Chase Checking and Savings Account Review
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Chase Bank might be the right fit for you if you’re already an existing Chase customer or if you like options for choosing a checking account.
8/10
Cost
8/10
Features
8/10
Ease of use
8/10
Services
7/10
Finding a trustworthy financial institution is important when shopping around for a bank. Many of the top banks across the country can seem like they offer identical services. Still, each has slight distinctions. Understanding more about each bank’s services and requirements could save you money in fees and account balance minimums.
JPMorgan Chase is currently the largest bank in the country and has many great features and incentives worth considering. But is Chase a good banking choice for you? I’ll walk you through everything you need to know about America’s top bank to help you make a more informed decision.
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What is JPMorgan Chase?
JPMorgan Chase is currently the largest bank in the United States in terms of assets. This FDIC-insured bank is one of the world’s oldest and most trusted financial institutions, beginning in 1799 as The Manhattan Company. Fans of the musical Hamilton might be interested in knowing that Aaron Burr, the political adversary who challenged and killed Alexander Hamilton in a duel, founded The Manhattan Company.
The bank had $3.87 trillion in assets as of March 31, 2023. It operates in 48 states and Washington, D.C., and has a branch footprint of over 4,800.
Chase Bank offers various financial services, including personal checking and savings accounts, business and commercial banking, credit cards, auto loans, home loans, investment accounts, CDs, home equity services, and prepaid cards. Although Chase is not in every state, you can open an account online anywhere in the U.S.
Chase Bank checking and savings accounts
Chase Bank has a large selection of checking and savings accounts, split into three main categories: everyday banking, kids & students, and premium. You can apply for an account at a Chase bank or visit them at www.chase.com.
To set up a bank account, you must provide some personal information, including your Social Security number and driver’s license information.
Chase checking accounts
The current Chase everyday accounts include:
- Chase Total Checking - Best basic level Chase checking account for anyone living in a location with a Chase bank branch.
- Chase Secure Banking - Best for anyone looking for a basic checking account with overdraft protection.
- Chase Premier Plus Checking - Best for anyone carrying mid-to-high average daily balances looking for basic checking with a few extra services.
Accounts for kids and students include:
- Chase First Banking - Basic parent-owned account for kids 6 to 17.
- Chase High School Checking - Best for Chase checking customers aged between 13 to 17 years old.
- Chase College Checking - Best for college students aged 17 to 24.
The current Chase premium accounts include the following:
- Chase Sapphire Banking - Best for high earners looking for additional Chase credit cards and investing perks.
- Chase Private Client - Best for anyone interested in personalized Chase investing services and a dedicated team.
I love Chase’s large selection of checking accounts for all ages and income levels. I also like that almost all student accounts have waived monthly service fees, and Chase offers clear ways to waive fees on most of its other accounts.
Chase savings accounts
Chase also offers two different savings account options for its customers.
The current Chase savings accounts include the following:
- Chase Savings - The Chase Savings offers an ideal solution for low to mid-level earners. The Savings account has a $5 monthly fee, which can be waived. Those with a Premier Checking of Sapphire Banking account, charged a $25 monthly fee (waivable), can get higher interest rates. Still, both offer a mediocre APY between 0.01% - 0.02%.
I was a little disappointed to find that Chase only offers two savings accounts, and really, only one that most people will be approved for. Chase’s checking accounts are more impressive than its savings accounts, so I recommend securing a high-yield savings account elsewhere.
Related: Best High-Yield Savings Accounts
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Chase Bank fees
Chase Bank does have free checking and savings accounts for kids and college students. They also offer several ways to waive monthly fees for daily and premier checking accounts through qualifying activities. While Chase offers a better selection than many competing national banks, I wish there was a free monthly checking account for low-income earners who simply need basic checking.
What I like about Chase’s checking accounts is that there is no minimum deposit requirement to open an account — a feature not all big banks offer. However, there are many hidden fees you’ll want to look out for.
