Chase Bank Reviews: CD, Checking, and Savings Rates
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Written By
Updated on Wednesday, July 1, 2020
In this review, we’ll cover:
Chase Bank’s CD rates
Standard rates |
|
|---|---|
Term | APY |
| 1 Month | 0.01% |
| 2 Month | 0.01% |
| 3-5 Months | 0.01% |
| 6-8 Months | 0.01% |
| 9-11 Months | 0.01% |
| 12-14 Months | 0.01% |
| 15 - 17 Months | 0.01% |
| 18-20 Months | 0.01% |
| 21-23 Months | 0.01% |
| 24-29 Months | 0.01% |
| 30-35 Months | 0.01% |
| 36-41 Months | 0.01% |
| 42-47 Months | 0.50% |
| 48-59 Months | 0.02% |
| 60-83 Months | 0.30% |
| 84-119 Months | 0.01% |
| 120 Months | 0.30% |
Relationship rates |
|||
|---|---|---|---|
$1,000-$9,999 | $10,000-$99,999 | $100,000+ |
|
1 Month | 0.02% | 0.02% | 0.02% |
2 Month | 0.02% | 0.02% | 0.02% |
3-5 Months | 0.02% | 0.02% | 0.02% |
6-8 Months | 0.02% | 0.10% | 0.10% |
9-11 Months | 0.02% | 0.10% | 0.10% |
12-14 Months | 0.02% | 0.10% | 0.10% |
15 - 17 Months | 0.02% | 0.10% | 0.10% |
18-20 Months | 1.00% | 1.00% | 0.01% |
21-23 Months | 0.02% | 0.10% | 0.10% |
24-29 Months | 0.02% | 0.10% | 0.10% |
30-35 Months | 0.02% | 0.10% | 0.10% |
36-41 Months | 0.02% | 0.10% | 0.10% |
42-47 Months | 0.02% | 0.10% | 0.10% |
48-59 Months | 0.10% | 0.10% | 0.01% |
60-83 Months | 0.75% | 1.01% | 1.01% |
84-119 Months | 0.02% | 0.10% | 0.10% |
120 Months | 0.02% | 0.10% | 0.10% |
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: $1,000
- Early withdrawal penalty:
- For CDs of less than 24 months, you’ll pay 1% of the amount withdrawn.
- For CDs of longer than 24 months, you’ll pay 2% of the amount withdrawn.
In either case, the penalty won’t be more than the total interest you’ve earned.
Chase Bank offers many different CD term lengths, which can allow you to customize your savings plan. This feature is especially handy if you’re trying a creative CD laddering strategy. You can also withdraw the interest earned at any time without paying a penalty, which is a convenient feature if you need this income before the CD matures. However, you’ll still face an early withdrawal fee if you want to withdraw any of the principal (the amount you initially put in the CD).
When you open up a Chase CD, it’ll automatically renew for the same term length once it matures. However, after this happens, you’ll still have a 10-day grace period where you can withdraw the money or make any changes to your CD without penalty.
You can open up a CD with Chase Bank online as long as you’re a U.S. citizen and you have some form of government-issued ID. In addition, you’ll also need a way to fund your new account.
How Chase Bank’s CD rates compare
We’ll be blunt. Chase Bank’s CD interest rates don’t even come close to the current top competitors for best CD rates. While it’s nice that it offers many different term length options, this isn’t what’s going to give you the greatest returns: high interest rates will. That’s why we suggest passing on these CDs and instead choosing another bank if you want to earn the most money possible.
Chase Bank’s checking account options
Chase Premier Plus Checking
APY | Minimum balance amount |
|---|---|
| 0.01% | $0 |
- Minimum opening deposit: $0
- Monthly account maintenance fee: $25
- ATM fee: $2.50 for non-Chase ATMs within the U.S. If you’re using a foreign ATM, you’ll pay $5 per withdrawal and $2.50 per transfer or inquiry, plus a 3% foreign exchange fee.
- ATM fee refund: Your first four non-Chase ATM uses are free.
- Overdraft fee: $34 per each item over $5, up to three per day. If your account is overdrawn for five or more consecutive days, you’ll also face a $15 extended overdraft fee.
