Updated August 1, 2019

Chase Sapphire Banking Review

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What is Chase Sapphire banking? We explain the benefits, interest rate and how to qualify for the bonus in our review.

Top Promotion for July 2020

Chase's Sapphire Banking has replaced its Premier Platinum checking account. Keep reading to see what the new Chase Sapphire Banking checking account offers.

Benefits

Here's what Chase Sapphire Banking offers:

Bonus
Here's how to claim the bonus:

  1. Open a Chase Sapphire Banking Account.

  2. Transfer $75,000 of qualifying new money to any combination of eligible accounts within 45 days.

  3. Maintain a $75,000 balance for at least 90 days from the date of funding (gains, losses, or market fluctuations will not be considered when determining your balance).

  4. Bonus is credited to your account within 45 days after balance has been maintained.

No ATM Fees Worldwide
Chase won't charge you for using their ATMs and you'll be automatically refunded for ATM fees charged elsewhere.

No Foreign Transaction Fees
You won't rack up fees when using your Sapphire Banking debit card abroad.

Check out some great travel rewards credit card options before your next overseas trip.

No Insufficient Funds or Returned Items Fees
You won't be charged for insufficient or returned funds (up to four times in a 12-month period).

No Wire Transfer Fees
Chase will cover the costs associated with incoming and outgoing wire transfers when you use their Sapphire Banking.

Commission-Free Online Stock and ETF Trades
Chase Sapphire Banking qualifies you for the Premier Pricing tier on J.P. Morgan's You Invest platform. You'll receive unlimited commission-free online stock and ETF trades (other regulatory transaction fees may apply).

You Invest is a low-cost, app-based investment tool built into Chase's online and mobile banking platforms. It allows you to manage your investments by researching and trading stocks, bonds, mutual funds, and ETFs online.

Why We Like Sapphire Banking

Here are several reasons to sign up for Chase Sapphire Banking:

Premier Relationship Rates
Chase Sapphire Banking can boost your interest rates on linked savings accounts. To qualify, you must make at least 5 customer-initiated transactions during a monthly statement period using your linked checking account.

Entertainment Benefits
You'll have special access to sports and entertainment hospitality lounges. You can also take advantage of early ticket sales and special seating at sporting or other entertainment events.

Higher Withdrawal Limits and Purchase Limits
Your Sapphire Banking Debit Card will have a higher daily withdrawal limit at ATMs. Plus, the daily purchase limits are higher.

24/7 Customer Service: As a Chase Sapphire Banking customer, you get a 24/7 dedicated banking service line at 1-888-26CHASE.

Reasons to Look Elsewhere

Steep Bonus Requirements
It's not always sensible to move $75,000 into a new bank, even if you have the funds available. You could give up better interest rates or incur fees for closing certain accounts.

High Minimum Balance Requirement
If you let your combined linked account balance (on qualified accounts) drop below $75,000, you'll pay a monthly maintenance fee of $25.

Low APY
You can find a checking account with a higher yield than Chase.

How to Waive Monthly Service Fee

The Sapphire Banking accounts has a $25 monthly service fee. The charge is waived if you maintain an average beginning day balance of $75,000 across a combination of qualifying deposit and investment accounts.

Qualifying accounts can include up to 9 personal accounts, including:

Chase Private Client checking and savings accounts, Chase money purchase pension, and profit-sharing plans are not considered qualifying accounts. New money cannot be funded by accounts at J.P. Morgan or its affiliates.

Is Chase Sapphire Worth It?

While Chase Sapphire Banking has several great perks, keeping a large sum of money in a low-interest account usually isn't a great idea.

But the entire $75,000 doesn't have to be housed in the checking account in order to qualify for Chase's Sapphire Banking. You can spread that cash around to qualifying accounts which will earn a higher interest rate than the checking account.

If you can make use of those products, and they have competitive earnings, then you can benefit from what Chase Sapphire Banking has to offer.

Chase Sapphire Banking vs Private Client

Chase Private Client (CPC) is the elite banking tier for those with $250,000 on deposit with Chase. You get personalized service including:

  • a private banker
  • a private investment advisor
  • dedicated loan advisors
  • discounted rates for home and auto loans
  • business banking guidance

CPC is for very high net worth individuals who want an all-inclusive banking and investment experience. You won't get this level of personalized service with Sapphire Checking, but the minimum balance requirement is also a lot lower.

If you do have $250,000 to deposit, read our in-depth review to see if Chase Private Client is worth it.

How to Open an Account

The application process is different based on whether you already have a Chase checking account or are completely new to Chase.

Exisiting Chase Customers:

  • You'll enter your email address to receive an upgrade code.

