5,000 earns about 50 cents per year. At a 4.5% high-yield rate, the same $5,000 earns $225 per year — a real difference worth capturing.
How to compare Chase against high-yield options
When deciding whether to move savings out of Chase, calculate your actual earnings at each rate. Multiply your savings balance by the APY offered, then subtract Chase's earnings from the alternative. That number is what you would gain by switching.
Also check whether the online bank you are considering offers FDIC insurance (most do, through partnerships with multiple banks), whether it allows transfers to and from external accounts without fees, and whether it has a mobile app you find easy to use. Read recent customer reviews on sites like Trustpilot or the Better Business Bureau to see whether people report problems with transfers or customer service.
Some people keep a small amount at Chase for emergency cash access at a branch and move the bulk of their savings to a high-yield account. Others use Chase for checking only and treat high-yield savings as their primary savings vehicle. Both approaches work — the key is being intentional about where your money sits and what rate it earns.
Frequently Asked Questions
Does Chase offer any account with a competitive savings rate?
No. Chase's highest-paying savings product is the Premier Savings Account, which still pays less than 0.1% APY. The bank does not compete on savings rates. If you want a competitive rate, you will need to open an account at an online bank or credit union.
Can I keep my Chase checking account and move savings elsewhere?
Yes. Many people maintain a Chase checking account for deposits and bill pay while holding a high-yield savings account at an online bank. You can transfer money between them online, and both accounts are FDIC-insured separately up to $250,000.
What happens to my money if I move it to an online bank?
Your deposits are protected by FDIC insurance up to $250,000, just as they are at Chase. Online banks use this insurance to attract deposits since they have no physical branches. Your money is as safe as it is at any traditional bank.
How long does it take to transfer money from Chase to a high-yield account?
Most transfers between banks take one to three business days. You can set up an external transfer through Chase's online banking or the receiving bank's website. Some online banks offer faster transfers if you link your accounts directly.
Will I lose access to my money if I move it to an online bank?
No. You can withdraw money from a high-yield savings account anytime through online transfers, mobile app, or by phone. There are no penalties for withdrawals, though some accounts limit the number of free transfers per month (usually six).