This account is probably best for current and former military members, as well as those with deep pockets and/or other banking relationships with this bank. People who fall under this umbrella can get the high monthly account maintenance fee waived under one of these options:
- Be an active-duty military member or veteran with a military ID
- Have an average daily balance of $15,000 across all your eligible linked Chase accounts and investments
- Sign this account up to make automatic payments to your Chase first mortgage
If you have this account, you’ll also get a few other minor perks. You can get free checks, a free 3” x 5” security box (as long as there are some available) at your local Chase branch and free money orders and cashier’s checks.
In addition, if you are a current military member and have your military paycheck deposited into this account, you’ll get a few more free perks: no fees at all for using non-Chase ATMs, free wire transfers and no foreign exchange fees for ATM or debit card transactions.
You can easily open a Chase Premier Plus checking account online as long as you’re a U.S. citizen. You’ll need an ID number (such as a driver’s license number) and a way to fund your new account, such as via a transfer from another checking account or by debit card.
Chase Sapphire Checking
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0-$24,999 |
| 0.01% | $25,000-$49,999 |
| 0.01% | Over $50,000 |
- Minimum opening deposit: $0
- Minimum balance to earn APY: $0.01
- Monthly account maintenance fee: $25, unless you keep at least $75,000 in any combination in this account and linked qualifying deposits accounts or investments
- ATM fee: None
- ATM fee refund: Chase Bank will refund all ATM surcharge fees
- Overdraft fee: Your first four overdrafts within a 12-month period are free. After that, you’ll only pay an overdraft fee if your account is overdrawn by $5 or more at the end of the day. If you do have to pay an overdraft fee, you’ll pay $34 per item on up to three items per day.
Chase seems to be piggybacking off of the success of its Sapphire line of credit cards with this new account. It’s based on the old Platinum Premier checking account model (the account that this one is replacing) and has the same policies in terms of its monthly fee, and the requirement to waive the monthly fee.
What happens to your old Platinum Premier account?
If you already had the Platinum Premier checking account, you should have already gotten a notice in the mail that your old checking account will be automatically converted into this new Chase Sapphire Checking account.
What new features does the Sapphire Checking account have?
The Sapphire Checking account brings in some of the more traveler-friendly features that made the Sapphire credit cards so successful. Notably, there are no ATM fees for anything, no foreign transaction fees for using this card abroad, and unlimited ATM surcharge fee reimbursements.
This account also waives some of the random, miscellaneous fees that most people don’t pay anyways. For example, you’ll get a free 3” x 5” security box and you won’t pay a fee for stop payment orders, returned checks, rush debit card replacements, wire transfers, money orders or cashier’s checks. You’ll also get free stock and ETF trades through J.P. Morgan’s online investing platform, You Invest.
Finally, Chase sprinkles in a few other random perks. You’ll get premier relationship interest rates on a linked Premier Savings account (though these interest rates aren’t much higher, to be honest). You can also get early access and special access to certain entertainment and sports events, just like with the Chase Sapphire Preferred® Card. But on the whole, however, these perks seem a bit like fresh sprinkles on a week-old donut: the checking account itself isn’t the greatest, and the perks don’t really do enough to freshen it up. You can find better donuts with tastier sprinkles elsewhere.
Chase Total Checking
- Minimum opening deposit: $0
- Monthly account maintenance fee: $12
- ATM fee: $2.50 for non-Chase ATMs within the U.S. If you’re using a foreign ATM, you’ll pay $5 per withdrawal and $2.50 per transfer or inquiry, plus a 3% foreign exchange fee.
- ATM fee refund: None.
- Overdraft fee: $34 per each item over $5, up to three per day. If your account is overdrawn for 5 or more consecutive days, you’ll also face a $15 extended overdraft fee.
If you don’t quite have the high balances required to waive the monthly maintenance fees on the more premium checking accounts, the Total Checking account might be a better option for you. With this account, you can have the monthly maintenance fee waived in one of three ways each month:
- Have at least $500 direct-deposited into your account
- Keep a balance of $1,500 in your account
- Have at least $5,000 in this and other linked Chase accounts and investments
This account offers no interest and none of the perks of Chase Bank’s other accounts, such as free checks or free ATM uses.
If you’re a U.S. citizen and have the number from your government-issued ID handy, you can easily open an account online. You’ll also need to provide a method to fund your new account, such as a transfer from another bank account or with a debit card.
