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Updated January 19, 2024

Chase Private Client Review

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Discover the real value and premium perks of Chase Private Client. Explore the benefits in this in-depth review and if they're worth it.

Deal Alert: Chase Bank is offering up to a $3,000 bonus when you open a new Chase Private Client Checking account with qualifying activities. See Details

If you have $150,000 to deposit, Chase Private Client offers a premium banking experience. This is a much lower minimum than similar programs like JP Morgan Private Bank and Bank of America Private Bank, both of which require $10 million.

Read on to learn more about its benefits in detail. Also find out if they're worth the requirement.

Chase Private Client Promotions

  1. Request an offer code online by providing your email address.
  2. Speak with a Private Client Banker by the offer stated date to upgrade to Chase Private Client.
  3. Within 45 calendar days, transfer qualifying new money or securities to a combination of eligible Chase accounts.
  4. Maintain your new money for at least 90 days from coupon enrollment.
  5. The bonus will be deposited into your Chase Private Client Checking account within 40 business days after completing the above requirements.

Chase Private Client Checking has $35 monthly service fee. You can waive this fee if you maintain an average beginning day balance of $150,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances OR you have a linked Chase Platinum Business Checking account.

As a Chase Private Client customer, you get a private banker and dedicated J.P. Morgan financial advisor. Other benefits include:

  • Banking fee waivers, including no ATM fees worldwide, no foreign transaction fees, no fees for wires, cashier's checks, counter checks, and money orders, no stop payment fee, and no overdraft of insufficient funds fees
  • Higher daily limits for ATM withdrawals, debit card purchases, remote check deposits, and Zelle
  • Free 3x5 Safe Deposit Box (20% discount on larger boxes) for existing rentals.
  • Free personal check designs
  • Rate discounts for home and auto loans
  • Access to a portfolio line of credit at a competitive rate
  • Art & Culture card granting free admission to museums in select cities
  • The new money cannot be existing deposits, funds, or securities held by you at Chase or its affiliates.
  • Eligible accounts include qualifying Chase personal checking and savings accounts, and J.P. Morgan investment accounts (opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor or Financial Advisor).
  • Ineligible accounts include: Chase business checking and savings accounts, any J.P. Morgan Self-Directed Investing & Automated Investing accounts, any J.P. Morgan retirement accounts, CDs, insurance products, fixed and variable annuities, J.P. Morgan Fund Accounts, 529 plans, attorney trust accounts, client fund trust accounts, Government or Non-Profit accounts, and Donor-advised funds.
  • Gains and losses to qualifying investment balances from trading or market fluctuation will not be counted for purposes of meeting the balance requirements.
  • You can only participate in one Chase Private Client Checking new money bonus in a 12-month period from the last bonus coupon enrollment date.
  • Bonuses are considered interest and will be taxable.

What Is Chase Private Client?

Chase Private Client (CPC) is an elite relationship status for high-balance Chase banking and investment customers. You get a more personalized banking experience tailored to your needs.

You get exclusive benefits, including:

  • A private banker
  • A private advisor to help with your investment strategy
  • Banking fee waivers
  • Discounted rates for home and auto loans
  • Access to a portfolio line of credit at a competitive rate
  • Guidance to help with your business needs

Chase Private Client goes beyond just banking. It's an experience crafted around your unique needs. You're forging a relationship with a bank that understands your goals. Build your partnership with Chase today.

Who Chase Private Client is Best For?

Chase Private Client is right for you, if you:

  • Can maintain at least $150,000 combined in Chase checking, savings, and investment accounts.
  • Need help navigating financial options and want a dedicated banker who truly grasps your needs.
  • Want a financial advisor to help create a personalized investment strategy, plan for retirement, and more.

Get my bonus code >>

How to Qualify?

To qualify, you must maintain an average beginning day balance of $150,000 or more across any combination of qualifying personal checking, savings, and/or investment accounts with Chase.

There is a $35 monthly service fee. However, you can avoid this fee if you maintain an average beginning day balance of $150,000 or more in any combination of this account and linked qualifying deposits and investments, OR if you have a linked Chase Platinum Business CheckingSM account.

