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CHASE Reviews

9

bestfor-icon One-stop-shop for banking needs

bobphillips
Written by Bob Phillips

About CHASE | Read More

9

LS Score

10

Credibility

8

Support

9

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon-Fri 7am-11pm EST
Sat-Sun 10am-7pm EST
Contact Information Contact Information drop-down-btn
  • 1-800-935-9935
  • Headquarters: 270 Park Ave. New York, NY 10017
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CHASE Online Banking Review

Chase Bank, a major player in the U.S. banking sector, offers a comprehensive range of financial products and services. With a vast presence across the country, Chase operates over 4,900 branches and more than 16,000 ATMs, making it one of the most accessible banks for Americans. Its highly regarded digital banking platform features an app and website that facilitate easy money transfers, bill payments, budget creation, and more. While Chase is known for its convenience and customer service, it’s not the go-to for the highest savings rates available in the market.

CHASE Online Banking Highlight

No minimum

Min Deposit

16,000+ ATMs

ATM Network

$34

Overdraft Fees

$25

Maintenance Fees

Yes

Other Fees

Online Banking Savings

No minimum

Min Deposit

Min 0.01%

Min APY Savings

Online Banking Checking

No minimum

Min Deposit

Pros & Cons

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  • con-icon 16,000 no-fee ATMs
  • con-icon Wide range of account options
  • con-icon Option to waive maintenance fees by meeting certain requirements
  • con-icon Uncompetitive APY rates
  • con-icon High balance needed to waive fees

Account types

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  • Checking
  • Savings
  • Certificates of Deposit (CD)
  • Money Market Deposit Account (MMDA)
  • Business
  • Business Checking
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APY's

Chase’s Annual Percentage Yields (APYs) for savings accounts and Certificates of Deposit (CDs) are generally lower than those offered by online banks. The Chase Savings℠ account, for example, offers a low APY of 0.01%, which is significantly below the national average. This trend extends to Chase’s CD rates, which are also considered low compared to the more competitive rates found at online banks. Despite these lower yields, Chase provides several options to waive monthly fees and offers bonuses for new account openings, which can somewhat offset the lower interest earnings.

Account Type APY
Chase Secure Banking℠ None
Chase Total Checking® None
Chase Savings Variable based on daily collected balance
Chase Premier Savings Variable based on daily collected balance
Chase Business Complete Banking℠ (checking) None
Chase Performance Business Checking None
Chase Platinum Business Checking None
Chase Business Total Savings 0.01% to 0.02%
Chase Business Premier Savings 0.01% to 0.02%

Features Benefits & Rewards

Chase Bank’s services come with several notable features and benefits:

  • Extensive Branch and ATM Network: Nationwide access to physical branches and ATMs.
  • Highly Rated Mobile App: The app is praised for its functionality, including bill pay, budgeting tools, and easy money transfer capabilities.
  • Customer Service: Chase offers robust customer support through various channels, including social media, phone, and in-branch services.
  • Account Opening Bonuses: New customers can benefit from promotional bonuses for opening certain types of accounts.
  • Overdraft Practices: Chase has specific overdraft policies, such as no fees for overdrawing by $50 or less, aimed at reducing the burden of overdraft fees on customers.

Chase Account Types

Chase provides a diverse range of account types to cater to different customer needs:

  • Checking Accounts: Including Chase Total Checking® with features like mobile banking and online bill pay. Despite low-interest rates, these accounts offer practical benefits like direct deposit waivers and various ways to avoid monthly fees.
  • Savings Accounts: The Chase Savings℠ account supports free overdraft protection transfers and offers ways to waive the monthly fee, despite its low APY.
  • Certificates of Deposit: While offering a range of term lengths, Chase’s CD rates are less competitive, especially when compared to online banks.
  • Credit Cards, Loans, and Investment Services: Beyond traditional banking products, Chase also offers a wide selection of credit cards, various loan options, and investment services, making it a full-service financial institution.

