June 11, 2019

Chase Bank Review

By Anna G

Pros and Cons

Nearly 4,900 branches
New customer promotions
Full service banking

Low interest rates
Not in all states

Bottom Line

National bank with good promotions for new customers

Chase is one of the biggest banks in the US. It offers everything from banking to investments to loans, and of course, a popular lineup of credit cards.

Chase has more checking options than many other competitors. Account opening requirements are generally low and it's relatively easy to waive the service fee on the basic accounts. But typical of big banks, interest rates are low for savings products.

Read on for the full review of Chase Bank.

Chase Bank Pros & Cons

First, let's take a quick look at the pros and cons of banking with Chase.

Pros

16,000 Chase ATMs and nearly 4,900 physical branches
Chase coupon and bonuses for new customers
Relatively low opening requirements
Easy to waive service fees on basic accounts
Many checking options for all financial situations
Online and mobile banking from anywhere
Free online bill pay, mobile deposits, and text banking
24/7 customer service with real reps
Highly rated mobile app
FDIC insured up to $250,000
Full service bank with checking, savings, credit cards, loans, and investing

Cons

Low interest rates on savings products
Not located in all states
Requirements to waive monthly service fee
High out-of-network ATM fees
Many banking fees
No retirement accounts

Now, we'll take a more in-depth look at each account, fees, and features.

Who Chase Is Best For

If you like to have all your financial activities under one bank.
If you need in-person banking services and want access to branches and ATMs.
If you have regular direct deposits or usually leave a balance in your account.
If you're interested in or are already using Chase credit cards.

New Customer Promotions

Chase Premier Plus Checking℠

Enjoy $300 as a new Chase checking customer, when you open a Chase Premier Plus Checking℠ account and set up direct deposit.
Enjoy $300, more benefits, and earn interest on your new Chase checking account.
The $25 Monthly Service Fee is waived when you keep an average beginning day balance of $15,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances.
No Chase fee on first four non-Chase ATM transactions per statement period.
Earn interest on your checking account balance.
Access to 16,000 Chase ATMs and nearly 4,900 branches
Open your account online now.
Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.

Get Deal

Chase Total Checking®

Enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit
Access to 16,000 Chase ATMs and nearly 4,900 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.

Get Deal

You Invest℠ by J.P. Morgan

Enjoy up to $625 when you open and fund a new You Invest Trade account with $25,000 or more in new money. Find out how.
Unlimited commission-free online stock, ETF, and options trades. Options contract and other fees may apply*
$0 minimum to start.
You Invest is an easy, smart and low-cost way to invest online.
Choose an account that's right for you: Brokerage, Traditional IRA or Roth IRA.
Easily manage your Chase banking and J.P. Morgan investments all in one place.
Get tools and expertise to make smarter investment decisions.

INVESTMENT PRODUCTS: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Learn More

Chase 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, and Wisconsin.

Chase Checking Accounts

Chase has a wide range of checking accounts, including options for students, low income, and high net worth individuals.

Chase Total Checking
This is Chase's most popular checking account. It's a very bare bones account without any perks. But it's pretty easy to waive the $12 service fee with direct deposits of at least $500 each month.
Chase Premier Plus Checking
This account gives you interest. This account has a few more perks, including:
- Free Chase design checks.
- No fee on the first 4 non-Chase ATM transactions each statement period.
- No annual rent for a 3" x 5" safe deposit box.
- No fee for counter checks, money orders, and cashier's checks.
- No monthly service fee on Chase personal savings accounts (excluding Chase Private Client Savings).
It has a $25 monthly service fee. Read more about how to waive account fees in our section below.
Chase Sapphire Checking. This premium checking account is also interest bearing and includes more extra perks, such as:
- No fee for personal style checks.
- No ATM fees worldwide plus refunds of other banks' fees.
- No foreign exchange rate adjustment fee.
- No fees for stop payments, wires, and a certain number of overdrafts.
Chase College Checking ($0 to open)
This account has no monthly service fee for college students age 17-24 at account opening with proof of student status from the time of account opening until expected graduation date, for up to 5 years.
Chase High School Checking ($25 to open)
Teens can get a head start on managing money. There is no monthly service fee for teens 13-17 if the account is linked to a qualifying personal parent checking account. A parent/guardian must be a joint owner.
Chase Secure Banking
This account could be a good fit for individuals without monthly direct deposits or those who have had trouble opening an account in the past. There are no overdraft fees on this account. You can use your debit card to spend only what you have available.
Chase Private Client Checking
This top-tier checking account is for high net worth individuals who have $250,000 on deposit with Chase. Many common bank fees are waived and you get a private banker and personal investment advisor.