Qualifying Accounts Include:
  • Chase Personal Checking and Savings Accounts (excluding Chase Premier Savings)
  • Investment and Annuity Products offered through JPMorgan Chase & Co. and its affiliate and agencies.

There have been some reports of people who were invited to join CPC with less than $150,000 and given time to meet the requirement. This largely depends on your history with Chase and relationship with your banker.

You can also join Chase Private Client if you have an immediate family member who is a CPC. Read more about it below.

Pros & Cons

Pros

  • Large welcome bonus available
  • Dedicated financial advisor for personalized guidance
  • Personal relationship with your banker
  • Banking fee waivers
  • Discount rates on home and auto loans
  • Benefits extend to adult immediate family members
  • 24/7 priority support with dedicated phone line
  • See Benefits

Cons

Do the pros outweigh the cons? Find out if CPC is worth it.

Is Chase Private Client Worth It?

With a threshold of just $150,000, Chase Private Client makes luxury banking more accessible than many of its counterparts. You get the same perks, like having a dedicated personal banker and wealth advisor, without needing millions in the bank.

In the world of premium banking, the true value is not only about tangible benefits, but also the experience and peace of mind it offers.

If you value individualized advice, premium benefits, and having a go-to expert at your fingertips, Chase Private Client offers amazing value. It's not just a place to put your assets - they can also help maximize your wealth's potential.

If you're ready to elevate your banking, you can open an account now and enjoy an exclusive bonus on top of all the premium perks.

Now let's review the Chase Private Client program in detail.

Dedicated Advisors

When you become a Chase Private Client, you'll get a team of advisors to help you find the best financial solutions for your goals. You get:

  • Private Client Banker
    Your private banker will oversee your banking relationship, guide you through your benefits, and find the best solutions.

    Your banker will also connect you to other dedicated Private Client experts for loans and business banking needs.

    Not all Chase branches offer CPC services and have a Private Client Banker. Find a branch here.

  • JP Morgan Private Client Advisor
    A dedicated advisor will work with you to understand your full financial picture and plan a custom investment strategy to meet your goals.

  • Business Banking Advisor
    If you have a small business, you'll get a dedicated advisor and a team of specialists who can help find the best business solutions.

Banking Benefits

Fee Benefits:

  • No ATM fees worldwide; Chase will even refund ATM fees charged by other owners.
  • No Chase foreign exchange fee for debit card purchases.
  • No fees on the first 4 overdrafts during the current and prior 12 statement periods.
  • No fees for incoming or outgoing wires.
  • No fees for cashier's checks, counter checks, and money orders.
  • No stop payment fee.
  • No fee for Overdraft Protection transfer.

If your CPC Checking and CPC Savings accounts are not linked, then you must have a daily balance of $15,000 in your CPC Savings to avoid a monthly service fee.

Higher Limits Benefits:

  • Daily ATM withdrawal limit up to $3,000.
  • Daily purchase limit up to $7,500 with the CPC debit card.
  • Chase QuickDepositSM limits of $100,000/day ($250,000 every 30 days).
  • Zelle daily send limits of $1,000 to $15,000 (limits are tiered and dynamic based on your transaction history).

Other Benefits:

  • Free rushed debit or credit card replacement to anywhere in the world.
  • Free personal check designs.
  • 24/7 Private Client Banking Services line in the U.S.

Investment Benefits

You get a dedicated JP Morgan Private Client Advisor. Your personal advisor will understand your financial needs and goals so they can help you create a personalized investment strategy.

Plus, you'll get:

  • Regular meetings to update your strategy as your goals, risk tolerance, and time frame change.
  • Retirement and education planning.
  • Get real-time global insights, market conditions, and trends.
  • Unlimited commission-free online stock, ETF, and options trades with J.P. Morgan Self-Directed Investing.

