Chase Bank Review (2024)

Chase has new customer bonuses and a strong nationwide presence. But there are drawbacks. Read this review to see if Chase is a good bank for you.

	Chase Total Checking® - $200 Bonus Open an Account
	Overall Score	3.6
	Savings	2.0
	CD	3.0
	Checking	4.0
	Customer Service	4.0
	Mobile App	5.0

5-point scale (the higher, the better)

Pros and Cons

• More than 4,700 branches
• New customer coupons
• Full service banking

• Low interest rates
• Not in all states

Bottom Line

National bank with good promotions for new customers

• Pros & Cons of Chase Bank
  
• Who Chase Is Best For
  
• Chase Bank Promotions
  
• Checking Accounts
  
• Savings Accounts
  
• How to Waive Account Service Fees
  
• Is Chase Bank Good?
  
• Account Features
  
• How to Open an Account
  
• Other Services
  
• Other Bonuses and Offerings
  
• How Chase Compares

Chase is one of the biggest banks in the US. It offers everything from banking to investments to loans, and of course, a popular lineup of credit cards.

Chase has more checking options than many other competitors. Account opening requirements are generally low and it's relatively easy to waive the service fee on the basic accounts. But typical of big banks, interest rates are low for savings products.

Read on for the full review of Chase Bank.

Chase Bank Pros & Cons

First, let's take a quick look at the pros and cons of banking with Chase.

Pros

• More than 15,000 Chase ATMs and more than 4,700 physical branches
  
• Chase coupon and bonuses for new customers
  
• Low opening requirements
  
• Easy to waive service fees on basic accounts
  
• Many checking options for all financial situations
  
• Online and mobile banking from anywhere
  
• Free online bill pay, mobile deposits, and text banking
  
• 24/7 customer service with real reps
  
• Highly rated mobile app
  
• FDIC insured up to $250,000
  
• Full service bank with checking, savings, credit cards, loans, and investing

Cons

• Low interest rates on savings products
  
• Not located in all states
  
• Requirements to waive monthly service fee
  
• High out-of-network ATM fees
  
• Many banking fees
  
• No retirement accounts

Now, we'll take a more in-depth look at each account, fees, and features.

Who Chase Is Best For

• If you like to have all your financial activities under one bank.
• If you need in-person banking services and want access to branches and ATMs.
• If you have regular direct deposits or usually leave a balance in your account.
• If you're interested in or are already using Chase credit cards.

Is Bank of America or Chase better?
Bank of America has lower requirements for their basic checking account to waive the monthly fee. However, Chase offers more checking account options for different needs. Both banks are located throughout the US, but Chase has a slightly larger footprint.

New Customer Promotions

Chase Bank has branches in 48 states, excluding only Alaska and Hawaii.

Chase Checking Accounts

Chase has a wide range of checking accounts, including options for students, low income, and high net worth individuals.

Chase Total Checking^®

Chase Total Checking^® is Chase's most popular checking account. There is no minimum to open.

It's a very bare bones account without any perks. But it's pretty easy to waive the $12 service fee with direct deposits of at least $500 each month.

Features include:

• Access to more than 15,000 ATMs
  
• Free bill pay service
  
• Mobile check deposits by simply snapping a picture
  
• Send and receive money with Zelle^®
  
• Free Visa debit card with chip
  
• Account alerts via text, email, or push notifications when there is a charge, refund, or transaction

Chase Secure Banking^SM

The Chase Secure Banking^SM account is a basic checking account with no overdraft fees. You can use your debit card to spend only what you have available.

It could be a good fit for individuals who've made some past banking mistakes and have trouble opening a traditional checking account. The Secure Banking account helps you bank more responsibly since you can't overdraw your account.

There is a $4.95 monthly fee. In exchange, there are no fees for overdrafts, check deposits, online bill pay, Zelle^®, money orders, and cashier's checks.^[1]

Chase Premier Plus Checking^SM

Chase Premier Plus Checking^SM account is Chase Bank's mid-level checking account. This interest-bearing account comes with a debit card and offers a variety of perks. But you'll pay a $25 monthly fee unless you meet certain requirements.

