What Chase offers and who uses it
Chase is one of the largest banks in the United States, part of JPMorgan Chase & Co. It offers checking accounts, savings accounts, credit cards, mortgages, and investment services through both physical branches and online banking. Most people encounter Chase either through an employer retirement plan, a credit card offer in the mail, or a branch in their neighborhood.
Chase operates roughly 4,700 branches and 15,000 ATMs across the country. If you live in or near a major city, there is likely a Chase branch within a few miles. The bank also runs a fully online operation called Chase Online Banking, which lets you manage accounts without visiting a branch.
You do not need to be wealthy or have perfect credit to open a Chase account. The bank serves customers with no banking history, people rebuilding credit, and high-net-worth individuals. Your actual experience depends on which product you choose and what you bring to the table when you explore.
Key Takeaways
- Chase checking and savings accounts have monthly fees that range from $0 to $25 depending on the account type, but fees are waived if you meet balance or deposit requirements.
- Chase credit cards carry different rewards structures and annual fees—some have no annual fee while others charge $95 or more, and the card you are offered depends on your credit score.
- You can open a Chase account online, by phone, or in person, and the process typically takes 10 to 15 minutes if you have a government ID and Social Security number.
- Chase uses ChexSystems, a banking history report, to decide whether to open accounts for you—a prior overdraft or fraud report can result in denial.
- If you are denied a Chase account, you have the right to know why and can dispute inaccurate information in your ChexSystems report.
Chase checking accounts and what they cost
Chase offers several checking account options, each with a different fee structure. The Chase Total Checking account is the most common. It has a $12 monthly service fee, but the fee is waived if you maintain a $500 minimum balance, set up direct deposit, or link a Chase savings account. Many people avoid the fee straightforward by keeping $500 in the account.
The Chase Premier Plus Checking account is designed for people who want more features and higher balance thresholds. It charges $25 per month but waives the fee if you keep $25,000 in the account or have $5,000 in linked Chase savings. This account includes things like higher ATM reimbursement limits and priority customer service.
Chase also offers Chase Student Checking, which has no monthly fee for students under 24 and no minimum balance requirement. Once you turn 24, it converts to a standard checking account with standard fees.
All Chase checking accounts come with a debit card, online banking access, and the ability to deposit checks by taking a photo on your phone. Overdraft fees are $34 per transaction if you spend more than you have, though Chase does offer an overdraft protection option that links your checking to a savings account.
Chase savings accounts and interest rates
Chase offers two main savings products: traditional savings accounts and high-yield savings accounts. The difference is the interest rate you earn on your balance.
The standard Chase Savings Account earns a very low interest rate—often less than 0.01% annually. This account has a $300 minimum balance to open and a $5 monthly service fee, though the fee is waived if you keep $300 in the account or link it to a Chase checking account. Most people use this account as a holding place for money rather than as a place to grow savings.
The Chase High Yield Savings Account earns a higher rate, though the exact rate changes based on what the Federal Reserve does with interest rates. As of early 2024, rates on high-yield savings accounts across the industry range from 4% to 5% annually, but Chase's rate may be lower or higher than competitors. You can check Chase's current rate on their website. This account has no monthly fee and no minimum balance requirement, making it a better choice if you want to save money and earn interest.
Chase credit cards: rewards, fees, and who gets approved
Chase issues dozens of credit cards, but they fall into a few categories: cards with no annual fee, cards that charge an annual fee but offer premium rewards, and cards designed for people rebuilding credit.
The Chase Freedom Unlimited card has no annual fee and earns 1.5% cash back on all purchases. It is one of the easiest Chase cards to get approved for if you have fair credit (a credit score around 600 or higher). The Chase Freedom Flex also has no annual fee and earns 5% cash back on rotating categories like groceries and gas, plus 1% on everything else.
Premium cards like the Chase Sapphire Preferred charge a $95 annual fee but offer higher rewards rates (3x points on travel and dining, 2x on other purchases) and benefits like travel insurance and purchase protection. You typically need a credit score of 700 or higher to be approved for these cards.
If you have poor credit or no credit history, Chase offers the Chase Secured Credit Card, which requires you to put down a cash deposit (usually $200 to $2,500) that becomes your credit limit. This card has a $39 annual fee and helps you build credit history. After 18 months of on-time payments, you may be able to convert it to an unsecured card and get your deposit back.
