Chase Bank Review: Is It the Right Bank for You?

Are you in love with traditional banking? Do you need to open a new bank account? Are you confused as to which one to choose? If yes, this article is for you. Here, you will learn about one unique bank that will serve all your banking needs. You will learn everything you need to know about Chase Bank. If you are excited, let’s go. Please, read everything to the end.

Chase Bank

Chase Bank

This is a consumer and commercial banking division of JPMorgan Chase & Co. In the United States, it is one of America’s largest banks. The bank even expanded in size when it merged with the firm JPMorgan & Co. in 2000. As we speak, it is worth over $2.7 trillion in assets, and about half of all American households use its products. A firm named it one of the Best National Banks of 2021.

Chase bank has up to 5,000 branches and 16,000 ATMs, Chase is best for those who do their banking the traditional way — in person at their local branch and at ATMs.

Advantages of banking with this bank

This bank is very compatible with most digital payment platforms

It has so many rewards credit cards

It has a mobile app and website

Large network of ATMs

Bonus rewards for new customers

Disadvantages of Chase bank

Low-yield savings accounts

The non-Chase ATM fees are high unless you’re a top-tier Chase Premier Plus or Sapphire Checking customer.

There are so many fees on deposit accounts unless you meet account minimums

Chase Products

PRODUCT      KEY DETAILS

Savings Account      

This Chase Savings account has autosave features to make saving easy

Preferred interest rates with Chase Premier Savings accounts

CDs    

Multiple term options

$1,000 minimum to open an account

Fixed-rate of return

Interest Checking

Chase Premier Plus Checking earns interest and is eligible for four non-Chase ATM fee refunds per statement period; some fees waived

Sapphire Checking earns interest; no fee for non-Chase ATMs, no wire transfer or stop payment fee

$2.50 non-Chase ATM fee in the U.S.

Banking Experience

Chase customers have no reason to complain at all. This is because has ATMs across the country, 24/7 customer service for certain accounts, and an extensive online and mobile app presence. Also, you have many options to use their products. For instance, with the Chase Mobile app, customers can pay bills, view their statements, and do lots more.  Their customer service too is top-notch as they are constantly on the desk to meet the demand of customers.

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Technology

Chase has superb digital banking platforms for her customers. Consider the options below:

Online banking: here, customers can get paperless statements and bank from anywhere in the world with only access to the internet.

Chase mobile banking app to help customers manage their accounts, deposit checks and send gift cards all on their phone.

Online bill pay: Pay your rent or mortgage, utilities, credit cards, car loans, and other bills online.

Chase QuickPay with Zelle: Send payments to your friends and family.

Physical Branch Locations

This bank has close to 5,000 branches across the U.S. you can find some of their branches close to your residence.

Consumer banking products and services

Home lending advisor

Chase Private Client advisors for wealth management and JPMorgan investment advice

Availability of Funds

There are always enough funds for wire transfers and direct deposits. Even a lot of government checks and bank checks are available the next business day. Money from all other types of deposits is available on the second business day after Chase receives the deposit. You are free to withdraw your funds anytime they are ready.

Major details

Customer service: 800-935-9935

Chase Fees

This bank has a lot of service fees. However, certain deposit accounts help you to avoid these charges. Chase checking and savings accounts fees range from $4.95 to $35. In some cases, they waive some with high cash balances or qualifying transactions like direct deposit. Transactions at non-Chase ATMs incur a $2.50 service charge. Overdraft fees are $34.

Credit Cards 

This bank has a lot of rewards credit cards that give large bonus points or cashback upon spending a certain amount on purchases within a specified time after opening an account.

Chase Savings Accounts options

The options include the basic Chase Savings and a preferred account called Chase Premier Savings. However, overall, rates are low on the Chase savings products.

Features of Chase Savings account

Chase Savings has a $5 monthly service fee. This can be waived with a $300 balance, linkage to qualifying accounts, or account owner under age 18.

