Chase is a large national bank with low fees and strong online tools, but it works better for some people than others

Chase is the largest bank in the United States by assets. It offers checking and savings accounts, credit cards, mortgages, and investment services through branches and online. Whether it is a good fit for you depends on what you need from a bank, how often you visit branches, and what fees matter most to your budget.

Chase has real strengths: no monthly fee on its basic checking account if you meet a low threshold, a large network of ATMs and branches, and a mobile app that handles most tasks without a phone call. It also has real drawbacks: monthly fees on savings accounts, limited interest rates on deposits, and customer service that can be slow during busy times. The answer to whether Chase is good for you is not yes or no — it is whether the trade-offs match your life.

Key Takeaways

  • Chase's basic checking account has no monthly fee if you keep a $500 minimum balance or set up direct deposit, making it accessible to most people.
  • Chase pays very low interest on savings accounts compared to online-only banks, so keeping money there costs you in foregone earnings.
  • Chase has more than 4,700 branches and 15,000 ATMs nationwide, which matters if you deposit cash or need in-person help regularly.
  • Chase's mobile app and online banking are reliable and full-featured, but customer service by phone can have long wait times.
  • Chase credit cards often have good rewards, but the bank's deposit products are not competitive on interest rates.

When Chase makes sense for checking

Chase's checking account, called Chase Total Checking, has no monthly maintenance fee if you either keep $500 in the account or set up direct deposit. Most people with steady income meet one of these conditions without trying. The account comes with a debit card, online bill pay, and access to Chase's mobile app, which lets you deposit checks by taking a photo.

The real advantage is the branch and ATM network. If you live or work near a Chase branch and you deposit cash regularly, having a physical location nearby saves time and frustration. Chase also reimburses ATM fees charged by other banks if you use an out-of-network machine, up to a certain amount per month depending on your account type — this matters if you travel or live in an area without Chase branches.

The drawback is that Chase does not pay interest on checking accounts. If you keep a large balance in checking for safety, you are not earning anything on that money. Some people move money to a savings account or money market account for that reason, but Chase's rates on those products are low.

Why Chase savings accounts are not competitive

Chase offers savings accounts, but the interest rate is very low — often less than 0.01% annually. That means $10,000 in a Chase savings account earns less than $1 per year. Online-only banks like Ally, Marcus, and others pay rates that are 100 times higher, sometimes 4% or more depending on the market.

The reason is simple: Chase has the cost of running thousands of branches and paying thousands of employees. Online banks have lower costs and pass some of that savings to depositors through higher rates. If you have money you are not spending soon, keeping it in a Chase savings account is a real financial cost.

Chase does offer a high-yield savings product called Chase Savings, but even that rate is lower than what you can find elsewhere. The only reason to use Chase for savings is if you value the convenience of having everything in one place and you do not have much money to save. For most people, moving savings to a higher-rate account and keeping only checking at Chase makes more sense.

Branch access and customer service

Chase has more branches than any other bank in the country. If you need to deposit cash, get a cashier's check, or talk to someone in person, Chase is usually nearby. This is valuable if you do not like banking online or if you have a complicated situation that needs a human conversation.

The trade-off is that Chase branches are often busy, and wait times can be long. Customer service by phone also has wait times, especially during business hours. If you need help quickly, you may spend 20 or 30 minutes on hold. Chase's online chat and mobile app are usually faster for simple questions.

Chase also offers investment and wealth management services through its Chase Private Client division, but those are aimed at people with high balances. For most checking and savings customers, the branch is mainly useful for cash deposits and withdrawals.

Credit cards and rewards

Chase credit cards are popular and often have good rewards structures. Cards like the Chase Sapphire Preferred and Chase Freedom offer cash back or points that can add up if you use them regularly. These are separate products from checking and savings, but many people bundle them with a Chase checking account for convenience.

The credit card rewards are not unique to Chase — other banks and card issuers offer similar or better deals depending on your spending. But if you already have a Chase checking account, adding a credit card to the same login and statement can simplify your finances. Just remember that credit card rewards are only valuable if you pay off the balance each month; interest charges will erase any benefit.

Fees to watch

Chase's basic checking account has no monthly fee if you meet the minimum balance or direct deposit requirement. But other fees exist. Overdraft fees are $35 per transaction, which is standard across most banks but still painful if it happens. Returned deposit fees, wire transfer fees, and fees for stopping payment on a check all apply.

Chase also charges a monthly fee on some savings accounts if you do not keep a minimum balance — usually $25 per month if your balance drops below $300. This is another reason many people keep only checking at Chase and move savings elsewhere.

ATM fees from other banks are reimbursed, but only up to a limit that depends on your account type. If you travel frequently and use out-of-network ATMs often, you may hit that limit and start paying fees.

How Chase compares to other banks

Chase is not the only option. Credit unions often have lower fees and better customer service for people who may have access to for membership. Online banks like Ally and Marcus have higher savings rates and lower fees, though they have no physical branches. Regional banks may offer better rates and more personal service if you live in their area.

The choice depends on what matters most to you. If you value branch access and do not have much money to save, Chase is solid. If you want the highest interest rates on savings, an online bank is better. If you want low fees and personal service, a credit union may be worth exploring if you are may be able to access.

For most people, the best approach is to use Chase for checking (if the branch network matters to you) and move savings to a higher-rate account elsewhere. This gives you the convenience of Chase's branches and app while earning real interest on your savings.

Frequently Asked Questions

Does Chase have a monthly fee on checking?

Chase Total Checking has no monthly fee if you keep a $500 minimum balance or set up direct deposit. Most people with a steady paycheck meet one of these conditions. If you do not, the fee is $12 per month.

What is the interest rate on Chase savings accounts?

Chase savings rates are very low, typically less than 0.01% annually. Online banks pay rates that are much higher — sometimes 4% or more. If you have money to save, comparing rates across banks before you decide is worth your time.

Can I use Chase ATMs if I bank somewhere else?

You can use Chase ATMs, but you will pay a fee unless you are a Chase customer. Chase reimburses ATM fees from other banks for its own customers, up to a monthly limit depending on your account type.

Is Chase good for business banking?

Chase offers business checking and other services for small businesses. Business accounts have different fee structures and features than personal accounts. If you own a business, comparing Chase's business products to those of other banks is worth doing.

How long does it take to get help from Chase customer service?

Wait times vary. Phone support can take 20 to 30 minutes during busy times. Online chat and the mobile app are usually faster for simple questions. Visiting a branch in person may also be quicker than calling, depending on how busy your local branch is.