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Chase Bank is a full-service bank with more than 4,700 branches and 16,000 ATMs. Its roots date back to 1799 in New York City when it was founded to supply drinking water to the city’s population. A small provision in its charter allowed for banking operations with surplus capital, and within five months, it opened a bank as the Bank of Manhattan Company.
In its long history, more than 1,200 institutions have come together to form the largest financial institution in the U.S. with $2.6 trillion in assets worldwide. This in-depth review of the online banking giant can help you decide if its deposit accounts are right for you.
- Pros & Cons
- Company Overview
Large footprint to service your banking needs
Ability to waive checking fees
Popular rewards credit cards with well-known brands
A limited number of branches in some states
Minimum daily balance to waive fees
Chase 5/24 Rule for credit cards
- Year Founded 1799
- Official Website www.chase.com
- Banking Product Offerings Savings, checking, CDs, credit cards, and much more
- Customer Service Phone: hours and number vary with department. Account access online or via app 24/7.
- Large footprint to service your banking needs: Chase Bank has more than 4,700 retail branch locations throughout the United States. Additionally, customers may access 16,000 Chase Bank ATMs at no additional charge. If a Chase Bank branch or ATM is not nearby, customers can access their accounts online or through its mobile app.
- Ability to waive checking monthly fees: Customers can waive the monthly maintenance fee for a checking account by doing one of three things: depositing $500 into the account that month, holding a minimum balance in the account of $1,500, or a combined beginning average balance of $5,000 in all linked Chase accounts.
- Popular rewards credit cards with well-known brands: Chase offers a total of 35 rewards credit cards from which to choose, 26 personal ones and nine for small businesses. There are a variety of credit card options, depending upon your goal of cash back, travel rewards, or balance transfer.
- A limited number of branches in some states: Some states are underserved by Chase Bank. Iowa and Mississippi only have three branches each. Vermont and Wyoming have only two branches each, while Alaska has none.
- Minimum daily balance to waive fees: One option to waive fees is by keeping a minimum daily balance in your account at the beginning of each day. This may be harder to achieve compared with an average daily balance. If your balance falls below this minimum amount for one day during the month, you may be charged the monthly fee.
- 5/24 Rule for credit cards: Chase Bank has an unwritten rule for credit card approvals that is one of the most strict in the industry. If you’ve opened more than five new credit cards from any bank in the past 24 months, you will not be approved for most of its credit cards.
Who Is Chase Bank Best for?
Chase Bank is best for clients who live in states where the bank has clusters of branches. Chase Bank is ideal if for those who:
- Want a variety of deposit, lending, and investment options from one financial services company
- Are able to maintain the minimum daily balance or complete qualifying activities to waive fees
- Want to earn valuable rewards or cash back from their credit card purchases
- Desire a bank that can grow with them and offer premium features as your relationship grows
- Are looking for the security of a large financial institution that has many branches and ATMs across the U.S.
What Does Chase Offer?
As you might expect from a depository institution of its size, Chase Bank offers an extensive menu of accounts and services. Customers have access to multiple checking accounts, savings accounts, certificates of deposit (CDs), credit cards, and other lending products to meet their needs. The bank rewards customers who have multiple Chase products with better pricing and the ability to combine balances to waive fees.
Customers have several checking account options with Chase Bank. Each account has monthly maintenance fees unless you meet the criteria to waive them. The three most common accounts are the Chase Total Checking, Chase Premier Plus Checking, and Chase Sapphire Banking. The Premier Plus Checking account waives the non-Chase ATM fee charged by Chase up to four times each statement cycle. However, any fees charged by the ATM still apply. The Sapphire Banking account waives ATM fees and reimburses fees that other banks charge an unlimited number of times.
Chase also offers additional niche checking accounts that cater to specific audiences. The Chase Secure Banking checking account has no minimum deposit, no paper checks, and does not charge for money orders or cashier’s checks. College students can get a free account for up to five years while in school with the Chase College Checking account, and it is only $6 per month after that if you don’t waive the fee with qualifying activities. Active and veteran members of the military can open a Chase Premier Plus Checking account with no fees or minimum balance requirements.
