Chase Bank Review: Checking, Savings and CDs

Chase’s size and its broad range of financial products offer customers convenience, but some of its bank accounts come with high fees and low rates.

Margarette BurnetteAugust 14, 2020

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Overall bank rating

Chase

at Chase,

Member FDIC

  • Savings

    Savings

  • Checking

    Checking

  • CD rates

    CD rates

  • Banking experience

    Banking experience

  • Overdraft fees

    Overdraft fees

3.5

NerdWallet rating 

The bottom line: JPMorgan Chase is the largest bank in the country and offers a robust menu of services and products. It provides mortgages, auto loans and one of the broadest selections of credit cards in the industry. And its website experience can compete with those at online-only banks that focus solely on checking and savings. Chase has a good basic checking account, and its sign-up bonuses earned it a place in NerdWallet’s Best-Of Awards for 2020. But its savings rates are generally low, and some fees are high and hard to avoid.

Pros

  • Nearly 4,900 branches and 16,000 ATMs.

  • Monthly fee on basic savings account is easy to avoid.

  • Bonus offers on checking and savings.

Cons

  • 0.01% APY on Chase Savings℠ (effective 9/14/2020; rates are variable and subject to change); better rates available elsewhere.

  • $2.50 fee at non-Chase ATMs in U.S.

  • High monthly fees, low interest rates on premier checking accounts.

Full review

Chase Chase Savings℠

at Chase,

Member FDIC

3.5

NerdWallet rating 

at Chase,

Member FDIC

APY

0.01%

With $0 minimum balance

Bonus

$150

Requirements to qualify

Chase's basic account, Chase Savings℠, has an annual percentage yield of only 0.01% (effective 9/14/2020; rates are variable and subject to change). The account supports free overdraft protection transfers to a linked checking account when there’s not enough money in checking to cover a transaction.

To avoid the $5 monthly fee on the Chase Savings℠ account, customers can maintain a balance of at least $300 or schedule a recurring transfer of at least $25 from a linked Chase checking account, among a couple other options.

Chase also offers a $150 sign-up bonus when you open the Chase Savings℠ account (expires 1/20/2021), deposit at least $10,000 within the first 20 business days and maintain that amount for 90 days.

Want to see more options? Check out NerdWallet’s best savings accounts

Chase Chase Total Checking®

at Chase,

Member FDIC

4.5

NerdWallet rating 

at Chase,

Member FDIC

Monthly Fee

$12.00

Waived with direct deposit or $1,500 minimum balance

Bonus

$200

Requirements to qualify

Chase offers several checking options, including its most basic account, Chase Total Checking®, and a couple that bear interest. Each gives users access to mobile banking, including online bill pay, and comes with a debit card that has a security-enhancing EMV chip.

Chase Total Checking® account holders can avoid a fee each month by having monthly direct deposits totaling $500 or more, keeping a beginning day balance of at least $1,500 or having an average beginning day balance of $5,000 or more across certain Chase accounts.

Chase offers a $200 bonus on its Total Checking® account (expires 1/20/2021). See our list of best bonuses for details.

Chase CD

Chase CD

1.5

NerdWallet rating 
1-year APY

0.01%

3-year APY

0.01%

5-year APY

0.01%

Minimum Deposit

$1,000

Chase offers many term lengths, but most rates are disappointing. Read more about Chase's CDs here.

Want to see higher yields? Check our list of best CD rates for the month

Banking experience

4.0

NerdWallet rating 

Chase has a large network of branches and ATMs across the country.

Chase uses Twitter to answer customer questions, with reps providing their initials in tweets so customers can follow up. The bank also offers customer service via phone seven days a week, until midnight on weekdays and has highly rated mobile apps.

Overdraft fees

3.5

NerdWallet rating 

Chase charges a $34 nonsufficient funds fee up to three times per day. If a customer links their savings account as a backup, however, Chase doesn't charge for overdraft transfers.

Chase Chase Savings℠

at Chase,

Member FDIC

3.5

NerdWallet rating 

at Chase,

Member FDIC

APY

0.01%

With $0 minimum balance

Bonus

$150

Requirements to qualify

Chase's basic account, Chase Savings℠, has an annual percentage yield of only 0.01% (effective 9/14/2020; rates are variable and subject to change). The account supports free overdraft protection transfers to a linked checking account when there’s not enough money in checking to cover a transaction.

To avoid the $5 monthly fee on the Chase Savings℠ account, customers can maintain a balance of at least $300 or schedule a recurring transfer of at least $25 from a linked Chase checking account, among a couple other options.

Chase also offers a $150 sign-up bonus when you open the Chase Savings℠ account (expires 1/20/2021), deposit at least $10,000 within the first 20 business days and maintain that amount for 90 days.

Want to see more options? Check out NerdWallet’s best savings accounts

How does Chase compare?

Member FDIC

APY

0.01%

With $0 minimum balance

APY

0.60%

With $0 minimum balance

APY

0.60%

With $0 minimum balance

Bonus

$150

Requirements to qualify

Bonus

N/A

Bonus

N/A

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.