It Might Cost You $400 to Keep Your Cash in a Chase Savings Account
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If you're still keeping your money in a Chase savings account, you're likely missing out on hundreds of dollars a year.
I've written about personal finance for years, and one of the simplest money moves I've ever made was ditching my traditional bank for a high-yield savings account (HYSA). I made the switch earlier this year, and I'm still kicking myself for not doing it sooner.
Here's exactly how much you're losing with big banks like Chase, and how to start earning real interest instead.
The math is brutal
Chase's standard savings account still pays 0.01% APY. That means every $10,000 you keep there earns $1 per year.
Right now, top high-yield savings accounts are paying between 4.00% and 4.50% APY. At 4.00%, that same $10,000 would earn $400 in a year.
That's a $399 difference, just for moving your money.
It takes less than 30 minutes to switch, and you'll still have full access to your cash. HYSAs are FDIC-insured up to $250,000, just like your Chase account, but they actually pay you for keeping your money there.
If seeing that $399 gap made your stomach drop, you're not alone. Find a better savings account here and start earning real interest this week.
How to find the right high-yield savings account
Switching banks might sound like a hassle, but it's simple and completely online. Here's what to do:
- Compare rates. Look for an HYSA offering at least 4.00% APY with no monthly fees.
- Open the account. It usually takes less than 15 minutes.
- Transfer your savings. Move your cash electronically from your Chase account.
- Update any automatic deposits. Redirect them to your new bank.
- Close the old account. Once everything clears, move on for good.
If you regularly visit physical branches or handle a lot of cash, keeping a small Chase account might make sense. But for most people, moving the bulk of your savings online is the smarter move. You can still deposit checks through an app and withdraw cash through nationwide ATM networks.
Don't leave easy money on the table
There's no reason to earn $1 a year on a $10,000 balance. Moving your money to a high-yield account could easily earn you hundreds of dollars more with almost no effort.
Compare the best high-yield savings accounts available today and find one that helps your money grow faster before rates start to fall.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.