Customers with larger relationships may qualify for Chase Private Client. To qualify, you’ll need an average daily balance of $150,000 combined among your qualifying personal and business deposits and investments. As a benefit, there are no membership fees, monthly service charges, ATM fees, wire fees, and more. Additionally, you’ll receive higher limits on Chase QuickDeposit, Zelle payments, daily ATM withdrawals, and debit card purchases.
Chase gives consumers a few ways to waive their monthly checking account fees.
- Chase Total Checking: Make a direct deposit of $500 or more each month, have a daily beginning balance of at least $1,500, or have an average beginning day balance of at least $5,000 in this account and eligible linked accounts.
- Chase Premier Plus Checking: Have an average beginning day balance of at least $15,000 in this account and eligible linked accounts or a qualifying linked Chase mortgage enrolled in automatic payments from this account.
- Chase College Checking: No fees for five years while in college, then make a direct deposit each month or have an average ending day balance of at least $5,000.
- Chase Secure Banking: Mandatory monthly fee.
- Chase Sapphire Banking: Have an average beginning day balance of at least $75,000 across this account and eligible linked accounts.
- Chase Private Client Checking: Have an average beginning day balance of at least $150,000 across this account and eligible linked accounts.
|Chase Bank Checking Accounts|
|Account Name||Min. Opening Deposit||Monthly Fee||Average Percentage Yield (APY)|
|Chase Total Checking||$0||$12||None|
|Chase Premier Plus Checking||$0||$25||0.01%|
|Chase College Checking||$0||$6||None|
|Chase Secure Banking||$0||$4.95||None|
|Chase Sapphire Banking||$0||$25||0.01%|
|Chase Private Client Checking||$0||$35||0.01%|
Chase Bank offers two traditional savings accounts from which to choose. The Chase Savings account has only one interest rate for all balances, while the Chase Premier Savings account provides higher relationship rates for clients with larger balances. Customers who qualify for Chase Private Client status have access to the Chase Private Client Savings account, which also provides tiered interest rates based on how much is in your account.
Chase gives consumers a few ways to waive their monthly savings account fees.
- Chase Savings: Have a daily beginning balance of at least $300, have a monthly autosave of at least $25 from a Chase checking account, have the account linked to a Chase College Checking (for overdraft protection), have the account linked to an eligible Chase checking account, or be 17 or younger.
- Chase Premier Savings: Have a daily beginning balance of at least $15,000 or be linked to a Chase Premier Plus or Sapphire checking account.
- Chase Private Client Savings: No requirements to waive monthly fees because only available to Chase Private Client members who must already meet requirements with the checking account and Chase Private Client.
|Chase Bank Savings Accounts|
|Account Name||Min. Opening Deposit||Monthly Fee||Annual Percentage Yield (APY)||Relationship Pricing APY|
|Chase Premier Savings||$0||$25||0.01%||0.02%|
|Chase Private Client Savings||$0||None||0.01%||0.02%|
Chase Bank offers multiple CD terms ranging from one month to 10 years. With larger deposits, you may benefit from higher interest rates on your CD. Customers may choose to have their CD interest paid monthly, quarterly, semiannually, annually, or at maturity.
To open a CD with Chase Bank, a $1,000 minimum deposit is required. CDs may be opened online or in a branch. However, if you’d like to open a CD with a balance of $1 million or more, you must visit a branch and speak with a banker.
