Chase Sapphire Checking Review - Goodbye ATM Fees, Hello Commission-Free Trading
Personal banking, business banking, even investing–Chase does it all. Here’s our review on the Chase Sapphire Checking account including how you can avoid the monthly fee and enjoy a fee-free account.
- Bonus offer
- Low trading fees
- Fee-free ATMs
Chase Sapphire Checking is Chase’s newest premium checking account, and it’s chock full of benefits coming from all directions. If you have at least $75,000 to transfer to a combination of Chase accounts, you can take advantage of what is effectively free checking, as well as no-fee and low-fee investing through Chase’s new investment brokerage platform.
The account also comes with a rich assortment of other perks, including a generous upfront bonus, and ongoing rewards. You also have to be impressed with their free ATM service. Not only are there no fees at Chase ATMs, but Chase will reimburse you for fees charged by other ATM networks worldwide.
This checking account offer has so many benefits it’ll be hard to fit them all in a single review. But if you meet the account qualifications, this is a checking account you should definitely consider using.
Here are the basics about Chase Sapphire Checking, as well as the major benefits that come with the account:
Minimum opening deposit: N/A
Interest: Chase Sapphire Checking is an interest-bearing account. However, the current interest rate is just 0.01% APY on all account balances. 0.01% effective as of 12/24/19. Interest rates are variable and subject to change.
Invest for free: When you have a Chase Sapphire Checking account you can invest for free with You Invest by J.P. Morgan. The account requires $0 to open, and offers more than 100 commission-free online stock and ETF trades. After that, you can trade for just $2.95 per trade. And beginning in 2019, the service will also offer a portfolio designed and managed by the experts at J.P. Morgan. Self-directed trading or managed investments–it’ll be your choice.
In addition, if you move your investment portfolio to You Invest, it will help you reach the $75,000 combined account balance threshold that will waive the $25 monthly service fee on your Chase Sapphire Checking account. You can open a taxable brokerage account, or a traditional or Roth IRA account.
Online banking: Do all your banking from the comfort of home, without ever needing to visit a bank branch. Set up direct deposits, account alerts, and text banking. With paperless statements, you can digitally access up to seven years of statements. Available with Online Bill Pay. You can use it to pay your mortgage or rent, utilities, credit cards, loans, and other bills.
Premium Chase credit cards: You can choose either the Chase Sapphire Preferred card–offering travel rewards at 2X points on travel and dining–or Chase Sapphire Reserve card, with a $300 annual travel credit on each account anniversary. (You will have to apply for either card separately.)
Entertainment perks: Chase Sapphire Checking offers special access to sports and entertainment hospitality lounges, as well as early ticket sales and special seating.
ATM access: You can use your ATM card to access your money at 16,000 Chase ATMs and nearly 4,900 Chase branches. There is no fee at Chase ATMs, or at non-Chase ATMs charged by Chase. Fees charged by non-Chase ATMs will be refunded. That applies to ATMs in the U.S. and worldwide. There’s no charge for the ATM card, or for replacement cards.
Chase also offers cardless ATM access. You can do this when your Chase debit card or Liquid card has been loaded into an Apple Pay, Google Pay, or Samsung Pay mobile wallet. In fact, once you’ve loaded your card into your mobile wallet, you’ll no longer need the debit card.
Access to other Chase services: Chase is one of the four largest banks in the United States, with more than $2 trillion in assets. They offer the full range of banking services, including:
- Savings accounts
- Money market accounts
- Certificates of deposit
- Credit cards
- Mortgages and home equity loans and lines of credit
- Auto loans
- Business banking services–you’ll even enjoy a $0 monthly service fee on a linked Chase Total Business Checking account
When you open a Chase Sapphire Checking account, you can earn $1,000.
To qualify, you must deposit at least $75,000 in qualifying new money or securities in a combination of eligible checking, savings, and or investment accounts, and maintain that balance for at least 90 days. Your bonus points will be paid within 45 business days of making your deposit.
And of course, if you deposit at least $75,000, the $25 monthly service fee will be waived on your Chase Sapphire Checking account.
Chase Sapphire Checking has a monthly service fee of $25. However, the fee is waived with an average beginning date balance of $75,000 or more, in any combination of this account and linked qualifying Chase checking, savings or investment balances.
Other fees charged–or better put, not charged–are as follows:
- Insufficient funds/returned item: $0 if four or fewer in the previous three months, then $34 (maximum three fees per day). You won’t be charged if the account is overdrawn by $5 or less.
- Stop payment: $0
- Domestic and international wires: $0
- Paper statements: $0
- Check order: $0
- Cashier’s check, counter check, or money order: $0
- Safe deposit box: $0 for 3”x 5” box, 20% discount on larger boxes
- Foreign exchange rate adjustment fee: none
The Chase Sapphire Checking account sign up process is simple, and can be completed in just a few minutes. You’ll need to provide your Social Security number, and either your driver’s license or state issued ID.
Once you provide that information, you can set up your account preferences, fund your account, then start using it.
