This Chase Bank review will tell you more about what Chase is, its products and services, and more. We will also provide you information on the things that we like and we do not like about the bank.
Chase Bank is one of the most popular names in the banking industry. It offers all major banking services, which include checking and savings accounts, loans, investments, as well as credit cards.
Chase’s mobile tools are also considered to be the best among national banks. Needless to say, the bank has the second-largest network of branches in the United States.
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Furthermore, Chase Bank has the most ATMs with 16,000 of them around the country.
When it comes to customer satisfaction, Chase was reported to have a high degree of satisfaction with its easy accessibility being the primary determiner.
You see, there is so much to love about Chase Bank. But, as a customer, a potential client, it is important to look through all the details to ensure that this is indeed the right bank for you.
Having said that, in this Chase Bank review, we are going to talk about the following:
- Who is Chase Bank?
- Who is Chase Bank best for?
- What does Chase bank offer?
- How to do banking with Chase Bank?
- What are Chase Bank’s fees and charges?
- How is Chase Bank’s customer service?
- What are the highs and lows of Chase Bank?
WHO IS CHASE BANK?
As stated on their website, Chase Bank is “proud to serve nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans, and payment processing.“
Chase is also known as a global banking powerhouse. It’s a division of the famous JPMorgan Chase & Co., which owns more than $2.6 trillion in assets.
Chase Bank, as we have mentioned earlier has the second-largest network of branches in the United States with nearly 4,900 of them, next to Wells Fargo. But apart from that, Chase also offers the best online banking experience, which means you can definitely work with the bank entirely online.
Furthermore, banking with Chase is made more accessible and easier having 16,000 ATMs across the country. With that, you can make deposits and get cash anywhere and anytime.
With everything said, no doubt Chase Bank is not just a big name in the banking industry, but that it also is one of the most trusted banks in the country and even outside the U.S.
If you are interested to know more about Chase, here’s a very informative review by Carter Farr. We actually thought he said all the right words about Chase. Click the play button below to watch the video:
By the way, apart from catering to millions of clients across the country, JP Morgan Chase where Chase Bank is a division of (as mentioned earlier) is home to over 250,000 employees as of 2019 according to MacroTrends.
Chase Bank is headquartered in Manhattan, New York City.
WHO IS CHASE BANK BEST FOR?
Now that you already know who Chase Bank is, as part of our Chase Bank review, we’re also going to share with you who the bank is ideal for, and see for yourself if you are a part of it.
Given the background, and the products and services that Chase Bank offer, it may be ideal for people who prefer dealing with the resources of big banks or a megabank.
In particular, Chase Bank’s products and services may appeal to those who want to:
- Lessen bank relationships by opening checking accounts as well as credit cards at the same financial institution
- Use a free checking account (this applies to those qualified for a waiver) with a debit card, online bill pay, as well as paper checks
- Earn rewards for using a credit card
- Bank in person or do banking traditionally
- Use ATMs often
If you see yourself in any of the above-mentioned, then, let’s proceed to the next agenda.
WHAT DOES CHASE BANK OFFER?
Our Chase Bank review will focus on this as we believe this is the most crucial part when deciding whether or not a bank is for you.
Given how large the Chase Bank is, it’s not surprising that they provide a broad offering of both products and services for individual and business customers.
However, in this review, we are going to particularly focus on the following:
- Savings Accounts
- Checking Accounts
- Certificates of Deposit
- Credit Cards
SAVINGS ACCOUNTS
To set your expectations right, like most traditional banks, Chase Savings Account pays a small amount of interest as well. The annual percentage yield or APY, however, is not that impressive.
As of February 2020, Chase Bank’s APY is 0.01%. The best high-yield savings accounts in other banks, meanwhile, pay more than 2.00%.
Chase Bank, however, does have a top-yielding savings account called Chase Premier Savings, wherein you can earn a few basis points more as compared to the national average APY. The catch though is that you must have at least $15,000 in the account to earn the said rate. In addition, you need to link it to a Chase Premier Plus Checking or Chase Sapphire Checking account as well and make at least five customer-initiated transactions in a monthly statement period with that particular linked account.
