We tell you the steps and the requirements to open a Chase bank account, one of the most important banks in the United States.
Opening a Chase Bank account can be confusing with so many things to keep in mind; such as choosing which type of account best suits your needs, what documents you’ll need, and the process of opening the account.
When you are opening your first bank account, all of this can seem overwhelming. It is actually extremely easy and quick to open a Chase account, contrary to what you might have thought.
The purpose of this guide is to guide you through the process of opening a Chase account. Since it offers many options and financial products of recognized excellence, becoming a client of this bank is a smart choice.
Page Contents
The benefits of becoming a Chase customer
Technology is great
Creating a great technology experience for its customers has taken a lot of time and money for Chase. In addition to your website, your mobile site is user-friendly and intuitive. It is possible to make mobile deposits of up to $2,000 per day using your smartphone, which is helpful if you don’t have access to an ATM.
You have access to all of your financial products and services through Chase online banking. You can view your checking and savings account balances, as well as the outstanding balance of your credit card, when you log in, for instance. From the comfort of your home, you can make transfers between accounts, send money to a friend or family member, or pay bills.
Additionally, Chase offers mobile alerts, as do most banks that have mobile apps. When an alert notifies you when money is owed to you, you can keep track of your finances. For example, when funds are running low in your account or when a check arrives in your checking account. Chase provides you with helpful and modern tools.
Offers that are good
Banks, especially big ones like Chase, are jumping on the rewards bandwagon right now. If you set up a direct payment from your Chase Total Checking account, you could get a $ 200 bonus when you open the account.
As well as checking account bonuses, Chase offers credit card bonuses as well. Chase offers a number of rewards credit cards, so consider them as an option if you’re looking for one. Consequently, both the Southwest Rapid Rewards Premier Credit Card and the Chase Sapphire Preferred Card are excellent products.
Options available for free
The fees charged by a bank are without a doubt something to consider when opening a bank account. Chase does not offer particularly high interest rates on its checking and savings accounts, like most large banks. Thus, you must ensure that the interest you earn is not eaten up by your account’s monthly fees.
Chase Total Checking currently does not charge a monthly service fee if you make direct deposits of $ 500 or more each month or maintain an average daily balance of $ 5,000 or more on linked deposit or investment accounts.
Working full-time and having your pay check automatically deposited into your account each month will allow you to meet the first requirement. If you keep your emergency savings account or an investment account linked to your checking account, you could avoid paying fees as well.
Checking accounts from Chase, such as Chase Premier Plus and Chase Premier Platinum, earn interest. You need to have a much higher average daily balance in the linked accounts to receive the waiver of the monthly maintenance fee: $ 15,000 and $75,000, respectively.
However, you may be able to get a free Chase checking account if you have an eligible mortgage and set up automatic payments from your account. This is worth checking out if you currently have a mortgage, as an interest-bearing checking account (no fees charged!) Is a great option.
Finally, Chase offers an account designed specifically for high school and college students. There is a monthly fee of $ 6 for these accounts. There are a couple of conditions for fee waivers: a direct deposit must be established each month or the account must be linked to one of a parent or guardian (this has to be Chase).
Chase checking accounts are not an eminently free service like those offered by some banks. But it is not hard to meet the exemption requirements.
How about Chase savings accounts? Also, they have a monthly service fee that can be waived depending on the circumstances.
In the Chase Savings (SM) account, for example, a minimum daily balance of $300 is required, as well as an automatic recurring transfer of at least $ 25 from a checking account, or linking to a higher-level checking account. In addition, those who are 18 years old or younger can open a free checking account.
Like checking accounts, higher-tier savings accounts have more stringent rules for waiving the monthly service fee. Higher-level savings accounts, however, normally offer higher interest rates. Either a minimum daily balance of $15,000 or linking the account to a senior checking account are required.
Weak lows
Chase accounts are easy to open. To open a checking account, for example, a minimum amount of $ 0 is required.
The drawbacks of becoming a Chase customer
Banks offer good products and services, but they also have drawbacks. Chase offers good products and services, but they also have drawbacks.
Lower interest rates
You may find that online-only banks offer the best interest rates when searching for the ideal bank account. Traditional banks, such as Chase, may offer the opposite. For the Chase Savings Account, the APY is only 0.01% as of this writing.
It doesn’t have as many branches.
The Chase bank does not have branches in every state, even though it is technically a national bank. For this reason, we recommend checking with Chase before opening an account to make sure there are offices and / or ATMs in your area and in the places you travel to frequently (for example, your workplace).
Rates
If you meet the requirements, Chase may waive your monthly maintenance fee. On the other hand, there are other banks that offer free checking and savings accounts without conditions.
