Banking

Chase offers 2 checking accounts with no minimum opening deposit

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

This post was reviewed and updated on July 14, 2021.

Chase offers two

checking accounts
: Chase Premier Plus Checking℠ and Chase Sapphire℠ Checking. Both offer access to more than 4,700 branches and 16,000 ATMs.

Chase doesn’t require an initial deposit to open either checking account. The bank does charge monthly fees, but fees are waived if you meet certain qualifications.

*If you also have a Chase savings account, you can enroll in Overdraft Protection, which transfers money from your savings to checking account to keep you from overdrawing and paying a fee.

Pros and cons

Chase Premier Plus Checking℠ review

Annual Percentage Yield (APY)

0.01% effective as of 01/29/2021. Interest rates are variable and subject to change

  • Pros & Cons
  • Details

  • Pros
    • No required opening deposit
    • Over 4,700 branches
    • Four waived out-of-network fees per month
    Cons
    • $25 monthly fee unless you have $15,000 or a Chase mortgage
    • $2.50 fee for out-of-network ATMs
    • No out-of-network ATM fee reimbursements
    • 3% foreign transaction fee
    • $34 overdraft and non-sufficient funds fees
    • The $25 monthly service fee is waived when you keep an average beginning day balance of $15,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances
    • No Chase fee on first four non-Chase ATM transactions per statement period
    • Earn interest on your checking account balance
    • Access to 16,000 Chase ATMs and over 4,700 branches
    • Open your account online now
    • Available online nationwide except in Alaska, Hawaii, and Puerto Rico. For branch locations, visit locator.chase.com.


    Read Our Review
    Read Our ReviewA looong arrow, pointing right

    You don’t need any money to open a Chase Premier Plus Checking℠ account, and you’ll earn 0.01% APY on your balance.

    Chase won’t charge a fee the first four times you use an out-of-network ATM per month; after that, you’ll pay $2.50 each time. Chase charges a $25 monthly fee unless you link your Chase mortgage to the account or keep a daily average of $15,000 in all your Chase accounts combined.

    Annual Percentage Yield (APY)

    0.01% effective as of 01/29/2021. Interest rates are variable and subject to change

  • Pros & Cons
  • Details

  • Pros
    • No required opening deposit
    • Over 4,700 branches
    • No out-of-network ATM fees worldwide
    • Unlimited out-of-network ATM fee reimbursements
    • No foreign exchange rate adjustment fees
    Cons
    • $25 monthly fee unless you have $75,000
    • $34 overdraft and non-sufficient funds fees
    • The information related to the Chase Sapphire℠ Checking has been collected by Business Insider and has not been reviewed by the issuer
    • The $25 monthly service fee is waived when you keep an average beginning day balance of $75,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances
    • No out-of-network ATM fees or foreign exchange rate adjustment fees
    • Unlimited out-of-network ATM fee reimbursements
    • Earn interest on your checking account balance
    • Access to 16,000 Chase ATMs and over 4,700 branches
    • Open your account online now
    • Available online nationwide except in Alaska, Hawaii, and Puerto Rico. For branch locations, visit locator.chase.com


    Read Our Review
    Read Our ReviewA looong arrow, pointing right

    Like Chase Premier Plus Checking℠, the Chase Sapphire℠ Checking account doesn’t require an opening deposit, pays 0.01% on all balances, and charges a $25 monthly fee. It’s more difficult to get this fee waived — you’ll need an average daily balance of at least $75,000 in all your Chase accounts combined.

    You can use out-of-network ATMs free worldwide with a Chase Sapphire℠ Checking account, and Chase reimburses any out-of-network fees charged by an out-of-network ATM provider. You also won’t pay a foreign exchange rate adjustment fee with this account.

    Is Chase trustworthy?

    JPMorgan Chase & Co. is Chase’s parent company. The Better Business Bureau gives JPMorgan Chase & Co. a B in trustworthiness. The BBB cited the failure to respond to one complaint against the business and three unresolved complaints against the bank. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.

    Although its BBB rating is pretty good, JPMorgan Chase & Co. has dealt with a few scandals in the past few years. Here are some recent conflicts:

    If Chase’s history worries you, you may decide to bank elsewhere. But keep in mind that similar banks, such as Wells Fargo and Bank of America, have their own history of scandals.

    How Chase compares to other checking accounts

    You can find online banks that don’t charge monthly maintenance or out-of-network ATM fees, offer more overdraft protection options, and pay higher interest rates than Chase. Note that if you’ll be depositing a lot of cash, however, you’ll want to stick with Chase or another major bank with an extensive network of ATMs.

    But if you know you want a brick-and-mortar bank, then Chase could be a good option. We’ve compared Chase checking accounts to those at two other big banks: Wells Fargo and Bank of America.

    Chase checking vs. Wells Fargo checking

    Like Chase, Wells Fargo offers three tiers of checking accounts. Chase and Wells Fargo pay similar rates, charge roughly the same amount for overdraft fees, and have comparable rules regarding out-of-network ATM fees.

    Your choice between Chase and Wells Fargo will likely come down to which tier of checking account you want to open. For example, Chase’s lower-tier checking account (Chase Premier Plus Checking℠) allows four free out-of-network ATM transactions per month, while Wells Fargo’s middle checking account (Preferred) only allows one per month. Wells Fargo’s most basic checking account’s monthly fee is lower than Chase’s, but its most advanced checking account’s fee is higher than Chase’s.

    Chase checking vs. Bank of America checking

    Bank of America offers three levels of checking accounts. Your preference between Chase and Bank of America may depend on which level of checking account you want to open. For example, Chase’s most basic checking account (Chase Premier Plus Checking℠) charges a $25 monthly fee, but Bank of America’s most basic account (Advantage SafeBalance) only charges a $4.95 fee.

    Chase doesn’t require an opening deposit, but Bank of America requires between $25 and $100 upfront, depending on the checking account. Chase also provides more opportunities to waive ATM fees than Bank of America does, depending on which account you open.

     

    Featured credit cards from our partners

    Regular APR

    15.99%-22.99% Variable

    Credit Score

    Good to Excellent

    Regular APR

    15.99% – 22.99% Variable

    Credit Score

    Good to Excellent

    Regular APR

    14.99%–23.74% variable APR

    Credit Score

    Good to Excellent

     Source link

    Back to top button