Chase Bank review: National bank with a variety of accounts, but low interest rates on savings
Chase; Alyssa Powell/Business Insider
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Overall bank rating
| Feature | Insider rating (out of 5) |
| Checking | 3.25 |
| Savings | 3.5 |
| CD | 3.5 |
| Trustworthiness | 3.5 |
| Total | 3.5 |
Pros and cons
| Pros | Cons |
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Chase Savings℠
However, the average savings account in the US has an interest rate of 0.06%, according to the FDIC. If you are looking to earn a more competitive interest rate, read through our best savings account guide.
Chase Total Checking®
You'll need to meet one of these requirements: Receive $500 or more in direct deposits each month; keep a minimum monthly balance of $1,500 in the account; or maintain an average daily balance of $5,000 or more on all Chase accounts and linked investment accounts.
If you set up direct deposits into a new checking account, you may also be eligible for a $225 bonus.
Chase Certificate of Deposit (CD)
Chase has
The interest rate is the same as the savings account's rate, but you'll earn a slightly better rate if you also have a Chase checking account. Online banks and credit unions also pay higher interest rates overall.
How Chase works
Chase is a brick-and-mortar bank with 4,700 branches and 16,000 free ATMs. Bank accounts can be opened online from anywhere in the continental US.
Customer service is available 24/7 over the phone.
Its mobile app is rated 4.8 out of 5 stars in the Apple store and 4.3 out of 5 stars in the Google Play Store.
Chase is FDIC insured. Up to $250,000 is secure in an individual bank account.
Is Chase trustworthy?
We use ratings from the Better Business Bureau to see how banks respond to customer issues.
Keep in mind that a good BBB rating won't necessarily guarantee your relationship with a bank will be perfect. Reach out to current customers or read online customer reviews to see if Chase might be right for you.
The BBB gave Chase a B- rating due to government action taken against the business and two unresolved bank complaints.
In 2020, JP Morgan Chase & Co. paid the Department of Justice $920 million in a settlement that said the bank was involved in wrongful trading.
In the same year, the US Department of Labor also required Chase to pay $800,000 in back wages in a settlement that accused the bank of underpaying women.
How Chase compares
We've compared Chase to two other financial institutions that let you open bank accounts from anywhere in the US: Ally Bank and Alliant Credit Union.
You can also look at our comparison reviews below to see how Chase stacks up with other brick-and-mortar banks like Wells Fargo and Bank of America.
Chase | Ally | Alliant Credit Union |
Savings APY | Savings APY | Savings APY |
Standout feature Variety of bank accounts, including options for minors | Standout feature Fee-free, high-yield bank accounts | Standout feature Fee-free, high-yield bank accounts, including options for minors |
Credit unions and online banks generally offer higher interest rates on savings accounts.
At Ally and Alliant, you'll be able to earn a competitive interest rate that is much higher than with any Chase savings accounts. You also won't have to worry about paying monthly services at either bank, since both have fee-free bank accounts.
Your decision between the two financial institutions may ultimately come down to whether you prefer to open an account at a bank or credit union.
If you plan to open unique bank accounts, Chase or Alliant will stand out to you more.
Chase has the greatest variety of bank accounts to explore out of all three financial institutions, including options for kids, teens, and college students. Alliant has fewer options than Chase but it still allows you to open a bank account for a kid or teen. At Ally, you won't be able to open a joint bank account for a minor.
More on Chase Bank products
This bank review covers a general overview of Chase bank accounts with low fees.
However, if you'd like to learn more about specific Chase bank accounts or bank accounts not mentioned, check out our other reviews:
- Chase savings accounts comparison review
- Chase checking accounts comparison review
- Chase CDs review
- Chase First Banking review
- Chase Sapphire Checking review
- Chase Premier Plus Checking review
- Chase Private Client Checking review
- Chase vs. Bank of America comparison review
- Wells Fargo vs. Chase comparison review
- Bank of America vs. Chase. vs. Wells Fargo comparison review
Frequently asked questions
How much money do you need to open a Chase account?
You can open a Chase savings or checking account with $0. CDs require an initial deposit of at least $1,000.
What do you need to open a bank account at Chase if you're under 18?
Parents need to have a Chase checking account to open a Chase kid's savings or checking account. You may also read our guide on how to open up a bank account for a minor to learn about specific documents required to open an account and tips on a managing kid's bank account.
Can I open a Chase bank account without an SSN?
You do not need a social security number to open a Chase bank account. Immigrants and non-US citizens may use a foreign passport or Matricula Consular.