A Review: Is Chase Bank the Best Option for Your Money?

Shopping around for a new bank? Or maybe you just need an additional single-use checking account to keep your budget straight? We review Chase Bank to find out if this is the best place for your money.

chase bank

While small banks and credit unions are a great option, don’t leave the big names off your list, either. Chase Bank is a big name in the industry, and they offer their customers quite a few benefits.

Right now, in fact, is a great time to sign up for a new account at Chase, as they’re currently offering some great bonuses for new checking and/or savings account holders. We’ll cover the bonuses in a moment. First, let’s talk about the basics.

They’ve Got it All

One of the best parts about banking with Chase is that they offer literally everything. From checking and savings to credit cards to mortgages and other loans, you’ll find it all here. If you want to streamline your finances by having all of your accounts, loans, and cards with the same company, Chase is worth a look.

While this isn’t always the best financial strategy, as it pays to shop around, you can benefit from having all your financial “stuff” with a single provider. Often, making payments is easier, and your local bank could really get to know you and your needs well if you typically visit them for customer service.

Besides having all the financial services that you might want, Chase is also available quite widely. While it doesn’t serve all regions of the country, it does operate over 5,000 branches in the U.S. right now, as well as tens of thousands of ATMs. And if you can’t find a branch or ATM near you while you’re traveling, Chase offers a fairly robust online banking system.

Major Benefits

Besides offering everything, like most big banks, what are the other major benefits of choosing Chase Bank? Here are the most important:

Great Technology: Chase has invested a lot of time and money into creating a great technological experience for its customers. Its website is intuitive and easy to use, and so is its mobile site. You can use your phone to make mobile deposits of up to $2,000 per day, which is great if you’re not near an ATM.

Speaking of technology, Chase’s incorporates all of your accounts with the bank. When you pull up your mobile account, for instance, you can get instant access to your checking and savings account balances, as well as your outstanding credit card balance. You can make transfers between accounts, wire money to a friend or family member, or pay bills all from your mobile.

Like many large banks with mobile apps, Chase offers mobile alerts, too. These can help you stay on top of your finances by letting you know when your account is running low or when your paycheck gets to your checking account. Useful tools, to be sure.

Good Offers: Many large banks, especially, are jumping on the rewards bandwagon right now. Chase is one of them. When you sign up for a Chase Total Checking® account as a new customer, you just have to deposit $25 at account opening and set up direct deposit to get a $150 bonus added to your account. Open a new Chase Savings account, deposit $10,000 within 20 business days, and maintain a $10,000 balance for 90 days, and you’ll get a $100 bonus.

If you’re a brand new Chase customer and you open both accounts, you can get bonuses from each, qualifying you for a $250 bonus. Get the details on this offer here.

Besides bonuses for checking and savings accounts, Chase offers bonuses for many of its credit card accounts, too. So if you’re also in the market for a travel or points rewards card, consider consolidating this with Chase, as well. The Chase Sapphire Preferred and Southwest Rapid Reward Premier Credit Card are both good options.

Free Options: One thing to look out for, of course, when switching banks is the fees a bank charges. Like most other large banks, Chase doesn’t offer outstanding interest rates on its checking and savings accounts. So be sure that any interest you’re earning doesn’t get swallowed up by monthly account fees.

Right now, the basic Chase Total Checking® account comes with no monthly service fee as long as you’re making direct deposits totaling $500 or more each month, maintaining a $1,500 minimum daily balance, or have an average daily balance of $5,000 or more in qualifying linked deposit or investment accounts.

Meeting the first requirement will be pretty easy if you work full-time and have your paycheck automatically added to your account each month. But you could also nix the fees if you keep your emergency fund savings account or an investment account linked to your checking account.

Chase’s higher-level checking account options, including Chase Premier Plus Checking and Chase Premier Platinum Checking both earn interest. But maintaining no fees in these accounts requires a much higher average daily balance in linked accounts: $15,000 and $75,000, respectively.

However, you could qualify for a free Chase Premier Plus Checking account if you have a qualifying mortgage from Chase and make automatic mortgage payments out of your checking account. This is worth looking into for current mortgage customers, since an interest-bearing checking account (that doesn’t charge fees!) is a great option.

Finally, Chase offers an account specifically for high school and college students. Monthly fees for this account go up to $6 per month. But you can avoid the fees by setting up the account for monthly direct deposit or by linking it with a parent or guardian’s Chase checking account.

