Overall Review of Chase
Chase is the largest bank in the US, and offers a wide variety of products - but some of these services have high fees.
Pros & Cons
- Nearly 16,000 ATMs.
- Checking and savings bonus offers.
- Some of the lowest rates on Savings Accounts in the US
- $2.50 fee at non-Chase ATMs in U.S.
- High monthly fees, low-to-none interest rates on checking accounts.
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Chase Savings Account Review
Chase's basic savings account has an annual percentage yield of only 0.01% (effective 12/20/19; rates are variable and subject to change), significantly lower than many online options available to you. One interesting thing you can do is link your Savings Account to your Checking Account for ‘Overdraft Protection’ - this will enable you to avoid overdraft fees (or you can open an account with other companies that don’t have overdraft fees).
There is a $5 monthly fee, unless you maintain a balance of $300 or schedule a recurring monthly transfer of at least $25 from a linked Chase checking account.
Chase CDs Review
Chase offers a variety of Certificate of Deposits, but all with incredibly low rates that are far below the national average.
Chase Checking Accounts Review
Chase has multiple checking accounts, each with its own requirements and fees. A few of the checking accounts are interest-bearing, but they are extremely low and marginal.
You can avoid the monthly maintenance charges by maintaining a daily balance of $1,500.
Note - this is the review for the general Chase Checking Account. If you want to read about our review for Chase College Checking Accounts, click here.
The overall banking experience
While Chase has a large branch network, this is concentrated heavily in major cities (and in today’s digital world, less important than a robust online banking experience). Chase’s ATM network is also concentrated heavily in cities, but has heavy fees for non-Chase ATMs ($2.50).
You can use Twitter to contact Chase customer support, but the main mode of contact is by phone.
Fees at Chase
Chase Checking Accounts charge the following fees:
- $12 monthly fee (or $1,500 minimum balance)
- $15 incoming wire fee
- $25 outgoing wire fee (domestic)
- $40 outgoing wire fee (international)
- $2.50 non-Chase ATM fee
- $5 international ATM fee
- 3% Foreign Transaction Fee
Hey, since we have you - North Loop charges no outgoing wire fees, no incoming wire fees and no ATM fees at any ATM in the world! And of course, it has no minimum or monthly fee.
Overdraft Fees at Chase
Chase charges $34 three times a day ($102 a day) if you overdraft on your account. However, if you link your savings account as a backup, Chase does not charge for overdraft transfers. Or you can sign up for an account at North Loop, which charges no overdraft fees.
Online Banking at Chase
Chase offers a wide variety of features on its online banking website and mobile app, including being able to see your transactions and deposit checks.
However, there are many instances where the online experience of Chase falls flat and exposes itself as a layer on top of a fee-heavy, difficult-to-deal-with legacy bank. You’ll run into many instances where the website asks you to call or visit a branch, and you can’t do ACH local transfers online - only expensive ($25) wire transfers..
North Loop Checking Accounts
Sick of fees and account minimums? North Loop is a no-minimum, no-fee checking account - you could save over $300 a year with a North Loop account vs. a Chase Account. Signing up takes 5 minutes, and you can link any other bank account you have to our powerful spending analysis tools! <Sign up here