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Chase has access to 16,000 ATMs and nearly 4,700 branches.
Chase; Alyssa Powell/Business Insider
The bottom line: You may prefer Chase Total Checking® to other banks if you like a nationwide branch and ATM network, or if you want to open age-specific bank accounts for children, teens, or college students. Other financial institutions pay higher interest rates on savings accounts, though.
Overall bank rating
FeatureInsider rating (out of 5)Checking3.25Savings3.5CD3.5Trustworthiness3.5Total3.5
Pros and cons
ProsCons
Variety of bank accounts, including special options for kids
Access to 4,700 branches and 16,000 free ATMs nationwide
No minimum opening deposits required for savings and checking accounts
Possible to waive monthly service fees
Strong mobile app
Low interest rates on savings accountsMonthly service fees on savings and checking accountsNo money market account
Chase Savings℠
Chase Savings℠ is a decent option if you meet one of the requirements to waive the $5 monthly service fee.
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®
Chase Total Checking® might be worth exploring if you’re able to waive the $12 monthly service fee.
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 $200 bonus.
Chase Certificate of Deposit (CD)
Chase has Chase Certificate of Deposit (CD) from one month to 10 years, which is a greater variety than what’s offered at most banks.
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
Chase Savings℠
Savings APY
Ally High Yield Savings Account
Savings APY
Alliant High-Rate Savings Account
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
Chase Total Checking®Ally High Yield Savings AccountAlliant High-Rate Savings Account
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 reviewChase checking accounts comparison reviewChase CDs reviewChase First Banking review Chase Sapphire Checking reviewChase Premier Plus Checking reviewChase Private Client Checking reviewChase vs. Bank of America comparison reviewWells Fargo vs. Chase comparison reviewBank 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.