  • Bring that upgrade code to a branch in order to be upgraded.

Existing Chase checking customers must visit a local branch in order to upgrade their checking. If this isn't feasible for you, it might be worth calling Chase to see what arrangements can be made for you.

New Chase Checking Customers:

  • You can open an account online.

  • Answer general personal questions like date of birth, Social Security number, address, etc.

  • Or, visit a local branch to have a banker assist you with opening your new account.

How Chase Sapphire Banking Compares

© CreditDonkey

Read on to learn some of the other checking options available right now.

Chase

    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.

    Chase Total Business Checking®

    • Get $300 as a new Chase business checking customer, when you open a Chase Total Business Checking® account with qualifying activities
    • Access to 16,000 ATMs and nearly 4,900 Chase branches
    • Chase has business specialists at your local branch to help with your business needs
    • Account Alerts are a great way to stay on top of your account's activity and enhance security
    • Unlimited electronic deposits at no charge, including Chase QuickDeposit℠, ACH and ATM

    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.

Bank of America

    Advantage Plus Banking Checking Account - $100 Bonus

    Open a new Bank of America Advantage Plus Banking checking account by June 30, 2020. Account must be opened online using the link on the offer page. Minimum opening deposit is $100. Set up and receive at least 2 qualifying deposits of $250 or more each to your new checking account within 90 days of account opening. The $100 cash bonus will be deposited into your account within 60 days of completing all requirements.

    Expires 12/31/2020

    Advantage Relationship Banking Checking Account - $100 Bonus

    Open a new Bank of America Advantage Relationship Banking checking account by June 30, 2020. Account must be opened online using the link on the offer page. Minimum opening deposit is $100. Set up and receive at least 2 qualifying direct deposits of $250 or more each to your new checking account within 90 days of account opening. The $100 cash bonus will be deposited into your account within 60 days of completing all requirements.

    Expires 12/31/2020

    Advantage SafeBalance Banking Checking Account - $100 Bonus

    Open a new Bank of America Advantage SafeBalance Banking checking account by June 30, 2020. Account must be opened online using the link on the offer page. Minimum opening deposit is $25. Set up and receive at least 2 qualifying direct deposits of $250 or more each to your new checking account within 90 days of account opening. The $100 cash bonus will be deposited into your new account within 60 days of completing all requirements.

    Expires 12/31/2020

Wells Fargo

    Consumer Checking Account - $400 Bonus

    Open an eligible consumer checking account online or bring a bonus offer code to a participating Wells Fargo branch. Minimum opening deposit is $25. Within 90 days of account opening, receive a total of $4,000 or more in qualifying direct deposits to your new checking account. After the initial 90 days of account opening, your bonus will be paid within the next 30 days if you have met all offer requirements.

    Expires 7/31/2020

    Consumer Checking Account - $400 Bonus

    Open an eligible consumer checking account online or bring a bonus offer code to a participating Wells Fargo branch. Minimum opening deposit is $25. Within 90 days of account opening, receive a total of $4,000 or more in qualifying direct deposits to your new checking account. After the initial 90 days of account opening, your bonus will be paid within the next 30 days if you have met all offer requirements.

    Expires 7/31/2020

Citibank

    Citigold Package - $1,500 Bonus

    Open a new eligible checking and savings account in the Citigold Account Package.

    Within 30 days of opening your account, deposit $200,000 New-to-Citibank funds into the checking and/or savings account.

    Maintain a minimum balance of $200,000 between the checking and/or savings accounts for 60 consecutive calendar days.

    Expires 1/5/2021

    Citi Priority Package - $700 Bonus

    Open a new eligible checking and savings account in the Citi Priority Account Package.

    Within 30 days of opening your account, deposit $50,000 New-to-Citibank funds into the checking and savings account.

    Maintain a minimum balance of $50,000 between the checking and savings accounts for 60 consecutive calendar days.

    Expires 1/5/2021

    Citi Account Package - $400 Bonus

    Open a new eligible checking and savings account in the Citibank Account Package.

    Within 30 days of opening your account, deposit $15,000 New-to-Citibank funds into the checking and savings account.

    Maintain a minimum balance of $15,000 between the checking and savings account for 60 consecutive calendar days.

    Expires 1/5/2021

Bottom Line

A generous bonus offer and free investing options make Chase Sapphire Banking the right choice for certain customers. But you'll need $75,000 in eligible accounts to avoid the monthly service fees. Weigh the financial pros and cons to see if Sapphire Banking could be right for you.

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.

More from CreditDonkey:


Chase Bank Review


Chase Sapphire Reserve Review


Chase Sapphire Preferred Review

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