Chase Bank Review: Checking, Savings, CDs & Sign-Up Bonuses

Banking
Updated: 1st Sep 2021
Written by Justin Estes
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Banking
May 28, 2021
Written by Justin Estes

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If you’re looking for a new bank, there are a number of things to consider. Yes, you want to know about their savings and checking account rates.

But you’ll also need to think about lending, ATM availability, and whether or not the customer service is any good.

Chase Bank is one of the bigger names in banking, and it’s one you’ll doubtless run into when deciding where to open your new account.

Here’s everything you need to know about Chase and what they offer in this Chase Bank Review.

What Is Chase Bank?

Chase Bank was founded in 1877 as Chase National Bank of the City of New York. For the first 88 years, Chase was strictly a commercial bank.

They lent and managed money for large institutions, like General Electric. This changed in 1955 when Chase merged with The Manhattan Company to become Chase Manhattan. At that time, they entered the personal banking market.

Chase has continued to grow since then and is now one of the Best Banks in the United States. They’ve merged with J.P. Morgan and acquired Washington Mutual along the way.

Today, they operate the third most branches of any American bank, behind only Wells Fargo and Bank of America.

What Does Chase Bank Offer?

Chase Bank offers all the services you’d expect from a large, national bank. This includes several varieties of savings and checking accounts for people from all walks of life.

They also offer certificates of deposit (CDs), checking accounts, savings accounts, mortgages, auto loans, personal loans, and other financial services.

Here’s a quick overview of everything Chase offers.

Chase Bank Savings Accounts

Chase Savings

The Chase Savings account is Chase’s basic account and has a monthly fee of $5. However, there are a handful of ways to have the fee waived.

If you maintain a minimum daily balance of $300 or transfer at least $25 a month from a linked Chase checking account, you pay no fee. Minors under the age of 18 also pay no monthly fee.

All of Chase’s interest rates vary by location. As a result, the only way to find out your annual percentage rate (APY) is to go into a local branch and ask.

However, their APY is generally lower than other banks. If your primary goal is to find a bank with high interest rates, you’re going to want to keep your savings elsewhere.

Chase Premier Savings

The Chase Premier Savings account is designed to pay a higher APY to people who maintain a higher balance.

Your base interest rate is still low; however, you earn multipliers the more you’ve deposited. If you deposit $250,000 (the maximum for FDIC insurance coverage), you earn five times the base APY.

On the downside, this account has a steeper, $25 monthly fee. There are also stricter requirements for waiving the fee.

You need to maintain a daily balance of at least $15,000 or have a linked Chase Sapphire Checking or Premier Plus Checking account.

>> More: Explore the Best High Yield Savings Accounts

Chase Checking Accounts

Chase Bank has eight different top checking accounts that vary in monthly service fee, minimum balance requirements, and annual percentage yield (APY).

Chase Total Checking®

  • APY: N/A
  • Monthly Service Fee: $12

Chase Total Checking is Chase’s basic checking account. The monthly fee is waived if you maintain a balance of $1,500, or a balance of $5,000 across all Chase accounts.

It’s also waived if you make at least $500 in electronic deposits in a month. So, if you use this account for direct depositing your paycheck, it’s free.

Chase Secure Banking

  • APY: N/A
  • Monthly Service Fee: $4.95

Chase Secure Banking is the low-fee option for people who don’t use direct deposit. As an added perk, new Chase customers get a $100 welcome bonus just for opening one of these accounts.

The downside is that there’s no way to waive the fee, so there are better options if you carry a large balance.

Chase Premier Plus Checking

  • APY: Depends on location
  • Monthly Service Fee: $25

Chase Premier Plus Checking charges a higher monthly fee, but also pays interest. The rate is fairly low, and varies by location, but it’s better than nothing.

In addition, the monthly fee is waived if your average balance across all Chase accounts is $15,000 or more, or if you’re making automatic payments on a Chase mortgage.

Chase First Banking

  • APY: N/A
  • Monthly Service Fee: $0

Chase First Banking is a special checking account for kids whose parents already bank with Chase. Kids get their own ATM/debit card, with zero service fee.

Parents get an app where they can monitor their kids’ spending and set limits on their purchases. Parents can also make automated allowance payments directly from the app.

