Chase offers IRAs, but they work differently than you might expect

Yes, Chase Bank has IRA accounts. However, Chase does not manage the investments inside those IRAs the way a brokerage like Fidelity or Vanguard does. Instead, Chase offers self-directed IRAs where you control where your money goes, and they also partner with third-party investment platforms so you can hold stocks, mutual funds, and other securities in an IRA through Chase.

The most straightforward path is opening a Chase IRA that lets you invest through their brokerage platform, or opening a traditional or Roth IRA savings account if you want your money in a Chase savings product earning interest. The account type you choose depends on whether you want tax-deductible contributions now (traditional) or tax-free withdrawals later (Roth), and whether you want your money in savings or invested in the market.

Key Takeaways

  • Chase offers both traditional and Roth IRAs, and you can hold either cash in a savings account or invest in stocks and mutual funds through their brokerage.
  • A traditional IRA may let you deduct contributions from your taxes in the year you make them, while a Roth IRA lets you withdraw money tax-free in retirement if you meet the rules.
  • Chase charges no annual fee for IRAs, but you will pay trading commissions if you buy and sell individual stocks, and expense ratios if you hold mutual funds or ETFs.
  • You must be under age 73 and have earned income to contribute to a traditional IRA; Roth IRA income limits apply based on your filing status and how much you earn.
  • You can open a Chase IRA online in about 15 minutes, but you will need to fund it separately — Chase does not automatically move money from your checking account.

Traditional IRA versus Roth IRA at Chase

A traditional IRA lets you deduct your contributions from your taxable income in the year you make them, which lowers your tax bill that year. You pay taxes on the money when you withdraw it in retirement. This works best if you expect to be in a lower tax bracket after you stop working.

A Roth IRA takes money after taxes — you do not get a deduction now — but all your withdrawals in retirement are tax-free, including the growth. Roth IRAs have income limits: if you earn too much, you cannot contribute directly. For 2024, the phase-out begins at $146,000 for single filers and $230,000 for married filing jointly, though these numbers change yearly.

Both account types have the same contribution limit: $7,000 per year if you are under 50, or $8,000 if you are 50 or older. You cannot contribute more than you earned that year. You must start taking withdrawals from a traditional IRA at age 73; Roth IRAs have no required withdrawal age during your lifetime.

How to open a Chase IRA and what it costs

You can open a Chase IRA online through their website or mobile app. You will need your Social Security number, date of birth, employment information, and an initial deposit. Chase does not require a minimum opening balance for IRAs, though some investment options may have minimums of their own.

Chase charges no annual maintenance fee for IRAs. However, if you trade individual stocks, you will pay a commission per trade — Chase's current rate is $0 for stocks and ETFs, but this can change. If you hold mutual funds, you pay the fund's expense ratio, which is a yearly percentage fee taken from your balance. Money market funds and savings options within the IRA earn interest at Chase's current rate, which is typically lower than online banks offer.

After you open the account, you must fund it yourself. Chase does not automatically transfer money from your checking account. You can link your external bank account and transfer money, deposit a check by mobile app, or wire funds. If you are rolling over money from another IRA or a 401(k), Chase will walk you through that process, which usually takes one to two weeks.

What you can and cannot invest in through Chase

Through Chase's brokerage platform, you can buy stocks, ETFs, mutual funds, and bonds. You can also hold cash in a money market fund or savings account within the IRA. Chase does not allow you to invest in alternative assets like real estate, cryptocurrency, or private equity through a standard Chase IRA.

If you want to invest in those types of assets, you would need a self-directed IRA from a different provider — not Chase. A self-directed IRA gives you much broader investment options but also requires you to handle all the paperwork and ensure you follow IRS rules, which is more complex and often more expensive.

Contribution limits and income restrictions

For 2024, you can contribute up to $7,000 to an IRA if you are under 50, or $8,000 if you are 50 or older. These limits apply to the total you contribute across all IRAs you own — if you have a Chase IRA and an IRA at another bank, your contributions to both count toward the same limit.

You must have earned income to contribute. Earned income means wages from a job, self-employment income, or alimony received. It does not include investment returns, Social Security, or pension payments.