The Chase Savings Account comes with a $5 monthly fee. But, this can be waived provided you meet any of the following criteria:
- Keep a minimum balance of $300 at the beginning of each day
- Link a Chase College Checking account, while using the savings account for overdraft protection
- You are below 18 years old
- Save a minimum of $25 every month from a personal Chase checking account or Chase Liquid card
- Link the account to a particular premium Chase checking accounts
It is also important to note that Chase Savings Accounts only allow six withdrawals per month regardless of the type of withdrawal you make. Once you have used up the limit, you will be charged $5 for every subsequent withdrawal in the month.
The withdrawal limit of Chase Bank is more stringent than what is required by Regulation D limits, which is under federal law.
CHECKING ACCOUNTS
Chase has a lot of checking account options to choose from. There’s Chase Total Checking, Chase Premier Plus Checking, Chase Sapphire Checking, Chase Secure Checking, Chase College Checking, and Chase High School Checking.
Now, let’s take a look at each of these:
Chase Total Checking
According to Chase, the Chase Total Checking is the bank’s most popular checking account. This easily satisfies the clients’ day-to-day checking needs to give the fact that it has online bill pay and is accessible through a mobile app.
Some of the key features of Chase Total Checking include ATM check deposit, mobile check deposit, paper checks, as well as Zelle transfer to family and friends.
The Chase Total Checking account charges a $12 monthly fee. However, you may qualify for a waiver if you meet any of the following:
- Must have at least $1,500 in your account
- Must have at least $5,000 combined Total Checking and eligible accounts
- Receive a minimum of $500 direct deposit every month into your account
Chase Premier Plus Checking
Unlike other checking accounts, the Chase Premier Plus Checking account pays a small amount of interest (which is quite negligible at 0.01%), as well as provide a few freebies every month.
This particular type of checking account from Chase Bank is ideal for those who have a substantial relationship with the bank.
It comes with $25 monthly fee, but this fee can be waived provided you meet any of the following requirements:
- Must keep a $15,000 or higher daily balance in qualified Chase Bank accounts
- Must have a qualifying Chase mortgage that you are paying using your Chase account
Apart from the features of Total Checking that comes with it, the Chase Premier Plus Checking account also includes the following perks:
- Free basic personal, counter, cashier’s checks, and money orders
- Four foreign ATM withdrawal fees waived in a month (Note: The ATM owner may charge fees, and Chase may also charge extra if you are using a different currency apart from U.S. dollars.)
- Free or discounted safe deposit boxes
- Potential monthly fee waivers on additional savings and checking accounts
Chase Sapphire Checking
The Chase Sapphire Checking comes with additional benefits. However, the hurdle for banking fee-free is higher.
Apart from the 24/7 customer support, as well as higher ATM and debit card limits, this particular checking account also includes the following features:
- No ATM fees globally
- Interest on the account holder’s balance
- Four free overdrafts annually
- No wire transfer or stop payment fees
- Other perks and discounts on other Chase services
Meanwhile, to qualify for a waiver, which amounts to $25 a month, you have to keep an average balance of $75,000 in eligible accounts or investments with the bank.
Chase Secure Checking
If you are just starting with your financial journey, then this product is ideal for you. The Chase Secure Checking account is a no-frills account. It does not include paper checks with discounts. However, it allows you to pay bills online or with the use of your debit card.
Furthermore, it also includes the following features:
- No overdraft fees
- No minimum deposit required
- $4.95 monthly fee (definitely cheaper as compared to the previous checking account types)
Chase College Checking
Obviously, this account type is ideal for college students. The Chase College Checking account is specifically designed for customers aged 17 to 24 years old.
While it comes with a $6 monthly fee, this can be waived if you:
- Are enrolled in college (up to five years)
- Keep an average of $5,000 daily balance
- Have a monthly direct deposit into the account
This particular account may be ideal for college students who have more time studying as compared to earning an income.
Chase High School Checking
The last on Chase Bank’s checking accounts list is the Chase High School Checking. This particular account is available for kids aged between 13 and 17 years old. It also comes with NO monthly fee.
However, the bank requires that the account holder’s parent or guardian must own an eligible Chase Bank checking account. The parent or guardian must also be a co-owner of the Chase High School Checking account.
What’s nice about this account is that it converts to a Total Checking account once the child reached the age of 19.
CERTIFICATES OF DEPOSIT
Just like any other bank, Chase Bank also offers Certificates of Deposit.
