Chase Bank Review: Is It the Right Bank for You?
Services and Accessibility
- Highly rated mobile app and website
- Large network of ATMs
- Bonus rewards for new customers
- Compatibility with most digital payment platforms
- Large selection of rewards credit cards
- No high-yield savings accounts
- High non-Chase ATM fees unless you're a top-tier Chase Premier Plus or Sapphire Checking customer
- Lots of fees on deposit accounts unless you meet account minimums
Chase is the consumer and commercial banking division of JPMorgan Chase & Co. It is one of America’s largest banks and grew in size when it merged with the firm JPMorgan & Co. in 2000. Today, the financial institution has $2.7 trillion in assets, and about half of all American households use its products. GOBankingRates has ranked Chase as one of the Best National Banks of 2021.
Chase can dominate smaller competition by sheer size. But what do Chase accounts offer in terms of features and interest rates?
Chase Savings Accounts
Chase savings account options include the basic Chase Savings and a preferred account called Chase Premier Savings. Overall, rates are low on the Chase savings products.
- Chase Savings has $5 monthly service fee, waivable with a $300 balance, linkage to qualifying accounts or account owner under age 18
- 0.01% annual savings yield for Chase Savings
- Chase Premier Savings standard rates are the same as the basic account’s; Premier account is eligible for relationship rates that start at 0.02% APY and peak at 0.05%
- Chase Premier Savings has $25 monthly service fee, waivable with a $15,000 balance or when linked to Premier Plus or Sapphire Checking accounts
- GOBankingRates has ranked Chase’s savings account offerings among the Best Savings Accounts of 2021
- Chase Premier Savings accounts are eligible for relationship rates
- Eligible customers can redeem a bonus of up to $150 by opening a new Chase Savings account and meeting the minimum account balance requirements
- Account fees waived if minimum balance requirements are met
- Low Chase Savings rate of 0.01% APY
- High monthly service fee of $5 on Chase Savings for account balance under $300
- High minimum balance of $15,000 required to avoid monthly service fee on Chase Premier Savings (unless account is linked to a Chase Premier Plus Checking or Sapphire Checking account)
Chase Checking Accounts
The way to earn interest on your checking account with Chase is to sign up for its Premier Plus Checking or Sapphire Checking account. Not only will these accounts earn interest, but they also will save you ATM and certain other fees.
Chase Total Checking:
- A basic account with no bells and whistles but access to online banking and bill pay
- $12 monthly service fee waivable with a daily $1,500 balance, regular direct deposits totaling $500 or more, or a $5,000 combined balance with other qualifying accounts
Chase Premier Plus Checking:
- Interest-earning checking account with breaks on non-Chase ATM fees and savings on products like cashier’s checks
- $25 monthly service fee waived with a daily balance of $15,000 or linkage to a Chase first mortgage
Chase Sapphire Checking:
- Earns interest, waives all non-Chase ATM fees and fees on many other bank services, and offers dedicated 24/7 customer service
- $25 monthly service fee, waivable with $75,000 daily balance in this and/or linked qualifying accounts
- GOBankingRates has ranked Chase’s checking account offerings among the Best Checking Accounts of 2021
- Easy access to 16,000 Chase ATMs
- Earn a $200 bonus for opening a new Chase Total Checking account and meeting certain requirements
- Fees waived with the Premier Plus and Sapphire accounts
- Account fees apply unless you meet the minimum balance and/or multiple-account requirements
- No interest for the Chase Total Checking account
Chase CD Accounts
You must be an existing Chase checking customer to open a Chase certificate of deposit account online and receive the relationship rate. Otherwise, it will have to be done in person at a branch location, and you’ll miss out on the preferred rate.
- $1,000 minimum
- One- to 120-month terms
- Standard rates start at 0.02% and max out at 0.05%
- Wide variety of CDs available
- Online account opening for existing customers
- Low APYs
Chase gives you several options for using its banking products and services. Those who feel most comfortable banking in person can do that here. And customers who rely on technology to avoid trips to the bank will have their needs met as well. Chase has ATMs across the country, 24/7 customer service for certain accounts, and an extensive online and mobile app presence.