Each Chase checking and savings account has deposit requirements, monthly fees, benefits, and qualification criteria, which I’ll walk you through below.
Checking account | Monthly Fee | Waiver criteria | Minimum deposit |
Chase Total Checking | $12 | $1,500/day, $5,000mo or $500/mo direct deposits | $0 |
Chase Secure Banking | $4.95 | No way to waive fees | $0 |
Chase Premier Plus Checking | $25 | $15,000/mo or enroll mortgage in autopay | $0 |
Chase First Banking | $0 | N/A | $0 |
Chase High School | $0 | N/A | $0 |
Chase College | $6 | $5,000/mo or monthly direct deposits | $0 |
Chase Sapphire Banking | $25 | $75,000/day | $0 |
Chase Private Client | $35 | $150,000/day | $0 |
Chase Bank features
Chase Bank offers a variety of features that set them apart from national competitors. Below are the most notable features to explore:
High sign-up bonuses
Chase offers significant bank account bonuses to new customers and is often running checking bonus offers and promotions throughout the year.
Easy to use the website and mobile app
Banks need a digital presence to thrive, but that doesn’t mean all digital banking apps and platforms run smoothly.
I like that Chase’s mobile app and website are intuitive, quick to navigate, and offer all the features you need from a digital bank. These digital tools make it easy to conduct banking transactions from anywhere, especially if you live in a state without a Chase branch.
Easy to avoid monthly fees
While I wish Chase Bank did offer a base checking account with no monthly fee, they make it easy to avoid monthly charges. First, this monthly fee is automatically waived if you’re a child or high school student. I also like that students with a Chase College Checking account simply need to receive direct deposit each month, with no pay amount specified.
As for the basic checking accounts, I’m glad Chase only requires a $500 direct deposit amount to avoid the fee in its Total Checking option. Many comparable banks require $1,500 or more, which might be hard for some Americans to meet. I also like that the Premier Checking Account allows you to waive the monthly fee if you’re already a Chase mortgage customer enrolled in AutoPay.
Account tiers
Chase has eight checking accounts in total, which allow you to find the account that best matches your financial lifestyle. This also leaves you room to grow with Chase over time and upgrade to accounts that might better match your needs in the future.
Having dedicated high school and college student accounts with no or easily avoidable fees is also a big win in my book.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Who is Chase Bank best for?
New York, California, Florida, and Illinois residents
Chase offers many branches in these states, making it easy to find a brick-and-mortar location to visit if you need service. Having a Chase nearby (and across your state) can also make managing ATM fees easier.
Existing Chase customers
Chase Bank often offers incentives to its existing customers. For instance, mortgage customers enrolled in Autopay can open a Chase Premier Checking account with no monthly fee. If you’re already a Chase loan, credit card, or investing customer, looking into the offers available to switch to Chase’s banking services is worth looking into.
Students
The last thing a high school or college student should worry about is being charged additional fees to keep their money secure. Chase offers plans designed to help students take control of their money without charging outrageous monthly fees or requiring high deposit amounts.
Who shouldn’t use Chase?
Anyone without direct deposit
If you aren’t currently paid by direct deposit, you can still use Chase Bank, but you’ll likely be locked into paying a monthly fee for checking services. Since there are so many free national, local, and online checking accounts on the marketplace, I recommend turning to another banking establishment if you won’t receive monthly direct deposits.
Anyone looking for a high-yield savings account
Chase Bank shines when it comes to checking account options but is lacking in the savings account department. With an annual APY of only 0.01% for its base savings account, I can’t imagine recommending this account to anyone looking to accrue interest on their money.
Chase Bank pros and cons
Now that you know a little bit more about Chase Bank and its offerings, I’ll walk you through a few specific pros and cons to consider before making a banking decision.
Pros
- Rewards and bonuses. I know I talked specifically about Chase’s signup bonus offers, but the perks continue if you’re a Chase credit card holder or loan customer. If you already have a financial relationship with Chase, there’s likely a checking account option designed to help you earn more rewards or rack up additional bonuses.
