Chase does not currently offer a dedicated high yield savings account
Chase's standard savings accounts earn significantly less than what you'll find at online banks or credit unions. As of now, Chase does not have a product marketed as a high yield savings account. Their regular savings accounts typically earn rates well below 1%, while accounts at online-only banks often pay 4% to 5% or higher.
Chase is a brick-and-mortar bank with physical branches, and that operating model affects what they can afford to pay on deposits. They make money partly through the spread between what they pay you and what they charge borrowers. Online banks with no branches can pass savings to depositors through higher rates.
If you bank with Chase for checking or other services and want to keep everything in one place, you have limited options for earning meaningful interest. Your choices are to accept their lower rates, move savings to a separate institution, or look at what Chase does offer that might work for your situation.
Key Takeaways
- Chase savings accounts earn less than 1% annual interest, far below what online banks currently pay on high yield accounts.
- Chase has no high yield savings product, though they do offer money market accounts that may pay slightly more than regular savings.
- You can open a high yield savings account at a different bank while keeping your Chase checking account open.
- If you want to stay with Chase, a money market account is their closest alternative, though the rate will still lag behind online options.
What Chase savings accounts actually pay
Chase offers several savings products, but none are competitive with high yield accounts elsewhere. Their basic savings account earns a rate that changes based on market conditions and your account balance. Rates vary by region and account type, but they typically fall between 0.01% and 0.05% annually.
A Chase Money Market Account pays slightly more than their savings account, but still significantly less than online alternatives. The rate depends on your balance tier — higher balances earn a bit more, but even the top tier rarely reaches 1%. You also get a limited number of withdrawals per month before fees apply.
The practical difference matters. On $10,000 in a Chase savings account earning 0.01%, you'd make about $1 per year. That same $10,000 in a 4.5% high yield account at an online bank would earn roughly $450 annually. Over five years, that gap compounds.
Why Chase rates lag behind online banks
Chase maintains thousands of physical branches across the country. Those branches require staff, rent, utilities, and ongoing maintenance. Online banks have no branches, no tellers, and minimal physical infrastructure. That cost difference allows them to offer higher rates on deposits.
Chase also makes money by lending out customer deposits at higher rates than they pay you. With lower deposit rates, they can afford to charge less on mortgages and loans — or they can keep the wider spread as profit. Online banks operate on thinner margins and pass more of that to savers through higher rates.
Convenience and brand recognition also factor in. Many people stay with Chase because they can walk into a branch, talk to someone in person, or use their debit card at Chase ATMs nationwide. That convenience has a cost: lower interest rates on savings.
Moving money to a high yield account without closing Chase
You don't have to choose between Chase and a high yield account. You can keep your Chase checking account, debit card, and branch access while opening a savings account elsewhere. Many people do this — they use Chase for everyday banking and a separate online bank for savings.
Opening an account at an online bank takes 10 to 15 minutes. You'll need your Social Security number, a government ID, and proof of address. Most online banks let you link your Chase account and transfer money electronically. Transfers between banks typically take one to three business days.
This approach gives you the best of both worlds: you keep the convenience of Chase for checking and cash access, while your savings earn a competitive rate elsewhere. Your deposits at the online bank are still insured by the FDIC up to $250,000, just like at Chase.
Chase Money Market Account as an alternative
If you strongly prefer to keep all accounts at one bank, Chase's Money Market Account is their highest-paying savings product. It combines features of a savings account and a checking account — you get a debit card and limited check-writing ability, plus a slightly higher interest rate.
The catch is that you're limited to a certain number of withdrawals per month before fees kick in. Exceed that limit and Chase charges you per transaction. The rate is also tiered by balance, so you need a larger deposit to reach the highest tier. Even then, the rate will be lower than what online banks offer.
A Money Market Account makes sense if you rarely need to withdraw from savings and want to avoid managing multiple banks. For most people saving toward a goal, the rate difference between Chase and an online high yield account is large enough to justify opening a second account.
How to compare Chase to other options
When you're deciding where to keep savings, look at three things: the current interest rate, any monthly fees, and the FDIC insurance limit. All legitimate banks offer FDIC insurance up to $250,000 per account holder per institution, so that's equal across the board.
Check the rate Chase is currently offering on their Money Market Account. Then visit websites for online banks like Marcus, Ally, American Express Personal Savings, or Discover Bank to see what they're paying. The difference will likely be 3% to 4% annually — that's real money over time.
Also look at whether the online bank charges monthly fees, requires a minimum balance, or has other restrictions. Most high yield accounts have no monthly fees and no minimum balance requirement. If Chase charges a fee on their Money Market Account and the online bank doesn't, that widens the gap even more.
What happens to your money if you move it
Moving savings from Chase to another bank is safe and straightforward. Your money is insured by the FDIC at both institutions. During the transfer, your funds are in transit for one to three business days — they're still protected, just moving between banks.
You can transfer money electronically using your account numbers, or you can withdraw cash and deposit it elsewhere. Electronic transfer is faster and leaves a clear record. Once the money arrives at the new bank, it starts earning the higher rate immediately.
You can keep your Chase savings account open or close it. If you close it, make sure you've moved all the money out first and that you don't have any pending transactions. If you keep it open, you can use it as a backup account or for very short-term savings.
Frequently Asked Questions
Does Chase offer any account that earns more than 1%?
Chase's Money Market Account is their highest-paying option and may earn slightly above 1% on large balances, but rates vary by region and change frequently. Even at the top tier, it typically earns less than online high yield accounts. You'd need to check their current rates or call a branch to see what they're offering right now.
Can I open a high yield account at another bank if I already have a Chase account?
Yes. You can have accounts at multiple banks at the same time. Many people keep a Chase checking account for everyday use and open a high yield savings account elsewhere. There's no requirement to close one account to open another, and your deposits at each bank are separately insured by the FDIC.
Will moving money to another bank affect my credit score?
No. Opening a savings account or transferring money between banks does not show up on your credit report and does not affect your credit score. Credit scores are based on borrowing and repayment history, not on where you keep your savings.
What if I need to withdraw money quickly from a high yield account?
Online banks allow you to withdraw money anytime, but transfers to your Chase account take one to three business days. If you need cash immediately, you can use an ATM at the online bank's partner network or request a wire transfer, which is faster but may have a fee. For true emergency access, keeping some money in your Chase checking account makes sense.
Is my money safe at an online bank?
Yes, as long as the bank is FDIC-insured. Check the bank's website or the FDIC's bank search tool to confirm. Your deposits are insured up to $250,000 per account holder per bank, the same as at Chase. Online banks are regulated by the same federal agencies as traditional banks.