Chase Private Client Review 2022: Benefits, Qualifications and More

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4.5
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Quick Take: The Chase Private Client experience unlocks access to lower rates when financing a big purchase and connects you with a private banker and investment advisor whenever you like.
  • Ease of use
    4.0
  • Features
    4.0
  • Benefits
    5.0
  • Customer Service
    5.0
How did we calculate this?

Pros

  • Discounted rates on financing products
  • Waivers for key banking and investment fees
  • Access to a private banker and private advisor

Cons

  • High minimum asset requirement
  • May need to move funds from other institutions
  • Investment products might not be the right fit for everyone

Chase Private Client Overview

Chase Private Client grants access to an exclusive banking experience. A few of the benefits include access to a private banker, fee waivers, and lower rates on home and auto loans. The goal of the experience is for you to enjoy a personalized banking relationship complete with plenty of perks. There is a monthly fee and to waive it, you’ll need to maintain an average daily balance of at least $150,000 across all of your eligible Chase deposit and investment accounts.

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Key Features

If you are considering becoming a Chase Private Client, here’s a closer look at its key features.

Ease of Use

The biggest barrier to entry with this program is the high balance threshold.

If you have the funds required to become a Chase Private Client, it’s possible to join this program. Although you can pay a $35 monthly fee to bypass this requirement, paying the fee sort of defeats the point. But if your funds are spread out across multiple banks or investment accounts, pulling all your funds into one place can be easier said than done. However, there isn’t a formal application process or membership fee required. With that, those who have the funds and the desire can easily become Chase Private Clients.

Once into the exclusive club, the benefits seem fairly straightforward. Plus, you’ll have access to a Private Client Banker to ask any questions you might run into along the way.

Features

As a Chase Private Client, you’ll have access to a suite of features. Here’s a closer look at the top features of the program:

  • Private Client Banker: The Private Client Banker is your connection to all of the benefits of this program. When you have questions about banking, they will be ready to help. As you navigate your money needs, this individual will help you communicate with any other specialists required to achieve your money management desires.
  • J.P. Morgan Private Client Advisor: The right investment plan can make all the difference in your financial future. As a Chase Private Client, you’ll have access to an investment advisor to help you create an investment strategy that works for your goals. A direct line to your advisor makes it easy to reach out whenever you need to.
  • Waived fees: With the right amount of capital tied up with Chase, you’ll find significant fee waivers on the table. A few of the fees you will bypass include no Chase fees on incoming or outgoing wire transfers, no fees on the first four overdrafts during 12 statement periods and no ATM fees.
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With these main features, you’ll have a clear connection to your Chase banking experience. As you navigate your finances, you’ll have dedicated specialists in place to advise you on the right course of action.

Benefits

It’s not surprising that becoming a Chase Private Client comes with some extra perks. A few of the key benefits include:

  • Discounted rates for financing: You can tap into a rate discount of up to 0.50% on home mortgages and up to 0.25% on standard auto loans. That discount could save you hundreds or thousands of dollars.
  • Eased restrictions: When you are a Chase Private Client, you will find higher limits on debit card purchases and ATM withdrawals.
  • Business banking advice: If you happen to be a business owner, you’ll get personalized advice on your business banking needs.
  • Relationship building: Although this one might be overlooked, the ability to call up a dedicated advisor that already knows the details of your situation can be invaluable. Instead of starting from square one every time, you can ask questions throughout your banking experience to someone that knows more about the bigger picture of your finances.
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Customer Service

As a Chase Private Client, you’ll have access to priority service. With that, you should expect a top-tier customer service experience. But the experience can go beyond commonplace customer service. Through this program, you have the opportunity to tap into the perks of relationship banking.

The root of this relationship banking stems from the fact that you’ll have access to a Private Client Banker. This banker will be readily available to answer all of the questions you have about banking best practices. With their help, you can get the most out of your banking experience. Additionally, you’ll have the option to work with a J.P. Morgan Private Client Advisor. According to Chase, this advisor will start by getting to know your financial goals. Once they have an idea of what financial goals you have, they’ll help you build a personalized investment strategy to help you hit those goals.

How the Chase Private Client Stands Out

It’s worth noting that this kind of experience is especially helpful for anyone that wants help navigating their finances. If you want help nailing down the right money choices, this access might be invaluable. If you don’t want help managing your finances, then you likely won’t get as much out of the Chase Private Client experience. But even those who don’t want help can find value in the access to waived fees and lower rates on their mortgage or auto loan.

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Comparable Chase Private Client Options

Chase Private Client isn’t the only game in town. Here’s a closer look at your other options.

Bank of America Preferred Rewards Program

Due to a lower account balance threshold, the Bank of America Preferred Rewards Program is more accessible. You’ll be able to hop into the Gold Tier of this program by maintaining a balance between $20,000 to $50,000 across eligible Bank of America, Member FDIC, and Merrill investment accounts. With this, you’ll get access to an interest rate booster of 5%, 25% more reward points from your Bank of America credit cards, a reduced mortgage origination fee, and reduced interest rates on mortgages and auto loans.

But the rewards are more enticing when you hit higher thresholds. For example, the Diamond Tier requires maintaining a balance between $1 million to $10 million and offers a 75% rewards boost on Bank of America credit cards and a 20% interest rate boost on a Bank of America Advantage Savings account.

Wells Fargo: The Private Bank

Wells Fargo Private Bank offers interest rate reductions on large loans, like mortgages. Additionally, customers will have access to creative financing solutions that allow for cash purchasing options on new property acquisitions. After the buyer pays cash for the property, they can apply for a mortgage within 90 days with just 10% down. Beyond creative real estate financing solutions, Private Clients have access to customized wealth planning, asset management and investment management.

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How To Apply

As an existing Chase checking account customer, it’s easy to upgrade your existing checking account. The process happens by meeting with a banker over the phone or in person. Be prepared to move any necessary funds around. For new Chase customers, you can open a Chase Private Client account online.

Who the Chase Private Client Is Best For

If you have the necessary funds to take advantage of the Chase Private Client services, you’ll find plenty of worthwhile benefits included. That’s especially true if you want to tap into rate discounts on major purchases or need help mapping out an ideal investment portfolio. However, those that don’t have the funds available shouldn’t be distraught. The perks of the program are nice. But being a Chase Private Client certainly won’t make or break your financial trajectory.

Final Take

Becoming a Chase Private Client will certainly level up your banking experience. With access to a dedicated banker and investment advisor, you’ll have knowledgeable parties to ask pertinent financial questions. As you continue to grow your funds, hands-on help from a professional can be useful. But it’s not strictly necessary to develop banking relationships as you charter your course to financial success.

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FAQ

  •  Who qualifies for Chase Private Client?
    • Chase Private Client services are available for those able to maintain an average daily balance of at least $150,000 in Chase accounts. The funds can be held across any combination of eligible Chase deposit and investment accounts. But you'll need to maintain this balance in order to remain a Chase Private Client member. Another pathway to membership is a linked Chase Platinum Business Checking account.
  • How much money do you need for Chase Private Client?
    • At a bare minimum, you'll need to have at least $150,000 in liquid assets for Chase Private Client. You'll need to maintain this combined minimum balance across your eligible Chase deposit and investment accounts. For practical reasons, you may need to have more available liquid assets to allow for a smooth transition into this program.
  • Is it worth being a Chase Private Client?
    • Your expectations for an ideal banking experience will determine whether or not being a Chase Private Client is worth it. For those that want a personalized banking experience and access to a suite of fee waivers, Chase Private Client might be worth it. But if you aren't interested in a personalized touch, then you might not get too much out of being a Chase Private Client.
  • What is Chase Private Client?
    • Chase Private Client is a top-tier banking experience for Chase customers with a combined balance of at least $150,000 across eligible deposit and investment accounts. Through the program, you'll get access to special perks like access to a private banker, a private investment advisor, fee waivers, discounted rates on financing and personalized business guidance.

Information is accurate as of Nov. 17, 2022.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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About the Author

Sarah Sharkey is a personal finance writer with a desire to help readers improve their own financial balance sheets. After earning a bachelor’s degree in biology, she went on to business school. With a master’s degree in Management from the Hough School of Business at the University of Florida, she loves diving into the details of personal finance. With years of experience as a personal finance writer, she helps readers grasp the concept and take control by breaking down complex topics filled with jargon down to their basic components. After all, a little bit of knowledge can go a long way in the world of personal finance.

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