Chase Bank Review 2019
Amanda Dixon is a senior reporter covering banking. Prior to joining Bankrate, she served as a writer and editor for SmartAsset, a New York-based fintech startup. Originally from the metro Atlanta area, she's a University of Georgia alum. She enjoys providing an inside look into what banks and credit unions are up to and offering tips and tricks to help consumers save money and build wealth at every stage of their financial lives. Follow her on Twitter: @amandaadixon.
3.8/5
With a massive branch network and highly-rated digital products, Chase is often viewed as the country's signature banking institution.
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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. In December 2018, Chase opened its first retail branch in the Greater Boston area. A month earlier, its first branch in Greater Washington, D.C. opened. The bank also plans on adding 25 branches in Georgia and 35 branches in Florida within the next three years.
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.
Pros
- With more than 5,100 branches and 16,000 ATMs, Chase’s physical footprint is huge.
- The bank’s website and mobile app are consistently rated highly by users.
- While it has monthly service fees on most accounts, avoiding fees are relatively easy -- especially with a direct deposit into its Chase Total Checking.
- While some banks are condensing and consolidating, Chase has been expanding and adding branches.
- Chase has been known to reward new customers with bonuses if they come bank at Chase.
Cons
- Like at most big banks, rates on savings and CDs are very low.
- High out-of-network ATM fees, with no real ways to sidestep them.
- It might seem like Chase is everywhere, but it only has branches in 26 states.
Chase Bank Services
4.3/5
Product offerings vary by location, but Chase Bank customers can have access to CDs across different terms. CDs with unique term lengths are also available. The minimum deposit is just $1,000. For CDs with terms of less than 24 months, the early withdrawal penalty is 1 percent of the amount withdrawn, but not more than the amount of interest earned. For CDs with longer terms, the penalty is 2 percent of the amount withdrawn.
Pros
- Interest is compounded daily.
- Interest can be paid out before maturity depending on your term.
- Higher yields may be available for higher balances.
Cons
- Other banks pay much higher yields.
- Customers without a linked Chase checking account earn less interest.
Chase Bank CDs
| TERM | APY | MIN DEPOSIT |
|---|---|---|
| 5 year | 0.35% | $1,000 |
| 4 year | 0.35% | $1,000 |
| 2 year | 0.30% | $1,000 |
| 2.5 year | 0.30% | $1,000 |
| 3 year | 0.30% | $1,000 |
| 3 month | 0.01% | $1,000 |
| 6 month | 0.01% | $1,000 |
| 1 year | 0.01% | $1,000 |
| 1 month | 0.01% | $1,000 |
| 2 month | 0.01% | $1,000 |
CDs available from other banks
1.7/5
Chase’s top-yielding savings account, the Chase Premier Savings, earns a few basis points more than the national average APY. To earn this rate, you must have at least $250,000 in the account, link it to a Chase Premier Plus Checking or Chase Sapphire Checking account and make at least five customer-initiated transactions in a monthly statement period with that linked checking account.
Pros
- Chase often has offers to earn a bonus for opening a new savings account.
- Chase has the second-most branches in the U.S., so it’s likely there’s a location near you.
- The Chase Savings account fee can be waived if you keep at least $300 in the account. It’s also waived for account owners under 18.
Cons
- If you accept one of these new account bonuses and close the account within six months, the bonus amount will be deducted when the account is closed.
- Other savings accounts pay higher yields.
- Customers must take many steps to earn the premier relationship APY, which is relatively low.
Chase Bank Savings
Savings accounts available from other banks
3.0/5
You can open the interest-bearing Chase Premier Plus Checking account with a $25 initial deposit. The $25 monthly service fee is waived with at least $15,000 in any combination of this account and linked qualifying deposits/investments. The overdraft fee is on the higher end at $34 for each item Chase pays — up to $102 per day. Other options include the Chase Total Checking (offers a waivable $12 monthly service fee) and the Chase Sapphire Checking (includes no ATM fees, a $25 monthly fee, and a dedicated 24/7 service line.)
Pros
- Customers can earn interest on all balances with tiered rates.
- Four fees waived at non-Chase ATMs per statement period.
- No-fee for counter checks, money orders, cashier’s checks and Chase design checks.
Cons
- Minimum balance to avoid monthly fee is high.
- Interest rates are low.
Chase Bank Checking
5/5
At Chase, you’ll be crossing off lots of boxes. You’ll have access to more than 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. And if you are a Finn by Chase customer, you will get access to budgeting features, including the ability to set up auto-savings rules. For instance, you can tell the app to automatically move money into your savings when you spend $4 on food and drink.