Chase College Checking
- Minimum opening deposit: $0
- Monthly account maintenance fee: $6 (your first five years are free, however)
- ATM fee: $2.50 for non-Chase ATMs within the U.S. If you’re using a foreign ATM, you’ll pay $5 per withdrawal and $2.50 per transfer or inquiry, plus a 3% foreign exchange fee.
- ATM fee refund: None.
- Overdraft fee: $34 per each item over $5, up to three per day. If your account is overdrawn for 5 or more consecutive days, you’ll also face a $15 extended overdraft fee.
If you’re a college student between the ages of 17 and 24 (and can prove your status), you’re eligible to open up a College Checking account with Chase.
There won’t be any monthly maintenance fees for the first five years after you open the account. If it takes you a long time to graduate or if you go to grad school and extend your college career past the five-year mark, however, there are still a couple of ways you can get the monthly maintenance fee waived:
- Have at least one direct deposit (any amount) per month
- Keep an average daily balance of $5,000 in your account
If you’re a U.S. citizen, and a college student between the ages of 17 and 24, you can open a College Checking account with Chase Bank online. You’ll also need to provide a way to fund the account, and a government-issued ID.
Bonus offer: Chase College Checking account
For a limited time (until Aug. 13, 2018), Chase Bank is offering a special $50 bonus to new customers who open up a College Checking account. You’ll need to go on the website to get a coupon, which you then can bring into a local branch (the offer is not available for people who sign up online).
When you open your account, you’ll need to enroll in electronic statements. Finally, you’ll need to make at least 10 transactions with your new checking account within 60 days to be eligible for the $50 bonus. If you meet all these qualifications, you’ll get your bonus money within 10 days.
One final heads up: Don’t close your account for at least six months after you open it. Otherwise, Chase will deduct the $50 bonus from your account.
Chase High School Checking
- Minimum opening deposit: $25
- Monthly account maintenance fee: $6
- ATM fee: $2.50 for non-Chase ATMs within the U.S. If you’re using a foreign ATM, you’ll pay $5 per withdrawal and $2.50 per transfer or inquiry, plus a 3% foreign exchange fee.
- ATM fee refund: None.
- Overdraft fee: $34 per each item over $5, up to three per day. If your account is overdrawn for 5 or more consecutive days, you’ll also face a $15 extended overdraft fee.
This checking account is available to high school students between the ages of 13 and 17 who apply along with a parent. Parents who already have a banking relationship with Chase (not including a College Checking or High School Checking account) are eligible to apply for this account as a co-owner along with their student.
Although it comes with a $6 monthly maintenance fee, it’s almost guaranteed that you won’t have to pay it, since one of the ways to waive this fee is by having a parental co-owner with a linked non-College Checking and non-High School Checking account. Conveniently, those are also the requirements to open this account.
But, if Chase Bank ever does change the rules, or you find yourself in some weird loophole where this doesn’t apply to you, there are a couple of other ways that you can get the $6 monthly maintenance fee waived:
- Have at least one monthly direct deposit made into the account
- Keep a daily average of at least $5,000 in this account
Once the student co-owner turns age 19, this account will automatically transform into a Chase Total Checking account. It’s a good idea to keep this in mind, since the Total Checking account comes with a $12 monthly maintenance fee that you definitely do not want to be surprised by.
If you, as a parent, already have a qualifying personal checking account with Chase Bank and are prepared to be a co-owner on the checking account with your 13- to 17-year-old, then they are eligible for this account.
You’ll need to provide a way to fund the account along with your and your child’s government-issued IDs. Finally, you’ll need to apply for this account in-person at a local branch, rather than online.
How Chase Bank’s checking accounts compare
Overall, we’re not too impressed with Chase Bank’s checking accounts. Each account charges a monthly maintenance fee, and while it is possible (and even probable, in some cases) to have this fee waived, you’ll still need to be on your toes each month to make sure you meet the requirements.
Furthermore, only two of its checking accounts offer any interest on your deposit. And even then, it’s worth noting that it’s only currently at 0.01% APY, which is the smallest amount of interest a bank can offer while still technically saying that it does offer interest.
If you’re looking for a higher interest-earning online checking account, take a look at these top-rated online checking account options instead.