Features include:

• Earn interest
  
• No fees for Chase design checks when ordered through Chase.
  
• No fees for counter checks, cashier's checks, and money orders.
  
• No Chase fee on your first 4 transactions at a non-Chase ATM each month.
  
• Waived monthly fees on linked accounts.

Chase College Checking^SM ($0 to open)

Chase has a Chase College Checking^SM just for college students. This account has no monthly service fee while in school up to the graduation date provided at account opening (five years maximum) for students 17-24 years old.^[2]

You must have proof of student status from the time of account opening until expected graduation date.

This account gives college students a debit card and a way to manage their day-to-day finances. Students can make purchases, send money to friends, get paychecks, and pay bills.

Because Chase is a nationwide bank, it's a good choice for students going to college away from home.

Chase High School Checking^SM ($0 to open)

Teens can get a head start on managing money. There is no monthly service fee for teens 13-17 if the account is linked to a qualifying personal parent checking account.^[3] A parent/guardian must be a joint owner.

Parents can monitor how the teen is spending, withdrawing, or depositing money with the Chase app. The alerts will be sent straight to your phone.

Chase First Banking^SM

Chase First Banking^SM is a debit card for kids age 6-17. If you're an existing Chase checking customer, you can add this account for your child at no extra cost.

The debit card will have your kid's name on it. But you, the parent, has full control. Only you can manage this account and add money to it.

You can set limits for how much your child can spend or withdraw at ATMs. You can even set custom limits by category (for example, $20 at restaurants). You'll be alerted when your child uses the card.

A cool feature is the ability to assign chores and pay when it's completed. Your child can also create a savings goal and track their progress towards the goal.

Chase Sapphire^SM Banking

Chase Sapphire^SM Banking is a premium checking account with more benefits. This account is worth considering if you can keep a balance of $75,000 in qualifying deposits or investment accounts to avoid the monthly service fee.

Features include:

• No ATM fees worldwide
  
• No foreign transaction fees
  
• No wire transfer or stop payment fees from Chase
  
• No fees on the first four overdrafts during the current and prior 12 statement periods.
  
• Higher limits on Chase QuickDeposit^SM and Zelle^®

Chase Private Client Checking^SM

The Chase Private Client Checking is their top-tier checking account for high net worth individuals who have at least $150,000 combined balance across eligible Chase accounts. Many common bank fees are waived and you get exclusive benefits, including:

• A private banker
  
• A personal investment advisor
  
• Discounted rates for home and auto loans
  
• Guidance to help with business needs
  
• Dedicated phone line

Chase Savings Accounts

Chase offers these savings account options:

• Chase Savings ($0 to open)
  This is Chase's basic savings account without any perks. It's pretty easy to waive the $5 monthly service fee with either a $300 daily balance or $25 automatic transfer every month from a linked Chase checking account. This account is free for teens under 18.

  Note: The information for the Chase Savings has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.

• Chase Premier Savings
  This account is designed to be paired with a Chase Premier Plus Checking or Sapphire Checking account. You can earn a higher interest rate when you have a bigger balance and meet certain relationship requirements.
• Chase CDs
  Chase offers term CDs of 1 month to 10 years. The opening deposit is $1,000.

  It's best to link a Chase CD to a personal Chase checking account so you can get a higher relationship rate. If you can afford a bigger deposit, you'll get a more competitive rate.

Chase's interest rates are low, so your money won't grow a whole lot. There are other savings accounts that pay over 2% in interest. So if your top priority is to grow your money, you'll want to look elsewhere.

However, it can still be used as a secondary savings when you pair it with a Chase checking account. There are advantages to having linked accounts from the same bank, such as fast transfers and features like overdraft protection.

