Chase Bank Review

Chase Bank

Overall Rating

9

Bottom Line

Chase is the largest bank in the United States, with locations in most states and an exceptional mobile experience. With a wide array of banking products, from personal and business accounts to mortgages and credit cards, Chase is worth considering if you want a full-service bank.

Pros

  • Wide variety of products
  • Convenient for travel
  • Excellent credit card rewards
  • Tons of locations
  • Exceptional mobile app and online banking platform

Cons

  • Too many account fees
  • Low interest rates
  • Less personalized customer support

Chase Bank is the largest bank and financial institution in the United States.

With more than 4,700 branches and over 16,000 ATMs, Chase provides a wide variety of products and services. Bank accounts, credit cards, retirement planning, and home and auto loans, are just a few of their offerings.

Following a merger with J.P. Morgan & Co. in 2000, Chase Bank became the consumer and commercial banking subsidiary of its new holding company, JPMorgan Chase & Co. The New York-based bank is hugely popular across the country, serving more than half of all Americans.

Chase boasts a massive presence as a traditional banking option. They have brick-and-mortar banks in most states and have an impressive list of mobile banking options.

Next, let’s take a look at Chase Bank’s most popular products and services.

In This Article

Chase Bank Checking Accounts

Chase checking accounts come in several different forms:

Chase Total Checking®

Chase Total Checking is their flagship checking account and provides all the basics that you could expect for entry-level checking — a debit card, physical checks, and access to online banking. The account comes with a $12 monthly maintenance fee, which can be waived by linking a direct deposit or maintaining a certain daily balance between your checking and other qualifying accounts.

Chase Secure Banking℠

Chase Secure Banking works much in the same way as Total Checking but doesn’t allow you to overdraft your account. Even if your card accidentally overdrafts (like from an added tip at a restaurant or a recurring payment) you won’t get hit with an overdraft fee. This service comes with an unavoidable fixed monthly fee of $4.95.

Chase Premier Plus Checking℠

For those looking for a more exclusive option for everyday checking, Chase Premier Plus Checking comes with some added perks.

The monthly service fee is higher, but you’ll get more flexibility to use non-Chase ATMs, and earn a bit of interest on your deposits, though the interest rates are low. You’ll also be able to get the monthly fee on your Chase savings account waived by linking it to Premier Checking.

Keep in mind that with these added benefits, you’ll have to jump through some hoops to get the $25 monthly maintenance fee waived. To avoid the fee, you need to maintain an average daily balance of $15,000 or set your accounts to auto-pay on a Chase mortgage. Many people won’t be able to meet those conditions.

Chase Sapphire℠ Checking

Chase Sapphire Checking is a premium account designed for higher-income individuals. This account comes with no fee ATM withdrawals worldwide and you also get access to a dedicated, 24/7 financial services phone line.

Chase Private Client Checking℠

Chase Private Client Checking is the company’s top-tier banking service. This account comes with fewer fees, higher transaction limits, and access to a dedicated banking advisor. You’ll also qualify for special deals on business loans and business banking services. The buy-in amount is high, though. You need at least $150,000 in combined assets with Chase to become a Private Client.

Chase First Banking℠

Chase First Banking allows young people to open an account and start saving for the future. Children as young as six years old can be eligible, and a parent or guardian has to be the full legal account owner.

Chase High School Checking℠

Chase High School Checking accounts are intended for high schoolers between 13 and 17 years old. This account offers more flexibility than Chase First Banking, but a parent or guardian must co-sign and link their personal account.

Chase College Checking℠

As you might expect, Chase College Checking accounts are designed for university and college students. There’s a low monthly fee, however, you can get around that by proving you are a student for up to 5 years after opening.

Chase Bank Savings Accounts

When it comes to savings accounts, Chase isn’t going to win any awards (and neither are their big bank competitors).

Remember that if you want to earn money from your savings account, you should look into the top HYSAs.

Chase offers three types of savings accounts:

Chase Savings℠

Chase Savings is your standard savings account that pays a less-than-exciting 0.01% APY on deposits. As with most savings accounts, there’s a limit of 6 withdrawals per month. If you exceed that month, you’ll pay a $5 fee.

Chase Premier℠ Savings

Premier Savings takes things up a notch by offering up to a 0.05% APY. Most people won’t qualify for that rate, though, because you need at least $250,000 in your account to get there.

Certificate of Deposit (CD) Account

CD accounts require a $1,000 minimum deposit, and you can earn a fixed APY by locking your money in the account for a fixed term. At the time of this writing, the terms range from 1-month to 120 months, and the APYs range from 0.02% to 0.05%. It all depends on how much money you want to put in and how long you’re comfortable not touching it.

Chase Bank Credit Cards

Chase is well known for credit cards and has over 29 different cards to choose from. There’s a wide range of options here, from no annual fee cards to premium options.

