Chase does not offer a standalone high yield savings account, but it does offer two savings products with rates higher than its standard savings account

Chase's main savings product is the Chase Savings Account, which carries a very low interest rate — typically well below 0.01% annual percentage yield (APY). The bank does not have a separate account branded as "high yield." However, Chase offers the Chase Performance Savings Account and the Chase Preferred Savings Account, both of which pay higher rates than the standard savings account, though their rates remain lower than what many online-only banks offer.

The Performance Savings Account is available only to customers who maintain a Chase checking account and meet a monthly direct deposit requirement. The Preferred Savings Account requires a higher opening deposit and also ties to a Chase checking account. Neither account is marketed as "high yield," and both rates change frequently based on market conditions and Federal Reserve decisions.

Key Takeaways

  • Chase offers the Performance Savings Account and Preferred Savings Account, both paying more than the standard Chase savings account, but neither is called a high yield account.
  • The Performance Savings Account requires an active Chase checking account and monthly direct deposits to earn the higher rate tier.
  • The Preferred Savings Account requires a higher opening deposit and also must be linked to a Chase checking account.
  • Chase savings rates change regularly and are typically lower than rates offered by online-only banks with no physical branch network.

Chase Performance Savings Account requirements and rate structure

The Chase Performance Savings Account requires you to have a Chase checking account open at the same time. You must also receive a monthly direct deposit of at least $500 into that checking account to earn the higher APY tier. If your direct deposits fall below $500 in any month, your rate drops to a lower tier.

The account has no monthly maintenance fee and no minimum opening deposit, which makes it accessible to new savers. However, the rate you earn depends entirely on whether you meet the direct deposit requirement each month. Chase publishes current rates on its website, but they change without advance notice and vary based on the Federal Reserve's actions.

Chase Preferred Savings Account requirements and rate structure

The Chase Preferred Savings Account requires an opening deposit of $25,000 and must also be paired with a Chase checking account. This account does not have a direct deposit requirement — the higher rate applies as long as you maintain the $25,000 minimum balance.

If your balance falls below $25,000, you lose the higher rate and move to a lower tier. The account charges no monthly maintenance fee. Like the Performance account, the rate changes frequently and is set by Chase based on market conditions.

How Chase savings rates compare to other banks

Chase savings rates — including those on the Performance and Preferred accounts — are typically lower than rates offered by online banks such as Marcus, Ally, or American Express Personal Savings. Online banks have lower overhead costs because they operate no physical branches, and they often pass those savings to customers through higher rates.

As of early 2024, many online savings accounts offer rates between 4% and 5% APY, while Chase's higher-tier savings accounts offer rates in the range of 0.01% to 0.05% APY. The exact difference changes as the Federal Reserve adjusts its benchmark rate. If earning the highest possible interest is your main goal, an online bank's savings account will typically earn you more money over time.

Chase's advantage is convenience: if you already bank with Chase and use their checking account, having savings in the same place may simplify your finances. You can move money between accounts when ready online, and you have access to Chase's branch network and customer service.

Withdrawal rules and FDIC protection for Chase savings accounts

Chase savings accounts, including the Performance and Preferred accounts, allow you to withdraw money at any time without penalty. You can withdraw in person at a branch, through the Chase mobile app, online, or by phone. There is no limit on the number of withdrawals you can make per month.

All Chase savings accounts are covered by FDIC insurance up to $250,000 per account holder per bank. If you have multiple accounts at Chase — such as a checking account and a savings account — each is insured separately up to $250,000. This protection means your money is safe even if Chase fails, though this is extremely rare for large, established banks.

Alternatives if you want higher rates without leaving Chase

If you want to earn a higher rate while staying within the Chase ecosystem, you have limited options. Chase does not offer a money market account or a certificate of deposit (CD) with rates competitive to online banks. Your main choice is between the Performance Savings Account (if you receive direct deposits) and the Preferred Savings Account (if you have $25,000 to deposit).

Some Chase customers open a savings account at Chase for convenience and liquidity, then move larger sums to an online savings account or CD ladder at another bank to earn higher rates. This approach lets you keep everyday money at Chase while putting longer-term savings to work at a higher rate elsewhere.

How to open a Chase Performance or Preferred Savings Account

To open either account, you must first have a Chase checking account. If you do not already have one, you will need to open it before you can add a savings account. You can open both accounts online through Chase's website, in a Chase branch, or by phone.

When you open online, you will provide your Social Security number, date of birth, and address. Chase will verify your identity and run a check through ChexSystems, which is a banking history database. If you have had accounts closed due to fraud or unpaid overdrafts, this check may prevent you from opening an account. Once approved, your account opens when ready and you can begin depositing money.

Frequently Asked Questions

Can I earn the higher rate on Chase Performance Savings without direct deposits?

No. The higher APY tier on the Performance Savings Account requires a monthly direct deposit of at least $500. If you do not receive direct deposits or your deposits fall below $500 in a month, your rate drops to the lower tier. Direct deposits from an employer, government benefit, or other regular source count toward this requirement.

What happens if my balance drops below $25,000 on the Preferred Savings Account?

Your interest rate will drop to a lower tier. You will not be charged a fee or forced to close the account, but you will earn less interest on your balance. Once you bring the balance back above $25,000, the higher rate applies again in the next statement cycle.

Can I have both the Performance and Preferred Savings Accounts at the same time?

Yes, you can open both accounts if you meet the requirements for each. However, there is no advantage to doing so — you would earn the same or lower combined interest than if you put all your money in whichever account offers the higher rate for your situation.

Are Chase savings accounts FDIC insured?

Yes. Chase savings accounts are insured by the FDIC up to $250,000 per account holder per bank. Each account type (checking, savings, money market) is insured separately, so you could have $250,000 in a savings account and $250,000 in a checking account, both fully protected.

How often do Chase savings rates change?

Chase changes its savings rates regularly in response to Federal Reserve decisions and market conditions. The bank does not announce rate changes in advance. You can check your current rate on your account statement, in the Chase mobile app, or on the Chase website.