CHASE
Last update:
Overview
Chase Bank is one of the biggest banks in the United States, providing a full suite of services to people. It currently has almost 5,000 branches across the country, as well as more than 16,000 ATMs. Its beginnings go all the way back to the end of the 18th century and it has been servicing customers in some shape or form ever since. It is now a subsidiary of the investment bank JPMorgan Chase..
Chase Bank focuses on providing all of the services that a person could need, as well as offering online and in-person banking. This Chase Bank review takes you through everything you need to know about the major account options available at this leading institution.
- Huge range of account options
- 16,000+ US no-fee ATMs
- One of the biggest banks in the country
Chase Bank Account Types
Chase Bank offers a full range of different bank accounts to its customers. You will be able to find an option that is the best fit for your given needs. This Chase Bank online account review will focus on the main options, but there are also additional account options with specific markets, such as kids and student savings accounts. Here are the leading Chase Bank account options:
Chase Total Checking
This account option allows you to get access to the 16,000+ ATMs across the United States through your new Chase Bank debit card. There is a $12 monthly fee that can be waived if you meet certain conditions.
This includes either having a $1,500 minimum account balance on a daily basis, having aggregated accounts with at least $5,000, or having regular account deposits of at least $500. You can get your hands on a $200 bonus through a coupon when you open an account and set up a direct deposit of a certain size within 90 days.
| Account Type | Key Features |
| Chase Total Checking | $200 bonus available |
| $12 monthly fee waivable | |
| Basic checking account |
Chase Secure Banking
This type of account allows you to conduct all sorts of banking functions without having to really pay any major fees along the way. This includes no overdraft fees, no check-cashing fees, no bill paying fees, and no Chase Bank ATM fees. You will also be able to take advantage of some of the rewards attached to Chase Offers.
There is a $4.95 monthly fee in place for using this account type. For a limited time, you can get a bonus for setting up a Chase Secure Banking checking account. This allows you to get $100 when you meet certain qualifying conditions.
| Account Type | Key Features |
| Chase Secure Banking | $4.95 monthly fee |
| Low-cost account | |
| $100 signup bonus |
Secure Banking
The Chase Secure Banking option is a simple checking account that does not carry any overdraft fees. There is a $4.95 fixed monthly fee in place in order to maintain this account. You have access to free transactions at more than 16,000 ATMs across the country, as well as getting your hands on a Chase debit card.
If you sign up for a Chase Secure Baking account and have certain qualifications, you can get a $100 welcome offer. When you have this type of account, you will be eligible to access Chase First Banking. Finally, there is no minimum deposit required when signing up for this type of account.
| Account Type | Key Features |
| Chase Secure Banking | $4.95 fixed monthly fee |
| $100 welcome offer | |
| No minimum deposit |
First Banking
The Chase First Banking account option is available to those people who have a checking account with the bank. It is an account option that allows parents to teach children how they can manage money. You will be able to get a debit card with this account for your kids. There is no monthly service fee in place for this option.
You can set up alerts so you know how your child is spending money and you can also set limits as you please. Children who are between 6 and 17 years old will be eligible for this type of account.
| Account Type | Key Features |
| Chase First Banking | Checking account holders qualify |
| Account option for kids aged 6-17 years old | |
| No monthly fee |
Chase Savings
This basic savings account at Chase Bank allows you to earn an APY of 0.01% currently, which is not very high. You can set up an automatic savings program to make sure that funds are added from a linked account on a regular basis.
You are also able to set up account alerts and also get a debit card for this account type. There is a $5 monthly account fee that can be waived if you meet certain conditions. You can make six transfers out of this account each month before you will be charged a fee for doing so. There is no minimum opening balance requirement in place.
| Account Type | Key Features |
| Chase Savings | APY of 0.01% |
| Ability to get a debit card | |
| $5 monthly fee waivable |
Chase Premier Savings
The standard APY rates for this account are just 0.01%. There are higher rates if you have a premier relationship. This sees the APY increasing depending on the size of your balance, starting at 0.02% and going as high as 0.05%.
