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Chase Savings Account Interest Rate: How It Compares to Other Banks



Is your savings account really working for you? If you’re banking with Chase, you might be wondering how its savings account interest rate stacks up against the competition. With so many banks offering high-yield savings accounts, is Chase still a good option?

In this guide, we’ll break down Chase’s savings interest rate, compare it to other banks, and help you find the best savings account for your hard-earned money.

What Is the Chase Savings Account Interest Rate?

As of February 2025, the standard Chase Savings℠ account interest rate is:

  • 0.01% APY (Annual Percentage Yield) for regular savings
  • 0.02% APY if you qualify for relationship rates by linking a Chase Premier Plus Checking℠ or Sapphire Checking℠ account

This means if you deposit $10,000, you’d earn just $1 per year at the standard rate. Sounds underwhelming? That’s because it is.

Why Is Chase's Interest Rate So Low?

Chase is one of the largest banks in the U.S., and it prioritizes convenience and accessibility over competitive interest rates. With over 4,700 branches and 16,000+ ATMs, Chase provides extensive banking services but offers lower savings interest rates than many competitors.

How Does Chase Compare to Other Banks?

1. Traditional Banks

Most big banks offer low savings interest rates, similar to Chase. Here’s how Chase stacks up against some major players:

Bank Standard Savings APY High-Yield Savings Available?
Chase 0.01% - 0.02% No
Bank of America 0.01% No
Wells Fargo 0.01% - 0.02% No
Citi 0.05% No

💡 Big banks like Chase focus on full-service banking, but they’re not ideal for growing your savings.

2. High-Yield Online Savings Accounts

Online banks and credit unions typically offer much higher savings interest rates. Let’s compare:

Bank High-Yield Savings APY Minimum Deposit?
Ally Bank 4.25% $0
Discover Bank 4.30% $0
Capital One 360 4.20% $0
Marcus by Goldman Sachs 4.40% $0

💡 With a 4.25% APY, a $10,000 deposit would earn $425 per year, compared to Chase’s $1 per year!

3. International Banks: How Does Chase Compare Globally?

If you’re outside the U.S., you may have access to higher savings rates. Here’s how Chase compares in other countries:

Country Chase Savings Rate Competitor Bank Rate
United Kingdom 3.25% AER (Chase UK) 5.00% AER (Revolut)
Canada N/A 2.75% APY (EQ Bank)
Australia N/A 4.75% APY (ING Australia)

💡 In countries like the UK, Chase offers competitive savings rates, but in the U.S., the rates remain low.

Should You Keep Your Money in a Chase Savings Account?

Pros of Chase Savings Account:
✔️ Convenient branch and ATM access
✔️ Integration with Chase checking accounts
✔️ Strong customer service and security

Cons of Chase Savings Account:
❌ Extremely low interest rates compared to online banks
❌ Monthly maintenance fees (unless waived)
❌ Not ideal for long-term savings growth

💡 If you’re looking for higher returns, consider a high-yield savings account instead.

How to Get Better Interest Rates on Your Savings

If Chase’s 0.01% APY isn’t cutting it, here are 3 better alternatives:

1️⃣ Switch to a High-Yield Online Bank – Consider Ally Bank, Discover, or Marcus by Goldman Sachs for rates above 4% APY.
2️⃣ Consider a Certificate of Deposit (CD) – Some banks offer 5%+ interest rates on 6-12 month CDs.
3️⃣ Use a Money Market Account – These accounts combine savings & checking benefits with higher rates.

Final Verdict: Is Chase the Best Savings Account?

If you love branch access and a full-service bank, Chase might be for you. However, if you’re serious about growing your savings, you should explore high-yield alternatives.

🔹 Want higher interest? Look at online banks.
🔹 Need branch access? Consider a credit union.
🔹 Want a mix of both? Check out hybrid banks like Capital One.

📢 Your savings deserve better than 0.01%! Choose wisely.

Suggested Reading & Free Tools

💡 Compare Savings Accounts:

💡 Best Alternatives to Chase Savings:

💡 International Banking Resources:

Final Tip: Don’t Let Your Savings Sleep!

With higher interest rates available, make sure your savings are earning what they deserve. Whether in the U.S., UK, Canada, or beyond, the right high-yield savings account can make a huge difference in your financial future.

💰 Is it time to move your money to a better savings account? Share your thoughts in the comments!


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