We won’t get into all of them in this post but here are some of the most popular Chase credit cards:

Rewards Credit Cards

The Chase Freedom Unlimited and Chase Freedom Flex cards are both great no-fee options that come with a $200 signup bonus and 5% back on grocery purchases.

If you don’t mind paying an annual fee, the Chase Sapphire Reserve and Chase Sapphire Preferred both offer excellent rewards points on dining and travel. They also have impressive signup bonuses if you spend a certain amount during the introductory period.

Travel Rewards Credit Cards

Chase partners with several hotels and airlines for their travel cards. This means that if you tend to fly a certain airline or stay at a certain hotel, they probably have a card that will max out your rewards while you do so. With 22 credit cards specifically designed for travelers, there’s no shortage of options.

Business Credit Cards

Whether you run a small business in your hometown or tend to work on the go, Chase has a credit card that will help you do it. Several of their business cards intersect with travel cards and can help you to earn points while traveling for work. The cards in this category can net you up to 100,000 bonus points in the introductory period and can offer as high as 5% cashback on business-related expenses.

Chase Bank Fees

As a big national bank, you can expect to run into some fees with Chase (and its competitors).

The key is to be aware of what fees you might get charged for and know how to avoid them.

Outside of what we’ll cover here, keep in mind that big banks work in volume, and they’ll often waive fees just to keep customers happy (and get them off the phone).

It probably isn’t something you want to abuse, but if you’re a generally good client, it never hurts to ask.

With basic accounts, avoiding fees is relatively easy, assuming that you’re intentional about the account you sign up for. With premier accounts and credit cards, fees can be tough to avoid, because you’re paying a premium for those added perks and services.

Here are some of the fees that Chase charges and how to get around them:

Monthly Maintenance Fees

Aside from the children and student accounts, monthly fees are baked into almost every Chase account.

The good news is that most of these fees can be waived by linking a direct deposit, maintaining a minimum or average daily balance threshold, or linking to another Chase account.

Chase is upfront about these fees, so be sure to understand how to avoid them before you sign up.

Non-Chase ATM Fees

You know that annoying fee that the random cash-only bar ATM charges? Well, unfortunately, Chase tacks on additional ATM fees, too, just for using an out-of-network ATM.

There’s no way around this for basic checking accounts, so if you don’t have Chase ATMs available in your area, it might be worth looking into another bank, especially if you like to have cash on hand.

Premium accounts offer more ways to avoid ATM fees, but there may be a limit on how many ATM fees will be waived each month.

Overdraft Fees

With the exception of the Secure Banking feature, you can expect it to cost you if you overdraft your account. The last thing you want when you’re already in the red is to make the problem worse with an overdraft fee.

This might sound obvious, but a good rule of thumb is to not spend more than you have on hand.

If you usually carry a low balance and lose track of how much you have, consider the Secure Banking account, or set up overdraft protection.

This will link your Chase savings account to your checking account, and covers the overdraft amount by pulling it from your savings.

One thing to note here is that overdraft transfers count toward your monthly savings withdrawal limit, so if it’s happening too often you could still end up with a fee.

Savings Account Withdrawal Fees

Savings accounts are not intended to work like checking accounts. They are designed for putting money in, not taking money out. With this in mind, fees will start to pop up if you find yourself taking money out of your savings multiple times per month.

Any withdrawal can count toward the six that you get per month, so keep track of ATM withdrawals, transfers, and overdrafts. This fee will be waived if you have a $15,000 balance in a Premier Savings Account at the time of the withdrawal.

If you have a CD account, you absolutely do not want to make withdrawals, or you’ll be looking at early withdrawal fees. Since the whole point of a CD is for the funds to stay put, you’ll be penalized up to the entirety of the interest earned on your deposit if you pull money out early.

Annual Credit Card Fees

As mentioned earlier, there are a ton of Chase credit card options. So, if you don’t want to pay an annual fee, simply choose an option that doesn’t come with one. That being said, this is one of the few instances where paying fees actually pays.

For example, the Chase Sapphire Reserve card has an annual fee of $550 — seems high, right?

Don’t get us wrong, it’s a lot, but when you start to look at the benefits of the card, it makes a lot more sense. This card in particular comes with one of the highest signup bonuses around ($750 in travel, when you spend at least $4,000 in the first three months).

On top of that, you’ll get a $300 annual travel credit, and you can earn 3x points on dining, among other perks.

When it comes to credit cards, it’s all about matching up the right card with your lifestyle. There’s no need to pay for a premium travel card if you’re a homebody, but if you’re constantly on the go, it can pay off big.

Getting Started

Signing up for a Chase bank account is relatively easy, and you’ll have the option to do so online or at one of their physical locations.

If you’re new to banking, it might be a good idea to pop into a local branch and talk with an advisor, so that you can be sure that you’re getting started in the right direction.

If you’re a current Chase customer looking to open an additional account, you’ll be able to do so through the mobile app.

