Chase Bank Review – Forbes Advisor

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Chase Bank, the consumer banking arm of JPMorgan Chase & Co., is one of the largest full-service banks in the country. It offers a wide range of financial products and services to individuals and businesses. In addition to checking, savings, and CD accounts, Chase is well known for its extensive credit card offerings, including popular travel rewards and cash back credit cards. With options for adults, students, and children, Chase has accounts to meet most needs.

You can find Chase Bank branches and ATMs across the country, and it also maintains a strong online presence. This review focuses specifically on the personal banking solutions offered by Chase Bank.

Account details and Annual Percentage Returns (APY) are correct as of April 23, 2021.*

Account Basics

Verification

Chase Bank offers a solid selection of verify accounts to meet various banking needs. Like its savings accounts, most Chase checking accounts have a monthly service charge. Chase usually offers ways to waive these fees, however.

Chase calls three of his checking accounts “everyday” checking accounts. The three accounts provide access to nearly 16,000 ATMs and over 4,700 branches across the country. Each account offers online banking, online bill payment and mobile banking, as well as direct transfers to Chase savings accounts.

The most popular of these accounts, according to Chase, is Chase Total Checking®. This account has a monthly maintenance fee of $ 12, which can be waived by meeting certain conditions. The account comes with a free debit card. Be aware that Chase charges a fee of $ 2.50 each time you use an ATM other than Chase, in addition to the ATM owner fee.

The other two current accounts are Chase Secure Banking℠ and Chase Premier Plus Checking. Chase Secure Banking has a fixed monthly fee of $ 4.95. Chase Premier Plus Checking has a monthly maintenance fee of $ 25, which can be waived by meeting certain requirements.

Two premium accounts, Chase Sapphire Banking and Chase Private Client Checking, waive fees for non-Chase ATMs and for personal design checks. They also offer higher limits on Chase QuickDeposit℠ and Zelle® money transfers, lower fees on specific services, and exclusive sports and entertainment benefits.

Chase Premier Plus Checking and Chase Sapphire Banking are both interest bearing accounts. Like most Chase accounts, the interest rates are much lower than the competitive rates offered by online banks. Premier Plus Checking has no charge for the first four non-Chase ATM transactions of each statement period. Chase Sapphire Banking waives all charges for use other than Chase ATM.

One of the banking giant’s best offerings is Chase College Checking. The account is designed for students aged 17-24. There is no monthly service charge for students up to age five while you are attending school, as long as you provide proof of your student status. The account comes with a free debit card and account access online and through the Chase mobile app.

Chase also offers a high school chequing account (13 to 17 years old) and Chase First BankingSM, an account held by parents for children aged 6 to 17.

Below is a breakdown of all of Chase’s checking account offerings.

Savings

Chase Bank offers two savings account offerings: Chase Savings and Chase Premier Savings. Neither account offers competitive rates, especially compared to savings rate in many online banks.

Chase Savings is a basic interest-bearing savings account that earns a measly 0.01% APY on all balances. The account has a monthly maintenance fee of $ 5, but you can waive it if you meet any of the following monthly criteria:

  • Maintain a balance of $ 300 or more at the start of each day
  • Have $ 25 or more in autosave or other recurring automatic transfers from a Chase personal checking account
  • You are under 18
  • Have an account linked from certain Chase bank accounts

Chase Premier Savings offers a monthly management fee of $ 25, but you can waive it by fulfilling one of these two monthly conditions:

  • Maintain a balance of $ 1,500 or more at the start of each day
  • Have a linked Chase Premier Plus Checking or Chase Sapphire Checking account

The Premier Savings Account offers staggered interest rates based on the account balance and your eligibility for its relationship rates. The standard Chase Premier Savings rate is 0.01% APY, but you can earn up to 0.05% APY if you have a linked Chase Premier Plus Checking or Chase Sapphire Checking account and meet monthly transaction requirements. .

The account charges a $ 5 fee for certain transactions over the six-per-month limit.

CD

chase away Certificates of deposit are available in a multitude of terms, ranging from one month to 10 years. Opening a CD through Chase requires a minimum deposit of $ 1,000. The standard CD rate is 0.01% APY for all durations. Customers with a linked Chase checking account are eligible for higher relationship rates based on account length and balance.

Chase also offers special CD tiered rates for Chase Private Client customers who simultaneously open four CDs of varying length for the same amount.

Depending on the length of the term, withdrawals from Chase CD accounts are subject to early withdrawal penalties up to 365 days of interest on the amount withdrawn (up to the total amount of interest earned during the current CD term). CDs renew automatically once they expire. Customers can renew their CDs, add funds, change terms, or withdraw funds during the 10-day grace period following the due date.

CDs can be a great way to grow your savings over time, especially if you have funds that you don’t need to access for a while.

Here are the current conditions and prices of CDs available through Chase.

Other accounts and services

As mentioned, Chase offers full banking services. With his bank accounts and credit card offers, Chase is also home to other financial products such as:

  • Auto loans
  • Residential mortgages
  • Home refinancing
  • Home Equity Lines of Credit (HELOC)
  • Wealth management and investment planning JP Morgan
  • Business banking services, including verification, credit cards and merchant services
  • Commercial banking solutions

Access on the move

Chase customers have access to the highly rated Chase mobile app. Available for iOS and Android, the Chase mobile app offers 24/7 management for all of your Chase and JP Morgan accounts. The app gets 4.8 out of 5 stars on the App Store and 4.4 out of 5 stars on Google Play.

Mobile app features include:

  • Account management
  • Electronic transfers
  • Mobile check deposit
  • Bill payment service
  • Zelle compatibility
  • Electronic transfers
  • Automated savings
  • Account Alerts and Notifications
  • Card lock

Chase customers can also access their accounts anytime online. Customer support is available over the phone by calling 1-800-935-9935. You can also get help by messaging Chase on Facebook or Twitter at @ChaseSupport.

For those looking for local banking assistance, Chase currently operates more than 4,700 local branches and 16,000 ATMs across the United States.

Advantages

  • Over 4,700 branches and 16,000 ATMs across the country
  • Often offers bonuses to new customers who open accounts
  • Popular mobile application

The inconvenients

  • Low interest rates on CDs, savings accounts and checking accounts
  • Monthly fees with most accounts if you don’t qualify for exemptions
  • ATM fees at off-network ATMs with Chase basic accounts

How does Chase Bank compare

Chase Bank offers many banking products to meet the needs of most individuals. Still, low interest rates prevent it from being a viable option for people who want to maximize their savings. Monthly service charges are also an issue for those who don’t want to pay for banking services, although most charges can be waived if you can meet specific monthly requirements.

Chase maintains a strong digital footprint with its popular mobile app and online banking platform. Yet it still offers an extensive local presence for people who prefer in-person banking. If you can avoid the monthly fees, Chase is a solid option for your personal banking needs.

Frequently Asked Questions (FAQ)

Is Chase Bank FDIC insured?

Yes, all Chase bank accounts are FDIC insured (FDIC # 628) up to $ 250,000 per depositor, for each category of account holder, in the event of bank failure.

Chase Bank uses many security measures to keep its customers safe. Security measures include the latest encryption technology, multiple authentication checks, and account activity monitoring.

Does Chase Bank offer loans?

Yes, Chase offers several loan products including auto loans, mortgages, and home equity lines of credit (HELOC).

How do I talk to someone live at Chase Bank?

You can reach Chase Customer Service at 1-800-935-9935 Monday through Friday 8 a.m. to 12 p.m. EST and Saturday and Sunday 8 a.m. to 8 p.m. EST.

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About Colin Shumway

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