If you’re going the traditional route and opening a single checking account and savings account, preferably linked together, you’ll probably be able to avoid most Chase fees. Nevertheless, if you want to keep your money separated for different purposes through separate checking or savings accounts, Chase probably isn’t your best option.
Limits on mobile deposits are too low
In the event that you are a freelancer or entrepreneur who often receives payments in the form of a check and likes the convenience of mobile deposit, you may want to rethink opening a Chase account. Mobile check deposits have a daily limit of $ 2,000, and a monthly limit of $5,000.
What type of user is Chase Bank best for?
People who live in a state with enough Chase branches and ATMs may find Chase Bank to be a good option. Additionally, Chase Bank is a good option if:
- You want a variety of options: Invest, deposit, and loan with a financial services company known for excellence.
- You can meet the monthly maintenance fee waiver requirements .
- You want to earn valuable rewards or money back on your credit card purchases.
- You want a bank with which you can grow financially and that offers premium features.
- You need a large financial institution with a strong presence throughout the United States .
The requirements to open a Chase bank account
Chase requires the following to open an account:
- Identification number (SSN)
- State-issued ID or driver’s license
- Information about the contact person: name, address, email, phone number.
- A deposit for an opening account
A step-by-step guide to opening a Chase account
Understanding how the opening process works is crucial before you start. Follow these steps to learn how. Chase Bank reserves the right to modify both the procedure and the requirements at any time.
Step 1: Gather all the information you need
A few documents are required to verify your identity when opening any type of bank account, as well as an opening deposit.
Check with Chase regarding the initial deposit amount for the account you wish to open. Concerning the other documents, we have already advised you what you need in the requirements above. Let’s review again:
- Photo identification issued by the government (driver’s license, passport, etc.).
- Mail confirming your address as proof of residence.
- Social Security card.
Step 2: Fill out an online application
Chase banking accounts can be opened online by simply visiting the Chase website. Choose whether to complete an application that you have previously saved or start a new application. Indicate whether you are an existing Chase customer or have a coupon code, if applicable.
Your citizenship must next be verified. In addition to providing your name, address, and social security number, you should also provide details concerning your employment status, income, assets, and liabilities.
In order to open a Chase account, you will have to make the minimum deposit. The amount will be determined by the kind of account you choose. Alternatively, you can make your opening deposit through an electronic transfer from another bank. Once the bank approves your request, you can make your opening deposit.
Step 3: Visit a branch
Additionally, you can open your new account at the nearest Chase branch by visiting that location. The same documentation and information must be submitted as in the previous step. Cash can be brought to this step and the deposit can be made directly.
Customer service at Chase can provide guidance
A Chase bank representative can guide you if you have questions about Chase accounts or if you need help with your application. You can do this by calling 877-242-7372, or visiting a branch.
Is security a concern?
Your money at Chase Bank is insured up to $250,000 by the Federal Deposit Insurance Corporation, which means that, if the bank closes (unlikely), your money would be protected. In this context, Chase uses the same security measures as other large banks, including two-factor authentication and advanced encryption of account information.
A Closer Look at Chase Bank Customer Service
Any of Chase’s more than 4,900 locations in the U.S. will allow prospects to discuss the products offered by the bank with their employees. You can find the nearest branch by using the bank’s branch locator online, which varies from state to state.
In addition, you can also access your account outside of normal business hours through the mobile app or by phone. 24/7, online or via the mobile app, you can send secure messages to customer service.
Contacting a department for telephone assistance will determine the assistance hours. Contact 1-800-935-9935 between the hours of 8 a.m. and 12 p.m. ET, Monday through Friday, and between the hours of 9 a.m. and 6 p.m. ET, every Saturday and Sunday.
This Chase Bank mobile app offers a unified view of your relationship with the bank, including facial recognition and fingerprint login, account activity review, and the ability to block credit card transactions immediately if you lose your card. Besides sending and receiving money, you can also pay bills and deposit checks with Zelle.
What types of bank accounts does Chase offer?
Chase offers a comprehensive range of accounts and services in line with an institution of its size. Several checking accounts, savings accounts, certificates of deposit (CDs), credit cards, and loan products are offered to clients in order to meet their specific needs. Customers with multiple products benefit from the bank’s lower interest rates and the ability to combine balances to avoid fees.
Current accounts
It is possible to open several checking accounts with Chase Bank. If you meet certain requirements, you can waive the maintenance fees associated with each account. Chase Total, Chase Premier Plus, and Chase Sapphire are the three most common accounts. Accordingly, Premier Plus exempts up to four transactions per billing cycle from the charges incurred when using an ATM outside the bank’s network.