Once your account is open and you’ve made an initial deposit, you should plan to set up online banking at chase.com or on their app.

One of the biggest benefits of a larger bank is that their tech is usually top tier, and Chase is no exception. Make transfers, pay bills, and deposit checks — all from your smartphone.

Signing up for a credit card could be a slightly bigger challenge, as Chase has a reputation for one of the more strict approval processes in banking, but if your credit score is in good shape you should be fine.

Chase Bank Promotions

We’ve already covered quite a bit about bonuses for opening credit cards, but new customers can also expect to get a bank bonus just for opening a new bank account with Chase.

Here are some of the best Chase Bank promotions:

BankAmountExpiresRequirements 
Chase Bank LogoChase Chase Business Complete Banking℠ $300 bonus October 21, 2021
  • Minimum Balance
  • Card Spend (Optional)
Chase Bank LogoChase Chase Total Checking® $225 bonus October 18, 2021
  • Direct Deposit
Chase Bank LogoChase Chase Total Checking® + Chase Freedom Unlimited® Combo $525 bonus October 4, 2021
  • Direct Deposit
  • Card Spend
see all bonuses

Keep in mind that these bonuses have qualifying criteria, and typically arrive in your account within 10 business days after you’ve met the requirements.

Security

As the largest bank in the U.S., you don’t have to worry about the security of your data and money.

Chase Bank is FDIC-insured, and like all banks, and they employ industry-leading cyber-security measures to secure their online banking platform.

Check out how Chase protects you from a security standpoint.

Customer Service

Chase has several customer support options to help resolve any issue that might arise.

On their customer support website, you can access helpful tools, videos, and FAQ explainers about the most common types of problems. They also provide how-to videos for basic tasks such as making deposits, replacing lost cards, or finding account numbers.

Basically, these resources exist to help you help yourself since with so many customers they’d prefer to keep phone volume more manageable.

If you do end up needing to speak with someone, Chase has a dedicated technical support line, and you can also reach out on Twitter or Facebook. For larger issues, you can go online and schedule an in-person meeting with a representative at your local branch.

Customer service, in general, can be a trade-off when it comes to big banks. Overall, Chase has a decent customer service reputation. Not everyone is thrilled with the service their getting, though, as demonstrated by the bank’s 1.3-star rating on TrustPilot.

Pros & Cons

Let’s go ahead and summarize where Chase shines and where they fall short:

Pros:

  • Wide variety of products
  • Tons of locations
  • Convenient for travel
  • Excellent credit card rewards
  • Accounts for all ages
  • Exceptional mobile app and online banking platform

Cons:

  • Too many account fees
  • Low-interest rates
  • Less personalized customer support

Chase Bank FAQs

To wrap up, let’s take a look at some of the most common questions we’re hearing from our readers.

Is Chase a good bank?

Chase Bank offers all of the flexibility, market presence, and services that you could expect from a “Big Four” bank, but it certainly comes with its limitations as well. Whether or not Chase is right for you depends on your banking habits and financial goals.

Is Chase better than Bank of America?

Chase Bank and Bank of America are both “Big Four” banks with massive presences and huge customer bases.

That said, they have quite a bit in common, such as unappealing interest rates, robust product inventories, tons of locations, and numerous customer support options.

Most people would agree that Chase separates itself from BoA in the arena of consumer credit cards. Not only does Chase have significantly more cards to choose from, but they also have a much better credit card rewards program, along with more attractive sign-up bonuses.

Does Chase really give you $200?

Yes, Chase will currently give you $200 for opening a Total Checking Account with a linked direct deposit.

They also offer a $200 bonus with the Chase Freedom Unlimited Credit Card if you spend at least $500 within the first three months after activation.

Is Chase Bank good for savings accounts?

It depends on what you mean by good. Are they convenient, user-friendly, and easy to link with a checking account? Absolutely.

Will they earn you as much as possible through interest? Absolutely not.

Chase savings accounts are easy to open and maintain, and they can be managed through the bank’s outstanding online banking platform — but if you’re looking for a high APY, look elsewhere. Also, if you want to avoid monthly fees, you might want to look into other options.

Is Chase Right For You?

At the end of the day, if you’re looking for convenience, a large national presence, and some killer credit card rewards, then Chase is probably a great option for you.

That being said, Chase isn’t available in all states, so make sure to look into that out before signing up.

Also, if you’re looking for an account that’ll earn you more interest on your accounts, you might be better off checking out an online bank or a credit union — both options typically offer more competitive APYs.

Furthermore, if you absolutely loathe bank fees, Chase probably isn’t a good match.

Chase Bank offers all of the flexibility, market presence, and services that you could expect from a “Big Four” bank, but it certainly comes with its limitations as well. Whether or not Chase is right for you depends on your banking habits and financial goals.

Here’s to finding the best bank for you on the path to prosperity.