When you compare Chase Bank to other nationwide banks, Chase stands out as a strong choice for three reasons: sign-up bonuses for new customers, fewer fees and the option to connect your accounts with Chase credit cards and loans. If you are looking to just open a savings account, there are plenty of banks that can provide customers with better interest rates.
- Review: Should You Open a Chase Bank Account?
- Checking Account Features
- Savings Account Features
- How Does Chase Compare to Other Banks?
Review: Should You Open a Chase Bank Account?
Chase Bank is fairly similar to its largest competitors, but differentiates itself with generous bonus offers to new customers and the option to consolidate your credit cards, loans and bank accounts in one place.
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If you're currently looking to switch banks, Chase's sign-up bonuses are far larger than those offered at any other bank. As a first-time customer, you receive $200 for opening a Chase Total Checking account with direct deposit, and $150 for a new Chase Savings account with a $10,000 deposit. If you already have a Chase online user account for managing a credit card, you can obtain a coupon code that increases the checking bonus to $300, and bumps the savings bonus to $200 for $15,000 deposited. The Chase Premier Plus Checking account also has a newcomer bonus of $300, but requires you to set up direct deposit. Chase's bonuses are set to expire by October 15, 2018, but we've seen this deadline extended on a regular basis.
Most of Chase's personal accounts require $25 to open, which is on the low end of bank opening minimums. While Chase's monthly fees aren't any less than the same fees at other major banks, people who receive direct deposits qualify for monthly fee waivers on the standard checking account. Chase also charges fewer overdraft fees per day, and it doesn't charge the extra "paper statement" fee that's often used at other banks to increase the monthly account charge.
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 Premier Platinum 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 Premier Platinum accounts not only cost more, they also have much higher fee waivers, requiring minimum daily balances of $15,000 and $75,000 respectively. Even if you have that much available to park in the bank, you'd find better interest rates with a savings account elsewhere.
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 online-only 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 its current sign-up bonuses are the best available. Here are some explanations of other differences between Chase Bank and specific 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. Unlike Chase, Bank of America charges a $5 monthly paper statement fee on most of its checking accounts.
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.