How to Waive Account Service Fees

Like typical big banks, Chase does have service fees for most of its accounts. Fortunately, it's relatively easy to waive the fees for the basic accounts.^[4]

You can waive service fees by doing the following:

• Chase Total Checking ($12/month)
  $12 Monthly Service Fee OR $0 with one of the following, each monthly statement period:
  • Qualifying electronic deposits made into this account totaling $500 or more,
  • OR a balance at the beginning of each day of $1,500 or more in this account,
  • OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances
• Chase Premier Plus Checking ($25/month)
  Waived if you maintain an average beginning day balance of $15,000 OR have a Chase mortgage with auto pay.
• Chase Sapphire Checking ($25/month)
  Waived if you maintain a combined beginning day balance of $75,000 or more in this account and linked qualifying Chase deposit and investment accounts.
• Chase College Checking ($6/month)
  No monthly service fee while in school up to the graduation date provided at account opening (five years maximum) for students 17-24 years old. After the expected graduation date, it can be waived if you make a direct deposit every month OR maintain an average ending day balance of $5,000 or more.
• Chase Secure Banking ($4.95/month)
  This monthly service fee cannot be waived.
• Chase Savings ($5/month)
  Waived by one of the following actions:
  1. Maintain a beginning day balance of $300 or more.
     
  2. Have a recurring auto transfer of $25 or more from a personal Chase checking account.
     
  3. Link to Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking.
     
  4. Waived for those under 18.
     
  5. Link to Chase College Checking for Overdraft Protection.
• Chase Premier Savings ($25/month)
  Waived if you maintain a beginning day balance of $15,000 or more OR link to a Chase Premier Plus Checking or Chase Sapphire Checking.

Is Chase Bank Good?

Overall, Chase is a very solid choice if you're looking for a big-name bank that offers everything. It's great if you want to do all your money matters under one roof. You can transfer funds between all your Chase accounts.

Chase has a top-rated mobile app so it's easy to bank from anywhere. And there are lots of physical locations if you still need certain in-person banking services. If you travel domestically often, you can still have your bank and ATMs nearby.

The main downside is that like other traditional banks, the savings interest rate is very low. So Chase isn't the best choice as a primary savings account. It's better to look into these online savings accounts instead. But you can certainly use Chase as supplementary savings to link with your checking.

One of the biggest advantages of choosing Chase is that you can start building a relationship. Chase is popular for their credit cards, but approval may be more stringent than other issuers. Having a banking relationship can help open up more possibilities, like a better chance of getting their credit cards and loans.

Account Features

Chase checking and savings accounts offer these account features and tools:

• Direct Deposit
  Directly send paychecks into your checking or savings.
• Chase QuickDeposit^SM
  Deposit checks from anywhere by taking a photo with your phone. The daily mobile check deposit limit is $2,000, and the monthly limit is $5,000.
• Cardless ATM Access
  Withdraw money at Chase ATMs card-free by logging into your mobile wallet and entering your PIN.
• Online Bill Pay
  Pay thousands of billers online or via mobile app.
• QuickPay with Zelle®
  Easily send money to another person with just their email or phone number.
• Automatic Savings Program
  Create a recurring transfer from a Chase checking account to Chase savings account so you can grow your savings without thinking. You can choose the amount and frequency.
• Text banking
  Check balances and transaction history by simply texting.
• Overdraft Protection
  You must link a Chase checking and savings account for this feature. If you overdraw your checking account, Chase will transfer funds from your savings to cover it.
• Paperless Statements
  See up to 7 years of statements online.
• Account Alerts
  Set up alerts for account activity, such as for low balances, large transactions, and more.

How to Open a Chase Account

You can open a Chase account either in person, at a branch, or online.

College students will need their student ID or proof of enrollment for the College Checking account.

After filling in the application, just make your first deposit and that's it. You must be a U.S. citizen or resident alien to open an account online.

Chase Bank Other Services

Chase is a complete full-service bank. Besides personal banking products, Chase also offers these services:

• Business Services
  Small business owners have a selection of checking and savings accounts. Chase also offers business financing and merchant services for collecting payments.
• Credit Cards
  Chase is best known for their credit card lineup, offering huge welcome bonuses and good rewards. Chase has a number of highly valued cash back, travel rewards, and small business cards. See our picks of Chase's best cards.

