Chase is probably one of the most well known banks in the United States. They have branches almost everywhere, and have a full array of banking products and services, including for both consumers and businesses.
But how good of a bank are they? Should you consider using them?
Let's break it down in our Chase Bank review, and also see how they compare to the best online banks. If you're thinking about Chase for your business, see how they compare to the other best business checking accounts.
- Full service bank for both consumers and businesses
- Fee bases checking accounts, but fees can be waived
- Some of the biggest bonus offers to sign up
Who Is Chase Bank?
Chase Bank, also known as JPMorgan Chase Bank, is one of the largest banks in the U.S. It has 16,000 ATMs and nearly 4,900 branches. Chase Bank is also a full-service bank offering a full range of deposit and loan products.
What Do They Offer?
We’re going to look at the deposit products offered by Chase Bank. But they also offer a wide range of products and services, including business accounts.
There are four different checking accounts. One is a special college student account that waives the monthly service fee for up to five years. See how their checking accounts compare on this list of the best free checking accounts.
Chase Total Checking
There is a $12/month fee but it is waived for the following:
- $500 direct deposit each month
- Beginning daily balance of $1,500
- Beginning daily balance of $5,000 total in your Chase accounts
You’ll incur a $2.50 fee for each non-Chase ATM that you use.
This account also has a bonus when you sign up. Check out the best bank bonus offers here.
Chase College Checking
You must be 17 to 24 years old and have proof of student status. There is a $6/month fee waived for up to five years while you're in college. You can also avoid the monthly fee by:
- Making a direct deposit
- Having an ending daily balance of $5,000
Chase Premier Plus Checking
There is a $25/month fee but it is waived for the following:
- Beginning daily balance of $15,000 total in your Chase accounts
- Linked first mortgage enrolled in automatic payment
The fee is also waived for military members, which makes this account one of our top picks for best military checking accounts.
You get four non-Chase ATM fee waivers per statement period.
Chase Sapphire Checking
There is a $25/month fee but it is waived if you have $75,000 total in your Chase accounts. There are no ATM fees worldwide.
Chase savings accounts earn very low interest and can incur fees if certain criteria are not met. Each savings account allows six withdrawals per statement. After that, there is a $5 Savings Withdrawal Limit Fee for each withdrawal.
Chase has never made our list of the best savings accounts. But you can see which banks do here: Best Savings Accounts.
You can earn up to $150 by opening a Chase Savings℠ account. There is a $5/month fee but it is waived if you have a $300 beginning daily balance, do one $25 transfer from a Chase checking account, or link with certain Chase accounts.
Chase Premier Savings
There is a $25/month fee but it is waived if you have a $15,000 beginning daily balance, do one $25 transfer from a Chase checking account, or link with certain Chase accounts.
Even Chase CDs pay low interest compared to many other banks. Yields go up as CD terms and the CD balances increase. Starting with a 1-month CD, the yield is 0.02% and goes up to much higher for a 120-month CD with a $100,000+ balance.
Chase rewards those who link certain Chase accounts together. These can mean higher interest rates a waiver of the monthly fee. This feature is called “relationship.”
See where you can find the best bank CD rates here.
Chase Private Client
Chase Private Client is a premium banking and financial services relationship with Chase - which includes banking, investments, and lending.
And right now, you can get a $2,000 bonus when you join Chase Private Client.
To qualify for the bonus, within 45 days of joining, you must transfer a total of $250,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts, (excludes: any You InvestSM, J.P. Morgan retirement accounts and CDs) and maintain that balance for 90 days.
This offer is available to existing Chase customers only.
Chase is a strong player in the business banking space. Their Total Business Checking account is consistently rated as a best business checking account.
Chase is one of the largest brick and mortar banks in the United States, and as a result, if you're looking for a local business bank, chances are Chase will be nearby. Also, if your business does a lot of cash transactions, it can be helpful to have a business bank with a branch (versus the fully-mobile solutions that are becoming more popular).
Finally, Chase is a top originator of small business loans and lines of credit - so if your small business might need access to these tools, Chase offers them.
Like most banks, Chase offers online and mobile banking. You can do a lot of banking through the Chase mobile app. It includes check deposits, the ability to pay your credit card, the ability to send money through Zelle, the ability to set up account alerts, the ability to find branches and ATMs, plus a lot more.
On the Apple App Store, the app has a 4.8/5 rating out of 1.7 million ratings.
Are There Any Fees?
Yes. Being a full-service bank, you are likely to encounter more fees and lower yields than an Internet-only bank. In addition to the minimum balance and ATM fees mentioned above, there are also the following:
- $34 for insufficient funds
- $34 for overdraft fees
- $30 per stop payment request
- $12 for each deposited item or cash check returned
- $5 for express replacement of a debit or ATM card
- 3% of withdrawal amount for non-ATM cash
- 3% of withdrawal amount for foreign exchange rate adjustment
There are other fees which you can read about here: https://www.chase.com/content/dam/chasecom/en/checking/documents/clear_simple_guide_total.pdf.
How Do I Open an Account?
You can open an account online or at a branch. You’ll need the following information:
- Social Security number
- Driver’s license or state-issued ID
- Contact information
Is My Money Safe?
Yes. Chase deposit accounts are FDIC-insured up to $250,000 per depositor. Chase also uses bank-grade encryption.
Is It Worth It?
If you are looking strictly for high yields, Chase doesn’t offer anything competitive. If you want accounts that charge the fewest fees possible, Chase isn’t going to fit the bill. But if you need a full-service bank where you can do all of your banking, want access to branches, and have ATM locations all over the U.S., Chase is a great choice.
With multiple accounts at Chase, you can save on some fees and earn a little higher yield through “relationship” account linking.
Chase Bank Review
- Interest Rates
- Fees and Charges
- Customer Service
- Ease of Use
- Tools and Resources
- Products and Services
Chase is a full-service, nationwide bank that offers solid options for personal checking, savings, and business banking. They have physical branches across the United States, which makes them a popular choice if you value in-branch banking.
- Great personal checking and business banking products
- Great business checking and loan products
- Lower APY than most banks on savings products
- Most products have monthly fees that can be easily waived
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.