Chase Bank Review 2021

Published January 2021 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 an obvious choice.

  • Checking
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    3.9
  • Savings
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    2.7
  • CDs
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    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

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    Overall

    3.4

    Bankrate Score

    With a massive branch network and highly-rated digital products, Chase is often viewed as the country's signature banking institution.

    What we like

    • With more than 5,000 branches and around 16,850 ATMs, Chase’s physical footprint is huge.

    • The bank’s website and mobile app are consistently rated highly by users, especially on iOS.

    • Avoiding fees at Chase is relatively easy, especially with a direct deposit into its Chase Total Checking.

    • Chase credit cards offer some of the most valuable, flexible rewards in the credit card industry, whether you’re seeking a cash back, travel or business credit card.

    • Chase is known to reward new customers with bonuses for opening an account at Chase.

    What we don't

    • Like at most big banks, rates on savings and CDs are very low.

    • High out-of-network ATM fees, with

    • Chase’s basic accounts, such as Total Checking, don’t reimburse out-of-network ATM fees.

    • It might seem like Chase is everywhere, but it only has locations in 38 states, a 10-state increase from 2019.

    Checking accounts

    3.9

    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 requires at least $25 to open the account. Having a direct deposit of at least $500 each monthly statement period is one way to avoid the $12 monthly maintenance fee.

    The overdraft fee is a little higher than the average, $33.47, at $34.

    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.)

    What we like

    • Some Chase Total Checking customers should be able to waive the $12 monthly maintenance fee by having a $500 direct deposit go into the account each monthly statement period.

    • Chase Premier Plus Checking account holders have up to four fees waived at non-Chase ATMs per statement period.

    • There’s no fee for counter checks, money orders, cashier’s checks and Chase design checks with the Chase Premier Plus Checking account.

    What we don't

    • The minimum balance to avoid the Chase Premier Plus Checking account’s monthly fee is high.

    • Interest rates are low.

    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 offers a little bit of interest. All balances receive the same APY.

    Chase’s top-yielding savings account, the Chase Premier Savings, rewards Chase customers for having at least $250,000 in the savings account, linking it to a Chase Premier Plus Checking or Chase Sapphire Checking account and making at least five customer-initiated transactions in a monthly statement period with that linked checking account.

    Before opening a Chase account, make sure to look for bonus offers. Taking advantage of these can help make a checking account worthwhile. Though you have to weigh the possible yield you’re missing by not having your saving at an online bank.

    What we like

    • 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.

    What we don't

    • 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, especially at online banks, pay higher yields.

    • Customers must take many steps to earn the premier relationship APY, which is relatively low.

    CD rates

    2.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    Product offerings vary by location, but Chase Bank customers can have access to CDs across up to 14 different terms. CDs with unique term lengths are also available.

    CDs range from a one-month CD to a 10-year CD. The minimum deposit is $1,000.

    Chase CDs with a term of less than six months have an early withdrawal penalty of 180 days of interest. CDs that have a term of six months to less than two years have an early withdrawal penalty of 180 days of interest.

    All of those early withdrawal penalties won’t cut into your principal.

    What we like

    • Interest can be paid out before maturity depending on your term.

    • Higher yields may be available for higher balances.

    What we don't

    • Other banks, especially online banks, pay much higher yields.

    • Customers without a linked Chase checking account earn less interest.

    Bank experience

    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.

    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 Chase Quickpay with 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. Read our full review of the Chase Sapphire Preferred® Card.

    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.

    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 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. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has 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 is on the organization’s training and finance committees. 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