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When you think of major banking chains, Chase Bank is probably high up on your list.
Not only is JPMorgan Chase one of the “Big Four” banks in America, it’s ranked by S&P Global as the largest bank in the United States. (The other three are Bank of America, Wells Fargo and Citigroup.)
But how does it stack up overall, for you, the consumer?
Chase offers customers a variety of financial services, from bank accounts to mortgages to small business loans. The bank’s generous with new-user sign-up bonuses, too. And, there are many, many physical branches and ATMs you can access nationwide.
But we won’t lie: Sometimes it feels like a game of Operation and you have to watch every move to avoid the shock of extra fees. This Chase Bank Review will help you make your own decision.
Chase Bank at a Glance
JP Morgan Chase Bank (commonly referred to as Chase Bank or just Chase) serves nearly half of American households.
Chase Manhattan Bank merged with J.P. Morgan & Co. in 2000. Today, there are 4,700 Chase branches and 16,000 Chase ATMs around the country. The popular financial institution boasts numerous client offerings, and customers can bank in person, online or through a mobile app.
Chase got bad press back in 2014 after a security breach exposed the information of 76 million customers. Since then, the bank has made big strides to tighten up security and curb fraud across accounts.
Our Chase Bank review focuses on checking and savings features for individuals and small businesses, as well as its overall convenience and mobile banking features.
Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account.
Chase Checking Accounts
The following is a closer look at three Chase Bank checking accounts.
Chase Total Checking
One plus is this account offers overdraft protection. But, other service charges abound: You’ll pay a fee to use non-Chase ATMs, link to another Chase checking account, and for any counter checks, money orders and cashier’s checks.
Chase Secure Banking
The account comes with Chase Credit Journey, which allows customers to monitor their credit score.
Chase Premier Plus Checking
You’ll qualify for overdraft services, waived check fees and 50% off designed checks. You can also have up to two Chase Premier Plus checking accounts linked with no monthly service fees, and non-Chase ATM surcharge fees are waived four times per statement cycle.
A general note for all account holders: If you use ATMs a lot, be careful. Chase will ding you $2.50 for any transaction in the U.S. that you do at a non-Chase ATM (outside of the four reimbursements you get with the Chase Premier Plus account). The good news is 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
Cash is king. And if you have a lot of it, it’s worth looking into 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 — worldwide. Designed checks. Dedicated 24/7 banking service line. Fewer or no fees compared to other accounts, and more.Here’s how they each break down.
Chase Sapphire Checking
The monthly service fee for the Chase Sapphire checking account is $25 a month. However, it can be waived with an average daily balance of $75,000 in qualifying Chase accounts.
Chase Private Client Checking
The fee for this account is $35 a month — unless you have an average beginning day balance of $150,000 or more and linked qualifying investments/deposits, or a linked Chase Platinum Business checking account.
Chase Checking at a Glance
|
Chase Total Checking |
$12 |
$1.5K balance to waive |
Non-Chase ATM fees |
|
|
Chase Secure Banking |
$4.95 |
Can’t be waived |
Free money orders |
|
|
Chase Premier Plus Checking |
$25 |
$1.5K balance to waive |
50% off designed checks |
|
|
Chase Sapphire Banking |
$25 |
$75K at Chase to waive |
Free ATM use |
|
|
Chase Private Client Checking |
$35 |
$150K balance to waive |
Personal banking perks |
Chase Savings Accounts
The following is a closer look at two Chase Bank savings programs.
Chase Savings
The Chase Savings account come with an autosave option that’s pretty cool. Using the mobile app, you can set your account to transfer a set amount of money every time you get paid, a little every day, or any set time and amount that you like. It puts your savings on autopilot.
Chase Premier Savings
Also, for both savings accounts, you’re limited to six withdrawals and transfers per monthly statement period. Otherwise, you’ll be hit with a $5 charge.
Chase Savings Accounts at a Glance
|
Chase Savings |
$5 |
$300 balance to waive |
$25 to open account |
|
|
Chase Premier Savings |
$25 |
$15K balance to waive |
Or link to accounts |
Chase Small, Medium and Large Business Banking
If you need a checking account for your small business, Chase has options to serve you here, too.