- Standalone savings accounts. While I don’t love Chase Bank’s savings account options, they allow you to open standalone savings accounts, without obligating you to become a checking account customer. This might be a consideration if you need a savings account and nothing more.
- No minimum deposit requirements. Unlike many national banks, Chase does not require minimum deposits to open checking accounts, which is a major bonus.
- Overdraft Protections. Although I don’t love Chase’s overdraft charges, this bank offers overdraft protections that allow customers to link accounts and draw on funds in existing accounts to protect them from overdraft fees.
Cons
- Monthly Fees. I wish Chase had a free checking account option for customers who aren’t students, but I will note that the fees are relatively easy to waive. If you can’t waive these fees, they are higher than other national banks.
- Poor savings account options. Chase only offers two savings accounts compared to its eight checking account options. Not only does this feel like a missed opportunity, but most Americans will likely only qualify for the base savings account, which won’t earn you nearly anything in terms of interest or perks.
- Hidden fees. On the downside, Chase Bank does have hidden fees to look out for, such as overdraft fees and ATM fees. While most banks charge overdraft fees, Chase’s $34 per transaction (up to four per day) can add up if you don’t realize your account is overdrawn. Likewise, Chase has a $5 ATM fee for non-Chase ATMs.
Chase Bank vs. competitors
Chase Bank vs. Bank of America
Bank of America is one of Chase Bank’s oldest rivals. Both national financial competitors offer accounts that may seem similar at first glance. However, there are some key differences you should be aware of.
Bank of America requires a minimum deposit of $100 to open a standard checking or savings account and also has slightly fewer branch locations in the U.S. than Chase Bank. Bank of America also charges a lower monthly fee than Chase and offers more ways to waive this fee.
Chase Bank vs. Citibank
Citibank is another top name in the banking world and is a top competitor of Chase Bank. There are a few significant distinctions to understand between these two banks.
Both Chase Bank and Citibank offer a large selection of checking accounts. However, unlike Chase Bank, Citibank’s diverse selection mostly applies to higher-income and investing customers.
In terms of savings accounts, Citibank blows Chase Bank out of the water. Citibank Accelerate offers a 4.45% APY savings account option, making Chase’s accounts forgettable. On top of that, Citi has no overdraft fee either, having done away with it in June 2022.
Here’s a closer look at how these three banks stack up against one another:
Minimum deposit | Monthly fee | Savings APY | Overdraft fee | |
Chase | $0 | $0 - $35 | 0.01% - 0.02% | $34 |
Bank of America | $100 | $8 | 0.01% – 0.04% | $10 |
Citibank Accelerate | $0 | $4.50 - $30 | 4.45% | None |
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
FAQs
Can I open a Chase Bank account online?
Yes, you can open a Chase Bank checking or savings account online by visiting www.chase.com.
Does Chase charge for having an account?
Chase charges monthly fees on some of their accounts. You can avoid these fees by meeting specific direct deposit or balance requirements, being an existing Chase mortgage customer enrolled in AutoPay, or if you’re a high school student. Requirements vary across banking plans.
Does Chase require a minimum balance?
While Chase Bank’s checking and saving accounts do not have minimum balance requirements, obtaining a certain balance can waive monthly fees.
Can I open a Chase Bank account with an SSN?
Typically Chase Bank will require you to provide your Social Security Number (SSN) when opening a checking or savings account, however, you can use your Individual Taxpayer Identification Number (ITIN) instead.
The bottom line
Chase Bank has deep historical ties in the United States and has provided banking services for centuries. Chase has a large selection of banks and ATMs across the country, but they are not located in every state. Chase does provide access to cutting-edge digital banking tools, which might make up for its lack of presence in some states.
Chase Bank might be the right fit for you if you’re an existing Chase customer or like options for choosing a checking account. However, if you’re looking to earn interest or want a free checking account, I would consider researching local and online banking options first.
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Writer
Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.
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