Chase Bank review: Delivers on convenience and product variety, but falls short on rates

Advertiser disclosure: Content provided by www.redventures.com. Fox and its content partners earn compensation from the affiliate companies below. This content doesn’t include all available offers, and compensation may impact how and where links appear in the content.

As the largest bank in the United States, Chase Bank is a household name. It’s known for its extensive product offerings and expansive network of branches and ATMs. But is it the right bank for you?

While Chase may be ideal for everyday banking needs, those prioritizing high interest rates may want to consider online banks or look elsewhere. 

About Chase Bank

With a history spanning over two centuries, Chase Bank has grown to become the biggest bank in the United States, boasting almost $3.40 trillion in total assets.

The bank operates as the consumer banking division of JPMorgan Chase and has an impressive network of more than 4,700 branches across 48 states. Chase Bank continues to expand its reach, with plans to open 500+ new branches, renovate around 1,700 locations, and hire 3,500 employees in the next three years.

As a full-service bank, Chase offers a wide array of financial products and services, including checking and savings accounts, credit cards, mortgages, auto loans, and investment options through its J.P. Morgan wealth management team.

Chase Bank accounts

Chase Bank offers a wide range of personal bank accounts, including three main checking accounts, two savings accounts, and dozens of CD terms. There are also a handful of specialized accounts for kids, students, and high-net-worth individuals.

Chase is well known for attracting new customers through its bank bonuses. For example, you may be eligible for a $900 welcome bonus by opening a new Chase Total Checking® and Chase Savings℠  account and completing qualifying activities. 

Chase Bank checking accounts

Chase Bank offers three main checking accounts: Chase Total Checking®, Chase Secure Banking℠, and Chase Premier Plus Checking℠. 

• The Chase Total Checking® account is the most popular option. It’s a good choice if you're a versatile, all-purpose checking account with standard banking features. You may be eligible for a $300 welcome bonus by opening this account and making qualifying direct deposits.
• For those who want to avoid overdraft fees entirely, the Chase Secure Banking℠ account is a great choice. This account does not allow overdrafts, ensuring you only spend what you have available in your account. It also offers early direct deposit, plus fee-free money orders and cashier's checks.
• Chase Premier Plus Checking℠ offers additional perks for customers who frequently use banking services and want more from their checking account. This account waives Chase fees for non-Chase ATM transactions (up to four times per statement period), provides free checks, and offers a slightly higher interest rate compared to the other checking accounts.

All three accounts come with monthly service fees, but there are ways to waive these charges, such as maintaining a minimum balance or having qualifying direct deposits. 

The Chase Total Checking and Chase Premier Plus Checking utilize Chase Overdraft Assist℠, which waives fees for overdrafts of $50 or less. If you’re overdrawn by over $50, this service gives you one business day to resolve your account balance before applying a $34 fee. 

Chase Bank Savings Accounts

Chase Bank offers two main savings accounts: Chase Savings℠ and Chase Premier Savings℠. While these accounts provide a convenient way to save money alongside your Chase checking account, they may not be the best choice if you're looking for high interest rates.

Neither of these accounts is a high-yield savings account. Chase Savings℠ has an 0.01% APY, while the Chase Premier Savings℠ has a 0.02% APY. Many online banks offer over 5.00% APY on their savings account, so these rates aren’t very compelling. 

Despite the low interest rates, the Chase Savings℠ account does offer a solid welcome bonus. New customers can earn $200 by opening this account and depositing at least $15,000 within 30 days, and maintaining that balance for 90 days. This can add up to a combined bonus of up to $900 if you open both Chase Savings℠ and Chase Total Checking® accounts. 

The Chase Premier Savings℠ account provides a slightly higher interest rate — but if we’re being honest, the word “Premier” falls a bit flat. The rate is only slightly higher than the standard Chase savings account and still falls short of many competitors. 

Both savings accounts come with monthly service fees, but Chase provides ways to waive these charges:

• Chase Savings℠: $5 monthly fee, waived with $300 minimum daily balance or linked qualifying Chase checking account
• Chase Premier Savings℠: $25 monthly fee, waived with $15,000 minimum daily balance or linked Chase Premier Plus Checking℠ or Chase Sapphire℠ Checking account

Chase Bank CDs

Chase Bank offers a variety of CDs terms and interest rates, but to access the best rates, you'll need to link your CD to a Chase checking account. Without a linked checking account, all Chase Bank CDs earn a standard 0.01% APY.