Chase College Checking

  • APY: N/A
  • Monthly Service Fee: $6

Chase College Checking is a low-fee account designed specifically for college students. The fee is waived for as long as you remain in college, for up to five years.

After that, it will continue to be waived if you receive any direct deposit, or if you maintain an average daily balance of at least $5,000. Not only that, but new account holders earn a $100 welcome bonus.

Chase High School Checking

  • APY: N/A
  • Monthly Service Fee: $0
  • Overview: The Chase High School Checking account charges no monthly fee under any circumstances. However, it’s only available to high school students.

Chase Sapphire Banking

  • APY: Depends on location
  • Monthly Service Fee: $25

Chase Sapphire Banking is a better choice for people who maintain a very large balance. The fee is waived if you maintain an average balance of $75,000 across all Chase accounts.

However, the APY is more generous than the Premier Plus Checking.

Chase Private Client Checking

  • APY: Depends on location
  • Monthly Service Fee: $35

Chase Private Client Checking is a full-service financial management program that includes a checking account.

In exchange for their monthly fee, Private Client Checking account holders get their own J.P. Morgan financial advisor, and access to special lending programs for homeowners and small businesses.

The fee is waived if you maintain a balance of $150,000 in your account and associated investments, or if you have a linked Chase Platinum Business Checking account.

>> More: Best Checking Accounts

Chase Bank CD Rates

TermAPY
1 Month:0.02%
1 Year:0.02% - 0.05%
2 Year:0.02% - 0.05%
3 Year:0.02% - 0.05%
5 Year:0.02% - 0.05%

Chase Bank will issue CDs which earn a guaranteed interest rate for a guaranteed term. CDs require a minimum deposit of $1,000 and can be issued in any amount.

However, it’s generally wise not to invest $250,000 in any single account, since that’s the limit for FDIC insurance. CDs can be issued in 17 different term lengths, ranging from one month to 10 years.

Interest rates on CDs vary depending on the term length and the amount of your investment. That said, the rate is very low – ranging from 0.02% to 0.05%.

This is in line with Chase’s savings rates, but it’s still very low. Unless you’re expecting currency deflation, you’re actually expecting to lose value when you’re saving at this rate.

*Rates as of May 28th, 2021

>> More: Explore the Best CD Rates

Other Financial Products Offered by Chase Bank

Saving, checking, and certificate of deposits are just some of the services you expect from your bank. In addition, you also expect home, auto, and other lines of credit. Here’s a quick look at Chase’s other financial products.

  • Mortgages: Chase’s mortgage offerings are competitive with other major national banks. They also provide jumbo mortgages for high-priced homes. Chase mortgage borrowers also earn a waiver on their monthly account fee.
  • Home Refinancing: In addition to new mortgages, Chase also offers refinancing for your existing mortgage. Again, the rates aren’t any lower than you’ll find at other major banks. But if you’re currently overpaying, you can save some money by refinancing.
  • Home Equity Lines of Credit (HELOC): Chase offers home equity lines of credit, up to the full value of your home. Home equity lines of credit can remain open for as long as 10 years, and you can tap into them as needed. The interest rate is variable, but you can lock in a fixed rate on your outstanding balance at any time. Chase also has a cash-out refinance option; if you have an existing mortgage, you can refinance with a new one for the full value of your home. At that point, you receive any equity in cash.
  • Credit Cards: Chase offers the popular Freedom Student Card, Freedom Unlimited, Freedom Flex, Chase Sapphire Reserve, and Sapphire Preferred cards. All of these cards have some of the most generous rewards programs on the market.
  • Auto Loans: Depending on your situation, you may be able to get a better interest rate by borrowing through Chase than by borrowing from your dealer’s lender.
  • Business Banking: Chase provides banking and credit services for businesses as well as individuals. Businesses earn better rates and more generous rewards.

What Are the Pros and Cons of Chase Bank?

Pros:

  • Excellent availability in major cities
  • Monthly fees are easy to waive
  • Easy-to-use website and online banking app
  • Generous signup bonuses for some accounts
  • Plenty of lending and credit options

Cons:

  • Low savings, CD, and checking APY
  • High out-of-network ATM fees
  • Poor ATM availability in rural areas

Chase Bank Review: Fees, Customer Support, & Experience

We’ve discussed what Chase Bank offers. But service and support can be just as important as product offerings. So, how good is Chase’s customer service, and how easy is it to bank with them?

