Editorial Review

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 BurnetteJanuary 17, 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 one of the largest banks in the country, offering more services than many of its competitors. 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 of its 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.

  • Checking bonus offer.

Cons

  • 0.01% APY on Chase Savings℠ (effective 12/20/2019; 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 Savings℠

Chase Savings℠

3.5

NerdWallet rating 
APY

0.01%

With $0 minimum balance

Chase's basic account, Chase Savings℠, has an annual percentage yield of only 0.01% (effective 12/20/2019; 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 monthly 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

Chase Total Checking®

at Chase,

Member FDIC

4.5

NerdWallet rating 

at Chase,

Member FDIC

Monthly Fee

$12.00

Waived with direct deposit or $1500 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 monthly fee by having monthly direct deposits totaling $500 or more, keeping a daily beginning balance of at least $1,500 or keeping 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

at Chase,

Member FDIC

1.5

NerdWallet rating 

at Chase,

Member FDIC

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

4.5

NerdWallet rating 

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

Chase uses Twitter to answer customer questions; reps initial tweets so customers can follow up. The bank also makes telephone customer service less painful by putting the bank-by-phone menu online.

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 does not charge for overdraft transfers.

Here's a look at how Chase's savings account compares to other savings options.

Chase Savings℠

Chase Savings℠

3.5

NerdWallet rating 
APY

0.01%

With $0 minimum balance

Chase's basic account, Chase Savings℠, has an annual percentage yield of only 0.01% (effective 12/20/2019; 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 monthly 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

How does Chase compare?

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.