Chase Bank review 2024: US banking heavyweight

In a nutshell

With nearly 5,000 branches and 15,000 ATMs across the country, Chase is a traditional bank with national reach.

• Chase Bank offers checking and savings accounts, credit cards, mortgages, auto financing, investment advice, as well as small business loans, business credit cards and payment processing.
• The Chase Mobile app is one of the highest-rated finance apps and receives 4.8/5 stars on the Apple App Store and 4.4/5 on Google Play.
• The app is available on smartphones, tablets or computers.

Chase Bank products

Chase is a national, full-service bank that offers the full range of banking products and services.

Checking

For checking accounts, Chase has three categories, called “everyday,” “kids and students,” and “premium.” Each of these categories is for different audiences.

The “everyday” checking category offers Chase Total Checking, Chase Secure Banking, and Chase Premier Plus Checking account options.

There is no minimum deposit requirement to open any of these. However, they have monthly fees of $12, $4.95, and $25, respectively. Fees can be avoided for Chase Total Checking and Chase Premier Plus Checking if you comply with the requirements of minimum electronic deposits, a required balance at the beginning of each day, or an average required beginning daily balance.

You can avoid Chase Total Checking fees by doing one of these:

• Making electronic deposits into the account totaling $500.
• Having a balance at the beginning of each day of $1,500.
• Keeping an average beginning day balance of $5,000.

You can avoid Chase Premier Plus Checking fees by doing one of these:

• Having an average beginning daily balance of $15,000.
• Linking qualifying Chase first mortgage enrolled in automatic payments from your Chase account.
• You can also waive fees if you are a current servicemember or veteran of the U.S. Armed Forces and have a qualifying military ID.

Chase Secure Banking has a fixed fee that cannot be avoided.

The “kids and students” category offers three checking accounts: Chase First Banking, Chase High School Checking and Chase College Checking. All of these do not have a minimum deposit requirement to open an account. So, you could technically open an account with fifty cents.

Two of checking accounts in the kids and students category — Chase First Banking and Chase High School Checking — do not have monthly service fees, so long as the person opening the account is in the age category required and also a student. The only one with a monthly service fee is the Chase College Checking account, and monthly fees can be waived if at least one electronic deposit is made into this account. (tTere’s no specification on the amount, so again, you could technically electronically deposit fifty cents into the account to waive fees.) You can also waive fees for this type of checking account if there’s an average daily balance of at least $5,000.

In the “premium category,” there are two checking accounts offered, Chase Sapphire Banking and Chase Private Client Checking. There is no minimum deposit to open either of these accounts. The monthly service fee is $25 and $35, respectively. Fees can be waived if you have an average beginning day balance of at least $75,000 and $150,000 for Chase Sapphire Banking and Chase Private Client Checking, respectively, in any combination with linked qualifying Chase checking, savings and other accounts.

Chase also offers three different types of checking accounts for small businesses: Chase Business Complete Banking, Chase Performance Business Checking, and Chase Platinum Business Checking. Each of these accounts has different requirements to waive the monthly service fee:

• Chase Business Complete Banking: $2,000 minimum daily balance from Chase QuickAccept or Chase Ink Business Card purchases.
• Chase Performance Business Checking: $35,000 combined average beginning day balance.
• Chase Platinum Business Checking: $100,000 combined average beginning day balance.

Savings

Chase offers two different types of savings accounts, Chase Savings and Chase Premier Savings. They each have a monthly service fee of $5 and $25, respectively. These fees can be waived by having a balance at the beginning of each day of $300 or $15,000, or by having a linked Chase account. For the Chase Savings account, the service fee can also be waived by having $25 or more in repeating automatic transfers from a Chase checking account, or by having an account owner who is younger than 18 years old.

Chase Savings has an Annual Percentage Yield (APY) of 0.01%. And, Chase Premier Savings’s APY is anywhere from 0.01% to 0.02%, depending on how much money is in the account. In other words, with Chase Premier Savings, having a higher balance may earn a higher interest rate.

CDs

A Chase Certificate of Deposit (CD) account offers options that can be short- or long-term. The term of a CD ranges from one month to ten years. Regardless of market ups and downs, you can lock in your CD rate when you choose the term’s length.

The minimum deposit for a CD at Chase is $1,000. The APY will depend on the balance on the account and the length of the term. To calculate the APY over time, you will first need to know how much you will deposit, as that determines the rate.

For example, for a 3-month CD with a value ranging from $1,000 to $9,999, the APY rate is 3%. So, if you were to place $1,000 in a 3-month CD, you would receive $7.50 for simply keeping your money there during that time. It’s worth noting that you would get less than a penny in interest in a traditional savings account.

Mortgages

Chase offers mortgage information tailored for first-time homebuyers, experienced buyers and those seeking to buy investment properties or second homes. The Annual Percentage Rate (APR) of the loan will depend on the loan type. A 30-year fixed rate loan, for example, will be different from an adjustable-rate mortgage (ARM) where the monthly payments could potentially go up or down as the mortgage interest rates adjust.

Chase has online resources that can help you calculate your mortgage and your affordability, meaning how much of the home you can afford. These can be helpful tools as you make mortgage decisions.

Credit cards

Whether it’s for personal use or for a small business, Chase offers a variety of credit cards, and they each have their own perks and pros. You can find cards geared towards earning rewards for shopping, travel and running a small business.