Note that Chase likes to push JP Morgan's managed portfolio service. They'll help you create a portfolio aligned to your goals and their professionals will manage it for you. This will have an annual management fee of 0.35%.[1]

However, you don't have to use it. You can retain your own self-directed account on J.P. Morgan Self-Directed Investing and still be a member of CPC. Being a CPC will give you unlimited free trades.

If CPC isn't for you, you can still get a custom strategy from JP Morgan advisors.

Family Member Privileges

Once you're a Chase Private Client, your benefits can extend to adult immediate family members when you are joint owners on a CPC deposit account.

Your family members must be enrolled in the Chase Private Client program in order to receive the perks. To do so, you can open a new joint CPC checking or savings account and your joint owner will be upgraded to CPC as well.

You can also get authorized debit cards (Privileges cards) for family members or caregivers. You'll have the ability to set spending limits for each card.

Again, you'll have to visit a specialized branch that offers CPC services. Find a branch here.

Loan Benefits

Home and Auto Loan Benefits:

  • Dedicated Home Lending Advisor.
  • Dedicated support, underwriting, and processing.
  • 0.25% rate discount when you purchase a new car.[2]
  • Mortgage rate discount based on your existing balance and new money.[3]

Portfolio Line of Credit Benefits:

  • Access to a portfolio line of credit at a competitive rate.
  • Get quick access to funds without liquidating your investments.
  • Loan can be used for any purpose.

Credit Card Benefits

Getting around the Chase 5/24 rule used to be one of the biggest attractions of being a CPC. But that's no longer the case. This policy restricts you from being approved for a new card if you have opened 5 or more credit card accounts in the past 24 months.

However, there have been some old reports of Private Clients who were able to get a new Chase card despite being over 5/24. This will largely depend on your banker and you shouldn't count on it.

Business Benefits

If you have a business, Chase Private Client can help you find solutions to your business challenges. You get:

  • Dedicated Business Banking Advisor.

  • Guidance on improving cash flow, finding payment solutions, and providing financing options.

  • No monthly service fee on a Chase Business Complete Checking account

  • Reduced minimum balance of $50,000 to waive monthly fee for Chase Platinum Business Checking account.

  • No Chase fee on incoming or outgoing wire transfers.

Drawbacks

Before you jump in, there are some potential cons to consider:

  • Low interest rate
    $150,000 is a lot of money to tie up. Online savings accounts offer higher APY, which can translate into thousands of dollars in growth with that amount.

    However, remember that your funds can be in a Chase investment account as well. So you can still have your money invested while enjoying the benefits of CPC.

  • No credit card benefits
    Even being a CPC won't let you get around the Chase 5/24 rule. And you don't even need to be a CPC to apply for the Chase Sapphire Reserve® or Chase Sapphire Preferred® in the first place.

    Read more about how to qualify for the Sapphire Reserve and Sapphire Preferred.

  • Investment options may not align to your needs
    You get commission-free online trades on J.P. Morgan Self-Directed Investing, but the platform has a slimmer range of products. Chase pushes the JP Morgan managed portfolio service, which has an annual management fee.

    Other similar managed portfolios have lower fees and smaller account minimums, such as Vanguard Personal Advisor and E*TRADE from Morgan Stanley Core Portfolios. Both offer professional advisors to provide personalized on-going advice.

Compare Other Checking Accounts

Bottom Line

Chase Private Client is one of the most accessible private banking programs. You can enjoy the benefits of having a personal banker and wealth advisor without needing millions.

The value depends on what you expect from a bank. If you want to feel special with personalized service, CPC will certainly provide that. It's good for high-net-worth individuals who want an all-inclusive banking and investment experience.

It's also worth considering if you perform a lot of banking actions that currently cost you fees. The fee waivers can add up to a lot of savings. The home and auto loan rate discounts are also valuable. Plus, Chase sweetens the deal with an upgrade code for a cash bonus.

References

  1. ^ Chase. J.P. Morgan Automated Investing, Retrieved 1/19/2024
  2. ^ Chase. Preferred rates for home and auto loans, Retrieved 4/29/23
  3. ^ Chase. Relationship Pricing | Mortgage, Retrieved 9/28/23

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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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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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