Chase also offers checking accounts for specific customers. For example, the Chase Secure Banking account does not require a minimum deposit, does not offer paper checks, and does not charge for money orders or cashier’s checks.. With a Chase College Checking account, college students are eligible to open a free account for a maximum of five years while enrolled in an eligible educational institution. Chase Premier Plus accounts do not require minimum balance requirements or fees for active and retired military members.
The Chase Private Client program may now be used by people with more business relationships. To qualify, your personal and business deposits and investments must total $ 250,000 on an average daily basis. The bank provides benefits such as no membership fees, no usage fees, no transfer fees, and more. Furthermore, you’ll be able to make daily ATM withdrawals as well as make debit card purchases with higher limits on Chase Quick Deposits and Chase Quick Payments.
- Chase Total Checking: Ensure that you deposit a minimum of $ 500 per month in a direct deposit, maintain a minimum daily account balance of $ 1,500, and maintain an average account balance of $ 5,000 each month.
- Chase Premier Plus: Maintain an average balance of at least $ 15,000 in eligible linked accounts or enrol in automatic payments from an eligible Chase mortgage.
- Chase College Checking: The holder does not have to pay a fee for five years as long as he or she is enrolled in an educational institution that qualifies. Thereafter, a direct deposit must be made every month or a balance of at least $ 5,000 must be maintained on a daily basis
- Chase Secured Checking: Monthly fee required.
- Chase Sapphire Checking: Maintain a minimum balance of $75,000 in eligible linked accounts on an average daily basis.
- Chase Private Client Checking: Only eligible members are eligible for Chase Private Client Checking .
| Chase bank checking accounts | |||
|---|---|---|---|
| Account name | Opening deposit | Monthly fee | Average Percentage Yield ( APY ) |
| Chase Sapphire Checking | $ 0 | $ 25 | 0.01% |
| Chase Premier Plus Checking | $ 0 | $ 25 | 0.01% |
| Chase College Checking | $ 0 | $ 6 | None |
| Chase Secure Banking | $ 0 | $ 4.95 | None |
| Chase Total Checking | $ 0 | $ 12 | None |
| Chase Total Checking | $ 0 | $ 12 | None |
| Chase Private Client Checking | $ 0 | None | 0.02% if you have <$ 50,000 0.03% if you have $ 50,000 to $ 99,999 0.04% if you have $ 100,000 to $ 249,999 0.05% if you have more than $ 250,000 |
Saving accounts
You can choose from two types of savings accounts at Chase Bank. Chase Savings Accounts offer the same rate on all balances, while Chase Premier Savings Accounts offer higher rates for customers with larger balances.
Qualified Chase Private Client customers have access to the Chase Private Client Savings Account, which also provides tiered interest rates depending on how much money is in the account. Chase also offers consumers a few options for getting their savings accounts fee-free, just as it does with checking accounts.
- Chase Savings. Minimum daily balance of $ 300, automatically set aside at least $25 per month from a Chase checking account, linked savings account to a Chase University checking account (for overdraft protection), or have a Chase checking account if you are 17 years old or younger.
- Chase Premier Savings. Be linked to a Chase Premier Plus or Sapphire checking account at least $ 15,000 day-to-day.
- Chase Private Client Savings. There is no waiver requirement, since it is only available to eligible members.
| Chase Bank Savings Accounts | ||||
|---|---|---|---|---|
| Account name | Opening deposit | Monthly fee | Annual Percentage Yield (APY) | Relationship Pricing Rates |
| Chase Savings | $ 0 | $ 5 | 0.01% | 0.01% |
| Chase Premier Savings | $ 0 | $ 25 | 0.01% | 0.02% if you have <$ 50,000 0.03% if you have $ 50,000 to $ 99,999 0.04% if you have $ 100,000 to $ 249,999 0.05% if you have more than $ 250,000 |
| Chase Private Client Savings | $ 0 | None | 0.02% if you have <$ 50,000 0.03% if you have $ 50,000 to $ 99,999 0.04% if you have $ 100,000 to $ 249,999 0.05% if you have more than $ 250,000 |
0.02% if you have <$ 50,000 0.03% if you have $ 50,000 to $ 99,999 0.04% if you have $ 100,000 to $ 249,999 0.05% if you have more than $ 250,000 |
To conclude…
If you plan to take advantage of some of the bank’s promotions, Chase Bank may be a good choice for checking and savings accounts. This is undoubtedly your best choice if you want a strong online presence and an intuitive mobile application. Nonetheless, if you are interested in the most affordable accounts with the best possible rates, you may have to look elsewhere.
It’s easy to open a Chase bank account, so long as you have the necessary documents and meet the requirements. An idea of what account to open and what you will use can be of help to you in the long run. What better way to get started than with Chase.
Do you like the post What are the requirements to open a Chase bank account?
Feel free to comment below if you have any doubts!! Thankyou!!
