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.
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Overall bank rating
at Chase,
Member FDIC
Savings
Savings
Checking
Checking
CD rates
CD rates
Banking experience
Banking experience
Overdraft fees
Overdraft fees
3.5
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 6/12/2020; 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
at Chase,
Member FDIC
3.5
NerdWallet ratingat 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 6/12/2020; 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 10/14/20), 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
at Chase,
Member FDIC
4.5
NerdWallet ratingat 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 10/14/2020). See our list of best bonuses for details.
Chase CD
1.5
NerdWallet rating1-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 ratingChase 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 ratingChase 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.
at Chase,
Member FDIC
3.5
NerdWallet ratingat 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 6/12/2020; 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 10/14/20), 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
at Chase,
Member FDIC
4.5
NerdWallet ratingat 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 10/14/2020). See our list of best bonuses for details.
Chase CD
1.5
NerdWallet rating1-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
4.0
NerdWallet ratingChase 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.
3.5
NerdWallet ratingChase 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.
How does Chase compare?
NerdWallet rating | ||
APY0.01% With $0 minimum balance | APY0.60% With $0 minimum balance | APY1.00% With $0 minimum balance |
Bonus$150 Requirements to qualify | BonusN/A | BonusN/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.