Opening an Account With CHASE

Opening an online account with Chase is a simple four-step process. A minimal number of questions are asked during each step, and all questions are standard for bank account applications.

Step 1

Are you already a CHASE customer?

Step 2

Personal information

Step 3

Additional personal information

Step 4

Authorization approval

Opening a business account with Chase requires more steps than opening a Chase personal account.

You can open a Chase business checking account online if your business is a privately held sole proprietorship, corporation, or LLC (with one member or manager). All other business entities must apply in person at a local branch. Chase operates more than 4,700 retail branches across 48 states.

While no minimum deposit is required to open a Chase Business Complete Checking account, you must transfer money into your account within 60 days, or the account will be closed.

After your account is funded and set up, you’ll be able to manage your business banking using Chase online, the Chase mobile app, and by visiting Chase branches and ATMs.

What you need to open a Chase business account:

Business owners need to supply the following documents and information to open a Chase business checking account:

  • Two forms of identification, including a government-issued photo ID.
  • Employer identification number (or Social Security number for single-member LLCs).
  • Business documents, including assumed name or DBA certificate, articles of organization or incorporation, partnership agreement, and business license, depending on your entity type.
  • Business address and telephone number.
  • Date of birth, Social Security number, and personal address for anyone with 10% or more ownership in the company.

State Availability

- Available in all states

CHASE Certificate of Deposit Review

Chase Bank is increasing its competitiveness by only requiring a $1,000 minimum deposit for any of its 17 different certificate of deposit (CD) term options. Terms range from 1 to 120 months. While Chase’s CD rates tend to be less strong than many online banks, they have recently raised the annual percentage yields (APYs) on select fixed CD terms. APYs range from a minimum of .02% for a 1-month CD financed with $1,000 to 4.75% for 3-month CDs funded with $100,000 or more. 

Chase also offers Ladder Terms at a minimum APY rate of 0.02% per month. For larger CDs with a principle of $100,000+, APYs can reach 0.05% after six months. A Ladder strategy provides flexibility and access to your money while earning interest over time.

** A CD ladder is a group of four CDs opened simultaneously for the same amount but with different terms. When each CD matures, its term will change to the longest term of the original group. For example, in a 12-month ladder, you open four CDs with original terms of 3, 6, 9, and 12 months. When each CD matures, its new term will be 12 months. The result will be four 12-month CDs with a CD maturing every three months.

Additional deposit account disclosures and interest rates can be found here.

Fixed CD Relationship Rates *as of 6-Sept-2024.

$1K

Minimum Deposit

$1K

Minimum Balance

N/A

Monthly fee

Yes

Daily Compounded Interest

Yes

Early withdrawal penalty

Pros & Cons

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  • con-icon Offers high interest rates
  • con-icon Low minimum balance required
  • con-icon Easy to open a CD online or by phone
  • con-icon Early withdrawal penalties
  • con-icon Not available in all states
  • con-icon Lower APY on terms than competitors

Account types

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  • 1-Month APY 0.02%
  • 2-Month APY 1.75%
  • 3-Month APY 3.50-4.00%
  • 6-Month APY 1.50%
  • 9-Month APY 2.00%
  • 12-Month APY 3.00-3.25%
  • 15-Month APY 2.00%
  • 18-Month APY 2.00%
  • 21-Month APY 2.00%
  • 24-Month APY 2.00%
  • 30-Month APY 2.00%
  • 36-Month APY 2.00%
  • 42-Month APY 2.00%
  • 48-Month APY 2.00%
  • 60-Month APY 2.00%
  • 84-Month APY 2.00%
  • 120-Month APY 2.00%
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CHASE Certificate of Deposit Terms & Requirements

The terms and requirements for opening a Certificate of Deposit (CD) at Chase Bank:

  • Minimum deposit: $1,000
  • Term lengths: 1, 2, 3, 6, 9, 12, 15, 18, 21, 24, 30, 36, 42, 48, 60, 84 and 120 months.
  • Interest rates: .02% – 3.50% APY depending on the length of terms and deposit amount
  • No monthly fees: You can keep your savings growing without any extra costs
  • Automatic renewal: Your CD will automatically renew at the end of the term unless you tell Chase Bank otherwise. You can renew your CD for the same or a different term.
  • Transferring funds: You can transfer funds from your CD to another Chase Bank account without a penalty. However, if you transfer funds to a non-Chase Bank account, you may be subject to a penalty.

