Chase Bank is a global banking powerhouse that claims to serve almost half of the American population. Chase bank is a division of JPMorgan Chase & Co., which has over $2.6 trillion in assets. Chase has locations in cities across the United States, and you can work with Chase completely online. Read our in-depth review to see if Chase Bank is right for you.
What we like
- Free verification is available at a megabank (with a fee waiver)
- Nearly 4,900 Chase-owned branches and 16,000 ATMs in the United States
- Wide choice of bank accounts and credit cards
What we don’t like
- Unimpressive interest rates for savings accounts and CDs
- Potential monthly fees if you don’t qualify for a waiver
- The limited presence of branches outside metropolitan areas
Who is Chase Bank for?
Chase Bank may be attractive to those who prefer to manage the resources of a megabank. The products and services available may appeal to anyone who wants to:
- Use a free checking account — assuming you qualify for a waiver — with online bill payment, a debit card, and paper checks.
- Minimize banking relationships (and passwords) by opening credit cards and verifying accounts at the same institution.
- Bank in person or use ATMs frequently
- Earn rewards for using a credit card.
What does Chase Bank offer?
Given the size of the bank, it’s no surprise that Chase Bank offers a wide range of products and services for individuals and businesses.
- Savings accounts
- Verify Accounts
- Certificates of deposit
- credit card
Chase Savings
The Chase savings account pays a small amount of interest, but the APY is not impressive. As of February 24, 2020, the account pays 0.01% APY, while the best high yield savings accounts elsewhere pay upwards of 2.00%. This account has a monthly fee of $5, but you may qualify for a fee waiver if you meet one of the following criteria:
- Keep your balance above $300 at the start of each day.
- Save at least $25 per month from a personal Chase checking account or Chase Liquid card.
- Link a Chase College checking account and use the savings account for overdraft protection.
- You are under 18.
- Link this account to specific premium Chase checking accounts.
Chase savings accounts allow six withdrawals per month. No matter what type of withdrawal you make, including cashier or ATM withdrawals, every transaction counts against your limit. After using your six withdrawals, you pay $5 for each subsequent withdrawal during the month.
The Chase withdrawal limit is stricter than what is required by Regulation D limits under federal law (which does not restrict certain withdrawals such as ATM and branch withdrawals).
Chase Premier Savings
The Chase Premier Savings Account allows you to earn a little more than the standard Chase Savings Account, but the difference is small. To get higher rates, you must maintain a large balance in a Chase Plus Premier Check or Saphir Check account and make at least five transactions per month in these accounts.
Chase Premier Savings has a $25 monthly maintenance fee, but you may qualify for a waiver if you do any of the following:
- Keep at least $15,000 in the account.
- Open a linked Chase Premier Plus Checking or Chase Sapphire Checking account.
Like the standard Chase savings account above, withdrawal limits apply. This account could be an easy and affordable option for students who spend their time studying, as opposed to earning an income.
Certificates of deposit
Chase Bank CDs require $1,000 to open, and you can choose a term from one month to 10 years. Given that Chase Bank is a traditional brick-and-mortar bank, it’s no surprise that rates are somewhat low. To maximize your rate, make sure you qualify for a “relationship rate” with a linked checking account and a purchase of at least $10,000.
