Quick Summary
- Full-service bank
- Fee-based checking accounts but avoided by minimum balance
- Offers promos to sign up
- Very low savings account APY
Who Is Chase Bank?
Chase Bank, also known as JPMorgan Chase Bank, is one of the largest banks in the U.S. It has 16,000 ATMs and nearly 5,000 branches. Chase Bank is also a full-service bank offering a full range of deposit and loan products.
What Do They Offer?
We’re going to look at the deposit products offered by Chase Bank.
Checking Accounts
There are four different checking accounts. One is a special college student account that waives the monthly service fee for up to five years.
Chase Total Checking
You can earn up to $600 for opening this account. There is a $12/month fee but it is waived for the following:
- $500 direct deposit each month
- Beginning daily balance of $1,500
- Beginning daily balance of $5,000 total in your Chase accounts
You’ll incur a $2.50 fee for each non-Chase ATM that you use.
Chase College Checking
You must be 17 to 24 years old and have proof of student status. There is a $6/month fee waived for up to five years while you're in college. You can also avoid the monthly fee by:
- Making a direct deposit
- Having an ending daily balance of $5,000
Chase Premier Plus Checking
There is a $25/month fee but it is waived for the following:
- Beginning daily balance of $15,000 total in your Chase accounts
- Linked first mortgage enrolled in automatic payment
You get four non-Chase ATM fee waivers per statement period. The account earns 0.01% APY.
Chase Sapphire Checking
There is a $25/month fee but it is waived if you have $75,000 total in your Chase accounts. There are no ATM fees worldwide. This account also earns 0.01% APY.
Savings Accounts
Chase savings accounts earn very low interest (0.01% APY) and can incur fees if certain criteria are not met. Each savings account allows six withdrawals per statement. After that, there is a $5 Savings Withdrawal Limit Fee for each withdrawal.
Chase Savings
You can earn up to $600 by opening a Chase Savings account. There is a $5/month fee but it is waived if you have a $300 beginning daily balance, do one $25 transfer from a Chase checking account, or link with certain Chase accounts.
Chase Premier Savings
There is a $25/month fee but it is waived if you have a $15,000 beginning daily balance, do one $25 transfer from a Chase checking account, or link with certain Chase accounts.
CDs
Even Chase CDs pay low interest compared to many other banks. Yields go up as CD terms and the CD balances increase. Starting with a 1-month CD, the yield is 0.02% and goes up to 1.51% for a 120-month CD with a $100,000+ balance.
Chase rewards those who link certain Chase accounts together. These can mean higher interest rates a waiver of the monthly fee. This feature is called “relationship.”
Like most banks, Chase offers online and mobile banking. You can do a lot of banking through the Chase mobile app. It includes check deposits, the ability to pay your credit card, the ability to send money through Zelle, the ability to set up account alerts, the ability to find branches and ATMs, plus a lot more.
On the Apple App Store, the app has a 4.8/5 rating out of 1.7 million ratings.
Are There Any Fees?
Yes. Being a full-service bank, you are likely to encounter more fees and lower yields than an Internet-only bank. In addition to the minimum balance and ATM fees mentioned above, there are also the following:
- $34 for insufficient funds
- $34 for overdraft fees
- $30 per stop payment request
- $12 for each deposited item or cash check returned
- $5 for express replacement of a debit or ATM card
- 3% of withdrawal amount for non-ATM cash
- 3% of withdrawal amount for foreign exchange rate adjustment
There are other fees which you can read about here: https://ift.tt/2xfs75v.
How Do I Open an Account?
You can open an account online or at a branch. You’ll need the following information:
- Social Security number
- Driver’s license or state-issued ID
- Contact information
Is My Money Safe?
Yes. Chase deposit accounts are FDIC-insured up to $250,000 per depositor. Chase also uses bank-grade encryption.
Is It Worth It?
If you are looking strictly for high yields, Chase doesn’t offer anything competitive. If you want accounts that charge the fewest fees possible, Chase isn’t going to fit the bill. But if you need a full-service bank where you can do all of your banking, want access to branches, and have ATM locations all over the U.S., Chase is a great choice.
With multiple accounts at Chase, you can save on some fees and earn a little higher yield through “relationship” account linking.
The post Chase Bank Review: Full-Service Banking Is Their Strength appeared first on The College Investor.
from The College Investor
Quick Summary
- Full-service bank
- Fee-based checking accounts but avoided by minimum balance
- Offers promos to sign up
- Very low savings account APY
Who Is Chase Bank?
