Chase Might Be the Worst Place to Keep $20,000 in Savings. Here's Why

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Chase is one of the biggest banks on the planet -- and when it comes to offering interest on savings, it's one of the worst.
Chase's standard savings account earns just 0.01% APY, which means if you have a $20,000 balance, you're earning just $2 in interest per year. Top high-yield savings accounts (HYSAs), meanwhile, are offering around 3.80% APY -- meaning that same $20,000 could be earning you $760 in interest.
Here's what to know about HYSAs and how to make the switch today.
Get hundreds more a year for dumping Chase
Depending on your account balance, a top HYSA can earn you hundreds more dollars a year in interest. Chase, meanwhile, earns you almost nothing:
Balance | HYSA Earnings (3.80%) | Chase Earnings (0.01%) |
---|---|---|
$20,000 | $760 | $2 |
$10,000 | $380 | $1 |
$5,000 | $190 | $0.50 |
A higher APY isn't the only reason to switch, either. Here are a few other reasons to move your money:
- Unlike Chase, many HYSAs have no monthly fees or overdraft fees
- Banks with HYSAs often pay higher APYs on checking accounts, too
- You'll still have total access to your cash
- Your money's still FDIC-insured up to $250,000
Ready to earn hundreds more on your savings? Open one of our favorite high-yield savings accounts today.
My two favorite HYSAs
Here are the two HYSAs I'm always recommending thanks to their high APYs, lack of account fees, and ease of use:
1. SoFi Checking and Savings (Member FDIC)
- Annual percentage yield (APY) of up to 4.50% on savings with direct deposit
- Up to $50 in no-fee overdraft coverage with direct deposit
- Access to paychecks up to two days early with direct deposit
- No account fees or minimum deposits
- FDIC insurance up to $250,000
SoFi® offers one of the highest APYs out there, along with no account fees or minimums and access to all of SoFi®'s other great financial products. If you're looking for a way to earn more on savings and manage your money from one simple platform, SoFi®'s the way to go.
Want to learn more? Read our full review of the SoFi Checking and Savings (Member FDIC) account today.
SoFi Checking and Savings
On SoFi's Secure Website.

On SoFi's Secure Website.
- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
2. CIT Platinum Savings
- 3.85% APY on balances of $5,000 or more
- No account fees
- Minimum $100 deposit to open
- FDIC insurance up to $250,000
CIT Platinum Savings pays one of the highest APYs available. It doesn't have the bells and whistles of SoFi®, but it's a great choice if you're looking to maximize interest on your large balance.
Just make sure you keep more than $5,000 in your account to earn the max APY.
Ready to get started? Read our full review of the CIT Platinum Savings account today.
CIT Platinum Savings
On CIT's Secure Website.

On CIT's Secure Website.
- Competitive APY
- No account opening or maintenance fees
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Interest compounds daily so your money can grow a bit faster
- Balance requirement for maximum APY
- No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits). And right now, you can also score a cash bonus of up to $300 when you open a new account with promo code PS2025 and fund it within 30 days. Terms apply.
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
For complete list of account details and fees, see our Personal Account disclosures.
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