Chase Business Complete Banking
The Chase Total Business Checking account is a good starter account for your small business. It comes with 20 no-fee transactions and $5,000 of free cash deposits per statement cycle.
This account has a $15 monthly maintenance fee that’s nixed completely if:
You keep a $2,000 minimum balance, Make $2K worth of purchases with your Chase Ink business card, Receive $2K worth of eligible transactions, or Link to a Chase Private Client checking account.Chase has two other business savings accounts:
Chase Performance Business Checking
Chase Performance Business Checking is good for mid-sized businesses. It comes with 250 no-fee transactions and $20,000 of free cash deposits per statement cycle.
There’s a $30 monthly fee, but that’s waived when you have $35,000 or more in qualifying Chase accounts.
Chase Platinum Business Checking
This account is best for larger businesses. You get 500 fee-free transactions and $25,000 monthly cash deposits per statement cycle with Chase Platinum Business Checking.
There’s a $95 per-month fee that’s waived if you have $100,000 or more in qualifying business deposit and investment balances.
Chase Business Accounts
|
Chase Business Complete Banking |
$15 |
$2K min. bal. to waive |
Cash deposit limit |
|
|
Chase Performance Business Checking |
$30 |
Waived with $35K balance |
250 monthly free trans. |
|
|
Chase Platinum Business Checking |
$95 |
$100K balance to waive |
$25K monthly cash dep. |
Other Key Chase Features
Here are some other Chase Bank features that will help you decide if this is the right bank for you.
Chase Bank Offers
This bank regularly has sign-up bonuses for new users. Here are current Chase offers:
Get up to $500 a year — $50 per friend — when you refer others to sign up for a qualifying Chase bank account. New Chase customers can earn $100 with a Chase College checking account when they complete qualifying activities.Read the fine print and follow the guidelines to redeem these offers. Again, Chase offers promotions a fair amount throughout the calendar year, so keep an eye out.
Chase Certificate of Deposit (CD)
If you’re looking for a CD, you can get one for as short as one month or up to 10 years with Chase. You’ll need at least $1,000 to open one.
You’ll get locked into an interest rate based on the length of your term and the amount of your CD. These rates vary from 0.02% to 0.05%*, and depend on both how much money you save and the length of your CD term. Right now, an amount between $10K and $24,999.99 will earn 0.05% on a 12-month term.
Chase CD rates can vary by region. Plug in your ZIP code on the website and find out the rate for your area.
Convenience
As you might expect from a Big Four bank, Chase ranks high on the convenience meter. With 16,000 ATMs and 4,900 branches, they’re everywhere.
They also have a dedicated 24/7 customer service line, but you need to be in one of the higher level accounts to have access to that perk.
You’ll find that they have online banking, a mobile app and many options for financial products, such as mortgages, auto loans and credit cards.
Mobile Banking
The Chase Mobile app gets a 4.8 out of 5 star rating from iPhone users and 4.4 out of 5 stars at the Google Play Store.
People comment on the app’s ease of use as well as some extra features like daily snapshots of your spending that make monitoring your accounts easy.
Some nice security features of the app include fingerprint and facial recognition, as well as the ability to lock and unlock your cards right from your phone. You can also monitor your credit score right from their app.
Who is Chase Bank Best For?
Chase is a good option for you if:
You like having access to physical branches across the U.S., as well as online banking. You want to bank with a recognized financial entity. You prefer to satisfy all your banking needs at one institution. You want to have access to a variety of accounts for a wide range of clientele — There are Chase bank accounts available for college students, small business owners and mega-savers, to name a few. Chase regularly offers new-member bonuses.If you don’t mind monthly fees (or are diligent about avoiding them) and like the idea of banking with a well-known name in the industry, Chase Bank could be right for you.
Pros and Cons about Chase Bank
Overall, here’s a quick-hit list of what’s good and not so good with Chase.
Pros
Cons
Frequently Asked Questions (FAQs) About Chase Bank
We’ve rounded up the answers to the most commonly asked questions about Chase so that you can decide if this mega-bank is right for you.
Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet. Reporting from Tyler Omoth is included in this review.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.