Chase does not currently offer a dedicated high yield savings account

Chase's standard savings account, called a Chase Savings Account, pays a much lower interest rate than what you would find at online banks or credit unions that specialize in high yield savings. As of now, Chase does not have a product with "high yield" in its name or marketed as a high yield option.

If you bank with Chase and want to earn more on your savings, you have two paths: keep money in Chase's regular savings account and accept the lower rate, or move some funds to a separate high yield savings account at another bank while keeping your checking account at Chase. Many people do both — they use Chase for everyday banking and a different institution for savings that need to grow.

Key Takeaways

  • Chase's savings account pays significantly less interest than high yield savings accounts offered by online banks and some credit unions.
  • You can open a high yield savings account at a different bank while keeping your Chase checking account open for regular banking.
  • Chase's savings account has a monthly maintenance fee that can be waived if you meet a minimum balance or set up direct deposit.
  • The interest rate Chase pays on savings changes over time and varies slightly by account type and region.

How Chase's savings account compares to high yield options

Chase's savings account typically pays less than one-tenth of one percent in annual interest. High yield savings accounts at online banks often pay rates that are five to ten times higher, though the exact difference shifts as interest rates in the broader economy change.

The gap exists because Chase operates physical branches and pays for that infrastructure, while online-only banks have lower overhead costs and pass some savings to customers through higher rates. If you have $10,000 in savings, the difference in what you earn each year can be substantial — sometimes hundreds of dollars annually.

What fees come with Chase's savings account

Chase charges a monthly maintenance fee on its savings account, currently $5 per month. You can waive this fee in two ways: keep a minimum balance (usually $300 to $500, depending on your region) or set up a direct deposit of at least $500 per month into the account.

High yield savings accounts at online banks typically have no monthly maintenance fees at all, which is another reason they end up costing less to maintain over time. If you cannot consistently meet Chase's minimum balance requirement, the monthly fee will eat into whatever interest you earn.

Why someone might keep money at Chase anyway

Even though Chase does not offer competitive interest rates, some people choose to keep their savings there for convenience. If you already have a Chase checking account and use Chase's mobile app and branches regularly, moving money between accounts is straightforward. You avoid having to log into multiple banks or wait for transfers between institutions.

This convenience has a cost in lost interest, but for people who value simplicity and already have a relationship with Chase, it may feel worth it. The trade-off is personal — only you can decide whether the ease of one bank outweighs earning more on your money.

How to find a high yield savings account if you want better rates

Online banks and some credit unions publish their current savings rates on their websites. You can compare rates across several institutions to see which one offers the best combination of interest rate, fees, and features you care about. Many people open a high yield savings account at an online bank specifically for money they want to save and grow, then keep a smaller amount in their Chase checking account for everyday spending.

Transfers between banks typically take one to three business days, so this setup works best if you are not moving money back and forth constantly. If you need when ready access to your savings, keeping everything at one bank may be more practical, even if the rate is lower.

What happens to Chase's rates when the Federal Reserve changes interest rates

Chase's savings rate, like all bank rates, moves in response to changes set by the Federal Reserve. When the Fed raises its benchmark rate, banks eventually raise what they pay on savings accounts — though they often move slowly. When the Fed cuts rates, banks lower their savings rates quickly.

This means the gap between Chase's rate and high yield rates can grow or shrink depending on broader economic conditions. Even so, online banks have historically maintained higher rates than Chase across different economic cycles, so the advantage of shopping around tends to persist.

Frequently Asked Questions

Can I earn more at Chase with a different type of account?

Chase offers money market accounts and certificates of deposit (CDs) that sometimes pay higher rates than savings accounts. A CD locks your money away for a set period (three months to five years) in exchange for a may provide higher rate. A money market account works like a savings account but may pay slightly more, though it usually requires a higher minimum balance.

What if I want to keep all my money at one bank?

If staying with one bank is important to you, open a Chase savings account and accept the lower rate. The convenience of one login and one statement may be worth more to you than the extra interest you would earn elsewhere. This is a reasonable choice if you have a small amount of savings or prefer simplicity over maximizing earnings.

Do I have to close my Chase checking account to open a high yield savings account elsewhere?

No. You can keep your Chase checking account for everyday banking and open a high yield savings account at a completely different bank. Many people do this — they use one bank for checking and bill pay, and another for savings that they want to grow. The two accounts do not interfere with each other.

How often does Chase change its savings rate?

Chase can change its savings rate at any time without notice. The bank typically adjusts rates when the Federal Reserve moves its benchmark rate, but the timing and amount of change is up to Chase. You can check your current rate by logging into your account or calling Chase customer service.