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.
Mar 29, 2022

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Overall bank rating

Chase

at Chase, Member FDIC

  • Checking

  • Savings

  • CD rates

  • Banking experience

  • 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 that of online-only banks.

Chase has a good basic checking account but its savings rates are generally 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.

Pros

  • More than 4,700 branches and 16,000 ATMs.
  • Monthly fee on basic savings account is easy to avoid.
  • Bonus offer on checking.

Cons

  • High monthly fees.
  • $3 fee at non-Chase ATMs in the U.S. for basic checking accounts.
  • Low rates on CDs.
  • Low rates on savings.

Full review

Chase Total Checking®

Checking

Member FDIC

4.0

/5
 NerdWallet rating 
Monthly fee
$12.00
Waived with direct deposit or $1,500 minimum balance
Bonus
$200
Requirements to qualify
Learn more

at Chase

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 0.03%). Each checking account gives users access to mobile banking, including online bill pay, and comes with a debit card that has a security-enhancing 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 07/20/2022). See our list of best bonuses for details.

» Looking for a business checking account? See our review of Chase's Business Complete Checking

Chase Savings℠
Chase Savings℠

Savings

Member FDIC

3.5

/5
 NerdWallet rating 
APY
0.01%
With $0 min. balance for APY

Chase's basic account, Chase Savings℠, has a low annual percentage yield of only 0.01% (effective 8/6/2021; 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

Chase CD
Chase CD

CD

Member FDIC

1.5

/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

4.5

NerdWallet rating 

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

Chase offers support through social media and by phone. The bank uses Twitter to answer customer questions, with reps providing their initials in tweets so customers can follow up. The bank provides customer service via phone daily from 7 a.m. to midnight ET. It also has highly rated mobile apps.

Overdraft fees

3.5

NerdWallet rating 

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. There's also no fee for overdrawing by $50 or less in a day.

How does Chase compare?

NerdWallet rating 

5.0

/5
NerdWallet rating 

4.5

/5

APY

1.26%

With $0 min. balance for APY

APY

1.00%

With $0 min. balance for APY

Bonus

N/A

Bonus

N/A

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.