Are you shopping for a new bank?
Maybe you want to have all your accounts, cards, and loans with the same financial services provider or you’re not happy with the service at your current provider.
Whatever the reason, you might want to look at what Chase Bank has to offer. One of the biggest banks in the US, Chase has a wide variety of banking and lending options to choose from.
What is Chase Bank?
Chase is one of the largest banks in the United States and is a subsidiary of J.P. Morgan Chase, a financial behemoth with over $2.5 trillion in assets.
It offers a wide range of banking products and services, including mortgages, auto loans, investments, and a vast selection of credit cards.
When you bank with Chase Bank, you get to enjoy the following:
- Access to about 16,000 Chase Bank ATMs across the country
- Access to in-person banking at over 5,000 branches in 26 states
- The ability to handle all your financial needs at one bank
- Exceptional online and mobile banking apps and tools
The major downside of Chase Bank is that its savings interest rates are largely low and some of its fees are exorbitant and virtually unavoidable.
Chase Bank Accounts
Chase Bank offers several options for checking and savings accounts. Let’s take a detailed look at each:
Chase Bank Checking Accounts
You can choose from four different types of checking accounts, as following:
- Total Checking
- Premium Plus Checking
- Premier Platinum Checking
- Student Checking
With those four options, Chase offers clients flexibility and some rewarding benefits. Want to open an affordable account in college? Chase’s student checking is a great option.
If you want a basic checking account with a low minimum, you could benefit from Chase’s Total Checking.
If, however, you want a more robust option and can maintain a higher balance, you could reap the benefits of a product like Premiere Plus Checking or Premier Platinum Checking.
The table below represents the features of each account:
|Account||Minimum Initial Balance||Monthly Fee||Monthly Fee Waiver||Non-Chase ATM Fee||Daily ATM Limit|
|Total Checking||$25||$12||$1,500 daily balance/ $500 direct deposit||$2.50||$500|
|Premier Plus Checking||$25||$25||$15,000 daily balance/ Chase mortgage auto payments||1st 4 monthly transactions free. $2.50 afterward|
|Premier Platinum Checking||$100||$35||$75,000 daily balance||Free|
|Student Checking||$25||$6||College admission or one direct deposit||Free|
With any Chase Bank account, you’ll receive basic service, including:
- Online and mobile banking
- Debit cards equipped with chip technology
- Online bill payment
- Round-the-clock customer service
Chase Saving Accounts
Chase Bank offers two different types of savings accounts, namely Chase Savings and Chase Premier Savings.
Much like its checking options, Chase savings accounts give you the option to choose which account is a better fit for your financial situation.
The details of both of Chase Bank’s savings accounts are captured in the table below:
|Conditions for Monthly Fee Waiver||Withdrawal Limits|
|Chase Savings||$25||$5||Initial daily balance: at least $300;
Connect to any Chase checking account
Or $25 auto transfer monthly from Chase checking
|Up to 6 withdrawals/ transfers per statement period.
$5 savings withdrawal limit fee if you surpass the limit.
|Chase Premier Savings||$100||$25||Initial daily balance of at least $15,000, or any Chase checking account||Up to 6 withdrawals/transfers per statement.
$5 savings withdrawal fee beyond the limit.
Fee waived if balance is at least $15,000 at time of withdrawal.
Chase also offers Certificates of Deposit (CDs). In fact, you can save more funds with a long-term CD account.
Chase CD accounts earn at the highest interest rates of all the savings accounts offered by the bank.
Other than that, Chase offers some of the lowest interest rates on savings accounts in the industry.
It’s also worth noting that the bank allows you to open a savings account as a standalone account or you can link it with your checking account.
Other Chase Products
Chase Bank Loans
You can get virtually any kind of loan you want from Chase Bank, including:
- Various mortgages
- Home-equity loans
- Business loans
- Auto loans
The bank offers competitive interest rates for mortgages and auto loans, and if you link your mortgage to a Chase checking or savings account, you may qualify for fee waivers.
