When you think of major banking chains, Chase Bank is likely high on your list.
JPMorgan Chase is not only one of the “Big Four” banks in America, but is also recognized by S&P Global as a the largest bank in the USA.
But what is the overall picture for you as a consumer?
Chase offers its customers a wide variety of financial services, from bank accounts to mortgages to Small Business Loans. The bank is also generous with sign-up bonuses for new users. And there are many lots physical branches and ATMs that you can access nationwide.
But we’re not going to lie: sometimes it feels like a game of surgery and you have to watch every move to avoid the shock of additional charges.
Here’s our Chase bank review and everything you need to know about the different accounts and offers.
Chase Bank at a glance
JP Morgan Chase Bank (commonly referred to as Chase Bank or just Chase) supplies almost half of American households.
Chase Manhattan Bank merged with J.P. Morgan & Co. Today there are 4,700 Chase branches and 16,000 Chase ATMs across the country. The popular financial institution has numerous customer offers and customers can do banking in person, online or via a mobile app.
Chase got some bad press after one in 2014 security breach the information disclosed by 76 million customers. Since then, the bank has taken great strides to increase security and curb fraud on all accounts.
Here’s an honest look at Chase Bank’s testing and savings features for individuals and small businesses, as well as its general convenience and mobile banking features.
Chase Bank Review: Pros and Cons
All in all, here is a quick list of the good ones as well not so good with this bank.
Chase bank professionals
- Chase is pretty much everywhere, making finding a branch or ATM easy.
- Most accounts have a low deposit requirement.
- For lower tier accounts, the requirements to avoid the monthly maintenance fee are pretty straightforward.
Chase Bank cons
- There is no interest on checking accounts.
- The interest on simple savings accounts is a starvation wage.
- There are monthly maintenance fees, but these can (sometimes) be waived.
- You could get hit with one $ 34 insufficient funds fee if you overdraw your account.
- There is a $ 2.50 fee for using non-chase ATMs.
Here’s a look at Chase’s individual accounts.
Chase checking accounts
Here is a breakdown of Chase Bank’s three major checking accounts. With all three you have access to:
- Chase Online Banking, Online Billing, and Chase Mobile Banking,
- Automatic transfers to a Chase savings account,
- A Chase debit card and
- Chase First Banking, a checking account for you and your child that also comes with a debit card.
Chase full review
Chase’s most popular checking account, Chase Total Checking, is a non-interest bearing account that does not require a minimum deposit.
The account comes with a $ 12 monthly service charge, but you can waive that charge by using one of the following options for each billing cycle:
- Direct deposit of $ 500 or more.
- Maintain a balance of $ 1,500 or more at the start of each day.
- Maintain an average daily balance of $ 5,000 or more in any combination of this account and associated qualifying deposits.
A plus point is that this account offers overdraft protection. There are many other service fees, however: you pay a fee for using non-Chase ATMs, linking to another Chase checking account, and for all counter checks, money orders, and cashier’s checks.
Secure banking from Chase
Unlike Chase Total Checking and Chase Premier Plus Checking (more on that in a moment), this account charges a fixed fee of $ 4.95 per month. That’s right: no daily balances or regular bank transfers will eliminate the monthly fee for this account.
Chase Secure Banking offers overdraft services by refusing a transaction if you don’t have the money in your account (unlike Chase who will present you the money and later charge you a fee). If you are a compulsive financier who needs a virtual handshake every time you want to spend money that you don’t have, this could be a useful service for you.
Apart from counter checks, there are no fees for money orders and cashier’s checks.
Chase Premier Plus review
This account comes with a $ 25 or $ 0 monthly fee. To do without it you will need:
- An average daily balance of $ 15,000 or more in this account or other linked, qualifying Chase accounts.
- Or a linked Chase first mortgage and automatic payments from your Chase account.
You qualify for overdraft services, waived check fees, and 50% off drafted checks. You can also link up to two Chase Premier Plus checking accounts with no monthly service fees, and non-Chase ATM fees are waived four times per billing cycle.
A general note to all account holders: if you use ATM a lot, be careful. Chase pays you $ 2.50 for every US transaction you make at a non-Chase ATM (other than the four refunds you get with the Chase Premier Plus account). The good news is that there are tens of thousands of Chase ATMs out there. So you should be able to find one when you need it.
Chase Bank premium checking accounts
Money makes the world go round. And when you’ve got a lot of it, it’s worth taking a look at Chase’s premium checking accounts: Chase Sapphire and Chase Private Client. Customers are entitled to benefits such as:
- No ATM fees – at Chase branded ATMs or not – anywhere in the world.
- Designed checks.
- Dedicated 24/7 banking serviceline.
- Less or no fees compared to other accounts and more.
This is how they set off each time.
Chase Sapphire Banking
The monthly service fee for the Chase Sapphire checking account is $ 25 per month. However, if there is an average daily balance of $ 75,000 in qualifying Chase accounts, it may be waived.
Chase private client exam
The fee for this account is $ 35 per month unless you have an average daily balance of $ 150,000 or more and have linked qualifying investments / deposits or a linked Chase Platinum Business checking account.
Chase savings accounts
Grade: C +
All you need is $ 25 for your opening deposit to get a Chase Savings Account, the bank’s simplest and most popular savings account.
There is a $ 5 monthly service charge on the Chase Savings account, which is waived if:
- You have $ 300 or more in credit in this account at the start of each day.
- You have a total of $ 25 or more in Autosave or other repetitive automatic transfers from your personal Chase checking account or Chase Liquid Card (only available through Chase.com or Chase Mobile).
