Chase Bank Review: Checking and Savings You Can Count On
- Bonus offer for new customers
- Large selection of account options
- User-friendly mobile app
- No money market accounts
- Monthly fees
- High fees for non-Chase ATMs
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 $2.9 trillion in assets, and about half of all American households use its products.
Checking accounts, savings accounts, CD accounts and banking experience all factored into Chase’s score of 4.7 out of 5 stars.
Chase Checking Accounts
Chase offers a total of eight checking account options divided into three categories: Everyday, Premium and Kids & Students. Even though Chase Total Checking is a basic account with no bells and whistles, it ranked among the Best Checking Accounts of 2023 in GOBankingRates’ annual rankings.
Chase Total Checking
Total Checking is considered one of Chase’s most popular accounts, 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
Secure Banking is a simple checking account with has a fixed $4.95 monthly service fee. 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
An interest-earning checking account with breaks on non-Chase ATM fees and savings on products like cashier’s checks, Premier Plus Checking has a $25 monthly service fee.
This fee can be 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. 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
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
A premium account that earns interest and has the same break on fees that the Chase Sapphire Banking account offers, Private Client Checking 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
A parent-owned account for children ages 6 to 17, Chase First Banking 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
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
College Checking is an account for college students who are 17 to 24 — 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. The account has a APY across all balance tiers.
- Chase Savings: Ranked as one of the Best Savings Accounts in GOBankingRates’ annual Best Banks rankings. The account earns interest 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: The standard rates are the same as the basic account’s. However, the Premier account is eligible for a higher relationship rate 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 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.
Chase CDs require a $1,000 minimum deposit and are available in one- to 120-month terms. Standard rates are APY, no matter the balance, though relationship rates are higher and varied, depending on term and balance.
Chase Banking Experience
Chase has most of 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.
Chase has an excellent mobile app. If you’re looking for a bank that has a highly-rated mobile app, you’ve found it. It has a rating of 4.8 stars on the App Store and a rating of 4.4 stars on Google Play.
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.
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. To speak to a banking representative you can do any of the following:
- Call for 24/7 assistance at 1-800-935-9935
- Twitter: Tweet the bank @ChaseSupport
- Facebook: Message @Chase
- Instagram: Message @Chase
- Schedule a meeting with a personal banker.
Comparable Banking Options
Chase might be one of the best banks of 2023, but that doesn’t mean it’s right for everyone. Here are some other options to help you decide if Chase is the best bank for you.
Chase vs. Wells Fargo
Wells Fargo offers a significantly higher savings APY than Chase at on its Way2Save account. 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. Citi®
Citi has the biggest fee-free ATM network among any major U.S. bank, at 70,000 plus fee-free ATMs in the U.S., compared to Chase’s 16,000. If you desire in-branch services, however, Citi’s branch network is quite sparse compared with Chase’s.
To sum up Chase in a nutshell, it’s perfect for a traditional banking customer, because it offers consistency and availability. Chase’s strongest feature is the number of account options available. In addition to offering a wide variety of products, Chase provides both online and in-branch servicing. Chase was ranked among the Top Banks of 2023 by GOBankingRates.
Chase FAQHere are the answers to some commonly asked questions about Chase.
- Is Chase a good bank?
- Chase has a highly rated mobile app on both the App Store and Google Play. GOBankingRates also ranked it among the Best Banks for 2023.
- What are the pros and cons of Chase Bank?
- Depending on what your banking needs are, the pros and cons can vary. For example, Chase has no money market accounts or high-yield savings accounts. It also has monthly fees. However, it does have a wide variety of checking account options, bonuses for new customers and a highly rated mobile app.
- How safe is Chase Bank?
- Chase is a member of the FDIC and each customer is insured to the standard amount of $250,000 per deposit account type.
- Is Chase better than Capital One?
- Capital One offers a higher APY for both its checking and savings accounts. However, Chase has many more checking account options, so it depends on what will best fit your banking needs.
Caitlyn Moorhead 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 Dec. 22, 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.
*With Chase Overdraft AssistSM, we won’t charge an Insufficient Funds Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM EST (8 PM PST) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
The information related to Chase Secure Banking, Chase Premier Plus Checking, Chase Sapphire Banking, Chase Private Client Checking, Chase First Banking, Chase High School Checking, Chase College Checking, Chase Savings, Chase Premier Savings and Chase CD accounts was collected by GOBankingRates and has not been reviewed or provided by the issuer of these products/cards. Product details may vary. Please see issuer website for current information.
To discover the Top Banks, GOBankingRates looked at the top national institutions (excluding credit unions) with over $100 billion in total assets. To determine rankings, GOBankingRates looked at the following factors: (1) checking product minimum deposit; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings product minimum deposit; (4) savings product APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (7) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (3) were weighted 0.5 times, factor (4) was weighted 2.5 times, and factor (6) was weighted 1.5 times.
To determine rankings for the Best Checking Accounts, GOBankingRates looked at the following factors from all banks (excluding credit unions): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) APY on the checking account; (6) overdraft fee amount; and (7) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (2 and (5) were weighted 0.5 times, and factor (4) was weighted 1.5 times.
To determine rankings for the Best Savings Accounts, GOBankingRates looked at the following factors from all banks (excluding online, neobanks and credit unions): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly savings fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) minimum balance needed in account to earn APY; (6) savings APY; and (7) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (2) were weighted 0.5 times, factor (4) was weighed 1.5 times and factor (6) was weighted 3 times.
Editorial Note: This content is not provided by Chase. 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 Chase.