Compared to other major banks, Chase offers three advantages: better sign-up bonuses for new customers, more premium banking options, and better integration with other financial products such as credit cards. Chase's introduction of SapphireSM Banking emphasizes its focus on introducing elements of its credit card rewards program to the usual banking experience.
- Should You Open a Chase Bank Account?
- Checking Account Features
- Savings Account Features
- How Does Chase Compare to Other Banks?
Should You Open a Chase Bank Account?
Chase Bank is fairly similar to its largest competitors, but differentiates itself with generous bonus offers and a unified digital experience that covers other products such as credit cards and mortgages. If you already use—or plan to open—one of Chase's many credit cards, having a Chase bank account makes it easier to make and track your monthly payments.
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Strong Sign-up Bonuses for Multiple Accounts
If you're currently looking to switch banks, Chase's sign-up bonuses are larger than those offered at most other places. As a first-time customer, you receive $200 for opening a Chase Total Checking account with direct deposit.
Applicants can earn a $750 welcome bonus by joining SapphireSM Banking and within 45 days, transferring a total of $75,000 or more in qualifying new money or securities to a combination of eligible personal checking, savings and/or investment accounts, (excludes: Any J.P. Morgan retirement accounts and CDs) and maintain that balance for 90 days. After completion of these terms, Chase will deposit the funds into your bank account within 10 business days.
Competitive Fees and Access to Other Products
Most of Chase's personal accounts have no minimum deposit required at opening, although the premium options do have monthly balance minimums for waiving the bank's maintenance charge. However, the monthly fee on Chase's standard checking account can also be avoided with just one monthly direct deposit. Chase also charges fewer overdraft fees per day, and it doesn't charge the extra "paper statement" fee that other banks often add.
If you're considering a Chase credit card or a loan with Chase, having a bank account there can help you manage all your money in one place. Chase Online lets you access and transfer funds between all of your Chase accounts, including checking, savings, credit cards and mortgages. However, the interest rates on Chase's CDs and savings accounts are lower than average, so they should not drive your decision to bank with Chase.
Chase Checking Account Features
Chase provides five different personal checking accounts, separated by varying levels of features and fees.
|Chase Total Checking|
|Chase Premier Plus Checking|
|Chase SapphireSM Checking|
|Chase College Checking|
|Chase High School Checking|
If you want to avoid monthly checking account fees, the Total Checking account allows you a reasonable way to waive maintenance charges. Either $500 in direct deposits to the account or a minimum daily balance of $1,500 will waive the $12 fee each month. Unlike many other banks, Chase doesn't charge customers a separate fee for receiving mailed paper statements, although paperless statements are still available.
The Chase Premier Plus Checking and SapphireSM Checking accounts not only cost more, they also have higher monthly fee waivers, requiring daily balances of $15,000 and $75,000 respectively. Not many people will find it useful to keep so much money in a checking account, but it's still an option if you think the extra features are worth the cost.
Chase Savings Account Features
Chase's two savings accounts don't compare well to options at many other banks, but they can be useful if you own a Chase checking account.
|Chase Plus Savings|
Considered on their own, Chase savings accounts are no better than savings options at other large banks, and they are significantly weaker choices than most online savings accounts. Both Chase savings accounts have APYs below the national average, and even depositing large amounts into Plus Savings will only increase your interest rate from 0.01% to 0.08% at most.
However, people who plan on getting a Chase checking account might find it useful to open a savings account as well. The fee waivers on these accounts involve linking or transferring funds from a Chase checking account, which means you won't pay any monthly fees on the savings account if you have both. Holding both a checking and a savings account at Chase will let you transfer funds more quickly and cheaply than keeping them at two separate banks.
How Does Chase Compare to Other Banks?
Chase's products are mostly similar to those at other large banks, but they usually come with slightly better bonus offers for newcomers and a more useful app experience for Chase credit cardholders. We broke down the key differences between Chase Bank and its closest competitors.
Chase vs. Bank of America
Compared to Chase, Bank of America's checking options are geared towards account holders with lower balances. For instance, while Chase provides one extra level of premium checking, Bank of America instead offers a SafeBalance Banking account that automatically declines all overdrafts. On the digital side of things, the Bank of America app offers more detailed features for budgeting and tracking spending.
Chase vs. TD Bank
Chase does have the better sign-up bonuses and a slightly more lenient overdraft fee, but overall, TD Bank's accounts offer more and require less. TD's Growth Money Market Account comes with both better rates than Chase and lower balances to access those rates. Similarly, its premium checking options offer more value and require less in deposits than Chase's Premier accounts, granting unlimited ATM reimbursements to customers with at least $2,500 in the bank —a feature not available at Chase.
Chase vs. Capital One
Although Capital One's physical operations are limited to a few major cities, it's unique as a bank that offers online accounts as well as traditional ones. While its brick-and-mortar accounts are fairly similar to those at Chase, the Capital One 360 account offers an APY of at least 0.20% on all balances, much better than the 0.01% you earn on Chase's highest tier of checking.
Chase vs. Citibank
Citibank tends to offer features that benefit international travelers. As a Citibank account holder, you'll pay half as much on international ATM transactions as you would with Chase, and the Citigold Account, which requires a lower balance to waive fees than Chase's Premier Platinum Checking account, offers better benefits: zero ATM fees, zero international transaction fees and higher spending limits.