- You will have a Chase College Checking account linked to this account for overdraft protection.
- The account holder is under 18 years of age.
- You link the savings account to one of several other authorized accounts.
The Chase Savings accounts have an autosave option which is pretty cool. The mobile app allows you to set your account to transfer a small amount of money every time you get paid, every day, or at any specified time and amount. It puts your savings on autopilot.
The Chase savings account is a place to stash some cash for a rainy day, but if you’re looking to make interest on your money, look elsewhere. The basic savings account only earns 0.01% * APY, which is below the national average.
Chase Premier Savings
There is a $ 25 monthly service charge on this account, which is waived if:
- A balance of USD 15,000 or more in this account or
- When linked to a qualifying Chase bank account.
You can get slightly better interest rates with the Chase Premier savings account. You’ll earn between 0.02% and 0.05% * when you link your account to another selected Chase account, depending on how much money you’ve saved. The more you have in there, the better your interest rate. (But remember, you will be charged a $ 25 monthly service fee unless you can hold a minimum balance of $ 15,000 or link to another Chase account.)
You are also limited to six withdrawals and transfers per monthly billing cycle for both savings accounts. Otherwise, you will be charged a $ 5 fee.
Deposit certificate (CD)
If you’re looking for a CD, Chase can get one for a month or up to 10 years. You need at least $ 1,000 to open one.
You are tied to an interest rate based on the length of your term and the size of your CD. These rates vary between 0.02% and 0.05% * and depend both on how much money you are saving and on the length of your CD life. Right now, an amount between $ 10,000 and $ 24,999.99 earns 0.05% over a 12 month term.
* Prices apply from June 28, 2021.
Chase Small, Medium and Large Business Banking
Grade: B +
When you need one Checking account for your small businessAgain, Chase has options to serve you.
Chase Business Complete Banking
The Chase Total Business checking account is a good entry-level account for your small business. It includes 20 no-fee transactions and free cash deposits of $ 5,000 per billing cycle.
This account has a monthly maintenance fee of $ 15, which is completely canceled when you have a minimum balance of $ 2,000, make purchases of $ 2,000 with your Chase Ink business card, eligible transactions of $ 2,000 Received US dollars or is linked to a Chase retail checking account.
Take a look at our current list Bank promotions for the chance of receiving a cash bonus when you sign up for a new bank account.
Chase has two other business savings accounts:
Chase business performance review
This is good for medium-sized companies. It includes 250 no-fee transactions and $ 20,000 in free cash deposits per billing cycle.
There is a $ 30 monthly fee, but it doesn’t apply if you have $ 35,000 or more in qualifying Chase accounts.
Chase Platinum Business Checking
This account is best for larger companies. Receive 500 fee-free transactions and 25,000 monthly cash deposits per billing cycle.
There is a $ 95 monthly fee that is waived if you have $ 100,000 or more in qualifying business and investment accounts.
Chase Bank Deals
This bank regularly offers sign-up bonuses for new users. Here are the current Chase offers:
- Get up $ 500 per year – $ 50 per friend – when directing others to sign up for a qualifying Chase bank account.
- New Chase customers can use a. Earn $ 100 Chase College checking account when they complete qualifying activities.
Read the fine print and follow the guidelines to redeem these offers. Again, Chase has promotions throughout the calendar year, so keep your eyes peeled.
As you’d expect from a big four bank, Chase ranks pretty high on the convenience meter. With 16,000 ATMs and 4,900 branches, they’re pretty much everywhere.
They also have a dedicated 24/7 customer service line, but you must be in one of the higher-level accounts to have access to this benefit.
You will find they have online banking, a mobile app, and many options for financial products like mortgages, car loans, and credit cards.
Getty ImagesThe Chase mobile app is rated 4.8 out of 5 stars by iPhone users and 4.4 out of 5 stars in the Google Play Store.
People comment on the usability of the app as well as some additional features like daily snapshots of your expenses that make it easy to monitor your accounts.
Some nice security features of the app include fingerprint and face recognition, as well as the ability to lock and unlock your cards right from your phone. You can also monitor your creditworthiness right from the app.
Is Chase Bank Right For You?
Chase is a great option for you if you like to have access to a physical branch and prefer to have all of your banking needs in one institution. Chase bank accounts are available to a wide variety of customers – college students, small business owners, and mega-savers to name a few – with varying perks, which also makes it a solid choice.
If you don’t mind (or want to avoid) monthly fees and like the idea of banking with a name known in the industry, Chase Bank could be the place for you.
Our bank verification methodology
Penny Hoarder’s editors consider more than 25 factors in their bank account reviews, including fees, daily minimum balance requirements, APYs, overdraft fees, ATM access, number of physical locations, customer service access and mobile features.
To find out how we weight each factor, The Penny Hoarder surveyed 1,500 people to find out which banking functions are most important to you.
For example, we give top marks to banks with low fees because our survey found this to be the number 1 thing to look for in a bank. Since more than 70% of you stated that you had visited a physical bank branch in the past year, we consider the number of stationary locations. But more than a third of you use mobile apps for more than 75% of your banking business, so digital features are carefully considered too.
Banks are divided into the following categories:
- Personal checking accounts
- Personal savings accounts
- Small business banking
- Mobile banking
Credit card and credit products are currently not included.
Seasoned writers Tyler Omoth and Kathleen Garvin are contributors to The Penny Hoarder.
This article originally appeared on www.thepennyhoarder.com