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 (HYSA). Their standard savings accounts earn minimal interest — typically well below 1% annual percentage yield (APY) — which is far lower than what online banks and some credit unions currently offer.

If you bank with Chase and want higher interest on savings, you have two main paths: move your money to an institution that offers a HYSA, or keep some funds at Chase while opening a separate HYSA elsewhere. Many people do both, using Chase for checking and bill pay while keeping emergency savings or other goals in a higher-rate account.

Key Takeaways

  • Chase savings accounts earn less than 0.5% APY, which means your money grows very slowly compared to accounts earning 4% to 5% or higher.
  • You can open a HYSA at a different bank without closing your Chase account — many people maintain both for different purposes.
  • Online banks like Marcus, Ally, and American Express Personal Savings typically offer the highest rates and have no monthly fees.
  • If you want to stay within the Chase ecosystem, their money market accounts earn slightly more than savings accounts but still lag behind true HYSAs.
  • Moving money between Chase and an outside HYSA takes one to three business days, so plan ahead if you need quick access to funds.

Why Chase's savings rates are lower than HYSAs

Chase keeps savings rates low because they make money from lending — mortgages, auto loans, credit cards — not from paying you interest on deposits. They can afford to offer minimal rates because they have millions of customers who keep money there for convenience, brand recognition, or because they already have a Chase checking account.

Online banks, by contrast, have no physical branches and lower overhead costs. They compete almost entirely on interest rate, so they pass along more of what they earn to depositors. This is why a Chase savings account earning 0.01% APY and an online HYSA earning 4.5% APY can feel like completely different products — they are, even though both are insured by the FDIC up to $250,000.

What Chase does offer for higher returns on savings

Chase has a money market account (MMA) that typically earns more than their savings account, though the rate still lags behind most HYSAs. Money market accounts come with a debit card and check-writing privileges, which savings accounts do not, but the trade-off is that you may face limits on how many withdrawals you can make per month.

Chase also offers certificates of deposit (CDs), where you lock money away for a set term — three months, one year, five years — in exchange for a fixed rate. CD rates at Chase are usually higher than their savings rate but often lower than what online banks offer. CDs make sense if you know you will not need the money for a specific period and want a may provide return.

How to move money from Chase to a HYSA

Opening a HYSA at another bank does not require you to close your Chase account. You can keep your Chase checking account for everyday spending and bill pay, then transfer money to your HYSA when you want to set it aside for savings.

To link the accounts, you will provide your new HYSA bank with your Chase routing number and account number. Most banks can pull money directly from Chase (called an ACH transfer), which takes one to three business days. Some HYSAs also let you push money from Chase's website by adding the HYSA as an external account. Once linked, you can move money back and forth as needed.

Which banks offer HYSAs if you leave Chase

Online banks dominate the HYSA market because they have the lowest costs. Marcus (owned by Goldman Sachs), Ally Bank, American Express Personal Savings, and Wealthfront Cash Account are among the most common choices. Rates change frequently — sometimes weekly — so the highest rate today may not be the highest next month. Most of these banks have no monthly fees, no minimum balance requirements, and FDIC insurance.

Some credit unions also offer HYSAs, though rates vary widely by institution. If you are a member of a credit union, it is worth checking their current rate. A few traditional banks like Ally (which is online-only) and some regional banks have added HYSAs to compete, but Chase has not.

Reasons to keep money at Chase despite lower rates

Even though Chase savings rates are low, some people keep funds there because of convenience or because they use Chase for other services. If you have a Chase mortgage, auto loan, or business account, consolidating everything in one place can simplify your finances. Chase also has thousands of branches and ATMs nationwide, which matters if you need to deposit cash or withdraw large amounts in person.

The interest rate difference only matters if you have money sitting in savings. If you are not saving much, or if you value the convenience of one bank, the lower rate may not be worth the hassle of opening another account. But if you have several thousand dollars in a Chase savings account earning almost nothing, moving it to a HYSA could earn you hundreds of dollars per year with no additional effort after the initial transfer.

Frequently Asked Questions

Can I have a Chase checking account and a HYSA somewhere else at the same time?

Yes. You can keep your Chase checking account for daily spending and bills, then open a HYSA at another bank for savings. Many people do this because it separates their spending money from their savings, making it harder to accidentally spend money set aside for emergencies or goals.

How much more money would I earn in a HYSA versus Chase savings?

It depends on how much you save and what the current rates are. If you have $10,000 in a Chase savings account earning 0.01% APY, you would earn about $1 per year. In a HYSA earning 4.5% APY, you would earn about $450 per year — a difference of $449. The higher your balance, the bigger the difference.

Do I need to close my Chase account to open a HYSA?

No. You can open a HYSA at any bank without touching your Chase account. The two accounts are completely separate and can coexist. You would only close Chase if you decided to move all your banking elsewhere.

What if I need my money quickly from a HYSA?

Transfers from a HYSA back to Chase take one to three business days, the same as any ACH transfer. If you need cash immediately, you would need to withdraw from an ATM or visit a branch at the HYSA's bank. Most online banks have ATM networks or reimburse ATM fees, but it is not as convenient as walking into a Chase branch.

Are HYSAs at other banks as safe as Chase?

Most HYSAs are FDIC-insured up to $250,000, just like Chase accounts. This means if the bank fails, your money is protected by the federal government. Online banks like Marcus and Ally are FDIC-insured. Before opening an account, check that the bank displays the FDIC logo or states its insurance coverage on their website.