Chase does not offer a dedicated high-yield savings account
Chase, one of the largest banks in the United States, does not have a high-yield savings account in its standard consumer product lineup. Their regular savings accounts earn little to no interest — often 0.01% annual percentage yield (APY) or less, depending on the account type and your balance. If you bank with Chase and want a higher rate, you have two realistic paths: move money to an online bank that specializes in high-yield savings, or look at what Chase does offer that comes closest.
Chase's lack of a high-yield product reflects a broader pattern among large brick-and-mortar banks. They rely on branch networks and checking account customers, so they do not need to compete aggressively on savings rates. Online-only banks, which have no physical locations and lower overhead, can afford to pay much higher rates — often 4% to 5% APY or more, depending on the current interest rate environment.
Key Takeaways
- Chase savings accounts earn 0.01% APY or less, which is far below what online banks currently offer for high-yield savings.
- Chase does offer money market accounts that pay slightly higher rates than savings accounts, though still well below high-yield competitors.
- If you want to stay with Chase, a money market account is your best option within their product range.
- Moving your high-yield savings to an online bank like Marcus, Ally, or American Express Personal Savings will earn you significantly more interest on the same balance.
What Chase savings accounts actually earn
Chase offers several savings products: the Chase Savings Account, Chase Premier Savings Account, and Chase Sapphire Preferred Savings Account. All of them earn minimal interest. The standard Chase Savings Account earns 0.01% APY on all balances. The Premier Savings Account, which requires a higher opening deposit and minimum balance, earns a slightly higher rate — but still typically under 0.05% APY. The Sapphire version, tied to their premium checking account, offers a marginally better rate but remains far below market rates for high-yield savings.
To put this in perspective: if you keep $10,000 in a Chase savings account earning 0.01% APY, you would earn about $1 per year. The same $10,000 in a high-yield savings account earning 4.5% APY would earn $450 per year. That difference compounds over time, especially if you add to the account regularly.
Chase money market accounts as an alternative
Chase does offer money market accounts, which are a step above regular savings accounts but still not competitive with true high-yield savings. A Chase money market account typically earns a rate somewhere between their savings and checking products — often in the range of 0.01% to 0.10% APY, depending on your balance tier and current market conditions. Money market accounts usually require a higher minimum balance to open (often $2,500 or more) and may limit the number of withdrawals you can make per month.
The advantage of a Chase money market account is that it stays within your existing Chase relationship — one login, one statement, easier to manage if you already use Chase for checking. The disadvantage is that the rate still lags significantly behind online high-yield savings accounts. Unless convenience and consolidation are your primary concerns, a money market account at Chase is not a strong choice for earning interest on savings.
Why online banks pay more
Online banks can offer high-yield rates because they operate with lower costs. They have no physical branches, no tellers, no regional offices. Their overhead is a fraction of what Chase spends. When the Federal Reserve raises interest rates, online banks pass those increases to customers quickly because they need to attract deposits to grow. Chase, with a massive existing customer base and branch network, does not need to compete on rate to keep deposits flowing in.
This is not a criticism of Chase — it is a structural difference. If you value having a physical branch where you can deposit cash or speak to someone in person, that convenience has a cost, and that cost includes lower interest rates. If you do not need branches and can manage your money online, you can earn substantially more elsewhere.
How to move money from Chase to a high-yield account
If you decide to open a high-yield savings account elsewhere, you do not have to close your Chase account. Many people keep a Chase checking account for everyday spending and bill pay, then move savings to a higher-paying institution. To transfer money, you can use external transfer (also called ACH transfer), which is free and takes 1 to 3 business days. You will need your Chase account number and routing number, which you can find on a check or in your Chase online banking portal.
Most online banks make it simple to link your Chase account and pull money in. You provide your Chase login credentials or account details, and the online bank handles the transfer. Some online banks offer a small cash bonus if you transfer in a certain amount within a set timeframe — worth checking when you are comparing options. The process is straightforward and carries no penalty from Chase for moving money out.
Comparing Chase to actual high-yield options
Here is how Chase stacks up against banks that specialize in high-yield savings:
| Bank | Account Type | Typical APY Range | Minimum Balance | FDIC Insured |
|---|---|---|---|---|
| Chase | Savings Account | 0.01% | $0 | Yes |
| Chase | Money Market Account | 0.01%–0.10% | $2,500 | Yes |
| Marcus by Goldman Sachs | High-Yield Savings | 4.0%–4.5% | $0 | Yes |
| Ally Bank | High-Yield Savings | 4.0%–4.5% | $0 | Yes |
| American Express Personal Savings | High-Yield Savings | 4.0%–4.5% | $0 | Yes |
All of these accounts are FDIC insured up to $250,000, so your money is equally protected whether you bank with Chase or an online competitor. The main trade-off is convenience versus rate. If you need a physical branch, Chase wins. If you want to earn meaningful interest on your savings, the online options are the clear choice.
Should you keep your Chase checking and move only savings?
Many people do exactly this: they keep a Chase checking account because Chase has branches everywhere, their debit card works at any ATM, and bill pay is straightforward. Then they move their savings to an online bank earning 4% or more. You can link the two accounts and transfer money between them whenever you need to. This approach gives you the convenience of Chase for daily banking and the interest rate of a high-yield account for money you are not spending right away.
The only real downside is managing two logins and two statements. Some people find that annoying; others do not mind. If you are serious about building savings and earning interest on that money, the extra step is worth it. Over a year or five years, the interest difference between Chase and a high-yield account adds up significantly.
Frequently Asked Questions
Does Chase have any account that earns high interest?
No. Chase's highest-earning consumer savings product is their money market account, which typically earns 0.01% to 0.10% APY. This is not competitive with high-yield savings accounts at online banks, which currently earn 4% to 5% APY. If earning interest is your goal, you will need to move your money outside of Chase.
Can I keep my Chase checking account and open a high-yield savings elsewhere?
Yes, absolutely. You can keep your Chase checking for everyday spending and link it to a high-yield savings account at another bank. Transfers between them take 1 to 3 business days and are free. Many people use this setup to get the best of both worlds: Chase's branch network and checking convenience, plus competitive interest rates on savings.
Will Chase penalize me for moving money to another bank?
No. Chase does not charge fees for transferring money out or closing a savings account. You can move your entire balance to another bank at any time without penalty. If you want to keep your Chase checking account open, you can do that separately.
What if I need to deposit cash into my high-yield savings account?
Online banks do not have branches, so you cannot deposit cash directly. If you need to deposit cash regularly, you can deposit it into your Chase checking account (at a branch or ATM), then transfer the money electronically to your high-yield savings account. This adds one extra step but is still simple and free.
Are high-yield savings accounts at online banks as safe as Chase?
Yes. Online banks like Marcus, Ally, and American Express are all FDIC insured, meaning your deposits are protected up to $250,000 just like they are at Chase. The FDIC insurance is the same regardless of which bank holds your money.