Chase is a large bank with strong fraud protection and a wide branch network, but higher fees and lower savings rates than online banks
Chase is the largest bank in the United States by assets. If you bank there, you get real advantages: fraud protection that actually works, branches in most cities, and customer service that picks up the phone. But those advantages come with trade-offs. Chase charges monthly maintenance fees on most checking accounts unless you meet balance or deposit requirements. Savings accounts and money market accounts earn interest rates well below what online banks offer. If you carry a balance on a Chase credit card, the interest rate is typically higher than cards from other issuers.
Whether Chase is "good" depends on what you need. If you value in-person banking, fast fraud resolution, and don't mind paying for convenience, Chase works. If you want the lowest fees and highest interest rates, you will find better terms elsewhere. Most people benefit from comparing Chase to at least one online bank and one credit union before deciding.
Key Takeaways
- Chase checking accounts charge $12 to $15 monthly maintenance fees unless you maintain a minimum balance (usually $500 to $1,500) or set up direct deposit.
- Chase savings accounts earn 0.01% to 0.04% annual interest, while online banks typically offer 4% to 5% on the same money.
- Chase has strong fraud protection and will reverse unauthorized transactions quickly, which matters if you use your debit card frequently.
- Chase credit cards carry standard to high interest rates (18% to 24% APR), but some cards offer strong rewards or travel benefits if you pay the balance in full each month.
- Chase has 4,700+ branches and 16,000+ ATMs, making it easy to deposit cash or withdraw money in person.
Checking accounts and monthly fees
Chase offers several checking accounts, and the fee structure varies by account type. The most common is the Chase Total Checking account, which charges a $12 monthly maintenance fee. You can waive this fee by maintaining a $500 minimum daily balance, setting up direct deposit of any amount, or maintaining a linked savings account with a $500 minimum balance.
Chase Premier Plus Checking charges $25 per month and is aimed at customers with higher balances. It waives the fee if you maintain $15,000 in combined balances across Chase accounts or have a household income of $250,000 or more. For most people, the $12 fee on Total Checking is the relevant number — and it adds up to $144 per year if you do not meet the waiver requirements.
Online banks like Ally, Charles Schwab, and Discover offer checking accounts with no monthly fees, no minimum balance, and no direct deposit requirement. If you rarely visit a branch, the fee difference alone makes an online bank cheaper. If you need in-person banking, you have to decide whether the convenience is worth $144 a year.
Savings rates that lag behind online banks
Chase savings accounts currently earn between 0.01% and 0.04% annual interest, depending on the account type and your balance. This means $10,000 in a Chase savings account earns roughly $1 to $4 per year. Online banks like Marcus, Ally, and American Express Personal Savings currently offer rates between 4% and 5%, which would earn $400 to $500 per year on the same $10,000.
The gap exists because online banks have lower overhead — no branches, fewer employees, lower real estate costs. They pass those savings to customers through higher interest rates. Chase has branches and staff to pay for, so the rates are lower. If you keep money in savings for more than a few months, the interest rate difference matters. Over five years, $10,000 at Chase earns roughly $5 to $20, while $10,000 at an online bank earns roughly $2,000 to $2,500.
Some people keep a small savings account at Chase for emergency access and move larger amounts to an online bank for better rates. Others open a high-yield savings account at an online bank and use Chase only for checking and bill pay.
Fraud protection and dispute resolution
Chase has strong fraud protection on both debit and credit cards. If someone uses your debit card without permission, Chase will reverse the charge and return the money to your account within one to three business days in most cases. You are protected by federal law (Regulation E) for debit card fraud, and Chase typically honors claims faster than the law requires.
Credit card fraud protection is even stronger. If someone uses your Chase credit card number, you are liable for $0 under federal law, and Chase will investigate and reverse the charge. The investigation usually takes 30 to 60 days, but Chase often credits your account within a few days while they investigate.