Chase Savings Accounts

Chase offers two savings accounts:

Chase Savings ($0 to open)
This is Chase's basic savings account without any perks. It's pretty easy to waive the $5 monthly service fee with either a $300 daily balance or $25 automatic transfer every month from a linked Chase checking account. This account is free for teens under 18.
Chase Premier Savings ($100 to open)
This account is designed to be paired with a Chase Premier Plus Checking or Sapphire Checking account. You can earn a higher interest rate when you have a bigger balance and meet certain relationship requirements.

Chase's interest rates are low, so your money won't grow a whole lot. There are other savings accounts that pay over 2% in interest. So if your top priority is to grow your money, you'll want to look elsewhere.

However, it can still be used as a secondary savings when you pair it with a Chase checking account. There are advantages to having linked accounts from the same bank, such as fast transfers and features like overdraft protection.

Chase CDs

Certificate of Deposits require you to deposit a set amount of money for a set amount of time. There's a penalty if you withdraw early.

It's best to link a Chase CD to a personal Chase checking account so you can get a higher relationship rate. Otherwise, the rates are pretty low. Bigger balances also get a higher rate.

Terms of 1 months to 6 years.
$1,000 minimum opening deposit.
Daily compounding interesting.
No monthly service fee.

Chase offers good rates on their 9- to 11-month or 21- to 23-month CDs (when linked to a Chase checking account). The rates are competitive if you can afford a larger deposit. However, other online banks offer higher CD rates, and some even have no opening minimums.

Chase no longer offers new retirement CDs.

How to Waive Account Service Fees

Like typical big banks, Chase does have service fees for most of its accounts. Fortunately, it's relatively easy to waive the fees for the basic accounts.

You can waive service fees by doing the following:

Chase Total Checking ($12/month)
Waived if you maintain a beginning day balance of $1,500 OR make direct deposits totaling $500 or more every monthly statement period.
Chase Premier Plus Checking ($25/month)
Waived if you maintain an average beginning day balance of $15,000 OR have a Chase mortgage with auto pay.
Chase Sapphire Checking ($25/month)
Waived if you maintain a combined beginning day balance of $75,000 or more in this account and linked qualifying Chase deposit and investment accounts.
Chase College Checking ($6/month)
Waived for college students age 17-24 for up to 5 years. After graduation, it can be waived if you make a direct deposit every month OR maintain an average ending day balance of $5,000 or more.
Chase High School Checking ($6/month)
Waived for teens 13-17 if the account is linked to a qualifying personal parent checking account OR with a direct deposit every month.
Chase Secure Banking ($4.95/month)
This monthly service fee cannot be waived.
Chase Savings ($5/month)
Waived by one of the following actions:
1. Maintain a beginning day balance of $300 or more.
2. Have a recurring auto transfer of $25 or more from a personal Chase checking account.
3. Link to Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking.
4. Waived for those under 18.
Chase Premier Savings ($25/month)
Waived if you maintain a beginning day balance of $15,000 or more OR link to a Chase Premier Plus Checking or Chase Sapphire Checking.

Account Features

Chase checking and savings accounts offer these account features and tools:

Direct Deposit
Directly send paychecks into your checking or savings.
Chase QuickDeposit
Deposit checks from anywhere by taking a photo with your phone. The daily mobile check deposit limit is $2,000, and the monthly limit is $5,000.
Cardless ATM Access
Withdraw money at Chase ATMs card-free by logging into your mobile wallet and entering your PIN.
Online Bill Pay
Pay thousands of billers online or via mobile app.
QuickPay with Zelle
Easily send money to another person with just their email or phone number.
Automatic Savings Program
Create a recurring transfer from a Chase checking account to Chase savings account so you can grow your savings without thinking. You can choose the amount and frequency.
Text banking
Check balances and transaction history by simply texting.
Overdraft Protection
You must link a Chase checking and savings account for this feature. If you overdraw your checking account, Chase will transfer funds from your savings to cover it.
Paperless Statements
See up to 7 years of statements online.
Account Alerts
Set up alerts for account activity, such as for low balance, large transactions, and more.

Is Chase Bank Good?

Overall, Chase is a very solid choice if you're looking for a big-name bank that offers everything. It's great if you want to do all your money matters under one roof. You can transfer funds between all your Chase accounts.