Unlike with some banks, Chase checking accounts aren’t unequivocally free. But meeting the free account requirements for the non-interest-bearing accounts isn’t that difficult, either.

What about Chase’s savings accounts? Similarly to the checking options, the savings accounts come with a monthly service fee, which can be waived for a variety of reasons.

The basic Chase Savings™ requires a $300 minimum daily balance, a minimum of one automatic repeating transfer of at least $25 from a checking account, or linkage to a higher-level checking account. Also, account owners under the age of 18 can get a free checking account.

As with the checking accounts, the higher-level savings accounts, which offers higher interest rates, has tighter requirements for avoiding the monthly service fee. This includes either a $15,000 minimum daily balance or having the account linked to a high-level checking account.

Low Minimums: It doesn’t take much to open a Chase account. The basic checking account has just a $25 minimum to open.

The Drawbacks

All banks have their drawbacks, even those with generally good products and reviews. Here’s what you should look out for from Chase:

Lower Interest Rates: You’ll often find that online-only banks that streamline their services can offer higher interest rates. The opposite is true of full-service, brick-and-mortar banks like Chase. As of this writing, Chase’s savings account APY is just .01%.

Regional: Though Chase Bank is technically a national chain, it’s not available everywhere. Be sure to check out the availability of banks and ATMs in your area, or areas where you often travel, before deciding to open an account.

Account Fees: Though you can avoid account fees with Chase checking and savings accounts, you’ll have to meet all the parameters to do so. Other banks offer free checking and savings accounts without any hoops to jump through.

If you’re planning to go the traditional route and just open a single checking and a single savings account, preferably linked, you can probably avoid most of Chase’s account fees. But if you’d like to have dedicated checking or savings accounts to keep your money separated out for different purposes, Chase is probably not your best option.

Low Mobile Deposit Limits: If you’re a business owner or freelancer who often gets payments in the form of a check and likes the convenience of a mobile deposit, think twice about Chase. Their daily mobile check deposit limit is just $2,000, and the monthly limit is just $5,000.

Users who have their regular paychecks deposited into the accounts probably won’t find this to be an issue. You can just use mobile deposit for the personal checks you receive once in a while. But for those who deposit more checks, this low limit could be problematic.

The Bottom Line

Chase Bank can be a good option for checking and savings, especially if you already do or plan to take advantage of some of the bank’s other offerings. And if you’re looking for a bank with a strong online presence and intuitive mobile app, this is certainly one to check out.

However, if you’re looking for the most affordable accounts with the best interest rates possible, you’ll probably need to look elsewhere.

Chase Bank

Chase Bank
9.5

Variety of Accounts

9.5 /10

Interest Rates

9.0 /10

Customer Service

9.5 /10

Mobile App

9.5 /10

Security

10.0 /10

Pros

  • Top Tier Credit Cards, Checking Accounts and Bonuses
  • Great Rewards Programs
  • Big Balance Transfer Savings
  • 24/7 Customer Service

Cons

  • Poor Interest Rates on Deposit Products
Topics: Banking
Chase Total Checking®

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13 Responses to “A Review: Is Chase Bank the Best Option for Your Money?”

  1. S. Forster

    Chases credit card interest rates are abusive, and the fraud alert system infuriating. Every single purchase hits a fraud alert, so you are constantly calling them and having to go over your purchases by phone to clear alert after alert on purchase. It would be one thing if the credit card intreste rates were low. Quite another is you are being offered hellish rates and an annoying fraud alert system.

  2. Jayla Payton

    I never had bad experience with Chase until this year. 2-3 weeks ago i paid my phone bill and then the took the $100 out again so my account went negative so i called my phone company to discuss it and they called Chase to reverse it and the lady did it. She didn’t say anything about it being temporary or nothing! So then 2-3 days later my account went back in negative so i called both T-mobile and Chase. T mobile was very helpful! But Chase gave it back later that day. 2 weeks later (Today) Why did they take the $100 back because they said T-mobile gave me my money back 2 days after them and they claim they sent me a letter stating they were reversing the claim. I NEVER RECEIVED A LETTER. Not only that why is the claim being reversed two weeks later! This back and forth is so stressful! I just called and the lady was no help. All i wanted to know was why 2 weeks later you reversed the funds and where is this letter she keep talking about. I’m trying to hold on with Chase but this is getting out of hand.

