What Chase offers and who it suits

Chase is a large national bank owned by JPMorgan Chase, with branches in most states and a full range of checking, savings, credit card, and loan products. Whether it works for you depends on what you need from a bank and what you're willing to pay for it.

Chase's main strength is availability: you can walk into a branch, use ATMs in most places, and reach customer service by phone. The main trade-off is fees. Chase charges monthly maintenance fees on most accounts unless you meet balance or deposit requirements, and it charges for overdrafts, out-of-network ATM use, and other common transactions. If you keep a low balance or make frequent mistakes, those fees add up fast.

Chase also offers rewards on credit cards and cash back on debit cards in some accounts, which can offset fees if you use them. But the bank's interest rates on savings accounts are typically lower than what online-only banks pay, so if you're saving money rather than spending it, you'll earn less.

Key Takeaways

  • Chase charges monthly fees on most checking and savings accounts unless you maintain a minimum balance or set up direct deposit, which can cost $12 to $25 per month if you don't meet the requirement.
  • Chase has physical branches and ATMs nationwide, making it convenient if you need in-person banking or cash access, but online banks often have lower fees and higher savings rates.
  • Chase's overdraft fees, out-of-network ATM fees, and other charges can accumulate quickly if you're not careful, so read the fee schedule for the specific account you're considering.
  • Chase credit cards offer rewards and cash back, but you need good credit to get approved and should pay off the balance each month to avoid interest charges that outweigh the rewards.

Checking and savings accounts: fees and minimums

Chase's most common checking account is Chase Total Checking, which charges $12 per month unless you meet one of these conditions: maintain a $500 minimum balance, set up direct deposit of at least $500 per month, or link a Chase savings account with $300 in it. Many people can meet one of these, but if you can't, the fee applies every month.

Chase also offers Chase Premier Plus Checking, which charges $25 per month and requires a higher minimum balance or direct deposit. This account includes benefits like higher ATM reimbursement and waived overdraft fees, but most people don't need it.

Savings accounts work the same way: Chase Savings charges $5 per month unless you maintain a $300 minimum balance. The interest rate Chase pays on savings is typically 0.01% to 0.05%, which is far lower than online banks that pay 4% to 5% on savings accounts. If you're saving money, this matters: on $10,000, Chase might pay $1 to $5 per year, while an online bank pays $400 to $500.

If you can't meet the minimum balance, the monthly fee eats into whatever interest you earn. Chase's advantage is convenience, not growth.

ATM access and branch locations

Chase has about 4,700 branches and 15,000 ATMs in the United States. If you live in or near a city, you'll likely have access to both. This is Chase's main advantage over online banks, which have no branches and limited ATM networks.

Using a Chase ATM is free. Using an out-of-network ATM costs $3.50 per transaction, and the other bank may charge an additional fee. If you travel or live in a rural area where Chase has no presence, these fees add up. Some checking accounts include a small number of out-of-network ATM fee reimbursements, but not all.

If you need to deposit cash, write checks, or talk to someone in person, Chase's branch network is valuable. If you do most of your banking on your phone, you won't use it.

Credit cards and rewards

Chase offers a wide range of credit cards, from basic cards for people building credit to premium cards with annual fees and high rewards rates. The most popular is the Chase Freedom Unlimited card, which offers 1.5% cash back on all purchases and has no annual fee.

To get approved for a Chase credit card, you typically need a credit score of 670 or higher, though some cards require 700+. If you have fair or poor credit, you may not be approved. If you are approved, the interest rate depends on your credit score: people with excellent credit pay 15% to 20%, while people with fair credit pay 20% to 25%.

The cash back or rewards only matter if you pay off the balance each month. If you carry a balance, the interest you pay will exceed any rewards you earn. For example, 1.5% cash back on $5,000 is $75, but 20% interest on $5,000 is $1,000 per year.

Overdraft fees and other charges

Chase charges $35 per overdraft transaction, meaning if you spend $5 more than you have, you pay $35. If you overdraft multiple times in one day, you can be charged $35 for each transaction, even if they all happened within minutes. Chase does allow you to opt out of overdraft protection, which means transactions will simply be declined instead of going through and charging a fee.

Chase also charges fees for stopping payment on a check ($30), closing an account within 90 days of opening it ($25), and wire transfers ($15 to $25 depending on the type). These are less common, but they exist.

If you're prone to overdrafting or making mistakes, these fees can make Chase expensive. If you're careful with your account, you may never pay them.

How Chase compares to other banks

Chase's main competitors are Bank of America, Wells Fargo, and regional banks, which all charge similar fees and have similar branch networks. Online banks like Ally, Marcus, and Discover have no monthly fees, higher savings rates, and lower overdraft fees, but no physical branches.

If you value convenience and don't mind paying for it, Chase is comparable to other large national banks. If you want to minimize fees, an online bank is cheaper. If you want both low fees and branch access, a regional bank or credit union in your area may offer a better deal.

The right choice depends on how you bank: if you use branches and ATMs regularly, Chase's convenience is worth something. If you bank mostly online, you're paying for something you don't use.

What to check before opening an account

Before opening a Chase account, read the fee schedule for the specific account type you want. Chase's website lists all fees, minimum balances, and ways to waive them. Check whether you can meet the direct deposit or balance requirement, because if you can't, the monthly fee will apply.

Also check whether there's a Chase branch or ATM near your home and work. If there isn't, the convenience advantage disappears and you'll pay out-of-network fees instead.

If you're considering a credit card, check the interest rate you'd may have access to for by using Chase's pre-qualification tool. This shows you the rate without a hard inquiry on your credit. If the rate is high, carrying a balance will be expensive.

Frequently Asked Questions

Does Chase have a checking account with no monthly fee?

Chase Total Checking has a $12 monthly fee unless you maintain a $500 minimum balance, set up direct deposit of $500+, or link a Chase savings account with $300. If you can meet one of these, there's no fee. If you can't, you'll pay $12 per month.

What's Chase's savings account interest rate?

Chase Savings pays between 0.01% and 0.05% depending on your balance and current market rates. Online banks typically pay 4% to 5%, so Chase's rate is much lower. If you're saving money, you'll earn significantly more elsewhere.

Can I opt out of overdraft fees?

Yes. You can tell Chase to decline transactions instead of overdrafting, which prevents the $35 fee. This is called opting out of overdraft protection. Transactions will be rejected at the point of sale instead of going through and charging you.

Does Chase have a student checking account?

Chase offers Chase Student Checking, which has no monthly fee for the first five years after opening. After five years, it converts to Chase Total Checking and the $12 monthly fee applies unless you meet the balance or direct deposit requirement.

What credit score do I need to get a Chase credit card?

Most Chase credit cards require a credit score of 670 or higher. Some cards aimed at people building credit accept scores as low as 600. Use Chase's pre-qualification tool to see which cards you might be approved for without a hard inquiry.