  At Chase's Secure Site	Chase Sapphire Preferred® Card
  	Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®. Enjoy benefits such as 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining, and 2x on all other travel purchases, and $50 annual Ultimate Rewards Hotel Credit, plus more. Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel. Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more. Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024. Member FDIC
  Intro APR for Purchases	Intro APR for Balance Transfer	Regular APR	Annual Fee
  N/A	N/A	21.49% - 28.49% Variable	$95

• Investing
  Chase is part of JP Morgan, one of the biggest investment banks in the world. It offers a low cost, self-directed platform through J.P. Morgan Self-Directed Investing or managed services for high net worth clients.

  

  J.P. Morgan Self-Directed Investing

  • Get up to $700 when you open and fund a J.P. Morgan Self-Directed Investing account with qualifying new money.
  • $700 when you fund with $250,000 or more
  • $325 when you fund with $100,000-$249,999
  • $150 when you fund with $25,000-$99,999
  • $50 when you fund with $5,000-$24,999
  • Get unlimited commission-free online stock, ETF, fixed income, and options trades when you open an account.
  • $0 Online Commission trades
  • Choose an account that's right for you: General Investing, Traditional IRA or Roth IRA.
  • Access our secure, easy-to-use trading experience online or through the Chase Mobile^® app.
  • Our powerful tools and resources are built to help you take control of your investments.

  INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

  Click Here to Learn More

  Expires 1/22/2024

• Mortgages
  Chase offers mortgages and home refinancing, as well as a home equity line of credit.
• Auto loans
  Chase offers auto loans and auto refinancing. Chase checking customers can get a 0.25% rate discount when refinancing an existing auto loan.^[5]

Other Bonuses and Offerings

• Benefits for Service Members
  Active and veteran members of the U.S. Armed Forces can receive a free Chase Premier Plus Checking with no monthly service fee and no balance requirements. You can also link Chase personal savings accounts for no service fees.^[6]
• Referral Bonuses
  You can earn up to $500 a year when you refer friends to open a qualifying Chase checking or savings account.^[7]
• Free Credit Report
  Anyone can enroll to get a free credit report from Chase. You don't even need to be a Chase customer.

How Chase Bank Compares

Bank of America
Chase has more checking and savings options. But in general, Bank of America has lower requirements to waive account fees. BofA also offers checking options for students. It also has savings IRAs, something that Chase lacks.

BofA also offers a full range of services, including banking, credit cards, mortgages, auto loans, and investing through Merrill Edge. Like Chase, Bank of America has many branches and ATMs throughout the US.

Wells Fargo
Wells Fargo has the largest nationwide presence with over 4,900 branches in 36 states. It also offers a lot of checking accounts, including options for teens, low income, and high balance individuals.

The standard interest savings rate is a lot higher for the Platinum Savings Account. It also has Special Interest Rate 7- and 13-month CDs with high, competitive rates. So in general, Wells Fargo is better if you have more to save.

Wells Fargo also offers personal loans and student loans - something that Chase doesn't offer.

Ally Bank
Ally is an online bank with no physical branches. So it can offer higher savings interest rates and fewer fees. Its banking products have no minimum balance requirements or service fees.

Even though it's online, you can still access your money easily with over 43,000 Allpoint fee-free ATMs throughout the nation. Ally still offers features like mobile check deposits, online bill pay, and direct deposits.

If you don't need in-person banking services and want a higher interest rate, Ally is a top choice for online banking. It also consistently wins high customer satisfaction ratings.

Bottom Line

Chase is a good choice if you're looking for a bank with full range of services, physical locations, lots of ATMs, and good mobile banking. We think one of the best advantages of choosing Chase is developing a relationship so you can access other offerings, like their credit cards.

However, typical of most brick-and-mortar big banks, don't expect much in interest. And there are service fees unless you meet certain requirements.

References