- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
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 that of online-only banks. Chase ranked well in the 2023 J.D. Power U.S. Retail Banking Satisfaction Study.
Chase has a good basic checking account but its savings rates are low, and some fees are high and hard to avoid.
Best for: Customers who want access to a large number of branches, are not looking for the highest interest rates and can keep a large enough balance to avoid a monthly fee.
- Large branch network.
- Large, free, nationwide ATM network.
- Early direct deposit.
- Overdraft buffer.
- Expensive overdraft fee.
- Monthly fees (though some are avoidable).
- Low rates on savings accounts and CDs.
Chase offers several checking options, including its most basic account, Chase Total Checking®, and a couple that bear a tiny amount of interest (the rates are lower than the national average of 0.07%). Each checking account gives users access to mobile banking, including online bill pay, and comes with a debit card.
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 01/24/2024). See our list of best bonuses for details.
» Looking for a business checking account? See our review of Chase's Business Complete Checking
3.0/5 NerdWallet rating
Chase's basic account, Chase Savings℠, has a low annual percentage yield of only 0.01% (effective 2/10/2023; 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.
Customers can avoid the $5 monthly fee on the Chase Savings℠ account by maintaining a daily balance of at least $300 or scheduling a recurring transfer of at least $25 from a linked Chase checking account, among a couple other options.
» Want to see more options? Check out NerdWallet’s best savings accounts
Certificates of deposit
1.5/5 NerdWallet rating
Chase offers many term lengths, but most rates are disappointing. Compared with what you can find at online banks, Chase’s minimum deposit requirement is higher and its rates are much, much lower. Read more about Chase's CDs here.
» Want to see higher yields? Check our list of best CD rates for the month
Chase has a large network of branches and ATMs across the country.
Chase offers customer support through social media and by phone. The bank uses X (Twitter) to answer customer questions, with reps providing their initials in tweets so customers can follow up. The bank provides daily customer service via phone and has highly rated mobile apps.
There's no fee for overdrawing by $50 or less in a day. A customer can also avoid an overdraft fee if they overdraft more than $50 and bring their account balance to overdrawn by $50 or less by 11 p.m. ET the next business day.
But if you overdraft by more or you can’t bring your balance into positive territory, Chase continues to charge an overdraft fee of $34, up to three times per day (unlike banks that have eliminated overdraft fees). However, Chase doesn't charge for overdraft transfers if a customer links their savings account as a backup.
How does Chase compare?
SoFi Checking and Savings
CIT Bank Platinum Savings
With $0 min. balance for APY
With $5,000 min. balance for APY
Earn up to $250 with direct deposit. Terms apply.
at SoFi Bank, N.A.
at CIT Bank
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.