Chase Bank review

Chase Bank

Blueprint Rating

Products

Checking, savings, MMAs, CDs, personal loans, mortgages, credit cards

Fees

Monthly service fees, out-of-network ATM fees, Insufficient funds fees

ATM network size

15,000

What you should know

As one of the biggest banks in the country, Chase offers a full suite of financial products, from MMAs to credit cards. Its breadth and resources mean that it can invest in consumer-facing technology, including its app, which is one reason why the bank scored so well on satisfaction surveys. However, its yields on savings products tend to linger in the middle of the pack. Therefore, you should consider alternatives when looking to buttress your emergency fund.

Pros

• Large branch network.
• Full service bank.
• Competitive credit cards.

Cons

• Service fees.
• ATM fees.
• Middling interest rates.

Chase Bank basics

• Checking accounts: Chase Total Checking®, Chase Secure Banking℠, Chase College Checking℠, Chase Premier Plus Checking℠, Chase Sapphire℠ Checking, Chase Private Client Checking℠ as well as kids and business checking accounts.
• Savings accounts: Chase Savings℠ and Chase Premier Savings℠.
• Money market accounts: None.
• CDs: 17 available terms between one month and 10 years with relationship rates ranging from 0.02% to 4.75% APY.
• Other accounts: Chase Bank offers home and auto loans, credit cards and wealth management services, in addition to business products.
• Bank branches or online only: Branches are located in 48 states.

Annual percentage yields (APYs) and account details are accurate as of April 4, 2024.

About Chase Bank

Chase Bank, owned by JPMorgan Chase, is the largest bank in the United States by assets. It has more than 4,800 branches, 15,000 ATMs and roughly $3.4 trillion in assets, per the Fed, which is nearly $1 trillion more than its closest rival, Bank of America. Its lineage goes all the way back to the 18th century, with the Manhattan Company, which was created by Alexander Hamilton and Aaron Burr.

It has obviously come a long way since, and offers a full suite of banking and investment accounts, including its ever-popular credit cards.

Checking

ACCOUNT	MONTHLY FEE	APY
Chase Total Checking	$12 (waivable)	N/A
Chase Secure Banking	$4.95 (waivable)	N/A
Chase College Checking	$12 (waivable)	N/A
Chase Premier Plus Checking	$25 (waivable)	0.01%
Chase Sapphire Banking	$25 (waivable)	0.01%
Chase Private Client Checking	$35 (waivable)	0.01%
Chase First Banking℠	$0	N/A
Chase High School Checking℠	$0	N/A

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• Chase Total Checking. You can earn a welcome bonus of $300 as new customers if you set up direct deposit within the first 90 days. There is a $12 monthly fee which can be waived by having at least $500 in monthly direct deposits made into the account, a minimum balance of $1,500 in the account at the beginning of each day or an average beginning day balance of at least $5,000 in qualifying Chase accounts. You’ll avoid an overdraft charge if you overdraft by $50 or less. You can avoid a fee on an overdraft that’s greater than $50 if you bring your account out of the red by the next business day.
• Chase Secure Banking. Receive a welcome bonus of $100 for if you are a new Chase checking account customer and complete 10 qualifying transactions within 60 days of opening the account. This account has a $4.95 monthly service fee that can be waived with at least $250 in qualifying electronic deposits made into the account each statement period. It doesn’t charge an overdraft fee but that is because it will decline transactions rather than overdraft the account. This account makes the most sense for folks who have trouble spending within their means and are weary of going into the red.
• Chase College Checking. Earn a welcome bonus of $100 if you make 10 qualifying transactions within the first 60 days of opening the account. You will face a $12 monthly service fee that can be waived by having a qualifying electronic deposit of at least $500 made into the account each statement period or by maintaining an average ending daily balance of at least $1,500 in the account. You must be a college student and under the age of 24 to qualify for this account. Given the requirements, avoid this checking account unless you are in school and have a job.
• Chase Premier Plus Checking. This account offers 0.01% APY on the funds in your checking account, which isn’t a lot, but is slightly better than nothing. The tradeoff is that there’s a $25 monthly fee unless you have a combined average daily balance of $15,000 across your qualifying Chase accounts or a mortgage with Chase. The fee will also be waived if you are an active or former member of the military. One nice perk: Chase will waive four out-of-network ATM fees per month.
• Chase Sapphire Banking: Meant for well-off customers, you’ll avoid a $25 monthly maintenance fee by keeping a combined average daily balance of $75,000 in your qualifying Chase accounts. There are no ATM fees, no matter which ones you use, and no foreign conversion costs, either. You won’t have to worry about wire transfer or stop payment fees, and no overdraft fees on the first four business days after you go into the red. You’ll also earn 0.01% APY on your funds.
• Chase Private Client Checking℠: Created for high net-worth clients, you must keep an average daily balance of $150,000 in qualifying Chase accounts or you have a linked Chase Platinum Business Checking account to avoid a $35 monthly fee. You’ll get the perks of Chase Sapphire Banking in addition to a team of professionals to help you with your other money management needs. Chase is currently offering a welcome bonus of up to $3,000 when opening a new Chase Private Client Checking account with qualifying activities. You’ll need to upgrade or open your account by October 16, 2024.  

