Chase does not market a true high-yield savings account. The bank offers Chase Savings and Chase Premier Savings, but both pay APYs measured in hundredths of a percent, not the 4% to 5% range you can find at online banks.
This guide explains what Chase actually offers in savings, why the APYs are so low, and the best HYSA alternatives for someone who wants to keep a Chase checking relationship. If a HYSA itself is new to you, our explainer on what a HYSA is and how high-yield savings accounts work is a useful primer.
Chase Savings Account Options
Chase offers two main savings products for personal customers:
- Chase Savings: $5 monthly fee (waivable), APY around 0.01%.
- Chase Premier Savings: $25 monthly fee (waivable), APY tiered up to roughly 0.02% with relationship bonus.
Both fees waive with a minimum balance or qualifying activity (like a linked Chase checking account or recurring transfer).
Why Chase APY Is So Low
Big national banks like Chase have so many branches and customers that they do not need to compete on rate. They earn savers through convenience and brand familiarity, not yield.
Online banks, by contrast, have low overhead, and they pass savings to depositors as a higher APY. That is why Marcus, Amex, and others can pay 100x what Chase Savings pays. For a refresher on what APY actually represents, see our explainer on what APY means and how it differs from a stated interest rate. Online HYSA APYs are not fixed forever, though — they move up and down with the Federal Reserve's benchmark rate, so a 4.5% rate today can drift over time. Our explainer on whether high-yield savings APYs change walks through how often that happens and what to do when it does.
Chase Savings vs Online HYSA
Run the comparison on $10,000:
- Chase Savings at 0.01%: $1 in interest after 1 year.
- Online HYSA at 4.5%: $450 in interest after 1 year.
The $449 gap is not a marketing claim. It is the difference between two APYs sitting next to each other in 2026.
Worked Example: Five Years at Chase vs HYSA
Now extend the comparison. Same $10,000 starting balance, no further deposits, daily compounding:
- Chase Savings at 0.01% APY: about $5 in cumulative interest after five years.
- Online HYSA at 4.50% APY: about $2,461 in cumulative interest after five years.
If you add $200 a month, the HYSA balance grows to about $25,800 after five years versus about $22,000 at Chase. That is roughly $3,800 in opportunity cost for staying at the lower-rate bank, even on a modest balance.
Best Setup if You Bank With Chase
Many people want Chase for its branch network, ATM map, and mobile app, but want online-bank APY for savings. The standard setup:
- Keep a Chase checking account for bills and ATM access.
- Open an online HYSA at a separate online bank.
- Set up monthly transfers from Chase checking to the online HYSA.
- Pull money back to Chase checking only when you need to spend it.
For a side-by-side comparison of which online HYSA to pick, our guide to high-yield savings accounts walks through the strongest options.
Closing or Switching Chase Savings
If you decide to leave Chase Savings, take three steps before you close the account: redirect any recurring transfers, drain the balance to your new HYSA, and confirm the closure in writing or chat. Our step-by-step guide to closing a Chase savings account covers the full process so you do not get hit with a residual fee.
Keeping the Chase checking account open while you move savings is fine. Banks treat checking and savings closures separately, and your Chase relationship stays intact.
FDIC Coverage Across Banks
Moving savings to an online bank does not change deposit insurance protection. Both Chase and reputable online banks carry FDIC insurance up to $250,000 per depositor per institution per ownership category. For more detail on how the limit applies, see our explainer on how FDIC insurance protects your deposits.
If you have more than $250,000 in cash, splitting deposits between Chase and a separate FDIC-insured online bank gives you $500,000 of total coverage automatically.
Chase CDs as an Alternative
Chase does offer CDs, but the standard CD APY is also very low (often under 2%). Relationship-rate CDs (where you have a Chase checking account in good standing) can pay 4% or more for some terms, especially for promotional offers.
Always compare a Chase CD APY to an online bank CD before locking in. The difference can be 1.5 percentage points or more on a 1-year term, and that gap on a $25,000 deposit is roughly $375 in foregone interest in a single year.
Common Mistakes
- Assuming Chase Premier Savings is high-yield because of the name; the APY is still under 0.05%.
- Closing the Chase checking account along with the savings before redirecting payroll and bills.
- Keeping a $50,000 emergency fund at Chase Savings out of inertia.
- Falling for relationship-only promo APYs that drop after the introductory window.
- Skipping FDIC coverage limits when piling deposits at a single bank.
A Better Everyday Checking Account
For an everyday checking option that earns far more than Chase pays on savings, Current Banking offers up to 4.00% APY (with a $200 qualifying direct deposit), no monthly fee, no minimum balance, paychecks up to 2 days early, and $200 of fee-free overdraft coverage.
Current Banking
Current Banking
Current is a mobile-first banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY with a qualifying direct deposit of $200, receive direct-deposit paychecks up to 2 days early, and overdraft up to $200 fee-free.
Standout feature
4.00% APY on Savings Pods (with a $200+ qualifying direct deposit) plus paycheck up to 2 days early — both included on the standard account for free
Fees
Free
Pros
$0 monthly fee; up to 4.00% APY on Savings Pods with qualifying direct deposit; paycheck up to 2 days early;
Cons
No physical branches
Another No-Fee Mobile Bank to Compare
If you want a second option alongside Current, Chime is a widely used mobile banking platform with no monthly fees, no minimum balance, and access to fee-free ATMs nationwide. It also offers fee-free overdraft through SpotMe for eligible members and gets paychecks to you up to two days early with qualifying direct deposit. Like the online HYSAs above, Chime holds deposits at FDIC-insured partner banks, so your money carries the same federal protection while you keep a Chase checking account open for branch access.
Chime
Chime
- Fee-free banking plus early pay access - Overdraft up to $200 without fees - 5% cash back and build credit everyday. - 3.75% APY on your savings.
Standout feature
No credit check, no interest, no annual fee, and no minimum deposit required.
Fees
$0
Pros
Fee-Free Banking and Get paid up to 2 days early
Cons
App/online-only support, no branches
Frequently Asked Questions
Is Chase Savings worth opening?
Only if your priority is convenience and you keep small balances. For real savings (anything above $1,000), an online HYSA earns dramatically more interest.
How do I waive the Chase Savings monthly fee?
Options include: keep a $300 minimum daily balance, set up a $25 minimum recurring transfer, link to a qualifying Chase checking account, or have account holders under 18.
Does Chase ever launch high-APY promos?
Yes. Chase periodically offers checking and savings sign-up bonuses ($200 to $900) that can effectively boost first-year returns, but the ongoing APY is still very low.
Can I link a Chase account to an online HYSA?
Yes. Most online banks let you link an external account by trial-deposit verification or instant verification. Once linked, you can move money in either direction in 1 to 3 business days.
Is my money safer at Chase than at an online bank?
No. Both are FDIC-insured up to the same $250,000 limit per depositor per institution per category. Online banks have the same federal protection as Chase.
