Banking » Reviews » Chase Bank Review 2022 – Great Products, Low Rates
Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Chase Bank Review 2022 – Great Products, Low Rates

Whether you want a high-balance savings account or a revolving door checking account, Chase bank has an option for you.
Author: Russell White
Russell White

Writer, Contributor

Experience

As a finance geek and Content editor with 13 years of journalism experience, Russell makes sure every article has the right flow, edits for accuracy, and consumer value. In addition, Russell contributes his own ideas about budgeting, savings, and credit cards.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Russell White
Russell White

Writer, Contributor

Experience

As a finance geek and Content editor with 13 years of journalism experience, Russell makes sure every article has the right flow, edits for accuracy, and consumer value. In addition, Russell contributes his own ideas about budgeting, savings, and credit cards.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Chase Bank Review

Chase Bank may have a modern, trendy image, but they’re one of the oldest banks in the US. Chase Bank is the consumer branch of JP Morgan Chase, one of the biggest banks in the US. While the past few decades have not been kind to most major banks, Chase is an exception to the rule. JP Morgan Chase was one of the big winners of the 2008 Wall Street collapse, taking ownership of most of Washington Mutual's remains.

They’ve also been expanding their brick-and-mortar footprint. Over the last five years, they’ve built almost 200 new branches. Nearly half of these were in Florida and Georgia alone, as Chase focuses on establishing its footprint throughout the entire eastern half of the country. They currently have locations in 26 states, most of them on the east side of the Mississippi.

We’re about to take a look at Chase Bank’s consumer offerings. Once you know what’s available, you’ll be well equipped to decide. Let’s begin!

Chase Bank can be a perfect fit if:

  • You can meet the requirements for account fee waivers
  • You have more to invest in your CD
  • The credit card partners and deals appeal to you.
  • You want a welcome bonus
Chase_logo
Banking Services
Credit Options
Savings Accounts
Mortgage
Checking Accounts
Government Mortgage
CDs
Credit Cards
Money Market Account
Debit Card
Investing Capabilities
Personal Loans

Savings Account

Chase Mortgage review

Initial Deposit

$25 (Chase savings) $100 (Chase Premier Savings)

APY

0.01% – 0.05%

Initial Deposit

$25 (Chase savings) $100 (Chase Premier Savings)

APY

0.01% – 0.05%

Chase’s most well-known savings account is the Chase Premier Savings account. This account earns below the national average APY, on a sliding scale that goes 0.01% – 0.05%. The monthly fee is $5 (Can be waived if you carry $300 account balance at the start of the month, $25+ autosave or linking a Chase checking account).

Also, there are a couple of things to know. First, you’ll only earn an enhanced rate if you maintain – and use – a linked Chase Premier Checking or Chase Sapphire Checking account. When you make five register or PIN purchases monthly, you earn “relationship rates,” unlocking the higher APY. This has to be done monthly, so it’s only practical if you want a linked checking account.

The other catch is that your interest rate scales based on your account balance. For anything under $50,000, you’ll only earn 0.02%. At $50,000, you start earning 0.03%. At 100,000, you earn 0.04%. To earn the maximum rate of 0.05%, you’ll need an account balance of at least $250,000 at the end of the month.

A simpler alternative is to open a standard Chase Savings account. It only pays 0.01%, but there are no additional requirements. A Chase Savings account costs a $5 monthly fee to maintain, but the fee is waived if you have a balance of at least $300. It’s also waived for minors, making it a great savings option for kids.

Overall, there are better options out there. For example, the Amex savings account offers 1.25% APY on savings, while Discover savings account offers 1.50% APY on any amount you deposit on your savings account.

Quontic High Yield Savings

  • 1.85% APY on savings
  • Interest is compounded daily
  • No Monthly Service Fees

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Checking Account

Chase Mortgage review

Initial Deposit

$0

APY

None

Initial Deposit

$0

APY

None

Chase offers three main types of checking accounts. Their “standard” account is Chase Total Checking. This is a standard checking account with a $12 monthly service fee. However, the monthly fee is waived if you maintain a balance of $1,500 or more in your Total Checking or a linked savings account.