  3. Used to work for Bank of America, which despite being a good employee, made me swear off big nasty banks, there is just no personal touch and fees can be exorbitant, borderline predatory. I just switched cities however, and couldn’t resist the 200 dollar bonus from Chase. So far, I love it. No matter where I’m at in a city of 2 million, there’s a branch or ATM nearby. The app and online banking are amazing, I love being able to make ATM deposits, and using Google pay instead of bringing my card everywhere is really cool. For a checking account, emergency savings, and credit cards you can’t beat them. If you’re someone who needs to do a lot of banking on a branch though, they’re probably not for you.

  4. Chloe Pontreau

    I wanted to sent money to a friend using QuickPay like I usually do. This day, I did it the exact same way I always did. So far, no issue, my friend always received the money without trouble. But this time, nothing arrived on his bank account. I’ve been advise that the money is on a Chase bank account even though my friend NEVER opened a Chase bank account. The customer service opened a claim that they immediately closed, saying that it was my fault because the transfer has been initiated from my person. The only thing I don’t get is how, by doing the exact same process, the money can end up in different bank accounts?! And, one precision: my friend didn’t change his phone number and other people transferred him money since I did and it worked. Results: I lost $100 and Chase doesn’t even try to help me recovering the found… A shame !

  5. There is a reason this bank holds such a low raiting among customers. I just closed all of my accounts today. I have had a Chase account for a few years. I opened my Sapphire Card account hoping to earn miles for travel. I made sure that I put enough on the card for the first 500 miles. I also made some large purchases on the card and also some every day purchases. I always payed off what I owed. I had paid off the card and had not been checking statements for some time, because I knew that I had taken a break from using the card in 2018. Unbeknownst to me, they charge an annual fee and closed my account after 30 days. I lost alllll my saved miles. They were unwilling to help me recover them and make it right. I promptly closed my Chase checking and savings accounts and am moving the funds to my other bank. I have a very bad taste in my mouth from this experience and will not recommend or work with Chase Bank ever again. I was really looking forward to saving money on this upcoming trip with the coveniently discarded account. Bad business.

    • It’s sad to see a comment like this!! Nobody takes responsibility for themselves. It’s ALWAYS somebody else’s fault!! It’s not bad business when a bank has an annual fee that YOU didn’t research. Sounds more like a bad customer to me

  6. Todd J Smeltzer

    So, I’ve been paying on my auto loan with Chase Bank for three years now, never missing a single payment, just got hit with multiple unexpected bills, like an auto repair job. I asked for a deferment of this months bill, that they could place at the end of the loan, meaning they would also get extra interest on this loan as well. They told me I did not qualify and when I asked what was the reasoning for this decision they would not give me a reason. I will be contacting my credit union at the end of this review to transfer my loan over to them, and dumping Chase Bank forever. I am totally finished with big banks from this point on!

  7. I did an online balance transfer for 3000.00 from my account in Chase to my account in Citibank.
    The money never made it to Citibank, I own Chase 3000.00 now.
    I’ve called and called and called. They told me to wait. Waited and waited.
    On October 26 they told me the money made it to a payee and I need to work with Citibank if the payee is not me.
    Citibank says it’s up to Chase to straighten this out, they initiated the transfer.
    I finally get a letter from Chase (image attached). As you can see, the letter says the money were given to a payee whose account ends with 3027 and if I have a problem I should talk to the payee.
    The payee, the 3027 account, I need to find him and confront him about my money.
    That’s what Chase did with my 3000.00. They’re done now, and I owe them 3000.00.

  8. Robert Pearson

    I’ve just recently in the past year went back to a big chain bank (Chase) for convenience. Much to my surprise, they have served me well. Sometimes it’s the little things and for me they have a really great website and mobile app that is really easy to use. I like that when you make a payment or transfer money it, in real time deducts from your total funds, which I like. As long as you play by their rules, they are great..

  9. I had the most success with small local banks with around 5-15 branches. Best service, you get to know everyone, and their financing solutions for small business and real estate are quick and great. They know their market better than those big banks.

    I did just grudgingly open an account at a large national chain. I just moved from MA to TX and need to manage money in both states because of my real estate investing business. I’m happy so far but we’ll see how it all works out.

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