Chase Credit Cards
No bank in the U.S. can beat Chase Bank when it comes to credit card offers.
Here are some of the credit cards you can get from Chase:
- Chase Freedom – Earn 5 percent on rotating bonus categories and 1 percent everywhere else with no annual fee.
- Chase Freedom Unlimited – Earn a limitless 1.5 percent cash back on every purchase you make with no annual fee.
- Chase Slate – Minimal interest, impressive balance transfer offer, no annual fee.
- Chase Sapphire Preferred – Earn great Ultimate Rewards points with every purchase including double points per dollar at travel companies and restaurants. The annual fee is $95.
- Chase Sapphire Reserve – Enjoy airport lounge access, triple points per dollar on restaurant purchases and travel, among other goodies. The annual fee is $45.
Should You Bank with Chase?
What We Like About Chase Bank
- A vast network of branches and ATMs – You can enjoy in-person banking at any of the 5,100 branch locations across the country. The bank also has over 16,000 ATMs. So, regardless of where you live, you don’t need to travel far to find a Chase ATM if you’re in a region they service.
- Several checking account options – Chase bank offers four checking account options, so you can choose one that best suits your needs. With any of the accounts, you can qualify for a waiver of your monthly maintenance fees if you meet certain conditions, such as upholding an average account balance or direct deposits every month.
- Credit cards for all lifestyles – Chase Bank offers 21 credit cards designed to suit the needs of a wide range of customers. If you are a frequent traveler, for example, there are several options you can choose from, and any choice will earn you travel rewards.
- On-the-go banking – Chase has mobile apps that enable you to check your account balances, pay your credit card bills, find the nearest ATM, and transfer funds. You can also deposit checks using your smartphone, thanks to the Chase QuickDeposit service.
- Different types of mortgages – Whether you want 10-year, 20-year, or 30-year fixed-rate mortgage, Chase Bank will help you. You can also get a 5/1 or 7/1 adjustable-rate mortgage. The bank also provides specialized home loans such as VA, FHA, and jumbo loans.
- Wide selection of investment products –Chase Bank has a team of experienced financial advisors who can help you create an effective investment strategy based on your future goals and tolerance to risk. The bank provides managed accounts, mutual funds, and college savings plans in partnership with J.P. Morgan.
If you want to save for retirement, you can take advantage of Chase Bank’s traditional or Roth individual retirement account (IRA).
The bank also partners with a number of insurance providers to offer annuities.
What We Don’t Like About Chase Bank
Despite its great attributes, Chase Bank is not without some drawbacks, as outlined below:
- Minimal interest rates – Chase is one of the banks that offer low-interest rates on savings accounts. Its savings account APY is only 0.01 percent. You’ll find
- Limited availability – Chase Bank may be technically a national chain, but it is not available in some regions in the U.S. Hence, it’s advisable to check out the availability of its branches and ATMs before you decide to bank with Chase.
- Management fees – Some banks offer free savings and checking accounts unconditionally, but with Chase Bank, there are conditions that you must meet to avoid account management fees.
- Low mobile deposit limits – If you run a business or you’re a freelancer who normally receives payments in the form of a check and prefers the convenience that mobile deposits have to offer, Chase may not be your ideal bank. The bank’s mobile check deposit limit is only $2,000. The monthly limit is only $5,000.
Chase can be an excellent bank for checking and savings. It also has a wide selection of valuable offerings and a substantial online presence with a reliable mobile app.
The major downside of Chase Bank is that it offers some of the lower interest rates on the market when it comes to savings despite being one of the largest banks in the country.
If your main concern is high interest on savings, you would be better off with another bank; however, if you’re looking for a full-service bank with physical branches, Chase is a stable and convenient option.
Shopping around for a new bank? Or maybe you just need an additional single-use checking account to keep your budget straight? We review Chase Bank to find out if this is the best place for your money.
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