Chase Checking and Savings Account Review
- What is JPMorgan Chase?
- Chase Bank checking and savings accounts
- Chase Bank fees
- Chase Bank Features
- Who is Chase Bank best for?
- Who shouldn’t use CitiBank?
- Chase Bank pros and cons
- Chase Bank vs. competitors
- The bottom line
What is JPMorgan Chase?
Chase Bank checking and savings accounts
Chase checking accounts
- Chase Total Checking - Best basic level Chase checking account for anyone living in a location with a Chase bank branch.
- Chase Secure Banking - Best for anyone looking for a basic checking account with overdraft protection.
- Chase Premier Plus Checking - Best for anyone carrying mid-to-high average daily balances looking for basic checking with a few extra services.
- Chase First Banking - Basic parent-owned account for kids 6 years and older.
- Chase High School Checking - Best for kids 13 to 17 years old.
- Chase College Checking - Best for college students aged 17 to 24 years old.
- Chase Sapphire Banking - Best for high earners looking for additional Chase credit cards and investing perks.
- Chase Private Client - Best for anyone interested in personalized Chase investing services.
Chase savings accounts
- Chase Savings - Designed as a savings account for low to mid-level earners.
- Chase Premier Savings - Best for high-earners who already have a Chase Premier Checking or Sapphire Banking account.
Chase Bank fees
|Checking Account Type||Monthly Fee||Waiver Criteria||Minimum Deposit Amount|
|Chase Total Checking||$12||$1,500/day, $5,000mo or $500/mo direct deposits||$0|
|Chase Secure Banking||$4.95||no way to waive fees||$0|
|Chase Premier Plus Checking||$25||$15,000/mo or enroll mortgage in Autopay||$0|
|Chase First Banking||$0||N/A||$0|
|Chase High School Banking||$0||N/A||$0|
|Chase College Banking||$6||$5,000/mo or monthly direct deposits||$0|
|Chase Sapphire Banking||$25||$75,000/mo||$25|
Chase Bank Features
High sign up bonuses
Easy to use the website and mobile app
Easy to avoid monthly fees
Who is Chase Bank best for?
New York, California, Florida, and Illinois residents
Existing Chase customers
Who shouldn’t use CitiBank?
Anyone without direct deposit
Anyone looking for a high-yield savings account
Chase Bank pros and cons
- Rewards and bonuses. I know I talked specifically about Chase’s signup bonuses, but the perks continue if you’re a Chase credit card holder or loan customer. If you already have a financial relationship with Chase, there’s likely a checking account option designed to help you earn more rewards or rack up additional bonuses.
- Standalone savings accounts. While I don’t love Chase Bank’s savings account options, they do allow you to open standalone savings accounts, without obligating you to become a checking account customer. This might be a consideration if you need a savings account and nothing more.
- No minimum deposit requirements. Unlike many national banks, Chase does not require minimum deposits to open checking accounts, which is a major bonus.
- Overdraft Protections. Although I don’t love Chase’s overdraft charges, I am glad that this bank offers overdraft protections that allow customers to link accounts and draw on funds in existing accounts to protect them from overdraft fees.
- Monthly Fees. I wish Chase had a free checking account option for customers who aren’t students, but I will note that the fees are relatively easy to waive. If you can’t waive these fees, they are on the high side when compared to other national banks.
- Poor savings account options. Chase only offers two savings accounts compared to its eight checking account options. Not only does this feel like a missed opportunity, but most Americans will likely only qualify for the base savings account, which won’t earn you nearly anything in terms or interest or perks.
- Hidden fees. On the downside, Chase Bank does have hidden fees to look out for, such as overdraft fees and ATM fees. While most banks charge overdraft fees, Chase’s $34 per transaction (up to four per day) can add up if you don’t realize your account is overdrawn. Likewise, Chase has a $2.50 ATM fee for non-Chase ATMs.
Chase Bank vs. competitors
Chase Bank vs. Bank of America
Chase Bank vs. Citibank
|Minimum Deposit||Monthly Fee||Savings APY||Overdraft Fee||Branches|
|Chase||$0||$0 - $25||0.01%||$34 per transaction (3 transactions per day)||4,900|
|Bank of America||$100||$8||0.03%||$35 per transaction (4 transactions per day)||4,400|
|Citibank||$0||$4.50 - $30||0.04% - 0.70%||$34 per transaction (4 transactions per day)||700|
The bottom line
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