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Chase Bank Review: Open Savings & Checking Account + CD Interest Rates

Updated: October 2019
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Chase Bank ReviewOne of the leading banks in the US is Chase. This banking giant has branches in most major cities across the country, and if you live in one of these areas, Chase might be a very good option for keeping your bank accounts under a single roof. Chase offers checking and savings accounts. Additionally, the bank can provide mortgages, and they also have a solid stable of credit cards that pay some great rewards.

Table of Contents

Chase Checking and Savings

Chase frequently offers a bonus for new customers who open checking or savings accounts. A common amount for a new account bonus is $200 for a new checking account and $150 for a new savings account. There are some stipulations you’d need to meet in order to earn these bonuses, but they can be quite achievable.

To earn the checking account signup bonus, you’d need to open up a new account and set up a direct deposit from a pension, paycheck or government benefits payment. The direct deposit has to hit within the first 90 days. The $200 bonus is then set up to post within the next 10 days. There is a $12 monthly service fee that’s associated with a Chase Total checking account. However, this fee is waived if you have a $500 direct deposit hit your account each month or have a $1,500 average daily balance.

Chase Bank Review

The Total checking account is not the only checking account you could open with Chase. There is also the option to open a Premier Plus or Sapphire checking account. These earn interest each month. Admittedly, the interest rate is quite anemic at 0.01%. These come with a $25 monthly fee that’s waived if you have an average daily balance of $15,000 in a Premier Plus account or $75,000 in a Sapphire account. Customers who hold these accounts will have transaction fees waived at non-Chase ATMs although the number of such transactions are limited with the Premier Plus account.

New Chase savings customers will earn a $150 bonus by opening a new account and depositing $10,000 within the first 20 days the account is open. You need to keep the balance at $10,000 or above for 90 days to earn the bonus. There is a $5 monthly fee associated with a Chase savings account, but this is waived if you have at least $300 in the account each day of the month. This should be a relatively low bar to hit if you’re going for the bonus.

The interest rate that Chase will pay you for keeping your money in a savings account is the same 0.01% that it pays for its higher-level checking options. If you link your savings account to a Premier Plus or Sapphire checking account, you’ll get a higher rate on your savings. This will vary based upon how much you have in your savings account and could go as high as 0.11% if you have at least $250,000.

Chase CDs

If you’re looking to earn more money from your savings, you might look into the bank’s certificates of deposit. These CDs can last between one month and 10 years. Those who have a stronger relationship with Chase through a personal checking account will get a rate that’s about 1% higher than customers who take out a CD with Chase without having a checking relationship with the bank. These rates are higher than those available through the savings account.

Chase Business

Chase also offers banking services for businesses of all sizes. There are three levels of business checking accounts and two levels of business savings accounts. There are monthly fees associated with each, but there are ways around these fees. The amount you’d have to have on deposit to avoid the monthly maintenance fees goes up with each level of service. Chase also offers business owners the option of depositing cash into business certificates of deposit. The interest rates that are available on Chase business accounts are quite low. They are generally within five basis points of those offered on Chase’s personal accounts. You’ll pay for the convenience of having all your accounts under one roof in this case.

Chase Bank Review

Chase Mortgages

Those who are looking to buy a home or refinance their existing mortgages can benefit from getting a mortgage through Chase bank. Chase currently offers interest rates that are comparable to the national average. Additionally, if you need to make repairs or tap some of the equity you’ve built up in your home for an emergency, Chase offers home equity loans. This is another banking option that Chase offers for its customers. If you’re looking to keep all of your accounts at the same bank, Chase can offer a great option.

Chase Credit Cards

Chase is one of the best options when it comes to getting credit cards that offer lucrative signup bonuses for new clients. The bank has a range of personal and business credit cards that can really pay off. There are some limits to getting a Chase credit card that you’ll want to remember to make it more likely you’ll get approved. The most important is the 5/24 rule. This simply means that you’re unlikely to get approved for a Chase credit card if you’ve opened five or more credit cards from any bank over the past 24 months. There are also limits to the amount of credit that Chase will extend to its customers. The amount of credit available will be tied to your household income and the level of debt you currently hold. As with any credit card, Chase will pull your credit report, and a higher score will make it more likely the bank will approve your application.

Chase Slate

If you’re looking to save on interest costs, you might want to look into the Chase Slate card. This card will offer new cardholders the ability to get a low 0% introductory rate on balance transfers and purchases for the first 15 months the card is open. Another great benefit of getting a Chase Slate if you’re in debt is the lack of a balance transfer fee for the first 60 days the account is open. The card comes with no annual fee, and Chase won’t jack up your interest rate if you make a late payment.