Chase Bank’s savings account options
Chase Savings Account
APY | Minimum Deposit Amount |
|---|---|
| 0.01% | $0 |
- Minimum opening deposit: $0
- Monthly account maintenance fee: $5
- ATM fee: $2.50 for non-Chase ATMs within the U.S. If you’re using a foreign ATM, you’ll pay $5 per withdrawal and $2.50 per transfer or inquiry, plus a 3% foreign exchange fee.
- ATM fee refund: None.
- Overdraft fee: $34 per each item over $5, up to three per day. If your account is overdrawn for five or more consecutive days, you’ll also face a $15 extended overdraft fee.
You don’t get much with this savings account. Furthermore, you’ll need to find ways to waive the monthly maintenance fee, otherwise this fee could easily wipe out any earnings you receive for the month. There are four different ways you can get this monthly maintenance fee waived:
- Keep at least $300 in this account
- Set up a recurring monthly deposit of at least $25 from a linked Chase Bank personal checking account
- Be under the age of 18
- Have a linked Chase Premier Plus, Premier Platinum or Private Client checking account
You’ll also need to make an opening deposit of at least $25 to establish the account. This account also comes with a $5 “savings withdrawal limit fee” that will be charged each time you exceed six withdrawals per month. Unlike with the Chase Premier Savings account, there is no way to have this fee waived, so if you think you’ll be making a lot of withdrawals, you may want to consider another savings account.
Finally, if you exceed the Federal Regulation D limits (not including ATM or in-person withdrawals), the bank may also downgrade your account to a Chase Total Checking account.
Chase Bank does make it easy to sign up for a Savings Account online. U.S. citizens are eligible to apply, and all you’ll need is a way to fund the account and a government-issued ID number.
Chase Premier Savings
Standard rates |
|
|---|---|
APY | Minimum Deposit Amount |
| 0.01% | $0 |
Relationship rates |
|
|---|---|
APY | Balance Amount |
| 0.02% | $0-$49,999 |
| 0.03% | $50,000-$99,999 |
| 0.04% | $100,000-$249,999 |
| 0.05% | $250,000+ |
- Monthly account maintenance fee: $25
- ATM fee: $2.50 for non-Chase ATMs within the U.S. If you’re using a foreign ATM, you’ll pay $5 per withdrawal and $2.50 per transfer or inquiry, plus a 3% foreign exchange fee.
- ATM fee refund: None.
- Overdraft fee: $34 per each item over $5, up to three per day. If your account is overdrawn for 5 or more consecutive days, you’ll also face a $15 extended overdraft fee.
Chase’s Premier Savings account offers you the best chance to earn high interest rates with a savings account at this bank. However, you’ll need to watch out for the $25 monthly maintenance fee, which you can skirt in one of two ways:
- Keep at least $15,000 in this account
- Have a linked Chase Premier Plus or Chase Premier Platinum Checking account
You’ll also need to make an opening deposit of at least $100 to open this account (however, the balance can drop below that afterward). If you make more than six withdrawals per month, you’ll also face a $5 “savings withdrawal limit fee,” unless you have more than $15,000 in your account.
This is different from the Federal Regulation D limits, which limit you to six transactions per month, not including ATM or in-person transfers. If you exceed these limits, your account may automatically be downgraded to a Chase Total Checking account instead.
If you’re interested in opening a Premier Savings account with Chase Bank online, you’ll need to be a U.S. citizen. In addition, you’ll also need a way to fund your new account (such as with a transfer from an existing bank account) and you’ll need to provide the bank with a government-issued ID number.
How Chase Bank’s savings accounts compare
Like many traditional bricks-and-mortar banks, Chase Bank offers some less-than-stellar interest rates. Case in point: the current highest-yielding online savings accounts are paying 15X what the maximum interest rate Chase offers, and with a lot less hassle. It may be convenient for you to open a savings account with Chase if you want to bank with a local branch, but if you want to earn the most money possible from your savings account, this isn’t the account to choose.
Overall review of Chase Bank’s products
Chase Bank has made quite a name for itself over the years. However, when it comes to its personal deposit accounts, there’s a lot left to be desired. Each of these accounts comes with high fees and super-low interest rates that make it hardly worthwhile to bank with Chase.
There may be good reasons to bank with Chase, such as if you prefer to use a conveniently-located branch near you. But in terms of earning the most money possible from your bank deposits, Chase Bank is definitely one to pass up.