The minimum deposit required to open a Chase Bank CD is $1,000, which is higher than some other banks. The highest available interest rate is 4.75% APY, but this is only offered on CDs with a 6-month term and a minimum balance of $100,000 or more.

If you already have a standing relationship with Chase, the bank’s “relationship rate” CDs may be worth a look. If not, you’ll have better luck finding CDs with fewer requirements and better interest rates elsewhere.

Here’s a look at Chase’s relationship rates for CDs: 

Additional Chase Bank products and services

One way Chase Bank stands out from its competitors is by offering a wide range of financial products and services, including top-tier credit cards. 

The Chase Sapphire Preferred® credit card is a prime example, providing a lucrative welcome offer, triple points on dining, double points on travel, and a reasonable annual fee. Cardholders can maximize their rewards by redeeming points through Chase Ultimate Rewards® for travel, gift cards, and more.

If you’re looking to manage all of your finances in one place, Chase can fit the bill. The bank also offers home and auto loans, providing a one-stop-shop for all your banking and financing needs.

For those interested in investing, Chase Bank's parent company, JPMorgan Chase & Co., provides a full suite of investment products and services through its J.P. Morgan wealth management division. This includes money market accounts, retirement accounts, and personalized investment advice.

Chase Bank fees

Chase Bank's fee schedule can be complex, as each account type has its own set of fees and requirements for waiving them. However, here's a general overview of the fees you can expect from the checking and savings accounts:

• Monthly service fees: $0 to $25
• Overdraft fees: $0 to $34
• ATM fees at Chase ATMs: $0
• ATM fees at non-Chase ATMs: $0 to $5
• Wire transfer fees: $0 to $50
• Money order fees: $0 to $5 per check

Review the specific terms and conditions of your account to understand how to avoid these fees. In many cases, maintaining a minimum balance, setting up direct deposits, or linking multiple Chase accounts can help you waive service charges.

Chase Bank banking experience

As the largest bank in the United States, Chase Bank is committed to providing an exceptional banking experience for its customers. The bank consistently invests in its infrastructure, technology, and customer support to ensure that it offers the best possible service.

Customer service

Chase Bank boasts an extensive network of branches and ATMs nationwide, making it easy for customers to access their accounts and perform transactions. With thousands of locations and plans for expansion, chances are you'll find a Chase Bank branch or ATM nearby, no matter where you are in the country.

For those who prefer digital support, Chase Bank offers a dedicated customer service line (1-800-935-9935) for personal banking inquiries. The bank also offers a variety of online self-service options, such as disputing charges, updating account information, and more.

Online and mobile banking platform

Even though Chase Bank is best known for its brick-and-mortar approach to banking, it still offers robust digital resources.

The Chase Bank mobile app, available on both Android and iOS devices, has received high ratings from users, with an average of 4.4 out of 5 stars on Google Play and 4.8 out of 5 stars on the Apple App Store.

Users praise the app for its intuitive design, ease of use, and robust features, making it simple to manage accounts, pay bills, and transfer funds on the go.

Account security

Security is a top priority for Chase Bank. All Chase bank accounts are FDIC-insured, up to $250,000 per person, per account. 

Additionally, Chase employs advanced security measures such as fraud monitoring, data encryption, and secure login protocols to protect customers' sensitive information and prevent unauthorized access to accounts.

Is Chase Bank right for you? 

From a functional perspective, Chase Bank is hard to beat. 

The bank’s strengths lie in its product mix, digital experience, and extensive branch and ATM network. It offers a wide range of financial products and services, making it a one-stop shop for many customers. The bank's digital tools are well-regarded, and its physical presence is substantial and growing.

However, the bank's interest rates are quite low compared to online banks and some smaller, regional institutions. The bank's fee structure, while avoidable, just adds another factor to deal with.

Chase attempts to offset its low interest rates with welcome bonuses, which may appeal to some customers. However, in the long term, these bonuses may not compensate for the opportunity cost of higher interest rates available elsewhere.

Chase Bank is a solid choice for customers who value convenience, a wide range of products, and excellent digital tools. However, those prioritizing high interest rates on their deposits may want to consider other options, particularly online banks offering more competitive rates.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here. 

Here are some of the factors that influenced this bank’s overall score: 

The bottom line

Ultimately, the best bank for you will depend on your specific financial needs and priorities. If you value a full-service banking experience with access to physical branches and a wide array of products, Chase Bank could be a good fit. However, if earning the highest possible interest rate is your main goal, you may want to consider online banks or look for promotional rates at smaller institutions.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.