Ultimate Rewards Cards

Chase offers a number of cards that pay off in Ultimate Rewards points or cash back. If you have a higher-level card, you can transfer any points from a low-level card to the higher level card and get more flexibility. Those who want a simple cash-back card might opt for the Chase Freedom or Chase Freedom Unlimited. These cards come with no annual fee, and they frequently offer signup bonuses after meeting a relatively low minimum spend within three months of opening a new card. A common bonus is $150 or $200 for spending $500 within three months.

Each dollar spent on the Freedom earns a point that’s worth a penny. In rotating quarterly categories, you’ll earn five points per dollar spent with the Chase Freedom. Common bonus categories are restaurants, gas stations and grocery stores. The Chase Freedom Unlimited earns a flat 1.5% cash back on every dollar spent.

Chase also offers the Sapphire Preferred and Sapphire Reserved cards. The Sapphire Preferred offers a 60,000-point bonus after spending $4,000 in the first three months the card is open. The Sapphire Reserve offers a 50,000-point bonus after meeting the same level of spending. The former comes with a $95 annual fee while the latter has a $450 fee each year. If you get a Sapphire Reserve, you’ll get a $300 annual travel credit that effectively drops the annual fee to $150. These Ultimate Rewards cards will pay out a penny a point when redeemed for cash. Cardholders can also book travel through the Chase Ultimate Rewards portal and get 1.25 cents of value per point with the Sapphire Preferred and 1.5 cents of value when redeeming with the Sapphire Reserve.

Cardholders also have the opportunity to transfer each point to travel partners. Most transfers provide one loyalty point for each Ultimate Rewards point transferred. Some of the leading travel partners that allow for transfer with the Ultimate Rewards program are Marriott, IHG and Hyatt on the hotel side. Airline transfer partners include United, Southwest and Air France. The option of transferring to travel partners can sometimes return a greater value than using the cash-back option, but it’s important to do the math before making a transfer.

Chase Bank Review

Co-Branded Loyalty Cards

Many of the companies that are Ultimate Rewards transfer partners also offer co-branded loyalty cards through Chase. These cards frequently offer fairly lucrative signup bonuses that can range from 30,000 to 100,000 depending upon the hotel or airline offering the card. Some of the leading loyalty cards offered by Chase include United, Southwest, Hyatt, Marriott and IHG. The signup bonuses that come from signing up for the cards and meeting a minimum level of spending can go toward free nights or flights. These points have less flexibility than the Ultimate Rewards points, but they can be quite beneficial for those who are looking to travel in the near future.

Small Business Cards

Chase also offers a diverse array of small business cards. These are analogous to the cards the bank offers on the personal side. There are business cards that earn Ultimate Rewards points. These fall under the Chase Ink branding label. The earnings structures and signup bonuses are similar to those offered by the personal Ultimate Rewards cards.

Many of the travel-related cards are also similar to those offered on the personal side. Most of the same travel companies offer cards, and these come with similar signup bonuses, spending requirements and annual fees. Those who have a small business could use these cards to effectively double up on the signup bonuses from the personal cards.

When it comes to finding a bank that offers every conceivable service, few can compete with Chase. There are personal and small business options that can meet your needs for checking and savings accounts. Personal and small business credit cards can help you facilitate purchases and earn some great rewards. Additionally, if you’re looking for a home mortgage, Chase has options that can meet your needs. While the interest rates on savings accounts are not as competitive as those offered at some banks, you could have all of your accounts under one roof for fewer moving parts in your financial life. This could provide an additional benefit for those who want more simplicity.

Other Banks to Consider

FAQ

General Chase Bank Questions

This section covers some of the general questions you have about Chase Bank. Use this information to get a handle on the basics.

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What are the hours for Chase bank?

Each branch of Chase has its own hours. Most branches are open from 8AM to 5PM

How to change name at Chase bank?

You can change your name at Chase by talking to a teller at your local branch. You can also call the customer service number on the back of your card.

When does Chase bank open on weekdays?

Most branches of Chase bank open at 8am on weekends. However, branches keep their own hours, so your branch may be different.

How many locations does Chase bank have?

Chase has more than 5,000 branches and more than 16,000 ATM’s around the country.

How much is Chase bank worth?

While the exact value of Chase is constantly changing with the stock market, Chase currently holds nearly $2.6 trillion in assets.

Chase Bank Checks and Checking Accounts

We’ll answer the most common questions about Chase checking accounts in this section.

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How to link Chase checking and savings?

You don’t need to link your Chase checking and savings accounts to transfer money between them. You can do that from the dashboard once you log in online or from their mobile app.

How to write a check with Chase bank?

You can write a check by filling out the person or organization you’re writing the check to and the amount of the check. Make sure to include a written amount as well as a numerical representation.

Do personal checks expire Chase bank?

A filled-out check can’t be cashed more than 180 days after the date on the check. However, the checks in your checkbook do not expire unless you change the account in some way.