Chase Premier Savings has a $25 monthly service fee. This can be waived with a $15,000 balance or when linked to Premier Plus or Sapphire Checking accounts.

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There is a 0.01% annual savings yield for Chase Savings

Chase Premier Savings standard rates are the same as the basic accounts; Premier account is eligible for relationship rates that start at 0.02% APY and peak at 0.05%.

Advantage of Chase’s savings account

It is among the Best Savings Accounts of 2021

Also, the Chase Premier Savings accounts are eligible for relationship rates

Eligible customers are free to redeem a bonus of up to $150 by opening a new Chase Savings account and meeting the minimum account balance requirements.

Once you meet the minimum balance requirements, the account fees will be waived.

Disadvantages of the Chase Savings Account

There is a high minimum balance of $15,000 required to avoid monthly service fees on Chase Premier Savings (unless the account is linked to a Chase Premier Plus Checking or Sapphire Checking account).

Also, the Chase Savings rate of 0.01% APY is low.

The monthly service fee of $5 on Chase Savings for an account balance under $300 is very high.

Chase Checking Accounts

Do you really want to earn interest on your checking account? If yes, just sign up for Chase Premier Plus Checking or Sapphire Checking account. These accounts will earn you interest and save you ATM and other fees.

Features Chase Checking Accounts

Chase Total Checking:

A basic account with access to online banking and bill pay

They can waive your $12 monthly service fee if your balance on daily basis is up to $1,500 and your regular direct deposits are up to $500 or more, or a $5,000 combined balance with other qualifying accounts.

Chase Premier Plus Checking:

Interest-earning checking account with breaks on non-Chase ATM fees. It helps you save on cashier’s checks.

If your daily balance is up to $15,000 or linkage to a Chase first mortgage, they will waive a $25 monthly service fee.

Also, customers here earn interest, do not pay all non-Chase ATM fees and fees on many other bank services. They as well get dedicated 24/7 customer service.

They can waive your $25 monthly service fee if you have up to a $75,000 daily balance in this and/or linked qualifying accounts.

Advantages of this account

It is one of the Best Checking Accounts of 2021

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You will enjoy easy access to 16,000 Chase ATMs

Fees waived with the Premier Plus and Sapphire accounts

Disadvantages of the account

You must pay account fees except if you meet the minimum balance and/or multiple-account requirements.

There is no interest in the Chase Total Checking account.

Chase CD Accounts

Before you open this account, you must be an existing Chase checking customer to open a Chase certificate of deposit account online and receive the relationship rate. However, if you are not, go into the branch location.

Features of the Chase CD Accounts

It has one- to 120-month terms.

Also, Standard rates start at 0.02% and max out at 0.05%

$1,000 minimum

Advantages of theChase CD Accounts

There are many varieties of CDs available

Also, there’s an online account opening for existing customers

Disadvantages of theChase CD Accounts

The APYs are low.

 

Chase vs. Competitors

BANK                                                 BEST FOR

Chase                                                   Credit card lineup, branch access

Bank of America                                  Slightly higher savings rates

Wells Fargo                                          Slightly lower checking account fees

Citibank                                               High savings APY, fee-free ATM network

Chase FAQ

Is Chase a safe bank?

Chase is safe as it carries the FDIC insurance that all member banks do. This federal insurance protects account holders for up to $250,000.

How long does Chase keep bank statements?

You can see and print up to seven years of your bank statements with Chase.

Is Chase better than Bank of America?

It depends on your financial needs and your location. Chase gives a mouth-watering signup bonus. It also has many locations for those that enjoy traditional banking.

Does Chase have 24/7 customer service?

Call Chase customer service 24/7 at 800-935-9935 to inquire.

Conclusion

If you enjoy traditional banking, go for Chase. It is always available for customers to access whether on or offline. Also, this bank has been in existence since 1877. We as well know that it is not about to fold.

I hope you got value. I am sure you have mastered Chase Bank Review: Is It the Right Bank for You?. If you have questions, keep them in the comments section.
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