You can get access to these higher rates if you link certain Chase checking accounts or you make at least five transactions each month through your linked checking account. You also have to deal with the $25 monthly fee unless you keep a daily balance of $15,000 or have certain checking accounts linked. There is no minimum opening balance requirement in place.
| Account Type | Key Features |
| Chase Premier Savings | APY of between 0.01% and 0.05% |
| $25 monthly fee waivable | |
| Premium rates available for linked accounts |
Certificates of Deposits (CDs)
Chase Bank offers a range of different CDs for those people who are looking to lock in a guaranteed rate of return over a given period. The CD terms start from just one month and go as long as ten years. The rate that you earn on your money will often vary depending on how much you are going to invest.
For a one-year CD with balances of less than $10,000, you will earn a 0.02% APY, with this rising to 0.05% for a balance of $10,000 or more. The minimum required deposit is $1,000 and interest is calculated on a daily basis. You have a ten-day grace period after the CD expires to decide what to do with the funds.
| Account Type | Key Features |
| Certificates of Deposits (CDs) | Options range from one month to ten years |
| APY of between 0.02% and 0.05% | |
| Minimum required deposit of $1,000 |
Chase Bank APY
Chase Bank does not have the best APY rates on the market today. There are a variety of different types of accounts that will allow you to earn interest on your money. Here is a look at their APY rates:
| Account | 1 Year | 3 Years | 5 Years |
| Chase Savings | 0.01% | 0.01% | 0.01% |
| Chase Premier Savings | 0.01%-0.05% | 0.01%-0.05% | 0.01%-0.05% |
| Certificates of Deposits (CDs) | 0.02%-0.05% | 0.02%-0.05% | 0.02%-0.05% |
What is a Chase Bank account best for?
Chase Bank is going to be a good option for those people who are looking to have access to physical banking, as well as being able to easily access no-fee ATMs. There is also a great variety of different choices when it comes to checking, savings, and CD accounts. There is the ability to waive the monthly fees for most account types.
You can earn some great rewards over time when you use certain products. Finally, Chase Bank is one of the biggest banks in the US, developing a solid reputation over the years.
Overdraft Fees
Chase Bank will charge its customers an overdraft fee of $34 when they attempt to make a transaction and they have insufficient funds in their account. The max total fees that can be charged on a daily basis will be $102. Overdraft protection is an option, allowing you to link another account that can make up a deficit. It will usually cost you $5 each time a linked account has to make up the difference in order to avoid an overdraft.
Opening an account at Chase Bank
The process of setting up a Chase Bank account does not take long at all. You can complete the entire process online or in person, whichever you prefer. You’ll first need to decide what type of bank account you are looking to create. You’ll then need to make sure that you are eligible for this given account and then start the application process.
This will ask you for standard information, including your Social Security number and employment status. Your application will then be reviewed and you should get a response within a couple of days at most. There will be a number of ways you can add funds to your new account, with a direct deposit being the most common method.
Pros and Cons
As Chase Bank is one of the largest banking institutions in the United States, you know you are dealing with a legit offering. It also has a huge network of physical branches, as well as more than 16,000 ATMs around the nation that can be used for free.
You have extensive online banking capabilities, as well as getting access to a huge range of different types of accounts. Most of these options even give you the chance to waive the monthly account fees when you meet certain requirements. It also offers credit cards to customers with a variety of purposes and rewards.
In terms of drawbacks, the APY rates on the various accounts are not good when compared to the competition. Therefore, people looking to maximize their return on savings products are better served to look elsewhere. There is also sometimes high minimum necessary account balances if you are looking to avoid paying monthly fees.
| Pros | Cons |
| 16,000+ no-fee ATMs | Uncompetitive APY rates |
| Wide range of account options | High balances often needed to avoid monthly fees |
| Monthly fees can usually be waived |
Comparison to similar bank accounts
| Chase | TD Bank | HSBC |
| Link to review | Link to review | Link to review |
| APY: Up to 0.5% | APY: Up to 0.15% | APY: Up to 0.15% |
| Minimum balance: $0 | Minimum balance: $0 | Minimum balance: $1 |
Benefits:
|
Benefits:
|
Benefits:
|
Disclaimer: “The Annual Percentage Yield (APY) as advertised is accurate as of 04/07/2021. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.”