Chase has poured in much time and effort to make using its digital banking platforms an easy and accessible experience. Here’s a look at options Chase offers:
- Chase mobile banking app: Manage your accounts, deposit checks and send gift cards all on your phone.
- Online banking: Receive paperless statements and do your banking from anywhere you have access to the internet.
- Chase QuickPay with Zelle: Send payments to your friends and family.
- Online bill pay: Pay your rent or mortgage, utilities, credit cards, car loans and other bills online.
Physical Branch Locations
Even if you do some of your banking online, there are times when you need to talk to someone face to face. With almost 5,000 branches across the U.S., chances are there’s one near you. Here’s what you can find at your local Chase branch:
- Consumer banking products and services
- Home lending advisor
- Chase Private Client advisors for wealth management and JPMorgan investment advice
Availability of Funds
Wire transfers and direct or cash deposits are available the day they’re received for consumer accounts. Most government checks and bank checks are available the next business day. Money from all other types of deposits are available on the second business day after Chase receives the deposit. Once funds become available, you may withdraw them or use them as you wish.
Customer service: 800-935-9935
Routing number: See routing numbers by state
Promotions: Newest Chase Promos and Bonuses
Hours: See Chase’s Hours
Locations: Chase Near You
Login: Chase Login Help
Like many other large banks, Chase has plenty of service fees. But some deposit accounts give you ways to avoid these charges. Chase checking and savings accounts come with fees ranging from $4.95 to $35, although most can be waived, typically with high cash balances or qualifying transactions like direct deposit. Transactions at non-Chase ATMs incur a $2.50 service charge. Overdraft fees are $34.
Chase vs. Competitors
Here’s a look at how Chase compares to other major banks:
|Chase||Credit card lineup, branch access|
|Bank of America||Slightly higher savings rates|
|Wells Fargo||Slightly lower checking account fees|
|Citibank||High savings APY, fee-free ATM network|
Chase vs. Bank of America
Bank of America has slightly higher APYs available on its savings accounts, but otherwise, there are many similarities between Bank of America and Chase. Chase does currently offer bigger incentives than Bank of America does to sign up for some of its accounts.
Chase vs. Wells Fargo
Wells Fargo has slightly lower checking account fees, and more ways to avoid them, than does Chase. However, Chase dominates Wells Fargo on the credit card side of the banking world, with a nearly unlimited line of appealing card offerings.
Chase vs. Citibank
Citibank has the biggest fee-free ATM network among any major U.S. bank, at over 65,000. It also has a high-yielding savings account. If you desire in-branch services, however, Citibank’s branch network is quite sparse compared with Chase’s.
To sum up Chase in a nutshell, it is perfect for a traditional bank customer because it offers consistency and availability. In addition to offering a wide variety of products, Chase provides both online and in-branch servicing.
Chase has been around in some iteration since 1877. Customers who feel safe knowing their money is in one of the largest banks in the U.S. and connected to one of the largest investment firms in the U.S. might find Chase to be the best bank for their money. If the benefits of opening a Chase bank account sound enticing to you, it’s easy to open an account today.
Chase’s wide reach and incredible depth of products make it a global banking powerhouse.
- Is Chase a safe bank?
- Chase is a safe bank in the sense that it carries the FDIC insurance that all member banks do. This federal insurance protects account holders for up to $250,000.
- Does Chase have 24/7 customer service?
- You can reach Chase customer service 24/7 at 800-935-9935.
- How long does Chase keep bank statements?
- You can see and print up to seven years of your bank statements with Chase.
- Does Chase really give you $200?
- Yes, Chase currently offers a $200 new account promotion for customers who open a Chase Total Checking account and sign up for direct deposit.
- Is Chase better than Bank of America?
- The answer to this question depends on your financial needs and your location. Chase has a vast branch network, so you're likely to have one nearby if you prefer traditional, in-person banking. Chase also offers lucrative sign-up bonuses for many of its accounts.
John Csiszar contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 16, 2020.
This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
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