If you close your CD before the maturity date, you may incur a penalty. For CDs less than six months, the early withdrawal penalty is 90 days of interest; for CDs from six months to less than 24 months, the penalty is 180 days of interest; and for CDs with terms of 24 months or more, the penalty is 365 days of interest. For all terms, the penalty is not more than the interest earned during the current term of the CD. The minimum penalty is seven days’ interest.
|Chase Certificates Of Deposit|
|Term (Months)||$1,000–$9,999||$10,000–$24,999||$25,000— $49,999||$50,000—$99,999||$100,000—$249,999||$250,000+|
|1-Month to 3-Month CDs||0.02%||0.02%||0.02%||0.02%||0.02%||0.02%|
|6-Month to 120-Month CDs||0.02%||0.05%||1.51%||1.51%||1.51%||1.51%|
Chase Bank offers a wide range of credit cards to suit customers’ goals. Choices include cash back and points earning rewards credit cards for personal and small business customers. The rewards credit cards include numerous co-branded options with airlines, hotels, and other partners.
Additionally, Chase offers its own proprietary rewards program: Chase Ultimate Rewards. You can use these points to book travel, redeem for cash back, transfer to airline and hotel partners, and more.
Here are the rewards cards available from Chase Bank:
General Travel Rewards Cards (Ultimate Rewards)
Co-Branded Rewards Credit Cards
- Aer Lingus Visa Signature
- Aeroplan® Card
- Amazon Prime Rewards Visa Card
- Amazon Rewards Visa Card
- British Airways Visa Signature
- Disney Premier Visa
- Disney Visa Card
- Iberia Visa Signature
- IHG Rewards Premier
- IHG Rewards Traveler
- Instacart Mastercard
- Marriott Bonvoy Bold
- Marriott Bonvoy Boundless
- Southwest Rapid Rewards Plus
- Southwest Rapid Rewards Premier
- Southwest Rapid Rewards Priority
- Starbucks Rewards Visa
- United Club Infinite
- United Gateway
- United Explorer
- United Quest
- World of Hyatt Credit Card
Cash-Back Credit Cards
Business Credit Cards
- IHG Rewards Premier Business
- Ink Business Cash
- Ink Business Preferred
- Ink Business Unlimited
- Southwest Rapid Rewards Performance Business
- Southwest Rapid Rewards Premier Business
- United Business
- United Club Business
- World of Hyatt Business Credit Card
Other Financial Products Offered by Chase Bank
In addition to the products listed above, Chase Bank has a wide range of other offerings to meet your needs:
- Car Loans
- Purchase Mortgages
- Refinance Mortgages
- Home Equity Lines of Credit (HELOCs)
- Individual Retirement Accounts (IRAs)
- Self-Directed Trading
- Managed Investment Portfolios
- Private Banking
- Financial Advisors
- Business Loans
Chase Bank Customer Service
Customers can discuss their accounts with Chase bankers in person at more than 4,700 branches. Branch hours may vary from state to state, and you can locate the nearest branch to you through the bank’s online branch locator.
Additionally, you can access your account over the phone, online, or through the mobile app outside of normal business hours. You can send secure messages to customer service 24/7 online.
Telephone support hours vary based on which department you are calling. For personal banking and credit card inquiries, you may call 1-800-935-9935.
The Chase Bank mobile app provides a consolidated view of your relationship with the bank. Benefits include facial recognition and fingerprint sign-in, reviewing account activity, and instantly blocking credit card transactions if you’ve misplaced your card. You can also send and receive money through Zelle, pay bills, and deposit checks.
How to Bank With Chase Bank
If you’re ready to open a Chase Bank account, you can open one online or in one of the more than 4,700 branches across the U.S. For customers who already have a Chase account, you can open another account through its mobile app.
Chase Bank offers a wide variety of banking, lending, and investment products to its clients. It is the largest bank in the U.S., which shows in its ability to provide products for a range of clients. Chase Bank is suited to a broad spectrum of clients, ranging from students to military veterans and from the average household to private banking relationships.
Although its presence may not be robust in every state, customers can open and service accounts online or through its mobile apps. There are several choices when opening a checking account. The accounts do have monthly service fees, but they can be waived when you meet minimum balance requirements or by completing qualifying activities. Premium checking accounts also earn interest and waive some banking fees.
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