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April 5, 2020

Is Chase a Good Bank?

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Chase is known for their customer service and generous sign-up bonuses. But before you join, find out if they're safe to bank with.

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Reasons Why Chase Is A Good Bank

Chase is one of the oldest and largest banks in the United States.

It has a reputation for excellent customer service and a wide array of services, including banking, credit cards and investments.

If you're looking for a full-service bank with nationwide availability, Chase is definitely worth considering. However, it won't be right for everyone. We'll also discuss the downsides below.

GENEROUS SIGN-UP BONUSES

Chase Bank often offers large welcome bonuses to new customers for opening a new account. For example, you can usually find a cash offer when you open a new Chase Total Checking® account and set up direct deposit. It's an easy way to earn a little bonus without requiring a large initial deposit.

Before you open a new bank account, make sure to check out the current promotions.

Besides the banking products, Chase offers some of the largest credit card welcome bonuses as well. For example, the Chase Sapphire Preferred's bonus is huge (when redeemed through the Chase travel portal).

Even Chase's You Invest platform offers cash bonuses for new customers.

WIDE ARRAY OF BANKING PRODUCTS

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Chase is a full-service bank offering just about every financial service. It makes for a great option for those who like to have all their financial accounts under one roof.

Chase offers:

Chase does not offer retirement accounts or personal loans.

Sometimes, it's good to use the same bank for all your financial needs. It could be easier to transfer money between accounts. Or you could receive some special perks as you build a relationship.

LOTS OF CHECKING OPTIONS

Chase provides more checking options compared to other big U.S. banks. It offers checking solutions for different financial situations, making it a good option for just about anyone.

The basic Chase Total Checking account has no minimum deposit requirement to open. And it's pretty easy to waive the monthly service fee with direct deposits of at least $500 each month.

Chase also offers checking options for high schoolers and college students with no monthly fees. It even offers a Secure checking account that's ideal for those who have had trouble opening a bank account in the past.

For those with bigger balances, the higher-tier checking accounts will provide more benefits. These could include ATM fee refunds, free checks, and other banking fee waivers. The top-tier Private Client Checking includes your own private banker and personal investment adviser.

GREAT CREDIT CARDS

Chase issues some of the best credit cards on the market. Not only are they known for the amazing sign-up bonuses, they also offer great rewards.

The most popular Chase cards are from the Ultimate Rewards lineup of cards. Ultimate Rewards is one of the most lucrative credit card reward programs. The premium cards, such as the Chase Sapphire Preferred and Sapphire Reserve, allow you to transfer points to leading airline and hotel partners.

It offers some great basic cards as well for beginners or more casual users. The Chase Freedom cards have the potential for high cash-back rewards with no annual fee.

However, Chase is one of the tougher credit card issuers with more rules and restrictions. If you have a banking relationship with Chase, it could help you better qualify for a Chase card.

NATIONWIDE PRESENCE

Chase Bank has more than 4,700 physical branches and 16,000 ATMs across the country. If you're in a Chase service area, you're never far from a branch or ATM.

However, it's not located in every state. If you don't live near where Chase operates, you won't be able to get in-person service and the ATM fees will add up. One way to avoid ATM fees is by getting cash back with your debit card purchases.

Because of Chase's availability in most major cities, it's a good advantage if you travel often within the U.S.

Chase Bank is located in these states:

  • Arizona
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kentucky
  • Louisiana
  • Massachusetts
  • Michigan
  • Nevada
  • New Jersey
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Texas
  • Utah
  • Washington
  • West Virginia
  • Wisconsin

USER FRIENDLY MOBILE APP

In today's banking-on-the-go culture, having a strong mobile app is super important. Chase has one of the most highly rated mobile banking apps. It's rated:

  • 4.8 stars on Apple App Store with 2.3M ratings
  • 4.2 stars on Google Play with 1.5M ratings

The app offers pretty close to full functionality. With just one login, you can access your banking, credit cards, loans, and investment accounts. So even if you don't live near a branch, you can still manage all your finances through the app.