Chase has a top-rated mobile app so it's easy to bank from anywhere. And there are lots of physical locations if you still need certain in-person banking services. If you travel domestically often, you can still have your bank and ATMs nearby.

The main downside is that like other traditional banks, the savings interest rate is very low. So Chase isn't the best choice as a primary savings account. It's better to look into these online savings accounts instead. But you can certainly use Chase as a supplementary savings to link with your checking.

One of the biggest advantages of choosing Chase is that you can start building a relationship. Chase is known for their extremely popular cash-back and travel reward credit cards, but approval may be a bit more stringent than other issuers. Having a banking relationship can help open you up to more possibilities, like a better chance of getting their credit cards and loans.

How to Open a Chase Account

You can open a Chase account either in person at a branch or online.

Information Required:

Social Security number
Driver's license or state ID
Name and address
Date of birth
Phone number and email

College students will need their student ID or proof of enrollment for the College Checking account.

After filling in the application, just make your first deposit and that's it. You must be a U.S. citizen or resident alien to open an account online.

Chase Bank Other Services

Chase is a complete full-service bank. Besides personal banking products, Chase also offers these services:

Business Services
Small business owners have a selection of checking and savings accounts. Chase also offers business financing and merchant services for collecting payment.

Credit Cards
Chase is best known for their credit card lineup, offering huge welcome bonuses and good rewards. Chase has a number of highly valued cash back, travel rewards, and small business cards. See our picks of Chase's best cards.

At Chase's Secure Site	Chase Sapphire Preferred® Card
At Chase's Secure Site	Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards® 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases. Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21. Earn 5X points on Lyft rides through March 2022. That's 3X points in addition to the 2X points you already earn on travel.
Intro APR for Purchases	Intro APR for Balance Transfer	Regular APR	Annual Fee
N/A	N/A	17.49% - 24.49% Variable	$95

Investing
Chase is part of JP Morgan, one of the biggest investment banks in the world. It offers a low cost, self-directed platform through You Invest or managed services for high net worth clients.
Mortgages
Chase offers mortgages and home refinancing, as well as a home equity line of credit.
Auto loans
Chase offers auto loans and auto refinancing. Chase checking customers can get a 0.25% rate discount when refinancing an existing auto loan.

Other Bonuses and Offerings

Benefits for Service Members
Active and veteran members of the U.S. Armed Forced can receive a free Chase Premier Plus Checking with no monthly service fee and no balance requirements. You can also link Chase personal savings accounts for no service fees.
Referral Bonuses
You can earn up to $500 a year when you refer friends to open a qualifying Chase checking or savings account.
Free Credit Report
Anyone can enroll to get a free credit report from Chase. You don't even need to be a Chase customer.

How Chase Bank Compares

Bank of America
Chase has more checking and savings options. But in general, Bank of America has lower requirements to waive account fees. BofA does not have checking options for teens and college students. But it does have savings IRAs, something that Chase lacks.

BofA also offers a full range of services, including banking, credit cards, mortgages, auto loans, and investing through Merrill Edge. It has fewer physical locations, but it operates in some states that Chase is not in (such as North and South Carolina).

Wells Fargo
Wells Fargo has the largest nationwide presence with over 5,800 branches in 39 states. It also offers a lot of checking accounts, including options for teens, low income, and high balance individuals.

The savings rate is a lot higher for the Platinum Savings Account with balances of $25,000 or more. It also has special 9- and 19-month CDs with high, competitive rates. So in general, Wells Fargo is better if you have more to save.

Wells Fargo also offers personal loans and student loans - something that Chase doesn't offer.

Ally Bank
Ally is an online bank with no physical branches. So it can offer higher savings interest rates and fewer fees. Its banking products have no minimum balance requirements or service fees.

Even though it's online, you can still access your money easily with over 55,000 fee-free ATMs throughout the nation. Ally still offers features like mobile check deposits, online bill pay, and direct deposits.

If you don't need in-person banking services and want a higher interest rate, Ally is a top choice for online banking. It also consistently wins high customer satisfaction ratings.

Bottom Line

Chase is a good choice if you're looking for a bank with full range of services, physical locations, lots of ATMS, and good mobile banking. We think one of the best advantages of choosing Chase is developing a relationship so you can access other offerings, like their credit cards.

However, typical of most brick-and-mortar big banks, don't expect much in interest. And there are service fees unless you meet certain requirements.

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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.