Traditional IRA contributions are always allowed regardless of income, but the deduction phases out if you or your spouse have a 401(k) or similar plan at work. Roth IRA contributions are limited by income: for 2024, single filers begin phasing out at $146,000 and cannot contribute at all above $161,000. Married filing jointly phase out between $230,000 and $240,000. These thresholds change each year.

Withdrawals, penalties, and early access

You can withdraw money from a traditional IRA anytime, but if you withdraw before age 59½, you typically pay a 10% penalty plus income tax on the amount withdrawn. There are exceptions: you can withdraw without penalty for a first home purchase (up to $10,000 lifetime), medical expenses, disability, or a series of substantially equal payments.

Roth IRAs are more flexible. You can withdraw your contributions (the money you put in) anytime without penalty or tax. You can only withdraw earnings (the growth) before age 59½ if you meet an exception, and the account must have been open for at least five years. This makes Roth IRAs useful as an emergency fund if you need access to your contributions.

At age 73, you must begin taking required minimum distributions (RMDs) from a traditional IRA. Roth IRAs have no RMD requirement during your lifetime. Chase will calculate your RMD and notify you, but you are responsible for taking it — if you do not, the penalty is 25% of the amount you should have withdrawn.

Rolling over a 401(k) or old IRA to Chase

If you left a job and have a 401(k), or if you have an IRA at another bank, you can move that money to a Chase IRA. This is called a rollover. The money moves directly from the old account to Chase, and you do not owe taxes or penalties as long as you complete it correctly.

Chase will guide you through the rollover process. You will need the account number and contact information for your old plan or bank. The transfer usually takes one to two weeks. If your old plan is a 401(k), you can roll it into either a traditional or Roth IRA at Chase, but rolling into a Roth means you will owe taxes on the amount converted.

Do not take the money out yourself and deposit it into Chase — that counts as a distribution, and you will owe taxes and possibly penalties. Always request a direct rollover from the old institution to Chase.

When a Chase IRA makes sense and when it does not

A Chase IRA works well if you want a simple, low-cost way to invest in stocks and mutual funds with tax advantages. Chase's zero commission on stock and ETF trades is competitive, and having your IRA at the same bank as your checking account can make transfers and account management easier.

A Chase IRA may not be the best fit if you want to invest in alternative assets, if you need very low expense ratios on mutual funds (online brokerages often have cheaper options), or if you want dedicated retirement planning advice. Chase does offer some financial advisory services, but they typically charge for in-depth planning.

If you already have an IRA elsewhere and are happy with it, there is no urgent reason to move it. The cost of switching is usually low, but the benefit depends on whether Chase's investment options and fees are better for your situation.

Frequently Asked Questions

Can I have both a traditional and Roth IRA at Chase?

Yes. You can open both a traditional and a Roth IRA at Chase. However, your total contributions across both accounts cannot exceed the annual limit — $7,000 for 2024 if you are under 50. If you contribute $4,000 to a traditional IRA, you can only contribute $3,000 to a Roth that year.

What happens to my Chase IRA if I die?

Your beneficiary inherits the account and can either withdraw all the money or take distributions over time, depending on their relationship to you and the type of IRA. Chase will work with your beneficiary to process the transfer. Name a beneficiary when you open the account — if you do not, the account goes through probate, which is slower and more expensive.

Can I move my Chase IRA to another bank later?

Yes. You can roll over your Chase IRA to another bank or brokerage anytime. Request a direct rollover from Chase to the new institution — do not withdraw the money yourself. The process usually takes one to two weeks and does not trigger taxes or penalties.

Does Chase offer a SEP IRA or Solo 401(k) for self-employed people?

Chase does not offer SEP IRAs or Solo 401(k)s. If you are self-employed, you would need to open those accounts at a different provider. However, you can still open a regular traditional or Roth IRA at Chase and contribute based on your self-employment income.

What if I contribute too much to my IRA by mistake?

If you over-contribute, you can withdraw the excess and any earnings on it before your tax filing deadline without penalty, though you will owe tax on the earnings. If you do not withdraw the excess, you pay a 6% penalty each year the excess sits in the account. Contact Chase as soon as you realize the mistake.