Chase offers two checking accounts aimed at younger savers: Chase First Banking℠ (designed for those between six and 12) and Chase High School Checking℠ (for those between 13 and 17). Neither charges a monthly fee, although parents of the High School account need to link their own checking account. (When the account holder turns 19, the account turns into the Chase Total Checking account.)

Chase also has three business checking account options with monthly fees ranging between $15 and $95 per month. Like with personal accounts, the monthly fees can be waived by meeting minimum balance requirements.

Savings

Chase offers two savings accounts: Chase Savings and Chase Premier Savings. Both include fees, but they can be waived by meeting requirements.

• Chase Savings: This account has an APY of 0.01%, and charges a $5 monthly fee which can be waived with a minimum balance at the beginning of each day of $300 in the account, at least $25 in total Autosave or other repeating automatic transfers from a personal Chase checking account, a Chase College Checking℠ account linked to this account for overdraft protection, an account owner who is younger than 18 years old or with a linked Chase Premier Plus Checking℠, Chase Sapphire℠ Checking or Chase Private Client Checking℠ account.
• Chase Premier Savings: This account has an APY of 0.01% to 0.02% APY, depending on the relationship. If you have a Premier Plus or Sapphire checking account and make five transactions per month on those checking accounts then you’ll have the higher APY. It charges a monthly fee of $25 monthly fee which can be waived with one of the following at each monthly statement period: maintaining a $15,000 minimum balance at the beginning of each day in the account or if linked to a Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account.

You’ll also owe a $5 fee if you make more than six transactions during a billing cycle.

Neither account makes much sense, given that many online savings accounts offer an APY between 4.00% and 5.00%.

There are also two business savings accounts with monthly fees that can be waived when you link your business savings account to your business checking account.

Certificates of deposit (CDs)

CD TERM	APY*
1 month	0.02%
2 month	4.25% to 4.75%
3 month	2.00%
6 month	3.00%
9 month	4.25% to 4.75%
12 month	2.00%
15 month	2.50%
18 month	2.50%
21 month	2.50%
24 month	2.50%
30 month	2.50%
36 month	2.50%
42 month	2.50%
48 month	2.50%
60 month	2.50%
84 month	2.50%
120 month	2.50%

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*Note: APYs reflect Relationship Rates

Each of the 17 Chase certificates of deposit require a $1,000 minimum deposit, and you can earn the Relationship Rate APY by linking a Chase checking account. Interest compounds daily and you can earn even higher APYs by having more saved. (For instance, you’d net either 4.25% to 4.75% on a nine-month CD depending on your account balance).

But that’s just not particularly competitive in today’s market, when the top-rated six-month options in our list (offered by the My eBanc Online Time Deposit) pays more than that while only requiring $5,000 down. In fact, many savings accounts pay more than the highest-yielding Chase CD.

You will face early withdrawal penalties should you access your cash before the term expires. The fees range from 90 days’ interest on CDs shorter than six-months to 365 days’ interest on those with terms of 24 months or longer.

Keep in mind that CDs will automatically renew once the term expires, so make sure you contact Chase to withdraw your money during the 10-day grace period.

Other products

• Credit cards: Chase might be best known for its credit cards. It offers a wide variety of cards including travel cards, cash-back cards, starter credit cards and business cards.
• Home loans: You can purchase a home, refinance your current loan, or get a home equity loan at Chase.
• Auto loans: Chase offers auto loans with prequalification and a 30 day rate lock so the rate won’t change while you shop for a car.
• Investing: Investing is offered under its J.P. Morgan division and offers a full suite of investment products.

How Chase stacks up

Chase Bank vs. Bank of America

Like Chase, Bank of America is a large national bank that has a vast network of branches across the U.S. It also offers a full range of banking products, including investing through its Merrill Edge division.

Both banks offer high-quality credit cards, but Chase’s tend to rank higher.

Chase Bank vs. Wells Fargo Bank

Wells Fargo is similar to Chase Bank in the accounts it offers, including investing, but Wells Fargo is only in 36 states. So if you live in one of the states that doesn’t have a Wells Fargo branch Chase may be a better choice.

Wells Fargo’s main checking account, the Wells Fargo Everyday Checking, has a $10 monthly fee which can be waived by maintaining a $500 minimum daily balance, having at least $500 in total qualifying electronic deposits, linking a Wells Fargo Campus ATM Card or Campus Debit Card to the account, receiving a qualifying monthly non-civilian military direct deposit with the Wells Fargo Worldwide Military Banking program or if the primary account owner is 17 to 24 years old.

Chase Bank vs. U.S. Bank®

U.S. Bank is another national bank that offers a full suite of banking and investing products. It has over 2,000 branches in 27 states. It offers four checking accounts and a wealth of saving options, loans and investing services. For most its deposit accounts, though, you’ll often have to meet a minimum deposit and either pay a fee or jump through a hoop or two to waive it.

Frequently asked questions (FAQs)