Is Chase Bank Worth It in 2022? A Complete Review
Table of Contents
- Introduction
- The Checking Side of Things
- 2.1 Everyday Checking Accounts
- 2.2 Chase Sapphire Banking and Chase Private Client
- 2.3 Chase First Banking, Chase High School Checking, and Chase College Checking
- Chase Savings Accounts
- 3.1 Chase Savings and Chase Premium Savings
- The Red Flag: Interest Rates
- The Chase Mobile App
- CD Options
- The Silver Lining
- Youth Account Options
- Credit Card Products
- Conclusion
Introduction
Is Chase Bank still worth it in 2022? That's the question many people are asking as they contemplate their banking options. In this article, we will dive into the various account features offered by Chase Bank and help you decide whether it's still a bank worth considering. We will also discuss some better alternatives that may be worth exploring. Let's jump right in!
The Checking Side of Things
When it comes to checking accounts, Chase Bank offers a variety of options. For most consumers, the everyday checking accounts are the ones to consider. These include the Chase Total Checking, Chase Secure Banking, and Chase Premium Plus Checking. While they have minor differences in terms of ATM fees and check designs, the Chase Total Checking account is the best option for 99% of consumers. It provides access to a vast network of over 16,000 free-to-use ATMs and 4,700 physical branch locations. Another notable feature is the Chase deposit-friendly ATMs, which allow you to not only withdraw cash but also deposit cash directly into your account. However, it's important to note that the account comes with a $12 monthly service fee, which can be waived if you meet certain requirements such as having $1,500 daily balance or $5,000 average daily balance across all linked Chase accounts.
Everyday Checking Accounts
The everyday checking accounts offered by Chase Bank provide the basic features that one would expect from a bank account. These include online features like Chase Quick Deposit, online bill payment, and partnership with Zelle for easy money transfers. While the everyday checking accounts are suitable for most customers, Chase also offers two premium versions of checking accounts known as Chase Sapphire Banking and Chase Private Client Checking. These accounts come with monthly fees of $25 and $35 respectively, but the fees can be waived if you meet certain criteria. The premium accounts offer higher transfer limits, dedicated customer service, and additional perks such as no-fee ATM withdrawals worldwide.
Chase First Banking, Chase High School Checking, and Chase College Checking
Chase Bank also caters to specific age groups with their First Banking, High School Checking, and College Checking accounts. These accounts come with features similar to the everyday checking accounts but also provide tools for parents, such as the ability to set recurring allowances and assign chores. They also offer limited overdraft protection and auto-save tools. These accounts are specifically designed to meet the needs of teenagers and college students.
Chase Savings Accounts
In addition to checking accounts, Chase Bank also offers savings accounts. The standard options include the Chase Savings and Chase Premium Savings accounts. The basic features of these accounts are similar, but the premium version supposedly offers better customer service and higher interest rates. However, the biggest red flag across the entire Chase Banking platform is the low interest rates offered. Currently, even the premium savings account offers only 0.02% APY (Annual Percentage Yield), which is significantly lower compared to alternative banks in the market. This may not be a major concern for those who prioritize other features over interest rates, but for those looking to maximize their returns, Chase may not be the best option.
The Red Flag: Interest Rates
Interest rates play a crucial role in choosing a bank account, especially for customers who want their savings to grow. Unfortunately, Chase Bank offers very low interest rates. The standard savings account offers a mere 0.01% APY, while the premium savings account offers just 0.02% APY. These rates are considerably lower than what some other banks offer. For example, there are banks that offer APYs as high as 2% on savings accounts, allowing customers to earn significantly more on their savings. It's important to consider the potential loss in earnings when opting for a bank with low-interest rates.
The Chase Mobile App
One positive aspect of banking with Chase is their mobile app. While not winning any design awards, the app allows you to track and manage not only your Chase Bank accounts but also your investment accounts and Chase credit cards. Having the ability to view multiple financial accounts and tools in one app is convenient and user-friendly. The Chase mobile app provides a comprehensive platform for managing your financial matters on the go.
CD Options
Chase Bank offers a variety of Certificate of Deposit (CD) options. However, these options fall short in terms of interest rates. Even with a 10-year CD at relationship rates, the APY is only 0.05%. In comparison, some other banks offer much higher rates, even up to 3.2% for a 1-year CD. It's essential to carefully evaluate the potential earnings from CDs at Chase Bank before investing.
The Silver Lining
Despite the drawbacks mentioned above, there are still some reasons why Chase Bank may be worth considering. For customers who prioritize the convenience of having a vast network of physical banks, Chase Bank's numerous branch locations are an advantage. Additionally, Chase Bank offers excellent account options for teenagers and college students, making it easier for young individuals to manage their finances. Moreover, if you already have multiple Chase credit cards, having a Chase Bank account might be beneficial for consolidating all your financial needs in one application.
Youth Account Options
Chase Bank stands out when it comes to providing banking options for teenagers and college students. The Chase First Banking, Chase High School Checking, and Chase College Checking accounts specifically cater to these age groups. These accounts offer features similar to the regular checking accounts but also provide additional tools and resources to teach financial responsibility. The ability to set recurring allowances, assign chores, and benefit from limited overdraft protection are valuable features for parents and young individuals alike.
Credit Card Products
While not directly related to banking, it's worth mentioning that Chase Bank offers some of the best credit card products in the market. If you frequently use Chase credit cards for your transactions, having a Chase Bank account can streamline your financial management. Having all your accounts and cards accessible through a single application can simplify your banking experience and provide greater convenience.
Conclusion
In conclusion, the decision of whether Chase Bank is still worth it in 2022 ultimately comes down to personal preferences and priorities. While Chase Bank has its merits, such as a vast network of physical banks and excellent youth account options, the low-interest rates and various fees may be significant drawbacks for those seeking higher returns and more cost-effective banking options. It's crucial to carefully evaluate your banking needs, compare the features and benefits offered by different banks, and choose the one that aligns with your financial goals and priorities.
