One sentence summary: Chase Bank has three different checking account options you can choose from with several perks available, including a welcome bonus of $200.
Headquartered out of New York City, Chase Bank has been servicing clients since its inception in 2004. Chase Bank is the largest bank by assets in the U.S., with assets under management totaling over $2.74 trillion.
Our Two Cents — In general, the Chase Bank checking account options are on par with the rest of the traditional banking industry. The major difference, though, is that the account comes with a healthy $600 bonus option.
APY Effective Date: 0.01% effective as of 09/14/2020. Interest rates are variable and subject to change. Expiration Date: 01/20/2021
Chase Bank at a glance
|Bank||Min. Deposit||ATM||J.D. Power Survey Score||Key Benefit|
|Chase Bank||Not listed||16,000||5/5 Circles||$200 welcome bonus available when you open an account and set up direct deposit|
Rates accurate as of July, 2020
What we like about it
The biggest thing to like about the Chase Bank checking account is the welcome bonus. If you open a Chase Total Checking® account and set up direct deposit, you get $200.
Chase also has some variety in options in case you are looking for something in particular. There are three different accounts with varying fees, interest rates and benefits available. The highest tier account comes with no ATM fees, an interest rate of 0.01% APY, no fees on money orders or cashier’s checks, free checks and up to nine linked checking accounts. Overall, it’s a robust offering and just the tip of the iceberg of the other services available through Chase Bank.
Things to consider
Chase checking accounts come with fees of either $12 or $25. The fees are waivable if you meet the direct deposit or account balance minimums required, though. While this is on par with other traditional banks, it’s not as pleasant as the fee-free accounts you can get through online banks like Capital One.
Additionally, you won’t earn any interest on the entry-level checking account (the one with the attached bonus). As you move up to the other two account tiers, you do start to earn a rate of 0.01% regardless of your balance.
What you need to know
Chase Bank checking accounts come in three options — Chase Total Checking®, Chase Premier Plus Checking℠ (currently unavailable through this site) and Chase Secure Banking℠. All three accounts have fees between $12 and $25, access to ATM networks, online bill pay and mobile banking options.
The top two tiers of accounts come with plenty of other perks. These include free checks, interest earnings and four out of network ATM fees waived. The highest-level Chase checking account has no ATM fees ever, a dedicated customer service line and no fees on foreign exchange rate adjustments, wire transfers and the first 4 overdrafts in a 12-month period.
If you need to have more than one checking account, the top tier account can help you with this. You can have up to two additional checking accounts with the Chase Premier Plus Checking℠ account.
If you’re interested in opening a Chase checking account, you have three options — online, over the phone or in-person at a branch location. For existing Chase customers, online is the easiest, as you can check to include your account information on a pre-filled out application. If this is your first Chase account, any of the three options will work sufficiently.
You will need to have your personal information, social security number, a government-issued ID (driver’s license or state ID), a valid email address and a home address. With this information, you can open a checking account with the bank in just a few minutes.
The most recent J.D. Power customer satisfaction survey found the Chase Bank mobile app earning three out of five circles, putting it around the middle of the pack of studied banking apps. The app is available for both iOS and Android; some of the more prominent features include facial recognition and fingerprint scanning, the ability to lock and unlock your debit card, online bill pay, Zelle access and mobile check deposit. Overall, the Chase mobile app offers a robust list of features not just for your checking account but for all Chase accounts you may have.
[Read: Best Money-Saving Apps]
Fees and penalties
Monthly maintenance fees on Chase checking accounts are either $12 or $25. These fees are waivable if you meet the account balance minimums, use a certain level of direct deposit or meet an account minimum for all of your accounts held with Chase Bank.
The bank does offer fairly standard overdraft protection to protect you from the $34 dollar fee. This protection involves declining transactions that will overdraw your account and allowing you to link a savings account to cover overdrafts. Additionally, if you have the highest tier of Chase checking accounts, you will get the first four overdraft fees covered every 12 months. We don’t recommend purposefully using this, but it’s a nice safeguard feature to have.
Chase Bank vs. Capital One
While Chase does have a nice list of features, it gets a run for its money with the Capital One checking account. Capital One offers checking accounts with no minimum balance, no monthly fees to get waived and access to over 40,000 ATMs as a part of the AllPoint network. Now, if you are someone who needs the ability to walk into a branch location and speak to a bank agent face to face, Capital One will not be a good fit. The bank handles all operations 100% online.
Too long, didn’t read?
Chase offers several checking account options that are competitive with traditional brick and mortar banks. When you start to compare the accounts to online banks, though, they lag behind with fee structures, account minimums and interest earnings. But if you’re looking for the traditional banking experience for your checking account needs, Chase Bank should surely be on your list of contenders. And when you throw in the welcome bonus of up to $600 with a checking and savings account, it gets much more attractive.
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The SimpleScore is our proprietary scoring metric to compare products and services at The Simple Dollar in a transparent, evidence-based way. Our editorial team identifies five quantifiable aspects to compare for every brand, determines the rating criteria for each aspect score, then averages the five aspect scores to produce a single SimpleScore. For checking accounts, we compared APYs, overdraft protection, customer satisfaction, support and additional accounts for every major checking account provider. Our ratings are meant to be a directional tool to help you in the process of choosing a checking account. Be sure to continue your research and shop around for the best checking account that fits your specific needs.
We welcome your feedback on this article and would love to hear about your experience with the checking accounts we recommend. Contact us at firstname.lastname@example.org with comments or questions.