Banking Experience

With over 5,000 branches, Chase is easy to get to, particularly if you’re in a major city. That said, despite the number of branches, their geographic footprint is surprisingly limited.

They’re only located in 38 states, and even then, there’s sparse availability in rural areas. On the other hand, if you live in most cities, there’s a Chase bank nearby.

They also provide an easy-to-use mobile app. This way, you can make deposits, check your balance, and pay your bills from your smartphone. If you have multiple Chase accounts, you can also use the app to transfer money from one to another.

Customer Support

Chase customer support is easy to reach via their main help line. That said, for most issues, you’ll be better off calling your local branch.

Remember, one of the benefits of Chase is their number of branches. Why deal with a corporate help line when you can speak to someone at your local bank?

Chase Bank Fees

Chase Bank fees are in line with other major, national banks. In addition, most can be waived altogether. You just have to choose the right type of account.

For example, Chase Total Checking accounts are free for anyone who uses direct deposit.

How Does Chase Bank Compare?

#1. Chase Bank vs. Capital One

Capital One is the opposite of Chase Bank. While Chase is focused on its large number of brick-and-mortar locations, Capital One maintains few physical branches and handles most of their business online.

On the other hand, Capital One offers no-fee accounts and pays higher interest rates.

#2. Wells Fargo vs. Chase Bank

Wells Fargo charges lower fees than Chase and has slightly more branches. However, they have a smaller ATM network, which means you may end up paying more fees.

They also don’t allow you to link your savings account to your checking for overdraft protection.

#3. Chase Bank vs. TD Bank

TD Bank offers similar accounts and services to Chase Bank. They also emphasize physical locations. However, their branches are located almost entirely on the east coast.

On the plus side, they have branches in rural as well as urban areas. On the downside, if you’re in the west or the Midwest, you won’t have any local branches.

#4. Citibank vs. Chase Bank

Citibank has a nationwide present, but not as many branches as Chase. Their main selling point is that they offer higher interest rates.

However, they don’t offer standalone checking accounts; you have to open an “account package” with checking and savings. Their fees are also higher than Chase’s.

#5. Chase Bank vs. Bank of America

Bank of America offers slightly better savings rates than Chase, and their fees are easier to waive. On the other hand, they have a larger minimum deposit, and they don’t offer any signup bonuses.

Chase Bank Review: FAQs

Is Chase Bank FDIC Insured?

Yes. Like all consumer banks in the United States, Chase Bank is FDIC insured. Keep in mind, though, that FDIC insurance only covers the first $250,000 in any account.

Is Chase Bank a Good Bank?

It depends on what you’re looking for. Chase is a good bank if you want a bank with lots of brick-and-mortar branches in major cities.

They also provide a wide array of services. On the other hand, their interest rates are significantly lower than you’d get from a local bank or a credit union.

Does Chase Bank Offer Any Loans?

Chase Bank offers a variety of loans for home and auto. They also provide some of the more popular rewards cards on the market.

Is Chase Bank Safe?

Chase Bank is as safe as any national bank. Your deposits are FDIC-insured up to $250,000. Furthermore, Chase has been in business for 144 years, and shows no signs of stopping anytime soon.

How Do I Contact Chase Bank?

Chase Bank’s main customer support line can be reached at 1-800-935-9935. Alternatively, you can visit their website to find your local branch and call the branch instead.

Bottom Line: Chase Bank Review

So, is Chase Bank the right choice for you? It depends on what you want. They provide a full array of banking services, including checking, savings, mortgages, auto loans, and credit cards.

Since there are often perks for using multiple Chase services, they’re a great choice if you’re going to use those services.

Unfortunately, Chase’s interest rates are very low. This is par for the course for a big, national bank. But if you want to earn any kind of return on your savings, you’ll want to look elsewhere.

That said, for the average person, Chase is very easy to use. With over 5,000 branches, thousands of ATMs, and a convenient app, they’re a great choice for everyday checking.

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Justin Estes
Justin Estes
Justin is an experienced personal finance writer, blogger, and author. His background in accounting and finance led to a passion for helping people make the most of their money and matching them with financial products that enhance their lifestyle. When he's not working, he enjoys hiking, playing guitar, and drinking coffee.