How to Apply

Qualification Requirements

The qualifications for Chase Bank to open a CD account:

  • Have an active Chase checking or savings account.
  • Meet the minimum deposit requirement of $1,000. 

If you do not have an account with Chase you’ll need to open one. In order to open an account you’ll need to provide documentation and verify your identity. You’ll be asked to provide:

  • Copy of your license
  • Social Security Number or tax ID
  • Proof of address

Withdrawal Penalty

There is a penalty for withdrawing the principal before the maturity date.

Term of Deposit Amount of Interest
Less than 6 months  90 days of interest on the amount withdrawn
6 months to 24 months  180 days of interest on the amount withdrawn
More than 24 months 365 days of interest on the amount withdrawn

If the withdrawal occurs less than seven days after opening the CD or making another withdrawal of principal, the early withdrawal penalty will be calculated as described above, but it cannot be less than seven days’ interest. The amount of your penalty will be deducted from the principal.

State Availability

- Available in all states

bobphillips
Written by Bob Phillips linkedin-icon twitter-icon

Having spent over fifteen years helping people plan their lives financially, Bob has a vast amount of knowledge concerning personal finance. During his career, Bob mastered many different financial products to help people achieve their financial goals, including life insurance, disability insurance, mutual funds, and stocks and bonds. He earned the Chartered Life Underwriter (CLU) designation and held numerous securities licenses. Bob is an internationally published poet and is now a freelance writer living in North Texas with his wife and Doberman puppy.

faq-icon

FAQ’s

Do Chase online personal checking accounts have monthly service fees?

The Chase Total Checking® account has a monthly service fee of $12, which is waived if the customer has $500 or more of electronic deposits made into their account OR has an average daily balance of $1,500 at the beginning of each day OR has a $5,000 average daily balance at the beginning of each day between their linked Chase checking, savings, or other Chase accounts.

Can online banking customers visit a branch office for service or to make deposits/withdrawals?

Yes. Online customers can visit any of the 4,700+ branch offices located throughout the U.S.

Does Chase charge an overdraft fee?

Chase charges a $34 Insufficient Funds Fee per transaction beginning with the first transaction that overdraws the account balance by more than $50.

Customer Support

Although Chase is the largest bank in the United States ($3.31 trillion in assets in 2022), it is easy to contact customer support. Chase’s website provides toll-free support numbers for its various offerings, with different toll-free numbers for each product line (credit card, personal banking, auto loans, home lending, etc.) and online banking customers. Chase also has separate numbers for domestic and overseas military personnel.

When we called the Chase Customer Support line for personal banking, we found the phone prompts minimal and easy to navigate. The system has a convenient voice recognition feature for account holders to speed up the customer identification process and a ‘call back’ option for customers who don’t wish to remain on hold to speak with a representative. Representatives are live human beings.

In Conclusion

Chase has a complete online banking product line and an advanced platform backed by a customer service network that has received mostly positive customer reviews. We find no substantial drawbacks to doing business with Chase since online customers wishing to connect personally with a Chase employee can visit a nearby Chase branch office.

Brand Disclaimer

“Chase,” “JPMorgan,” “JPMorgan Chase,” the JPMorgan Chase logo and the Octagon Symbol are trademarks of JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is a wholly-owned subsidiary of JPMorgan Chase & Co.

“Chase Private Client” is the brand name for a banking and investment product and service offering, requiring a Chase Private Client Checking℠ account.

Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved. Past performance is not a guarantee of future results.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA(Opens Overlay) and SIPC(Opens Overlay). Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

Bank deposit accounts, such as checking and savings, may be subject to approval. Deposit products and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC.