Chase Bank Review: Thousands of Branches and a Host of Products and Services
Minimum Opening Deposits
Breadth of Products
- Highly rated mobile app and website
- Large network of ATMs
- Bonus rewards for new customers
- Compatibility with most digital payment platforms
- Large selection of account options, including for kids and teens
- No high-yield savings accounts
- No money market accounts
- Monthly fees on accounts
Overview of Chase
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 $3.4 trillion in assets, and about half of all American households use its products. GOBankingRates has ranked Chase as one of the Best National Banks and Top 100 Banks of 2022 and has also recognized the bank in its Best CD Accounts, Best Checking Accounts and Best Savings Accounts of 2022 annual lists.
Chase Product Details
Here’s a more detailed overview of the various products offered by Chase.
Chase Checking Accounts
Chase offers a total of eight checking account options divided into three categories: Everyday, Premium and Kids & Students. Here are the details.
Chase Total Checking
Even though Chase Total Checking is a basic account with no bells and whistles, it ranked as having one of the Best Checking Accounts of 2022 in GOBankingRates’ annual rankings. And if that’s not enough to sign up, Chase ranks it as its most popular account because it has the banking essentials you need, including an autosave feature and no overdraft fee if you’re overdrawn $50 or less by the end of the business day. The account does have a $12 monthly service fee, but it’s waivable with a beginning day balance of $1,500, regular direct deposits totaling $500 or more, or an average beginning day balance of $5,000 or more with combined balances from other qualifying accounts.
Chase Secure Banking
Chase Secure Banking is a simple checking account that has a fixed $4.95 monthly service fee. Plus, you won’t have to worry about overdrafts because Chase will decline or return any purchase that exceeds your balance. And if for some reason you do end up with a negative balance, the bank still won’t charge you an overdraft fee.
Chase Premier Plus Checking
Chase Premier Plus Checking is an interest-earning checking account with breaks on non-Chase ATM fees and savings on products like cashier’s checks. It has a $25 monthly service fee waived with an average beginning day balance of $15,000 in any combination of linked qualifying accounts or a linked, qualifying Chase first mortgage that’s enrolled in automatic payments from your Chase account.
Other benefits of the account include no overdraft fees if you’re overdrawn by less than $50 at the end of the business day and waived non-Chase ATM fees up to four times per statement period. Plus, the service fee will be waived on any linked Chase personal savings or up to two Chase Premier Plus Checking accounts. Additionally, the account is eligible for free Chase design checks.
Chase Sapphire Banking
Chase Sapphire Banking is a premium account that earns interest, waives all non-Chase ATM fees and fees on many other bank services and offers a dedicated 24/7 banking service line. It has a $25 monthly service fee, waivable with an average beginning day balance of $75,000 or more in any combination of this account and linked qualifying accounts. It also offers higher limits on Chase QuickDeposit and Zelle, higher daily purchase limits and ATM withdrawal limits and free Chase design checks.
Chase Private Client Checking
Chase Private Client Checking is a premium account that earns interest and has the same break on fees that the Chase Sapphire Banking account offers. The account has a $35 monthly service fee, which can be waived with an average beginning day balance of $150,000 or a linked Chase Platinum Business Checking account. It also offers a dedicated Business Banking advisor, discounted rates on home and auto loans, close collaboration with a dedicated Chase private client banker and free personal design checks.
Chase First Banking
Chase First Banking is a parent-owned account for children ages 6 to 17 that has no monthly service fee, but you must be an eligible Chase checking customer to open this account. With the account, you can set and track savings goals in the Chase mobile app, set spending limits, set recurring allowance payments and assign chores.
Chase High School Checking
Chase High School Checking is designed for a parent to co-own with a child aged 13 to 17. As long as the parent links this account to their Chase checking account, the account has no monthly service fee. The account includes autosave, Zelle, Chase QuickDeposit and direct deposit. This account must be opened at a Chase branch.
Chase College Checking
Chase College Checking is for college students who are 17 to 24, and 17-year-olds must open this account in a branch. The monthly service fee is $6, but an average beginning day balance of $5,000 or more or one electronic deposit each month will waive the fee. The account includes autosave, a waived service fee on a linked Chase personal savings account, Zelle, Chase QuickDeposit and direct deposit.
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 is ranked as one of the Best Savings Accounts of 2022 in GOBankingRates’ annual Best Banks rankings. The account earns 0.01% APY across all balance tiers and has a $5 monthly service fee, waivable with one of the following:
- $300 daily balance
- $25 or more in total autosave or other automatic transfers from your personal Chase checking account
- A linked Chase College Checking account
- Account owner who is under age 18
Chase Premier Savings
Chase Premier Savings standard rates are the same as the basic accounts. However, the Premier account is eligible for a relationship rate of % APY when you link to a Chase Premier Plus or Sapphire Checking account and make at least five customer-initiated transactions each month using a linked Chase checking account. Chase Premier Savings has a $25 monthly service fee, waivable with a $15,000 beginning day balance or when linked to Premier Plus or Sapphire Checking accounts.
Chase CD Rates
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. Chase CD’s require a $1,000 minimum deposit and are available in one- to 120-month terms. Standard rates are % APY, no matter the balance and relationship rates are either 0.02% or 0.05% APY, depending on term and balance. See Chase’s relationship rates for CDs here.
Chase’s Best Features
GOBankingRates gave Chase an overall score of 4.5 for the following outstanding features.
Minimum Opening Deposits
None of Chase’s checking or savings accounts require a minimum opening deposit, which makes it more affordable (and convenient) to open more than one account at a time. Chase’s certificates of deposit do require a minimum opening deposit, but it’s set at $1,000, which is less than a bank that requires at least $2,500 to open a CD.
Breadth of Products
Chase has most of all the products you would expect from a big bank, and then some. You truly can do all your banking in one place with Chase. As far as deposit accounts, the bank offers eight different checking options, two savings options and a variety of CDs. The bank does not offer a money market account, however. Chase also offers a selection of credit cards, home loans, auto loans, investing and various business and commercial services.
Customer service is something Chase prides itself upon. The bank provides an online page linking to various self-service options, including FAQs, instructional articles and videos. However, if you need to speak to a banking representative, you can call 800-935-9935, 24 hours a day, 7 days a week for assistance. You can also reach the bank on social media: Tweet the bank @ChaseSupport or message it on Facebook or Instagram. Or schedule a meeting with a personal banker.
If you’re looking for a bank that has a highly rated mobile app on both the App Store and Google Play, you’ve found it. The app has a 4.4 out of 5 stars rating on Google Play and a rating of 4.8 stars out of 5 on the App Store. With the app, you can manage your Chase accounts and JPMorgan investments, monitor your credit, budget and track your money, use Zelle and initiate mobile deposits. You can also track rewards, lock and unlock your account if you misplace your card and find the nearest Chase branches and ATMs.
Chase’s wide reach and incredible depth of products, including its eight checking options for different types of clients, make it a global banking powerhouse.
Chase vs. Competitors
Here’s a look at how Chase compares to other major banks:
|Chase||Favorable incentives and promotions at sign up on some accounts|
|Bank of America||Slightly higher APY rates|
|Wells Fargo||Lower checking account fees|
|Citibank||Largest network of fee-free ATMs|
Chase vs. Bank of America
Bank of America has slightly higher APYs available on its savings accounts due to its Preferred Rewards tiers, but otherwise, there are many similarities between Bank of America and Chase. However, 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 62,000, compared to Chase’s 16,000. 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’s 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.
- 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, depending on the account type, with Chase.
- 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.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Apr 27, 2022.
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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