It's 2025. Here's Why No One Should Still Have a Chase Savings Account
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We're a few months away from 2026, and I still have friends and family saving money with Chase. That means they're getting a measly 0.01% APY on their savings.
Luckily, it takes almost no time at all to supercharge your savings. Right now, top high-yield savings accounts (HYSAs) are offering 3.80% APY or higher, meaning you can literally earn 380 times more in interest by switching.
I made the move myself a few months ago -- and it took me less than half an hour. Here's why I think everyone else should follow suit.
Hundreds more in interest just for switching banks
Depending on how much you keep in the bank, your HYSA can earn you hundreds of dollars a year in interest. Stack that up with Chase's 0.01% APY, and there's no comparison:
| Balance | HYSA Earnings (3.80%) | Chase Earnings (0.01%) |
|---|---|---|
| $15,000 | $570 | $1.50 |
| $10,000 | $380 | $1 |
| $5,000 | $190 | $0.50 |
Most HYSAs are super easy to open, too. I opened my SoFi Checking and Savings (Member FDIC) account in minutes, then moved my cash and instantly started earning a higher annual percentage yield (APY).
Right now, there's also a great new-member offer to take advantage of. Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. That means you could earn a total of up to 4.50% APY!
Want to land this bonus now? Read our full review of SoFi Checking and Savings (Member FDIC) and open an account today.
SoFi Checking and Savings
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- 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.
More reasons to open an HYSA
Hundreds of dollars isn't the only reason to switch. HYSAs are also great because:
- Your money's FDIC-insured up to $250,000, just like with traditional banks
- Most have no monthly fees or overdraft fees
- You'll still have complete access to your money
In short, an HYSA can help you earn more and pay less while keeping your money safe and accessible.
What should you keep in your HYSA?
HYSAs aren't built for long-term investment or everyday spending. But for everything else -- what I call my "in-between" cash -- an HYSA is the perfect fit.
For me, that includes:
- Emergency fund: A few months' worth of expenses
- Short-term savings: Money for big expenses like vacations
- All other cash: Any other money I don't want in my checking account
I moved my money to an HYSA earlier this year, and it was one of the best financial decisions I ever made. If you're still saving with Chase or any other big bank, I highly recommend you do the same.
Ready to earn hundreds more a year on your cash? Check out our full list of the best high-yield savings accounts available today to get started.
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.