Some things you can do on the app include:

  • Sign in with FaceID
  • View your account balances
  • Transfer money between your Chase accounts, to another bank, or through Zelle®
  • Deposit checks remotely by taking just a photo
  • Set up travel notifications on your cards
  • Pay bills online
  • Send wire transfers
  • Schedule payments on your Chase credit cards
  • Track and redeem Chase Ultimate Rewards points
  • Get updates on your credit score
  • Set up custom mobile alerts
  • Manage your investments

24/7 CUSTOMER SERVICE

Chase provides 24/7 customer service with real human reps for banking and credit card services. You can call at any time of the day or night and reach a live person.

Some customer service numbers to know are:

  • Personal banking: 1-800-935-9935
  • Business banking: 1-800-242-7338
  • Personal credit cards: 1-800-432-3117
  • Business credit cards: 1-888-269-8690

The only downside is that Chase does not offer a live chat through the website. To get your question answered immediately, you'd have to call. You can also use Chase's secure messaging within your account, but you may have to wait a bit for a response.

CHASE BANK DOWNSIDES

Chase is not perfect and it won't be right for everyone. It's important to know the downsides too. Here are some of Chase's shortcomings.

Low interest rates on savings
Like most traditional brick-and-mortar banks, Chase's interest rates are nothing to speak of. If you have a lot to save, you're much better off going with an online savings account. These accounts offer higher interest to grow your money more.

Not located in all states
Though it's one of the biggest banks, Chase isn't located everywhere. If you live somewhere without a Chase branch or ATM, you may find that to be an inconvenience.

No free checking
Chase does not offer a free checking option (except to students). However, it's easy to waive the monthly service fee for the Chase Total Checking account with at least $500 in monthly direct deposits.

Many banking fees
Unfortunately, Chase does have many fees, such as out-of-network ATM fees, wire transfer fees, overdraft fees, stop payment fees, and checks. Many online banks waive these kinds of fees.

If you have a big enough balance for one of the premium checking accounts, some of these fees can be waived.

Lacks some products
Chase does not offer retirement savings accounts or personal loans. However, it does offer IRAs through You Invest or JP Morgan Advisor. The lack of personal loans is a downside, and a good banking relationship can often help you get better rates on loans if you're ever in a financial bind. But you won't have that option with Chase.

BOTTOM LINE

Chase is worth considering if you like the option of having all your financial products under one roof. Chase has a strong nationwide presence, a full range of services, good mobile banking, and 24/7 customer service. It also offers some of the best credit cards on the market.

But if you're looking for checking and savings with fewer, lower fees and higher interest, then you'll want to check out some other options instead.

Chase
Member FDIC

Chase Total Checking® - $225 Bonus

  • New Chase customers enjoy a $225 bonus when you open a new Chase Total Checking® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
TD Bank
Member FDIC

TD Beyond Checking - $300 Cash Bonus

  • New customers who apply online for a TD Beyond Checking account can earn a $300 cash bonus after receiving direct deposits of $2,500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
  • Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
  • Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Rush Bill Payments and more.
  • Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
  • TD fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
  • Overdraft Payback - Get overdraft fees automatically reversed up to two times a year.
  • Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
  • TD checking accounts come with an instant-issue debit card. And, you can pay with confidence with Zero Liability protection and 24/7 fraud monitoring.
  • Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings and Money Market accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online or by phone. Enter Offer Code CY21 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2021
CIT Bank
Member FDIC

CIT Bank Money Market Account - 0.45% APY

  • 0.45% APY
  • $100 minimum opening deposit
  • No monthly maintenance fee
HSBC Bank
Member FDIC

HSBC Premier Checking - $450 Welcome Deposit

Expires 1/5/2022
  • Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
  • Open your new HSBC Premier checking account online by January 5, 2022; and
  • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
  • You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
  • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

Write to Anna G at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Chase. This site may be compensated through the Advertiser's affiliate programs.

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Frequently Asked Questions

Chase frequently offers cash bonuses for new banking customers. You can open a new Chase account either in person at a branch or online.

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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