Here’s an impressive stat: Almost half of all households in America have at least one product offered by Chase Bank.
Since Chase offers checking accounts, credit cards, car loans, and mortgages, it’s not surprising that so many people do business with Chase. But while Chase might be a popular bank, that doesn’t necessarily mean it’s the best bank for everyone.
If you’re considering opening a bank account with Chase but aren’t sure if you’re ready to take the leap, this Chase Bank review will help. You’ll learn everything you need to know, including key details about Chase online banking features, the types of bank accounts offered by Chase Bank, fees for Chase accounts, and more.
Chase Bank review
Chase Bank makes it easy to open checking and savings accounts online. The company even offers bonuses for first-time account holders who open new accounts and meet qualifying requirements.
Chase also makes account management easy with feature-rich mobile and online platforms, as well as a large network of branches and ATMs that allow most customers to locally access money and customer support.
Unfortunately, monthly fees on most Chase checking accounts, costly ATM fees, and low interest on banking accounts might turn off potential account holders looking for a better value.
|Four different options for checking accounts, including a student account||All Chase accounts charge monthly fees unless you meet requirements, such as maintaining a minimum balance|
|A large network of ATMs and local bank branches||Chase charges $2.50 if you use a non-Chase ATM in the U.S., or $5 per withdrawal at non-Chase ATMs abroad|
|$200 bonus for opening up a new checking account with direct deposit||The interest rate on Chase accounts is just 0.01% as of February 2018|
|$200 bonus for opening a new savings account, depositing $15,000 within 10 days and maintaining a $15,000 balance||Bonuses are available to new Chase savings or checking customers only.|
Checking accounts offered by Chase Bank
Chase Bank offers four different types of checking accounts: Student Checking, Total Checking, Premium Plus Checking, and Premier Platinum Checking. Fees, account requirements, and benefits for these types of accounts differ, as the table below shows.
Account holders with any Chase account are entitled to basic services including online and mobile banking; online bill pay; debit cards with chip technology; 24/7 customer service; and access to 16,000 ATMs and 5,100 Chase branches nationwide.
Chase savings accounts
Chase also offers two different types of savings accounts, as well as Certificates of Deposit. You could open a savings account through Chase as a standalone account or in connection with a checking account.
Your two options for savings accounts include Chase Savings and Chase Premier Savings. See each account’s benefits and requirements below.
|Minimum Deposit||Monthly Fee||Requirements to Waive Monthly Fee||Savings Withdrawal Limits|
|Chase Savings||$25||$5||A beginning daily balance of $300 or more; link to a Chase Premier or Premier Platinum checking account; or at least one $25 repeating automatic transfer monthly from a Chase checking account||You may make six withdrawals or transfers each statement period. If you exceed that, a $5 savings withdrawal limit fee is applied|
|Chase Premier Savings||$100||$25||A beginning daily balance of $15,000, or a link to a Chase Premier Plus or Premier Platinum checking account||You may make six withdrawals or transfers each statement period. If you exceed that, a $5 savings withdrawal limit fee is applied. Fee is waived if your balance is $15,000 or more when money is transferred out|
Opening a Chase Bank account
Chase allows you to open a checking or savings account online. Click on the “Open account” button for the relevant account to start the application process.
There are just two steps to the application process, which can be completed in a few minutes:
- Complete an application, including providing your name, contact information, Social Security number and a driver’s license or state-issued identification number.
- Deposit money using a debit card or a linked bank account.
Once you’re a Chase account holder, you have access to a full array of features and services available on the Chase online banking system. You also have access to mobile banking, in-person help at Chase branches, and 24/7 telephone customer service.
Chase online banking features
Chase has a user-friendly online banking platform with many features. You can use Chase online banking to:
- Check account balances
- Set up text, email, and phone alerts for triggering events, such as your account falling below a certain level
- Transfer money, including one-time and recurring transfers
- Send money to almost anyone using Chase QuickPay through Zelle
- Make online bill payments, ACH payments, and wire transfers
- Download your account activity to spreadsheet software or budgeting software such as Quicken or QuickBooks
- Sign up for paperless statements and review and print up to seven years of statements
Chase’s mobile banking service also offers check depositing, money transfers, account alerts, bill payment, and other standard features such as monitoring account balances.
Both mobile and online services are simple and straightforward, with one reviewer commenting on Consumer Affairs: “Their online service is easy to understand and navigate. The security is adequate for online activities.”
Another reviewer was even able to rely entirely upon the online and mobile services to maintain a Chase account even after relocating: “They do not have Chase where we live but I still deposit my checks and use their bill pay services on my phone.”
Chase Bank interest rates and fees
The Chase Bank fee structure is one of the bank’s biggest downsides. Unless you have direct deposits, are eligible for a student account, or keep a substantial amount of money in your account, you can expect to pay a monthly fee between $12 and $25.
Other fees include:
- ATM fees of $2.50 for using non-Chase ATMs in the U.S.
- ATM fees of $5 per withdrawal at non-Chase ATMs abroad
- Overdraft fees of $34 for each item, with a maximum of three insufficient funds fees daily. This fee won’t be charged if your balance is overdrawn by $5 or less.
- $15 extended overdraft fees each time your account is overdrawn five or more consecutive days, even if the amount is $5 or less
Monthly maintenance fees and ATM fees can make your account costly to use. Other bank account options don’t charge a monthly maintenance fee or provide some reimbursement for fees charged by other bank ATMs.
Chase’s interest rate of 0.01% is also lower than many other banks, meaning you could find a better deal elsewhere.
Chase Bank eligibility requirements
To open a Chase checking or savings account online, you must be a U.S. citizen, have a valid Social Security number, and use a valid U.S. postal address. Nonresidents might also be eligible to open accounts via Chase’s International Banking site.
In addition to meeting basic criteria, you must be prepared to fund your account with an initial deposit of at least $25, or at least $100 to open a Chase Premier Platinum account.
Chase Bank customer service
Chase has a negative Better Business Bureau rating, and the Consumer Financial Protection Bureau reported it took action against Chase in August of 2017 for failures related to checking account screening.
Chase Bank was required to pay a $4.6 million penalty for failing to provide required information to customers whose requests to open bank accounts were denied. Banks screen customers based on reports of prior checking account behavior, but banks who contribute to screening reports are mandated by law to have processes in place to ensure accurate information is reported. Chase failed to fulfill these requirements.
This behavior not only resulted in a large fine, but Chase was also ordered to implement policy changes going forward. Because of the CFPB’s order, consumers in the future will hopefully have a better customer experience.
If you want to open an account with Chase, you have many options to get customer support. To get help from Chase Bank, you can contact 877-68-CHASE or find your local branch using Chase’s online branch locator.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 6.97% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.30% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.47% – 6.30%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.69% – 7.21%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|