Why I'm Still Telling All My Friends to Ditch Their Chase Savings Accounts in 2025
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I love my friends, but some of them are still keeping thousands of dollars in Chase savings accounts earning 0.01% APY. That's basically zero.
If you haven't moved your savings yet, it's time. Right now, top high-yield savings accounts (HYSAs) are paying around 4.00% APY, and you can open one in just minutes.
I switched earlier this year, and I'm never going back. Here's why I keep telling everyone I know to ditch their Chase account and do the same.
You could be missing out on hundreds a year
The difference between 0.01% and 4.25% doesn't sound huge until you do the math over a one-year period.
| Balance | HYSA Earnings (4.25%) | Chase Earnings (0.01%) |
|---|---|---|
| $15,000 | $638 | $1.50 |
| $10,000 | $425 | $1.00 |
| $5,000 | $212 | $0.50 |
That's hundreds of dollars in passive income just for moving your money.
When I switched to an online HYSA, I opened my account in under 10 minutes, transferred my cash, and immediately started earning more. No minimum balance, no fees, no nonsense.
The best accounts pay 4.00%+ with easy bonuses
Plenty of banks are competing for deposits right now, which means you can stack a great rate and a welcome bonus.
For example, SoFi Checking and Savings (Member FDIC) is offering one such limited-time bonus: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
That's a total return that old-school banks can't touch. Read our full review to learn more.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
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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.
Why big banks are falling behind
Traditional banks like Chase and Wells Fargo make their money on loans, not deposits. That's why they can afford to pay next to nothing on your savings.
Online banks, on the other hand, have lower costs, and they pass those savings back to you through higher APYs.
So while Chase keeps your cash earning pennies, online banks are quietly paying you hundreds more.
What to keep in your HYSA
A high-yield savings account is perfect for any money you don't need daily but still want easy access to:
- Emergency fund: Three to six months of expenses
- Short-term goals: Vacations, home projects, or wedding funds
- Extra cash: Anything beyond your checking cushion
If it's not invested long-term and not needed right away, it belongs in an HYSA.
I moved my money and I'm not looking back
I used to think it didn't matter where my savings sat. But once I switched, the difference was too big to ignore. Now my money grows automatically every month, and I finally feel like my cash is working for me.
If you're still parking your savings at Chase, you're missing out.
Ready to earn 4.00%+ on your money? Compare the best high-yield savings accounts available today and make the switch 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.