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Chase: 2024 Banking Review

This big bank offers very small yields. But if you're looking for national branch coverage and a superior digital experience, Chase provides.

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Chase is one of the biggest names in the banking industry. The bank serves 66 million households in America, with more than 4,700 branches in 48 states and Washington, DC, and offers a comprehensive array of services and a popular credit card rewards program. That noted, many of the bank’s traditional bank deposit accounts offer very low rates, and Chase has a draconian overdraft fee policy. Still, it does a fine job on the basics, with a vast network of physical locations and a very solid digital experience.

What we like

  • Competitive promotional rate on 12-month CDs
  • Massive network of more than 16,000 ATMs and 4,700 branches
  • Solid digital banking experience 

What we don’t like

  • High minimum balance requirements to avoid fees in some cases
  • Nominal interest rates

Chase products


Chase offers two types of savings accounts -- a standard savings account that pays 0.01% interest and a Premier savings account that pays 0.02% interest. Those are very low interest rates, especially when the monthly fees are figured in, and there are plenty of other options to park your savings and earn a higher yield. Other than the bank’s large network of branches and ATMs and its sophisticated digital banking experience, there aren’t many selling points for stashing your savings at Chase.


Savings Account Features


Chase Savings Chase Premier Savings
APY 0.01% 0.02%
Fees $5 per month $25 per month
Requirements to waive fee Maintain a minimum balance of $300 or arrange a repeating $25 automatic transfer from your Chase checking account Maintain a minimum balance of $15,000 or link the account to one of the bank’s premium checking accounts (Premier Plus Checking or Sapphire Checking)


Note: Annual percentage yields, or APYs, shown are as of Dec. 9, 2022.


  • Easy to avoid fees on the bank’s standard savings account

  • Strong digital banking experience


  • Nominal interest rates

  • High minimum balance requirement for the Premier Savings account


There are three different checking accounts in Chase’s “Everyday” product suite: Total Checking, Premier Plus Checking and Secure Banking. While there is no minimum deposit requirement to open any of these checking accounts, there are requirements to avoid monthly fees. Geared toward customers who are concerned about overdraft fees, Secure Banking’s $4.95 monthly fee cannot be waived. Chase’s Premium accounts are designed for customers with significantly higher balances; to avoid fees on Sapphire Banking accounts, the minimum balance is $75,000, and it’s $150,000 for Private Client Checking customers.


While you may qualify for a $200 sign-up bonus when you open a new account, Chase won’t provide much of a yield after that. Again, attempting to earn interest on these accounts is hardly worth it. The main benefit here is the bank’s large network of branches and ATMs.


Checking Account Features


Chase Total Checking Chase Secure Banking Chase Premier Plus Checking
APY N/A N/A 0.01%
Monthly fee $12 $4.95 $25
Requirements to waive fee Make up to $500 in direct deposits or maintain a minimum balance of $1,500 and/or a minimum balance of $5,000 across other Chase accounts N/A Maintain an average balance of $15,000 or link a qualifying Chase mortgage to your account with automatic payments


Note: Annual percentage yields, or APYs, shown are as of Dec. 9, 2022.


  • Massive network of more than 16,000 ATMs and more than 4,700 branch locations

  • Great digital banking experience, including access to Zelle and mobile check deposit

  • You can often score a $200 sign-up bonus for opening a new account and setting up direct deposit


  • Monthly fees if you fail to meet certain balance or transaction requirements

  • Low or no interest yields

  • Chase may charge up to $102 in overdraft fees per day


Chase’s CD terms range from one month to 10 years. However, the bank’s rates are so low on most CDs that opening one here doesn’t really make much sense. Other than a 3% yield on 1-year CDs -- competitive compared with other big banks, but still lower than you’ll find at a number of online institutions -- the yield potential here isn’t anything to write home about. All the rates listed below reflect the bank’s relationship rates, which are for customers with other types of account activity.


If you aren’t an existing Chase customer, the bank’s CDs all pay a measly 0.01%.


CD Account Features


1-9 month APY 0.02% (0.05% for deposits $10,000 or greater for 6- and 9-month CDs)
12-month APY 3.00%
15-21 month APY 0.02% (0.05% for deposits $10,000 or greater)
24-month APY 2.02%
30-month APY 1.51%
36-month APY 2.02%
42-120 month APY 1.51%
Minimum deposit $1,000
Early withdrawal penalty 90 days of interest for terms less than 6 months; 180 days of interest for terms between 6 and 24 months; 365 days of interest for terms 24 months or longer


Note: Annual percentage yields, or APYs, shown are as of Dec. 9, 2022. 


  • Low minimum deposit requirement of $1,000

  • Wide range of terms, starting at just 1 month


  • Very low rates on most terms

  • No alternative types of CDs available

Who is Chase best suited for?

With 16,000 ATMs and 4,700 branches, Chase is best for those who prioritize in-person banking and want a full suite of products and services. That noted, Chase also offers very good digital banking experience, and ranked second in J.D. Power’s most recent mobile app satisfaction study (after Capital One).

Banking experience

Though Chase’s checking and savings accounts are the point of entry for many customers, it offers a wide range of financial services, including auto loans, home loans, credit cards and investing services. While Chase’s credit cards offer notable perks for travelers and cash-back earning potential, the traditional checking and savings accounts don’t stack up with the competition when it comes to yields. The bank’s mobile app is strong, however, offering support for Zelle and a free monitoring tool to track your credit score.

Overdraft fees

Chase’s overdraft fee policy is severe. If your checking account is overdrawn by more than $50, Chase charges a $34 fee -- and will do so up to three times in one day. If you’re concerned about overdraft fees, Chase’s Secure Checking account charges a monthly $4.95 fee, but has no overdraft fees.

Customer service

Chase offers an intuitive mobile app and online banking system that can help you track down answers to most questions. However, if you’re looking for help from an actual human, the bank has dedicated numbers for each of its departments. For help with banking products like checking accounts, savings accounts and CDs, call 800-935-9935. You can also submit requests via the app’s secure message center. For in-person assistance, Chase branch hours vary by location. Use the bank’s locator tool to find a branch near you. And you can schedule calendar appointments for in-person assistance to avoid a wait time.

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.
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