If you are interested to open one with Chase, the bank requires $1,000 to begin with. The bank offers different terms to choose from, which include:
- 1-2- or 3-month
- 6-month
- 9-month
- 12-month
- 15-month
- 18-month
- 21- to 120-month
Since Chase Bank is a brick-and-mortar bank or a traditional bank, it is not surprising that the rates are quite low.
So, to maximize your rate, make sure to qualify for a “relationship rate” with a linked checking account, and then, purchase of at least $10,000.
CREDIT CARDS
Chase Bank also offers a variety of credit cards. They do have a rich lineup of credit cards to choose from depending on the customer’s needs and preferences.
For your reference, here is Chase’s list of credit cards:
Balance Transfer Credit Cards
- Chase Slate
Business Credit Cards
- Ink Business Preferred Credit Card
- Ink Business Cash Credit Card
- Ink Business Unlimited Credit Card
Cash-Back Credit Cards
- Chase Freedom
- Chase Freedom Unlimited
- Chase Freedom Student
Travel Rewards Cards
- Chase Sapphire Preferred Card
- Chase Sapphire Reserve
- United Explorer
OTHER FINANCIAL PRODUCTS
Apart from savings and checking accounts, CDs, and credit cards, Chase Bank also offers other financial products, which include the following:
- Auto loans
- Business loans
- Business checking accounts
- Financial advisers
- Home equity loans
- Home equity lines of credit (HELOCs)
- IRAs
- Managed investment portfolios
- Private banking
- Purchase mortgages
- Refinance mortgages
- Self-directed trading
HOW TO DO BANKING WITH CHASE BANK?
As part of our Chase Bank review, we are also going to share with you information on how to do banking with Chase.
To open an account with Chase Bank, all you need to do is visit Chase.com or you may pay a visit to one of their branches near you. You may also call 1-800-935-9935 if you have queries or you need clarifications on certain products and services prior to opening an account.
Just like in any other bank, and as required by law, Chase Bank will ask you to provide personal information such as your name, address, contact details, Social Security number, and more.
WHAT ARE CHASE BANK’S FEES AND CHARGES?
Our Chase Bank review will not be complete without us looking into the fees that the bank charges.
Earlier, we already mentioned that each of the Chase Bank accounts does have their respective monthly fees. But apart from the monthly fees, the bank also charges an overdraft fee. Chase Bank charges a $34 nonsufficient funds fee for up to three times per day.
The fee can be avoided though if a customer links their savings account as a backup.
HOW IS CHASE BANK’S CUSTOMER SERVICE?
As we have mentioned earlier, the bank has earned high marks in terms of customer satisfaction. One of the reasons behind this is the bank’s amazing customer service.
According to the J.D. Power 2019 U.S. National Banking Satisfaction Study, Chase Bank ranks first.
With such a position, it makes sense that the bank invests in technology, as well as in training, and staff to ensure clients are satisfied and would keep their assets with Chase for a long time.
WHAT ARE THE HIGHS AND LOWS OF CHASE BANK?
Our Chase Bank review will not be complete without us sharing with you what we like and what we do not like about Chase Bank.
Hopefully, this section helps you decide whether Chase Bank is the right financial institution for you or not.
HIGHS: WHAT WE LIKE
- Chase has almost 4,900 branches plus 16,000 ATMs across the country. It makes them easily accessible.
- There’s free checking available from megabank that comes with fee waivers.
- Chase offers a wide selection of bank accounts and credit cards to choose from depending on the client’s needs and preferences.
LOWS: WHAT WE DO NOT LIKE
- The probability of getting charged for a monthly fee if you do not qualify a waiver.
- The bank has an unimpressive interest rate for both savings accounts and CDs as compared to other banks.
- They have limited branch presence outside metropolitan areas.
FINAL THOUGHTS ON CHASE BANK REVIEW
No doubt, Chase Bank is one of America’s biggest banks, needless to say, most-trusted financial institutions. It provides a variety of products and services to choose from – too many in fact that the bank almost has a certain product or service for every type of customer.
While the banks have a lot of highs, we cannot deny the fact that just like any other banks out there, it’s not perfect. Thus, it also comes with lows.
To be honest, when it comes to interest rates, it is not as competitive, especially when compared to online banks. Customers may find way better interest rates on both savings accounts and CDs elsewhere. The only consolation you have though is that Chase is a credible and well-established bank. The probability of risk is low.
So, would we recommend Chase Bank?