Chase decides which card to offer you based on your credit score, credit history, and income. You cannot choose a card and then explore—you explore, and Chase tells you what you may have access to for. If you are denied, you can call the reconsideration line and ask them to review your process.
How to open a Chase account
You can open a Chase checking or savings account online, over the phone, or in person at a branch. The online process is fastest and takes about 10 to 15 minutes.
To open an account, you will need a government-issued ID (driver's license, passport, or state ID), your Social Security number, and a way to fund the account (a debit card, bank account, or initial deposit). Chase will ask for your name, address, date of birth, and employment information.
During the process, Chase runs a check through ChexSystems, a banking history report similar to a credit report. This report shows whether you have had overdrafts, bounced checks, or fraud issues at other banks. If your ChexSystems report is clean, you will be approved when ready. If there is a problem, Chase may deny your process or ask you to call and explain.
Once approved, your account opens right away if you explore online. You can start using your debit card within a few business days. If you explore in person, you walk out with a temporary debit card and a permanent one arrives in the mail.
What happens if Chase denies you
Chase may deny your account process for several reasons: a negative ChexSystems report, a history of overdrafts at other banks, a fraud report, or an existing unpaid debt to Chase. If you are denied, Chase will send you a letter explaining the reason.
You have the right to know what is in your ChexSystems report. You can request a free copy from ChexSystems by visiting their website or calling them directly. If the report contains an error—for example, an overdraft that was not your fault or a closed account listed as still open—you can dispute it in writing.
If you were denied because of a ChexSystems issue, fixing the report takes time. You can reapply to Chase after 30 to 90 days, depending on what the issue was. In the meantime, you may be able to open an account at a bank that does not use ChexSystems or that is more lenient with applicants who have banking history problems.
Chase fees and how to avoid them
Chase charges fees for several things: monthly account maintenance, overdrafts, ATM use outside their network, wire transfers, and stop-payment requests. The table below shows the most common fees.
| Fee Type | Amount | How to Avoid It |
|---|---|---|
| Monthly checking account fee | $12 | Keep $500 minimum balance, set up direct deposit, or link a savings account |
| Monthly savings account fee | $5 | Keep $300 minimum balance or link to checking account |
| Overdraft fee | $34 per transaction | Link overdraft protection or keep a buffer in your account |
| Out-of-network ATM fee | $3 | Use a Chase ATM or withdraw cash at a store |
| Wire transfer fee | $15 to $25 | Use ACH transfer or peer-to-peer payment instead |
The easiest way to avoid most Chase fees is to meet the minimum balance requirement for your account type. If you cannot keep $500 in checking, look for a bank with no minimum balance requirement. Chase's fees are not the lowest in the industry, but they are not the highest either.
Frequently Asked Questions
Can I open a Chase account if I have been denied by other banks?
It depends on why you were denied. If another bank denied you because of a ChexSystems issue, Chase will likely see the same issue and deny you too. If you were denied for a different reason—like not having an ID or not meeting income requirements—Chase may still open an account for you. Request your ChexSystems report first to see what other banks saw.
How long does it take to get a Chase debit card?
If you open an account online, your temporary debit card is available when ready for online purchases, and your permanent card arrives in the mail within 7 to 10 business days. If you open in person at a branch, you get a temporary card on the spot and a permanent one in the mail. You can also request expedited shipping for a fee.
Does Chase offer accounts for people without a Social Security number?
Chase requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, you will need to obtain one before you can open a Chase account. Some banks do offer accounts without an SSN, but Chase is not one of them.
What is the difference between Chase's savings account and their high-yield savings account?
The main difference is interest rate. Chase's standard savings account earns almost no interest, while the high-yield savings account earns a rate that changes with the market—currently 4% to 5% or higher depending on when you check. If you are saving money for more than a few months, the high-yield account will earn you significantly more.
Can I use my Chase debit card at ATMs outside the United States?
Yes, but you will pay a $3 out-of-network ATM fee plus any fee the foreign bank charges. Some Chase accounts include ATM fee reimbursement if you maintain a high balance, so check your account terms. Using your debit card to get cash back at a store is usually free and avoids the fee.