Chase Bank, also known as JPMorgan Chase Bank, is one of the largest banks in the U.S. It has 16,000 ATMs and nearly 5,000 branches. Chase Bank is also a full-service bank offering a full range of deposit and loan products.
What Do They Offer?
We’re going to look at the deposit products offered by Chase Bank.
Checking Accounts
There are four different checking accounts. One is a special college student account that waives the monthly service fee for up to five years.
Chase Total Checking
You can earn up to $600 for opening this account. There is a $12/month fee but it is waived for the following:
- $500 direct deposit each month
- Beginning daily balance of $1,500
- Beginning daily balance of $5,000 total in your Chase accounts
You’ll incur a $2.50 fee for each non-Chase ATM that you use.
Chase College Checking
You must be 17 to 24 years old and have proof of student status. There is a $6/month fee waived for up to five years while you're in college. You can also avoid the monthly fee by:
- Making a direct deposit
- Having an ending daily balance of $5,000
Chase Premier Plus Checking
There is a $25/month fee but it is waived for the following:
- Beginning daily balance of $15,000 total in your Chase accounts
- Linked first mortgage enrolled in automatic payment
You get four non-Chase ATM fee waivers per statement period. The account earns 0.01% APY.
Chase Sapphire Checking
There is a $25/month fee but it is waived if you have $75,000 total in your Chase accounts. There are no ATM fees worldwide. This account also earns 0.01% APY.
Savings Accounts
Chase savings accounts earn very low interest (0.01% APY) and can incur fees if certain criteria are not met. Each savings account allows six withdrawals per statement. After that, there is a $5 Savings Withdrawal Limit Fee for each withdrawal.
Chase Savings
You can earn up to $600 by opening a Chase Savings account. There is a $5/month fee but it is waived if you have a $300 beginning daily balance, do one $25 transfer from a Chase checking account, or link with certain Chase accounts.
Chase Premier Savings
There is a $25/month fee but it is waived if you have a $15,000 beginning daily balance, do one $25 transfer from a Chase checking account, or link with certain Chase accounts.
CDs
Even Chase CDs pay low interest compared to many other banks. Yields go up as CD terms and the CD balances increase. Starting with a 1-month CD, the yield is 0.02% and goes up to 1.51% for a 120-month CD with a $100,000+ balance.
Chase rewards those who link certain Chase accounts together. These can mean higher interest rates a waiver of the monthly fee. This feature is called “relationship.”
Like most banks, Chase offers online and mobile banking. You can do a lot of banking through the Chase mobile app. It includes check deposits, the ability to pay your credit card, the ability to send money through Zelle, the ability to set up account alerts, the ability to find branches and ATMs, plus a lot more.
On the Apple App Store, the app has a 4.8/5 rating out of 1.7 million ratings.
Are There Any Fees?
Yes. Being a full-service bank, you are likely to encounter more fees and lower yields than an Internet-only bank. In addition to the minimum balance and ATM fees mentioned above, there are also the following:
- $34 for insufficient funds
- $34 for overdraft fees
- $30 per stop payment request
- $12 for each deposited item or cash check returned
- $5 for express replacement of a debit or ATM card
- 3% of withdrawal amount for non-ATM cash
- 3% of withdrawal amount for foreign exchange rate adjustment
There are other fees which you can read about here: https://ift.tt/2xfs75v.
How Do I Open an Account?
You can open an account online or at a branch. You’ll need the following information:
- Social Security number
- Driver’s license or state-issued ID
- Contact information
Is My Money Safe?
Yes. Chase deposit accounts are FDIC-insured up to $250,000 per depositor. Chase also uses bank-grade encryption.
Is It Worth It?
If you are looking strictly for high yields, Chase doesn’t offer anything competitive. If you want accounts that charge the fewest fees possible, Chase isn’t going to fit the bill. But if you need a full-service bank where you can do all of your banking, want access to branches, and have ATM locations all over the U.S., Chase is a great choice.
With multiple accounts at Chase, you can save on some fees and earn a little higher yield through “relationship” account linking.
The post Chase Bank Review: Full-Service Banking Is Their Strength appeared first on The College Investor.
https://ift.tt/2Lotrv2 June 28, 2019 at 10:15AM https://ift.tt/2xdtS35
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