Chase Bank Review 2022

Published January 2022 by Matthew Goldberg

AT A GLANCE
3.4

Bankrate Score

bank-logo

24/7 Customer Service

Digital Leader

Large Branch Network

If you like having quick access to branches and ATMs — and you live where the bank operates — Chase is a great option.

  • Checking
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.0
  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    2.7
  • CDs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    2.5
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    3.4

    Bankrate Score

    With a massive branch network and breadth of product offerings, Chase is often viewed as the country's signature banking institution.

    What we like

    • Chase has more than 4,700 branches and 16,000 ATMs.

    • The bank’s website and mobile app are consistently high-rated.

    • Chase often rewards new customers with bonuses for opening an account.

    What we don't

    • Rates on Chase’s savings accounts and CDs are very low.

    • The bank charges a $2.50 fee at out-of-network ATMs.

    • Chase’s basic accounts don’t reimburse out-of-network ATM fees.

    Checking accounts

    4.0

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Chase’s Total Checking account doesn’t have a minimum deposit requirement to open the account. The account doesn’t pay interest. It also charges a $12 monthly service fee, but there are a couple of ways to waive it:


    • Set up direct deposits totaling $500 or more per month.

    • Maintain an average daily balance of $5,000 in this account and linked qualifying deposits/investment accounts.



    Chase customers have access to more than 16,000 ATMs. The bank charges a $2.50 fee for using an out-of-network ATM.

    Customers can earn interest with the Chase Premier Plus Checking account, though the rate is negligible. With this account, though, customers can waive fees from non-Chase ATMs four times per statement period. Additionally, the bank will waive check fees, among other benefits. The account’s $25 monthly service fee is waived with at least $15,000 in any combination of this account and linked qualifying deposits/investments.

    Chase regularly offers a bonus to new customers who open a checking account. Be sure to check if the bank is offering a bonus before you open one.

    What we like

    • There’s no minimum required to open the Total Checking account.

    • It’s easy to meet requirements to waive the $12 monthly service fee.

    • Chase regularly offers a sign-up bonus for its checking accounts.

    What we don't

    • The bank charges a $2.50 fee at out-of-network ATMs.

    Savings accounts

    2.7

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    The Chase Savings account interest rate is well below the national average, and all balances receive the same APY. Customers should have no problem finding savings accounts that pay a higher yield, especially at online banks. This account doesn’t have a minimum balance requirement. It charges a $5 monthly service fee, but customers can take some manageable steps to waive the fee, such as maintaining a $300 daily balance.

    For customers who have a “premier” relationship with the bank, the Chase Premier Savings account pays a slightly higher yield, but it’s also well below the national average. To earn the premier rates, customers must:


    • Link their account to a Chase Premier Plus Checking or Sapphire Checking account.

    • Make at least five transactions in a monthly statement period using the linked checking account.



    Chase sometimes offers a bonus to new customers who open a savings account. Most of the bank’s bonuses are for customers who open a checking account, though. Be sure to check if the bank is offering a bonus before you open an account -- these bonuses can be hundreds of dollars.

    What we like

    • The monthly fee is waived when customers meet one of a few manageable requirements.

    • There’s no minimum balance requirement.

    What we don't

    • The yields on both savings accounts are very low.

    • Customers must take monthly steps to earn the (still low) premier relationship APY.

    CD rates

    2.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Chase Bank customers can have access to CDs across up to 14 different terms. (Product offerings may vary by location.) The bank also offers CDs with unique term lengths, such as three months, nine months and 15 months. Term lengths range from one month CD to 10 years. Each CD requires a $1,000 minimum deposit.

    Customers who deposit larger amounts in a CD may get a slightly higher interest rate, but it’s still below the national average rate.

    What we like

    • Chase offers a wide range of CD terms.

    • Each CD requires only $1,000 to open.

    What we don't

    • Chase’s CD rates are very low.

    • Even the higher rate for bigger balances is below the national average.

    Bank experience

    Chase offers access to more than 4,700 branches and 16,000 Chase ATMs. You’ll get access to a mobile app that greets you with a personalized photo based on your location. And you’ll have the ability to send money to anyone as well as pay your bills.

    You can also speak with a Chase representative 24/7.

    Chase Offers help Chase checking account holders earn cash back by using their debit cards at certain merchants.

    Chase customers can pay and receive money from others through Zelle.

    Chase credit cards are loved for their value and versatility, including the option to redeem your rewards for boosted value through the Chase Ultimate Rewards portal. The best Chase credit card is the Chase Sapphire Preferred® Card, which offers a generous sign-up bonus on top of premium travel rewards and perks

    About Chase Bank

    Chase Bank is the consumer banking arm of JPMorgan Chase, one of the largest banking companies in the U.S. Chase offers a full range of banking services, including checking accounts, savings accounts, CDs and money market accounts. The bank, which can trace its roots to 1799, has grown through several signature mergers over the years, including one with Bank One Corp. in 2004 and its 2008 acquisition of the deposits and most of the assets of the failed Washington Mutual. Chase is actively expanding its retail banking presence. The bank is in the middle of an expansion to open 400 branches in new markets.

    If you like having quick access to branches and ATMs — and you live where the bank operates — Chase is an obvious choice. If you’re hunting for good rates or want to be able to use the first ATM you see without paying a high out-of-network fee, look elsewhere.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth