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 specifically branded as a high yield savings account. Instead, Chase offers a regular savings account called the Chase Savings Account, which pays a much lower interest rate than what you would find at online banks or credit unions that specialize in high yield products.
As of now, Chase's regular savings account pays interest rates well below 1% annually, depending on your account balance and your region. This is typical for large brick-and-mortar banks, which tend to offer lower rates because they have physical branch networks and higher operating costs. If earning interest on your savings is a priority, you would need to look elsewhere.
Key Takeaways
- Chase's savings account pays less than 0.01% APY in most cases, which is significantly lower than high yield savings accounts offered by online banks.
- Online banks and credit unions typically offer rates between 4% and 5% APY, depending on current market conditions and the institution.
- Chase does offer other savings products like CDs (certificates of deposit) that may pay higher rates for money you commit to leaving untouched for a set period.
- If you want to keep your checking and savings at Chase for convenience, you would earn minimal interest but maintain access to Chase's branch network and customer service.
Why Chase's rates are lower than online alternatives
Chase maintains thousands of physical branches across the country, which requires significant overhead in rent, staffing, and technology. Those costs get passed along to customers in the form of lower interest rates on savings products. Online banks have no branches, no tellers, and no regional offices, so they can pass most of their savings directly to customers through higher rates.
Chase also makes money by lending out customer deposits at higher rates than they pay savers. With a lower deposit base needed to fund their lending operations (because they have other revenue streams like branch fees and premium account products), Chase doesn't need to offer competitive rates to attract savings deposits.
Chase savings products that pay more than the basic savings account
Chase offers CDs (certificates of deposit) that pay higher rates than their savings account. A CD requires you to deposit money for a fixed term — typically ranging from three months to five years — and you agree not to withdraw it during that time. If you withdraw early, you pay a penalty, usually a few months of interest.
Chase also offers Money Market Accounts, which are a hybrid between checking and savings accounts. These typically pay slightly higher rates than regular savings accounts but lower than CDs, and they come with a limited number of withdrawals per month. The rates still remain well below what online high yield savings accounts offer.
If you have a large balance, Chase's Premier Savings Account (available to customers with significant assets) may offer a slightly higher rate, but it still falls short of online alternatives. You would need to check with your local Chase branch for current rates, as they vary by location and account tier.
How Chase compares to online high yield savings accounts
| Account Type | Typical APY Range | Monthly Fees | Access to Branches |
|---|---|---|---|
| Chase Savings Account | Less than 0.01% | $0 (with direct deposit or $500+ balance) | Yes, thousands nationwide |
| Online High Yield Savings | 4% to 5% | $0 | No physical branches |
| Chase CD (1-year) | Varies by term | $0 | Yes, thousands nationwide |
| Credit Union Savings | 2% to 5% | $0 to $5 | Varies by credit union |
The difference in earnings is substantial. If you had $10,000 in a Chase savings account earning 0.01% annually, you would earn about $1 per year. The same $10,000 in a high yield savings account earning 4.5% would earn $450 per year — a difference of $449 that compounds over time.
Reasons to keep savings at Chase despite lower rates
Some people choose to keep their savings at Chase even though the rates are lower, usually for one of these reasons: they already have a Chase checking account and want everything in one place; they value the ability to walk into a branch and speak with someone in person; they use Chase's mobile app and prefer not to manage multiple banks; or they have a large amount of money and may have access to for Chase's premium account tiers with slightly better rates.
If convenience and simplicity matter more to you than maximizing interest earnings, keeping your savings at Chase is a reasonable choice. However, if you have money sitting in savings that you won't need for several months or longer, moving it to a high yield savings account — even temporarily — could earn you hundreds of dollars with no additional effort.
How to find current Chase savings rates
Chase's interest rates change frequently and vary by location and account type. You can find current rates by visiting Chase.com, calling 1-800-935-9935, or visiting your local Chase branch. When you call or visit, ask specifically about the savings account rate for your state, since rates are not uniform across all regions.
You can also compare Chase's current rates to online banks by checking sites that track savings rates across multiple institutions. This will give you a clear picture of how much you would earn at Chase versus other options for the same amount of money.
Frequently Asked Questions
Can I open a Chase high yield savings account online?
No, Chase does not offer a high yield savings account product at all, whether online or in-branch. You can open a regular Chase Savings Account online, but it will pay less than 0.01% interest. If you want a high yield account, you would need to open one with an online bank or credit union.
What's the minimum balance to open a Chase savings account?
Chase typically requires a $0 minimum opening deposit for their savings account, though some account tiers may have higher minimums. Check Chase.com or call your local branch for current requirements, as these can change.
Does Chase offer any savings accounts with rates above 1%?
Chase's regular savings and money market accounts do not pay rates above 1%. Their CDs may offer higher rates depending on the term and current market conditions, but you must commit to leaving the money untouched for the CD term or face an early withdrawal penalty.
If I have a Chase checking account, should I keep my savings there too?
It depends on your priorities. If you value having one bank for everything and don't mind earning minimal interest, keeping savings at Chase is convenient. If you want to earn significantly more on your savings, you could keep checking at Chase and open a high yield savings account elsewhere — many people do both.
Are there any Chase savings accounts I haven't heard of that pay higher rates?
Chase occasionally introduces new products or adjusts offerings by region, so it's worth asking your local branch or checking Chase.com directly. However, as of now, no Chase savings product comes close to the rates offered by dedicated online high yield savings accounts or credit unions.