Many of these have new cardmember rewards. For example, if you stay at hotels often and are thinking of getting a travel card, you may want to consider a Chase card similar to the Marriott Bonvoy Boundless credit card. The new-cardmember offer for this credit card is three free nights after you spend $3,000 on purchases in the first three months from opening your account.

Another example: If you often shop via Instacart, you might want to consider a card similar to the Chase credit card card_name. New card members receive a free year of Instacart and a $100 Instacart credit when the card is approved.

When looking for a new credit card, look for the APR and the annual fee. Some cards have as little as 0% APR for the first year and a $0 annual fee. Others have an APR of up to 28.99% and an annual fee of $525, like the United Club Infinite card, which offers new card members 90,000 bonus miles after making qualifying purchases.

With Chase credit cards there are countless options to choose from, all tailored for different lifestyles and shopping preferences.

Business banking

Chase for Business offers a variety of services. These include checking accounts, loans, credit cards, payment solutions, savings accounts, business debit cards, commercial banking (for businesses making more than $20 million), business services and retirement accounts.

Auto loans

To receive an auto loan with Chase, you must first apply. The application takes a few minutes to complete and you will receive a response within approximately two to three hours, according to Chase. Then if you are approved, Chase sends the paperwork to you and your auto dealership.

Ideally, you will lock in your financing terms ahead of going to the dealership. That way, you can save yourself time and a headache. Rates are locked in for thirty days, so if you want to shop around for a car, you can take your time once you have your financing terms set. Note, however, that you’ll need to know what car you want to purchase (the make, model, and trim of the vehicle so that you can get the most accurate rate.

Chase customer experience

The Better Business Bureau rating, which represents BBB’s opinion of how the business is likely to interact with its customers, gave JPMorgan Chase & Co., the parent company of Chase, an A+. The bank also consistently ranks highly on J.D. Power, and it was the highest-ranked bank in Florida and the Mid-Atlantic region, according to the J.D. Power 2023 U.S. Retail Banking Satisfaction Study.

How does Chase compare?

Chase vs. U.S. Bank

Both are large national banks with a wide footprint, although Chase has a presence in all states and U.S. Bank is mostly in the West, the Upper South and the Midwest. U.S. Bank does not have branch locations in New Jersey. Here are a few things to keep in mind about these two banks:

Chase has a wider variety of checking accounts geared towards people who are beginners and students, those who are accustomed to banking, and more experienced bankers. U.S. Bank offers two checking accounts. One is a basic account and the other is an account that doesn’t include paper checks and has lower monthly fees.

For their savings accounts, their APYs are comparable, although it’s worth noting that U.S. Bank’s Elite Money Market savings account offers up to 4.5% APY for balances of $25,000 or more.

For their CD accounts, U.S. Bank offers higher APYs than Chase as of this writing.

Chase’s strong suit is the variety of checking accounts, services and its wide national footprint, and U.S. Bank’s strength is its mortgages for veterans with no mortgage insurance requirement and flexible qualification guidelines.

Chase vs. Bank of America

Both banks have a national footprint, so if you prefer to go into a physical location, both of these banks will be a good fit.

Chase has a wide variety of checking accounts for different stages in life (for instance, there are cards just for kids and students and others that are premium for advanced bankers with a higher balance). Chase has eight checking account offerings whereas Bank of America has only three accounts. Overdraft fees with Chase, however, are higher ($34 with a maximum of three per day) compared to Bank of America’s fees ($10 with a maximum of two per day).

For CDs, however, Bank of America offers a higher APY, and both of these banks have a $1,000 minimum requirement to open a CD.

Both of these banks offer a wide variety of services. Chase’s strong suit is the variety of checking accounts, and Bank of America’s is its lower overdraft fees.

Chase vs. Citi

Both of these banks are well known and well liked. Chase has a larger footprint than Citi does. For their basic checking accounts, Neither of Citi’s checking accounts have minimum opening deposit requirements.

Chase has a $12 monthly fee that can be waived, while Citi’s checking accounts have monthly fees between $5 and $15. As for savings accounts, Chase’s savings accounts tend to offer lower APYs than Citi. Chase’s strong suit is the variety of products it has. Citi’s strength is its higher CD rates.

Methodology

By employing this comprehensive review methodology, we aim to empower consumers like you to make informed decisions when choosing a consumer bank that aligns with your financial goals and preferences. We evaluate key factors such as interest rates, fees, minimum balance requirements, access to funds, and more to help you make informed decisions. Please note that our reviews are based on publicly available information, and we recommend verifying the latest details directly from the respective financial institutions.

Frequently asked questions (FAQs)

Is Chase FDIC insured?

Yes, Chase is insured by the Federal Deposit Insurance Corporation (FDIC), which is an independent agency of the United States government. If the bank were to fail, the FDIC insures up to $250,000 per Chase account owner for each account ownership category.

Is Chase a good or bad bank?

Chase is a reputable bank and is well-ranked on the 2023 J.D. Power U.S. Retail Banking Satisfaction Study. One of its strong suits is the variety of checking accounts and credit cards available.

Is Chase a good bank for beginners?

Chase is a good bank for beginners because of the tools that it offers, such as online calculators and accounts geared toward people who are just starting out their banking journey. The “everyday” and “kids and students” checking accounts are great examples of services geared for beginners.

Who owns Chase Bank?

Chase is the consumer and business banking side of JPMorgan Chase & Co, which is listed on the New York stock exchange under the ticker “JPM.”