This protection matters if you use your debit card for everyday purchases or travel frequently. Online banks offer the same legal protections, but some have slower customer service. If you need to dispute a charge and talk to a human the same day, Chase's phone lines and branches give you faster access.
Credit cards and interest rates
Chase issues dozens of credit cards, from basic cards with no annual fee to premium cards that charge $95 to $550 per year. The interest rates on Chase credit cards range from 18% to 24% APR for most customers, which is standard across the industry. Some cards offer 0% introductory rates for 6 to 21 months on purchases or balance transfers, which can save money if you are paying off debt.
Chase credit cards are worth considering if you pay your balance in full each month and want rewards. The Chase Freedom Unlimited card earns 1.5% cash back on all purchases with no annual fee. The Chase Sapphire Preferred earns 2x points on travel and dining but charges a $95 annual fee. If you carry a balance, the rewards do not offset the interest you pay — you would be better off with a card that offers a 0% introductory period or a lower standard rate.
Credit unions and online lenders often offer credit cards with lower interest rates (14% to 18% APR) for people with good credit. If you are comparing cards, check the APR and any annual fees before applying.
Branch access and ATM network
Chase has 4,700 branches across the United States and 16,000 ATMs. This network is useful if you deposit cash regularly, need to withdraw large amounts, or prefer to handle banking in person. Most other large banks (Bank of America, Wells Fargo, Citibank) have similar networks. Credit unions typically have smaller networks but offer shared branching, which lets you use ATMs and tellers at other credit unions.
If you bank online and rarely need in-person service, the branch network is not an advantage. If you travel frequently or move often, having branches everywhere you go is valuable. If you live in a rural area, Chase may be one of the few banks with a local branch.
Comparing Chase to alternatives
| Feature | Chase | Online Bank (Ally, Marcus) | Credit Union |
|---|---|---|---|
| Monthly checking fee | $12 (waivable) | $0 | $0 to $5 |
| Savings interest rate | 0.01% to 0.04% | 4% to 5% | 0.5% to 2% |
| Branches | 4,700+ | 0 | Varies |
| Phone support | 24/7 | 24/7 | Business hours |
| Credit card APR | 18% to 24% | Varies by issuer | 12% to 18% |
The choice between Chase and alternatives depends on your priorities. If you need branches, want to deposit cash in person, and do not mind paying fees, Chase is a solid choice. If you want the lowest fees and highest interest rates and can handle banking online, an online bank is cheaper. If you want a middle ground — lower fees than Chase but some in-person service — a credit union may work.
Many people use multiple banks: a Chase checking account for bill pay and branch access, an online savings account for interest, and a credit union membership for lower credit card rates. There is no single "best" bank; the best bank is the one that fits your actual habits.
Frequently Asked Questions
Can I avoid Chase's monthly checking fee?
Yes. Chase waives the $12 monthly fee if you maintain a $500 minimum daily balance, set up direct deposit of any amount, or link a savings account with a $500 minimum balance. If none of those options work for you, an online bank with no monthly fee is cheaper.
Why does Chase pay so little interest on savings?
Chase has 4,700 branches and thousands of employees, which costs money. Online banks have no branches and lower overhead, so they can pay higher interest rates. You are paying for convenience and in-person service when you bank at Chase.
Is my money safe at Chase?
Yes. Chase is a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type are insured by the federal government. If Chase fails, the FDIC will return your money. This protection applies to all FDIC-member banks, including online banks.
Does Chase have good customer service?
Chase has 24/7 phone support and thousands of branches, so you can reach someone quickly. Online banks also have 24/7 support but no branches. Credit unions often have business-hours-only support. If you need to dispute a charge or resolve a problem in person, Chase's branch network is an advantage.
Should I close my Chase account and move to an online bank?
It depends on how you bank. If you rarely visit a branch and want higher interest rates, an online bank is cheaper. If you deposit cash regularly or prefer in-person banking, Chase's convenience may be worth the fees. You can also keep both — use Chase for checking and an online bank for savings.