If you tend to maintain a higher balance, you might prefer the Chase Premier Plus Checking Account. It costs a $25 monthly service fee, but it is waived if you maintain a balance of at least $15,000 in the Premier Plus or any linked accounts. The main benefit is that this kind of account pays None interest, so it’s worthwhile for larger accounts.

The third option is Chase Sapphire Checking. This type of account costs a $25 monthly fee, which is not waivable. That said, there’s no minimum balance. There are also no ATM fees, even on out-of-network ATMs. This makes the Sapphire Checking account ideal for frequent flyers and anyone who travels a lot.

Chase Bank does not charge a fee for counter checks, money orders, cashier’s checks, and Chase design checks. The monthly fees are steep, and the $34 overdraft fee is also a bit high. Ultimately, you’ll get a lot better value if you carry a large balance than if you only keep a few hundred dollars in your checking account. Of course, you can close your checking account at any time.

Top Checking Accounts From Our Partners

Axos Rewards Checking

  • Up to 1.25% APY
  • No monthly maintenance fees
  • No overdraft or NSF fees

SoFi Checking & Savings

  • 1.25% APY
  • No account fees
  • Cash bonus of $50 to $300

Chase Total Checking®

  • $200 bonus for new customers
  • Pay bills securely from anywhere
  • Send & receive money with Zelle

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Chase Total Checking®

  • $200 bonus for new customers
  • Pay bills securely from anywhere
  • Send & receive money with Zelle

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Suggested Video From Our Channel

Certificate Of Deposits (CDs)

Chase Mortgage review

Initial Deposit

$1000

Minimum Balance

None

APY

0.02% – 0.05%

A certificate of deposit, or CD, is a special type of account. In return for getting a higher rate of interest, you agree not to withdraw the money for a certain period of time. This makes it a good choice for long-term savings, where you don’t have to worry about accessing your money in the mean time. On the other hand, a CD is a poor choice for short-term savings, since you pay a penalty for making an early withdrawal.

Because of differences in state law, not all Chase CD offerings are available in all areas. To find out what’s available in your area, you’ll need to check their website and enter your location.

What we can say for sure is that there is no minimum deposit for a Chase CD. However, you’ll only be able to get the best interest rates if you deposit at least $10,000. The APY can range is 0.02% – 0.05%. The more money you deposit and the longer the term, the higher interest you’ll earn.

Chase Money Market Funds

Chase Bank does not offer any money market accounts at this time. Because a money market account is more of an investment than a traditional bank account, that function remains on the JP Morgan side of the business. That said, there’s nothing stopping you from going to JP Morgan and opening a money market account.

Currently, JP Morgan offers six different money market funds, with investments in treasuries, private institutions, and other assets. Because of the nature of a money market fund, it’s impossible to say for sure what your yield will be. Like we said, it’s more of an investment than a standard account.

If you’re going to invest in a money market account, make sure you know what you’re doing. This would be a good time to talk to a financial advisor and learn more about your options.

Mortgage & Loan Options

Chase offers a variety of mortgages, including ARMs and fixed-rate loans, as well as Jumbo and FHA loans. Chase also allows prequalification, to help its customers speed up the home purchase process. The bank allows the purchase of discount points for both refinance and home purchase packages.

While Chase does not offer personal loans, it does offer auto loans to assist you in financing a new or used vehicle.

Credit Cards

Chase offers credit card options in addition to debit cards. There are seven hotel cards, seven business cards, and more than twenty travel cards. Chase even has partnerships with companies like Amazon, Starbucks, and Disney. This means you can select the card that offers the best rewards for your favorite brands and spending habits.

The majority of Chase cards have no annual fee, but there are a few exceptions, such as the Sapphire Preferred. While there is a $95 annual fee, it provides 5x total points on travel purchased through Chase Ultimate Rewards, 3x points on dining and 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases .

Chase also offers some travel credit cards, such as the United ,Explorer card that offers 2x per $1 spent on United purchases, hotel accommodations, restaurants & eligible delivery services and 1x per $1 spent on all other purchases or Marriot  Bonvoy Boundless where cardholders can earn up to 17X total Bonvoy points per $1 spent at over 7,000 hotels participating in Marriott Bonvoy® with the Marriott Bonvoy Boundless® Card, 3X on the first $6,000 spent in combined purchases each year on grocery stores, gas stations, and dining and 2X Bonvoy points for every $1 spent on all other purchases.

Chase also has a Freedom Unlimited card, which offers a additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year)- worth up to $300 cash back, as well as 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases.

Customer Experience

The customer service system at Chase is quite extensive. A comprehensive website with a help page is available, as well as customer service lines, Twitter and Facebook support from 7 a.m. to 11 p.m. ET Monday through Friday and 10 a.m. to 7 p.m. ET on weekends.

You can also make an appointment with an agent at your local branch. Chase even has special lines for military personnel and veterans, whether they are in the United States or abroad.

The Chase website has a clean design and is simple to use, providing a good user experience. You can thoroughly investigate and compare banking products to find the best one for you. This is especially useful if you're looking for the best credit card option. Chase's app has received 4.8/5 stars on the Apple App Store and 4.4 stars on Google Play.

Chase Bank
App Rating (iOS)
4.8
App Rating (Android)
4.4
BBB Rating (A-F)
B+
WalletHub (+1,000 reviews)
3.8
Consumer Affairs (+1,000 reviews)
3.7
Contect Options
phone/social
Availability
7 AM – 11 PM

How to Open a Bank Account on Chase

Step 1: 

Visit the Chase Bank homepage. Some options will be provided to you; choose whichever you desire and click “Open now.”

Step 2: 

Next, fill in your personal details and identification.Next, is your home address and contact info; fill in your street address, zip code, email address and phone number.

Step 3: 

Next, go through the Consumer Report Authorization and then check the box to verify that the information you have provided is correct.

Lastly, you will get a notification if your application was successful or not.

Should You Consider Chase?

As you can see, Chase Bank offers an array of account types that meet various needs. Whether you want a high-balance savings account or a revolving door checking account, there’s an option for you.

Chase Bank isn’t perfect. The fees for out-of-network ATMs are a bit steep, and you’ll be using out-of-network ATMs a lot of you travel frequently. The interest rates on their CDs and savings accounts are also generally low. The exception is the Chase Premier Savings account, which offers competitive interest if you carry a large balance.

That said, there are plenty of locations, and the customer service is fast and friendly. You can also easily avoid monthly fees if you know how to use your account.

Chase Bank FAQs

Chase Bank is a legit financial institution that is FDIC insured, so you have the reassurance of up to $250,000 of protection per depositor should the bank fail.

Additionally, Chase Bank has a number of safety measures to protect your data and financial details. These measures include multiple authentication, account activity monitoring and the latest in encryption technology.

Chase Bank is a full service bank with a history dating back to 1799. While it has almost 4,900 branches, it also offers solid online banking services. The company has a solid digital footprint with its online banking platform and popular app.

The app is available for Android and iOS devices and offers 24/7 management for all your Chase accounts. This includes transfers, mobile check depositing, bill paying, account alerts, card lock and automated savings.

Chase Bank is a solid option for those who want to access a variety of banking products. You will need to maintain the minimum balance required or complete qualifying activities so fees are waived, but you can earn cash back or valuable rewards. 

This makes Chase Bank a good choice for most customers from students to military veterans, who can enjoy great service. From time to time, you could also find bonuses and promotions for new bank accounts.

Both Chase Bank and Bank of America are large national banks with solid reputations, so it can be tricky to see much distinction between them. Both organizations have thousands of ATMs and branches with a variety of product choices.

Bank of America savings rates are slightly higher on some of the savings products, and there are easier ways to waive monthly maintenance fees. However, Chase Bank is a better option if you have fewer funds for checking or saving accounts or want to access sign-up bonuses.

Citibank is another sizeable national banking institution. Like Chase Bank, you’ll find Citibank offers a wide variety of banking products with competitive rates. Since both are traditional-style banks, you will find that Chase and Citibank checking account fees are higher than online banks.

However, if you want to distinguish between the two, Chase is a better option if you wish for greater access to branches, as Chase has a more extensive network. Chase also has a cheaper overdraft protection feature.

On the other hand, Citibank has a more extensive ATM network, and if you’re interested in CDs, you’ll find Citibank offers higher rates.

Both TD and Chase offer mobile features for checking, savings, and investment accounts. However, the bank fees differ according to several factors. TD bank account fees can be discounted if you sign up for online statements. You can also have the account fees waived if you meet the criteria.

Chase also offers waivable account fees, but some fees, such as the out-of-network ATM fee, are less with Chase.

All in all, TD Bank and Chase are pretty similar. You may find TD Bank appealing if you don’t mind monthly fees and limited access to branches. But, if you prefer access to a widespread network of branches and like the possibility of sign-up bonuses, go with Chase.

Although Chase is one of the biggest banks in the USA, with over 4,700 branches, Discover Bank's reputation is excellent when it comes to customer service. Discover provides access to 24/7 customer support if you have any queries or issues.

 Discover Bank and Chase have a variety of banking products; there are no service fees with Discover. Discover has a massive fee-free ATM network with over 60,000 machines. So, unless there is a specific Chase product that appeals to you, you are likely to find Discover Bank a better option.

Alternatives

sofi logo
CIT-Bank-Logo
Capital One
APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
1.50%
1.90%
1.50%
Checking Account Fee The monthly fee on checking account
$0
$0
$0
Checking Minimum Deposit
$0
$100
$50
Mobile App Rating
4.8/5 on iOS, 4.2/5 on Android
4.6/5 on iOS, 4.2/5 on Android
4.8/5 on iOS, 4.7/5 on Android
BBB Rating
A+
B
A

Review Online Banks

Compare Alternative Banks

Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.

American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.

Read Full Comparison: American Express vs Chase Bank

Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.

While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.

Read Full Comparison: Chase vs Wells Fargo: Where to Save Your Money?

The Chase and Citi checking accounts both have no minimum deposit and a monthly account maintenance fee of $12. This can also be waived with a balance of $1,500 or more, or with qualifying deposits.

Furthermore, both have a very impressive selection of more than credit card options.

Read Full Comparison: Chase vs Citi: Which Bank Account Wins?

Chase has some great features including a massive selection of credit card options. Both banks also offer some great mortgage packages. PNC also has some innovative credit card options, and you can also access personal loans.

Read Full Comparison: Chase vs PNC Bank: Which Bank Account Is Better?

Because both Chase and TD Bank provide a comprehensive range of products, we'll need to summarize the benefits and drawbacks to determine which bank is superior.

Chase offers some novel features, including the possibility of comparable CD rates without the TD Bank's minimum deposit. However, there is little to distinguish the checking accounts, as TD Bank's savings rate is twice that of Chase.

Although Chase has more credit card options, don't discount TD Bank, which has some interesting options.

Read Full Comparison: Chase vs TD Bank: Which Bank Suits You Best?

Chase and Capital One both have banking product lines that compete with traditional high street banks.

Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.

However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.

Read Full Comparison: Chase vs Capital One: Compare Banking Options

The Discover checking account is more traditional. While the account does not pay interest, you can earn 1% cash back on debit card purchases. There are also no fees if you require a replacement debit card, have a deposit item returned, or have insufficient funds in your account.

Chase offers a wide range of banking products, including savings accounts, checking accounts, home loans, home equity options, auto loans, and a wide range of credit cards. In addition, Chase's customer service system is quite extensive.

Read Full Comparison: Discover vs Chase: Which Bank Account Suits You Best?

Suggested Video From Our Channel

$200 Chase Total Checking Banner

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

quontic-saving

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation.