Chase Bank Review
Chase Bank may have a modern, trendy image, but they’re actually one of the oldest banks in the US. Chase Bank is actually the consumer branch of JP Morgan Chase, one of the biggest banks in the US. While the past couple decades have not been kind to most major banks, Chase is an exception to the rule. In fact, JP Morgan Chase was one of the big winners of the 2008 Wall Street collapse, taking ownership of most of what remained of Washington Mutual.
Over the next decade, while most banks were picking up the pieces and cutting their losses, Chase Bank was expanding. They launched a whole line of consumer credit cards, along with their popular “Chase…” advertising campaign.
They’ve also been expanding their brick-and-mortar footprint. Over the last two years, they’ve built almost 200 new branches. Nearly half of these were in Florida and Georgia alone, as Chase focuses on establishing its footprint throughout the entire eastern half of the country. They currently have locations in 26 states, most of them on the east side of the Mississippi.
We’re about to take a look at Chase Bank’s consumer offerings. Once you know what’s available, you’ll be well equipped to make a decision. Let’s begin!
On Chase Secure Website
Bank Reputation - Customer Ratings, Financial Strength
- A- on BBB – BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
- 1.19/5 on BBB customers reviews (236 reviews) – BB customer reviews allow customers to post positive, negative or neutral reviews about marketplace experiences.
- 1.3/5 on Trustpilot ( 303 reviews) – TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
- Moody’s, Standard & Poor's (S&P) and Fitch – top three credit rating agencies in the world:
- Moody's: Aa2 – Moody's rating scale running from a high of AAA to a low of C.
- Fitch: AA – Fitch rating scale running from a high of AAA to a low of D.
- S&P: A+ – S&P rating scale running from a high of AAA to a low of D.
- J.D Power Research – We considered J.D. Power’s national banking satisfaction study 2020.
J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest bank in the country. It covers customer satisfaction, products, fee structures, digital customer experience, transparency and more.
Here are the main products Chase bank offers for savers:
Chase’s most well-known savings account is the Chase Premier Savings account. This account earns below the national average APY, on a sliding scale that goes up to 0.05%. This is significantly better than Chase’s ordinary APY of 0.01%. However, there are a couple of catches.
First, you’ll only earn an enhanced rate if you maintain – and use – a linked Chase Premier Checking or Chase Sapphire Checking account. When you make five register or PIN purchases in a month, you earn “relationship rates”, unlocking the higher APY. This has to be done every month, so it’s only really practical if you want a linked checking account.
The other catch is that your interest rate scales based on your account balance. For anything under $50,000, you’ll only earn 0.02%. At $50,000, you start earning 0.03%. At 100,000, you earn 0.04%. To earn the maximum rate of 0.05%, you’ll need an account balance of at least $250,000 at the end of the month.
A simpler alternative is to open a standard Chase Savings account. It only pays 0.01%, but there are no extra requirements. A Chase Savings account costs a $5 monthly fee to maintain, but the fee is waived if you have a balance of at least $300. It’s also waived for minors, making it a great savings option for kids.
Chase offers three main types of checking account. Their “standard” account is Chase Total Checking. This is a standard checking account with a $12 monthly service fee. However, if you maintain a balance of $1,500 or more in your Total Checking or a linked savings account, the monthly fee is waived.
If you tend to maintain a higher balance, you might prefer the Chase Premier Plus Checking Account. It costs a $25 monthly service fee, but that fee is waived if you maintain a balance of at least $15,000 in the Premier Plus or any linked accounts. The main benefit is that this kind of account pays 0.01% interest, so it’s worthwhile for larger accounts.
The third option is Chase Sapphire Checking. This type of account costs a $25 monthly fee, and the fee is not waivable. That said, there’s no minimum balance. There are also no ATM fees, even on out-of-network ATMS. This makes the Sapphire Checking account ideal for frequent flyers and anyone else who does a lot of traveling.
Chase Bank does not charge a fee for counter checks, money orders, cashier’s checks, and Chase design checks. That said, the monthly fees are on the steep side, and the $34 overdraft fee is also a bit high. Ultimately, you’ll get a lot better value if you carry a large balance than if you only keep a few hundred dollars in your checking account.
Certificate Of Deposits (CDs)
A certificate of deposit, or CD, is a special type of account. In return for getting a higher rate of interest, you agree not to withdraw the money for a certain period of time. This makes it a good choice for long-term savings, where you don’t have to worry about accessing your money in the mean time. On the other hand, a CD is a poor choice for short-term savings, since you pay a penalty for making an early withdrawal.
Because of differences in state law, not all Chase CD offerings are available in all areas. To find out what’s available in your area, you’ll need to check their website and enter your location.
What we can say for sure is that there is no minimum deposit for a Chase CD. However, you’ll only be able to get the best interest rates if you deposit at least $10,000. The APY can range from as little as 0.02% to as much as 0.05%. The more money you deposit and the longer the term, the higher interest you’ll earn.
Chase Bank Money Market Accounts
Chase Bank does not offer any money market accounts at this time. Because a money market account is more of an investment than a traditional bank account, that function remains on the JP Morgan side of the business. That said, there’s nothing stopping you from going to JP Morgan and opening a money market account.
Currently, JP Morgan offers six different money market funds, with investments in treasuries, private institutions, and other assets. Because of the nature of a money market fund, it’s impossible to say for sure what your yield will be. Like we said, it’s more of an investment than a standard account.
If you’re going to invest in a money market account, make sure you know what you’re doing. This would be a good time to talk to a financial advisor and learn more about your options.
step 1: Visit the Chase Bank homepage. Some options will be provided to you; choose whichever you desire and click “Open now.”
step 2: Next, fill in your personal details and identification.Next, is your home address and contact info; fill in your street address, zip code, email address and phone number.
step 3: Next, go through the Consumer Report Authorization and then check the box to verify that the information you have provided is correct.
Lastly, you will get a notification if your application was successful or not.
Alternatives Banks For Consideration
Here are our alternatives to Chase Bank:
American Express has personal savings as one of its investment plans to build customers’ finances. There is the High Yields savings account (HYSA ) and the Certificate Deposit (CD) plan.
The personal savings plan provides a myriad of benefits to clients. There are no charges to open accounts, no deposit amount is too small or too high, and savings are insured up to $250,000 by the FDIC. They HYSA has an APY of 0.60% and offers a high-interest rate up to 10x the national average, while the CD plan has an APY of o.55% is to lock up funds for a fixed time for interest to grow. HYSA has a multiple withdrawal window up to nine times per month, and CD may be locked for six months to five years, depending on the client’s preference.
The Bank may require you to provide private details to access your public records before opening the account. After this, you will get a mail with instructions on registering the account; successful registration will mean you can log into your account and begin the transaction.
One let down is that interest rates and APYs are not fixed in the HYSA; it is subject to changes before and after the account has been opened. On the other hand, CD rates can be changed before an account is opened and not after. There is no provision for cash deposits, no checking account, no ATM card and no mobile application.
JD Power ranks American Express with the top score of 838 for customer satisfaction in 2020. Better Business Bureau awards an A1 for overall customer service.
The bank claims to have an enduring history of service in the financial industry although the TIAA Bank brand came into existence only in 2018. This is because the bank was borne in 2017 out of a sale of EverBank, a bank that has been in service since 1998. In 2018, they rebranded EverBank together with TIAA Direct to come out with the new TIAA Bank.
The bank has a primary focus to cater to the financial needs of non-profits, institutions, and educators in the country. This is understandable because the bank’s owner is the Teachers Insurance and Annuity Association. Their bank products aim to help their customers regardless of what life stage they are in. TIAA Bank is a Fortune 100 company.
Although the main headquarters is in Jacksonville, the bank has a nationwide reach because of its online and mobile banking capability.
Customers can remotely access and manage their accounts through digital technology or in-person at financial centers all over Florida or home lending offices scattered across the U.S.
You’d find that TIAA Bank strays somewhat from the usual mold of an online bank. When most online banks have no or little minimum opening deposit requirements, the bank asks for a steep initial deposit for many of its accounts. For example, you must shell out $5,000 to open a Yield Pledge Checking account.
As you can see, Chase Bank offers an array of account types that meet a wide variety of needs. Whether you want a high-balance savings account or a revolving door checking account, there’s an option for you.
To be fair, Chase Bank isn’t perfect. The fees for out-of-network ATMS are a bit steep, and you’ll be using out-of-network ATMs a lot of you travel frequently. The interest rates on their CDs and savings accounts are also generally low. The exception to this is the Chase Premier Savings account, which offers very competitive interest if you carry a large balance.
That said, there are plenty of locations, and the customer service is fast and friendly. You can also easily avoid monthly fees if you know how to use your account.