Does Chase bank have money market accounts?

At the moment Chase Bank doesn’t offer money market accounts. They do offer a money market investment fund instead. You can also compare the best money market account rates at other insitutions.

Does Chase bank offer overdraft protection?

Yes, you have a few different overdraft protection options with Chase. The most common one is to allow Chase to withdraw from your savings account when you overdraft.

Will Chase bank remove overdraft fees?

It’s possible to get your overdraft fee with Chase waived based on your history with them, but there’s no set process to achieve this.

Opening and Closing Chase Bank Savings Accounts

This section covers your questions about opening and close Chase Bank savings accounts.

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How to open a savings account with Chase?

You can open a savings account with Chase by going into a branch or by creating a profile online and adding a savings account.

Can I open a Chase savings account online?

You can apply online for a Chase savings account. The company will take your information and let you know if you’re approved.

How to close Chase savings account?

The best way to close a Chase savings account is by going to your local branch. You can also call the number for customer service on your card.

How to open a Chase savings account for a minor?

You can open a savings account at Chase for a minor the same way you’d open one for yourself – you just need the legal ability to act for the minor.

Can you have 2 savings accounts with Chase?

Yes, you can have 2 savings accounts with Chase in most instances. Chase will provide more details on your situation.

How much is it to open a Chase savings account?

There’s no fee to open a Chase savings accounts. However, there is a $5 monthly service fee which you can waive through simple actions. According to a Chime Bank review their fee is $0 if you’re comparison shopping right now.

Can I open multiple savings accounts with Chase?

In most cases, yes. You fill out an application any time you open a savings account with Chase, so the bank will evaluate your requests on a case-by-case basis.

How to activate Chase savings account?

You’ll need to go to a Chase branch or call the customer service number associated with your account to have your savings account reactivated.

How to open a joint savings account Chase?

You can open a joint savings account with Chase by going to a branch with the person you want to open an account with. A teller will be able to help you create a joint account.

What do you need to open a Chase savings account?

All you need to open a Chase savings account is an account to transfer money from and your basic personal information.

How to add savings account to Chase online?

You can add a savings account to Chase online by clicking the button that offers a savings account. This will be free for Chase checking customers.

Using Chase Bank Savings Accounts

You can find answers to questions about how to use Chase Bank Savings Accounts in this section.

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What happened to my Chase savings account?

Chase deactivates savings accounts if they’ve been idle for 60 days. You can go to a Chase branch to reactivate your account.

Why did my Chase savings account disappear?

The most likely reason for your Chase savings account disappearing is that it was idle for more than 60 days. You can have it reactivated at a branch.

How much interest does Chase savings give?

Chase bank’s current APY on savings accounts is 0.01%. You might want to take a look at the current Capital One savings interest rate which tends to be higher.

Is my Chase savings account FDIC insured?

Yes, all Chase bank accounts are insured by the FDIC, so your money will always be safe.

Does Chase bank have a high yield savings account?

Chase doesn’t have a specific high-yield savings account product, but they can offer better interest rates on savings accounts based on how much money you keep in your account. You may want to consider a Goldman Sachs savings account which is high-yield.

How to avoid service fee Chase savings?

There are two ways to avoid fees on a Chase savings account. The first is by maintaining the minimum balance listed on your agreement, and the second is to transfer at least $25 to the account from a Chase checking account each money.

How to move money from checking to savings Chase?

You can move money from checking to savings with Chase by going to a branch or going online. Online, you can click your checking or savings account and select the option to transfer funds.

How to hide savings account on Chase?

There’s no way to hide your savings account on Chase. Your login profile will show all of your accounts.

Is there a minimum for Chase savings account?

There’s no minimum to open a Chase savings account, but you’ll need to maintain a daily balance of $300 or more to avoid a $5 monthly service charge.

Can Chase close your savings account?

Chase can close your savings account, but they usually don’t. Your account is probably deactivated due to 60 days of inactivity.

Does Chase bank offer health savings accounts?

Yes, Chase bank offers health savings accounts which you can use to pay for qualified medical expenses.

Does Chase charge monthly fees for savings account?

Yes, there is a $5 monthly fee for a Chase savings account, but there are ways to get the fee waived.

Does Chase have a round up savings plan?

Chase doesn’t have a round up savings plan, but they do allow you to schedule automatic transfers to your savings account.

How much interest does Chase savings APY?

The standard interest rate on a Chase savings account is 0.01% APY. Accounts with higher balances may be eligible for a better rate. Look into current Bank of America savings account interest rates as they may be higher.

How often does Chase pay interest on savings accounts?

That depends on your specific savings account. In most cases, interest will be compounded monthly for Chase. For some, especially very risk averse people, this is the best way to invest your money.

