JPMorgan Chase is not only one of the "Big Four" banks in America, but is also classified by S & P Global the largest bank in the United States.
Chase received bad press in 2014 after a security breach exposed the information of 89 million customers. But nowadays almost every bank has a few black spots on its resume. So you have to ask yourself: are the products and services worth the risk?
We are here to give you an honest look at Chase Bank's review and savings features for individuals and small businesses, as well as the convenience and mobile banking features of this JPMorgan Chase Bank.
JPMorgan Chase Bank Review: Pros and Cons
What we like:
Chase is pretty much everywhere, making it easy to find a branch or an ATM.
No overdraft fees for less than $ 5 in the red on your account.
Low deposit requirements for most accounts.
What we don't like:
The interest rates for simple current accounts and savings accounts are a trifle.
You published 89 million customer information a few years ago.
$ 2.50 fee for use of non-chase ATMs.
Chase's most popular checking account, Chase Total Checking, is an interest-free account that does not require a minimum deposit.
A monthly service fee of $ 12 is charged for the account. However, you can waive this fee by setting one of the following fees for each billing cycle:
Direct deposit totaling $ 500 or more.
Maintain $ 1,500 or more at the beginning of each day.
Maintain an average initial balance of $ 5,000 or more in any combination of this account and the associated qualifying deposits.
While you don't earn interest on your money in the Chase Total Checking account, you can opt for Chase Premier Plus or Chase Sapphire checking accounts that incur interest. Both offer only 0.01% APY. There will also be a $ 25 monthly fee for each fee unless you maintain $ 15,000 or $ 75,000 opening credit each day.
The Chase Total Checking account has a $ 34 overdraft penalty. There are a maximum of three per day. On the plus side, you won't be charged the overdraft for transactions that overdraw your account by $ 5 or less. If you set up overdraft protection, there is no transaction fee. It's kind of nice.
If you use ATMs frequently, be careful. Chase Total Checking brings you $ 2.50 for every transaction in the United States that you make at a non-Chase ATM. The good news is that there are 16,000 Chase ATMs. So you should be able to find one when you need it.
Read how Chase compared on our list of the best checking accounts. Chase also often offers bonuses when you open a new account. Check out the latest offers on this list of the best banking promotions.
Chris Zuppa / The Penny Hoarder
Note: C +
You only need $ 25 for your opening deposit to get a Chase savings account, the bank's easiest and most popular savings account.
The Chase Savings Account is charged a monthly service fee of $ 5, which is waived if:
You have $ 300 or more in your account at the beginning of each day.
You have a total of $ 25 or more for automatic storage or other repeated automatic transfers from your personal Chase checking account or Chase Liquid Card (only available through Chase.com or Chase Mobile).
You have a Chase College Checking account linked to this overdraft protection account.
The account holder is under the age of 18.
You link the savings account to one of several other authorized accounts.
The Chase savings accounts have an auto save option that's pretty cool. With the mobile app, you can set up your account to transfer a certain amount of money every time you get paid, or any time and amount you want, to transfer a set amount of money. You save autopilots.
The Chase Savings Account is a place where you can keep money for a rainy day. However, if you want to earn interest on your money, look elsewhere. The basic savings account earns only 0.01% APY, which is far below the national average.
The Chase Premier Savings Account gives you better interest rates. You will earn between 0.04% and 0.09% if you link your account to another selected Chase account, depending on how much money you saved. The more you have there, the better your interest rate. However, you will be charged a monthly service fee of $ 25 unless you can keep a minimum balance of $ 15,000 or link to another Chase account.
If you are looking for a CD, you can buy it from Chase for a month or up to 10 years. You are bound to an interest rate based on the duration of your term and the amount of your CD.
Longer is not always better: Chase's six-month CD, at 1.5%, is the best price for $ 10,000 or more.
Small business banking
Note: C +
The Chase Total Business Checking account has no minimum deposit. So that's nice. There is a $ 15 monthly maintenance fee that will be reduced to $ 12 if you use paperless statements. If you have a minimum balance of $ 1,500 or a link to another Chase account, you can do without it.
The business checking account offers 100 free transactions per month and $ 5,000 in free cash deposits.
Chase has two business savings accounts: Business Total Savings and Business Premier Savings. The Business Total Savings Account has a monthly fee of $ 10, unless you have $ 1,000 in monthly credit or link other accounts. Business Premier fee is $ 25 unless you can keep $ 25,000 in the account or link it to other accounts.
Expect 0.01% to 0.04% for your corporate savings account. If you get the relationship rates for linking accounts, you can earn up to 0.11%. However, this is only possible if you save $ 250,000 or more.
While this review does not consider credit cards, we should note that Chase has made our list of the best small business banks for its credit card offerings.
As you can expect from a Big Four Bank, Chase is pretty high up on the convenience meter. With 16,000 ATMs and 4,900 branches, they are practically everywhere.
You also have a dedicated 24/7 customer service line, but you must be in one of the parent accounts to access this benefit.
You will find that they have online banking, a mobile app, and many options for financial products such as mortgages, auto loans, and credit cards.
The Chase Mobile app is rated 4.8 out of 5 stars by iPhone users and 4.4 out of 5 stars in the Google Play Store.
Users comment on the usability of the app as well as some additional features like daily snapshots of your expenses that make it easier to monitor your accounts.
Some nice security features of the app include fingerprint and face recognition, as well as the ability to lock and unlock your cards directly from your phone. You can also monitor your credit score directly from your app.
Our bank verification method
Penny Hoarder's editorial team considers more than 25 factors when checking its bank account, including fees, minimum daily balance requirements, APYs, overdraft fees, access to ATMs, number of physical locations, access to customer service and mobile features.
To determine how we weigh each factor, The Penny Hoarder interviewed 1,500 people to find out which banking roles were most important to you.
For example, we give top-rated banks with low fees because our survey found that this is the number 1 you're looking for in a bank. Since more than 70% of you stated that you visited a physical bank branch last year, we take into account the number of stationary locations. More than a third of you use mobile apps for more than 75% of your banking business. Therefore, digital functions are also carefully checked.
Banks are divided into the following categories:
Personal checking accounts
Personal savings accounts
Small business banking
Credit card and credit products are currently not taken into account.
Tyler Omoth is a freelance writer who deals with topics such as personal finance, career counseling, and even lawn care. His work has been featured on TopResume.com, Writersweekly.com and others. He is also the author of over 70 children's textbooks and a proud parent of twin toddlers.
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