Remember, to get the best benefits from the account, you’ll need to deposit a minimum of $75,000 in an eligible Chase checking, savings, or investment account. Not only will that immediately waive the $25 monthly service fee on the checking account, but it will also entitle you to the $1,000 welcome bonus for opening a new account.
Both Online Banking and the mobile app are protected by 128-bit Secure Socket Layer (SSL) technology to encrypt your personal information. The app will decode any encrypted information sent to you.
Chase also uses multiple authentication checks, where they’ll provide you with a temporary identification code by phone, email or text message. You’ll be able to complete your sign in by entering the code.
The bank monitors your profile to help deduct fraud as soon as possible. You’ll be called if there’s a change in your online activity. They may even place a temporary hold on your account if they’re unable to reach you.
In addition, certain features on your mobile device will be disabled if it’s been jailbroken or routed, or if it’s determined to contain malicious software.
You can also set your account to receive notifications by text or email for events such as low balances, large transactions, account activity, and payments.
In addition to Online Banking, Chase Sapphire Checking also offers Mobile Banking. The app is available for download on The App Store for iOS devices (10.3 or later), and is compatible with iPhone, iPad, and iPod touch. It’s also available on Google Play for Android devices (5.0 and up).
The Mobile App offers all the services of Online Banking, including checking account balances and transactions, paying bills, transferring money between accounts, sending wire transfers, speaking with a service representative (24/7), and finding Chase branches and ATMs.
Make deposits on the go by snapping a picture of the front and back of a check with your mobile device, and download it on the app. Deposits made before 11:00 PM Eastern Time on a business day will generally be available by the next business day. Deposits submitted after 11:00 PM, or on a non-business day, will be processed the next business day.
Chase QuickPay with Zelle
Send or receive money back and forth with family and friends for any purpose. You can send or receive money to and from nearly anyone who has either a mobile phone or email address.
You must enroll in Chase Online Banking to use the mobile app, and it’s free to download.
Chase Sapphire Checking comes with a 24/7 dedicated banking service line. You can also reach customer service at any time by email. And of course, with nearly 4,900 local branches around the country, there’s an excellent chance there’s one nearby.
Chase Sapphire Checking Pros and Cons
- Bonus offer: Open your account with $75,000 or more in combined Chase checking, savings and investment accounts, and you’ll enjoy the benefits of a $1,000 welcome bonus.
- Low trading fees: You can open an account with You Invest by J.P. Morgan with $0 upfront, and make up to 100 commission-free trades on stocks and ETFs. After that, trades are just $2.95, which is one of the lowest trading fees in the industry.
- Monthly account fee can be waived: Other than the monthly service fee, the account has practically no fees. The monthly fee can be waived by maintaining at least $75,000 in combined account balances.
- Fee-free ATMs: Fees reimbursed at non-Chase ATMs. That includes not just U.S. based ATMs, but ATMs worldwide. This is virtually the most generous ATM offer in the industry.
- Full banking services: As one of the largest banks in the country, Chase offers every type of banking service you might need, including savings products, loans and business banking services.
- Low APY: Though the account is interest bearing, it pays just 0.01% APY.
- High monthly fee: The $25 monthly service fee waiver requires $75,000 or more in combined Chase account balances. If you don’t transfer the minimum, you’ll have a checking account with a high monthly fee.
Chase Sapphire Checking will work best for high net worth depositors, particularly those who frequently travel. To get the most benefit from the account, you need to be in a position to deposit a minimum of $75,000 in your combined Chase accounts.
But if you are a high net worth individual, Chase Sapphire Checking provides an excellent program. You start with the $1,000 welcome bonus. But you also get the benefit of 100 free trades with You Invest by J.P. Morgan, then a trading fee of $2.95 thereafter.
It must be remembered that Chase Sapphire Checking is a relationship account. You’re not just opening up a checking account, but establishing a comprehensive banking relationship. That will include savings products, investing and one or more preferred credit cards.
But for those who don’t have $75,000 to move into Chase, the Chase Sapphire Checking account has a high monthly service fee, and pays an annoyingly low 0.01% APY. The main benefit to small depositor’s will be the absence of other banking fees, as well as true fee-free ATM usage.
If you’re looking for a true free checking account that also pays interest–and doesn’t require anything close to $75,000 in total deposits–check out any of these offers:
- NBKC has no monthly fees, no minimum account balance, and is currently paying 1.01% APY on all account balances. Read our full review on NBKC Bank here.
- Capital One 360 has no monthly fee, no minimum account balance, and pays interest of 0.20% to 1.00% APY, based on your account balance.
- Ally Bank has no monthly service fee, no minimum balance requirement, and pays interest of between 0.10% and 0.60% APY, based on your account balance.
If you have at least $75,000 to transfer to Chase–and keep it there–and you’re looking for what is effectively a no-fee checking account, as well as the ability to engage in no-fee and low-fee investment trading, Chase Sapphire Checking is one of the best checking account offers available. The upfront bonus offer, and the ongoing travel rewards are just icing on an already delicious cake.