Chase Bank and Foreign Currency

This section answers your questions about Chase Bank and foreign currency.

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Can I get Euros at Chase bank?

Yes, you can exchange currency at Chase bank to get Euros. The bank will charge you an exchange fee, but you can request that they waive it.

Does Chase bank buy Iraqi dinar?

Chase bank does not buy Iraqi dinar as of this writing, but this can change as the currency becomes more stable.

Chase Bank Loans

We’ll answer the most common questions about Chase Bank loans in this section.

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Does Chase bank do RV loans?

Chase provides auto loans, but your RV purchase may or may not qualify for the terms of their auto lending services. They do offer home equity loan fixed rates and those funds can be used for things like an RV or upgrades.

Does Chase bank do personal loans?

No, Chase offers a wide variety of loans, but they do not offer personal loans at this time.

How to get a business loan from Chase bank?

The best way to get a business loan from Chase bank is to demonstrate that the loan will allow your business to grow in such a way that you’ll be able to easily pay the loan back while turning a profit.

Other Chase Bank Financial Products and Services

This section answers your questions about other Chase Bank financial products and services.

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Does Chase bank cash savings bonds?

Yes, Chase will cash savings bonds. If you have a large quantity of bonds to cash, then you may want to make an appointment with the bank to ensure everything goes smoothly.

Does Chase bank redeem us savings bonds?

Yes, you can redeem US savings bonds at a Chase bank. You should let them know ahead of time if your transaction is going to be large.

Does Chase bank have a coin machine?

Some Chase locations may have a coin machine, but the feature isn’t common to every Chase branch.

Does Chase bank have a secured credit card?

Not at this time. Chase bank only offers unsecured credit cards to qualifying customers. You can search elsewhere for a prepaid credit card online.

How much does Chase bank charge to wire money?

That depends on the type of transfer. Incoming wire transfers cost $15, while outgoing online transfers cost $40 for international and $25 for domestic.

Does Chase do second chance banking?

Chase doesn’t offer second chance bank accounts. Instead, they provide pre-paid and refillable debit cards for customers.

What are Chase bank cd rates?

Rates vary by location, but the standard cd rate is 0.01% for a 1-year, .3% for a 3-year, .35% for a 5-year, and .7% for a 10-year term. Take a look at which banks have the best cd rates. Some people consider these safe short term investments.

What is misc credit for Chase bank?

A misc credit for Chase bank could come from almost anywhere. You’ll need to talk to an agent to see what your specific credit is from.

Will Chase bank take loose change?

No, Chase bank doesn’t take loose change from customers. All change must be rolled.

Other Chase Bank Questions

We’ll cover questions that don’t fit into our other categories in this section.

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How to get a bank statement from Chase?

You can get a bank statement from Chase online by logging on to your account and selecting the option to view your current or past statements.

How to send money from Bank of America to Chase?

There are a few options to do this. You can link your Bank of America account to your Chase account to directly transfer money, or you can use a wire transfer request.

How to send money from Chase to Bank of America?

You can send money from Chase to Bank of America by linking your accounts through the steps each company provides or by sending a wire transfer.

How long can my Chase bank account be negative?

Chase doesn’t offer any public information on how long an account can be negative before the bank closes it. You’ll need to talk to an agent about your specific situation.

Can I use Chase Quick Pay with another bank?

Yes, you can use Quick Pay to send money to someone from another bank, including Wells Fargo, Bank of America, and more.

Is JP Morgan Chase the same as Chase bank?

Yes. JP Morgan Chase is the official name of the company that does business as Chase Bank.

What is the swift code for Chase bank?

The SWIFT/BIC Code for Chase Bank is CHASUS33.

Where is there a Chase bank?

The best way to find a Chase bank near you is to use their app to find the nearest location.

How to get old bank statements from Chase?

You can get old bank statements from Chase by going online and requesting those statements. They may or may not be instantly available depending on the age of the statements you request.

How to switch from Bank of America to Chase?

You can switch from Bank of America to Chase bank by going into a branch to open an account. Chase’s agent will explain the next steps for you to follow and will help with the process.

Is Capital One affiliated with Chase bank?

No, Capital One is not affiliated with Chase in any way. They are competing companies.

How to freeze bank account Chase?

The easiest way to freeze your Chase bank account is to log into your profile online. On the left hand side of the screen you’ll see credit cards and products. Select this option and then you’ll see a menu titled “things you can do”. You can freeze your account from there by clicking the lock/unlock toggle.

Rachel Carey

Rachel Carey

Financial Guru

Rachel is dedicated to helping individuals and families boost their budgets so they can enjoy the lifestyle they deserve. Rachel graduated with a degree in Family and Consumer Sciences. She’s a prolific finance writer, producing tons of articles on different aspects of personal and family budget management.