Personal Finance Banking Checking Account
Written by Laura Grace Tarpley, CEPF; edited by Libby Kane; reviewed by Evelyn He
- Pros and Cons
- Chase Sapphire℠ Banking Review
- FAQs
- Methodology
- How Chase Sapphire Banking Compares
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Chase Sapphire℠ Banking
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JPMorgan Chase Bank, FDIC Insured
Insider’s Rating
4.25/5
Fees
$25 monthly service fee
Annual Percentage Yield (APY)
Interest rates are variable and subject to change
0.01%
Minimum Opening Deposit
None
Pros
- No required opening deposit
- Over 4,700 branches
- No out-of-network ATM fees worldwide
- Unlimited out-of-network ATM fee reimbursem*nts
- No foreign exchange rate adjustment fees
- No incoming or outgoing wire transfer fees
- No stop payment fees
- No overdraft fees on the first 4 overdrafts within the present statement period and last 12 statement periods, combined
- Waive monthly fees on other Chase accounts when you link them to Chase Sapphire Banking (excluding Chase Private Client Checking and Savings)
- Enroll in free overdraft protection to move money from savings to checking
- Overdraft Assist lets you overdraw by up to $50 without charging a fee
- Exclusive entertainment and sports event benefits
Cons
- $25 monthly fee unless you have a combined $75,000 in Chase Sapphire and other qualified Chase accounts
- $34 overdraft and non-sufficient funds fees
Chase Sapphire℠ Banking review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- The information related to the Chase Sapphire℠ Banking has been collected by Business Insider and has not been reviewed by the issuer
- Access to 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com
- Waive $25 monthly service fee by maintaining an average daily balance of $75,000 combined in all of your Chase bank accounts and partner investment accounts
The bottom line: Chase Sapphire℠ Banking is a good checking account for travelers, because it doesn't charge any foreign exchange rate fees and it reimburses all ATM fees on non-Chase machines. Chase is also one of the best banks out there. But to open an account, you need a combined balance of $75,000 in your Sapphire Banking account and all eligible linked Chase bank and investment accounts — and you need to maintain that balance to waive the monthly fee.
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Chase Sapphire Banking: Pros and Cons
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Chase Sapphire℠ Banking Review
Chase Sapphire℠ Banking is a great option for travelers, because it doesn't charge foreign exchange rate fees or ATM fees worldwide, and it refunds any fees charged by out-of-network ATM providers. You also have access to entertainment and sports benefits, such as early ticket sales.
The account's main downside is its $25 monthly service fee — to waive it, you must keep at least $75,000 combined in this account and any linked Chase accounts. The good news is that you can link up to nine accounts to meet this requirement, including a variety of checking, savings, and CD accounts, and certain investment accounts through JPMorgan Chase & Co. So if you can waive the fee, it's a pretty good account.
Is Chase Sapphire Banking Trustworthy?
Chase is a Member FDIC Bank, so your Chase Sapphire Banking account is FDIC-insured for up to $250,000, or $500,000 for joint accounts. This means that if Chase shuts down, your insured funds are still safe. Chase would move your money to another federally insured institution, or it would mail you a check.
The Better Business Bureau gives Chase anA+ rating. A strong BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A good BBB score doesn't necessarily mean you'll have a perfect relationship with a bank, though. Read online customer reviews or speak with friends and family who use Chase to help determine if it will be a good fit.
Chase has been involved in a couple of recent public controversies. In 2020, JP Morgan Chase & Co.paid the Department of Justice $920 millionin a settlement that claimed the bank was involved in wrongful trading. In the same year, the US Department of Labor required Chase topay $800,000 in back wages in a settlementthat accused the bank of underpaying women.
Chase Sapphire Banking FAQs
Is Chase Sapphire Banking worth it?
Chase Sapphire Banking could be worth it if you qualify to waive the hefty $25 monthly service fee. It's a good choice for travelers, because you won't pay any foreign exchange rate or non-Chase ATM fees.
What are the benefits of the Chase Sapphire Banking account?
The main benefits of Chase Sapphire Banking are that you waive fees for foreign exchange rate adjustments, out-of-network ATMs, wire transfers, and stop payments, plus some overdraft fees. You can also take advantage of exclusive perks for sport and entertainment events.
How do you qualify for Chase Sapphire Banking?
To qualify for Chase Sapphire Banking, you must have $75,000 in all of your qualified linked Chase accounts and investing accounts.
Methodology: How We Reviewed Chase Sapphire Banking
At Personal Finance Insider, we rate products using ourbank account ratings methodology. Each account receives a rating between zero and five.
For all types of bank accounts, we look at ethics, customer service, and the bank's mobile app. For checking accounts specifically, we also evaluate minimum opening deposits, monthly fees, overdraft fees/protection, and ATM access/fees.
How Chase Sapphire Banking Compares
Chase Sapphire Banking vs. Chase Premier Plus Checking
There are several Chase checking accounts, and Chase Premier Plus Checking℠ is one tier below Chase Sapphire Banking.
Premier Plus Checking is the bank's middle-of-the-road checking option. It waives four out-of-network ATM fees each month and offers free Chase design checks, cashier's checks, and money orders. It doesn't have some of the perks you'll get with Sapphire Banking, like waived foreign rate adjustment and ATM fees worldwide. Both have a $25 monthly service fee, but it's a little easier to waive with Chase Premier Plus Checking.
Chase Sapphire Banking vs. Chase Private Client Checking
Chase Private Client Checking℠ is the bank's highest-tier checking account. It comes with many of the same benefits of Sapphire Banking, but you also have access to a Chase Private Banker, Business Banking Advisor, and discounts on auto and home loans.
While Chase Sapphire Banking requires $75,000 to qualify for an account, Private Client Checking requires $150,000. It also has a $35 monthly service fee, unless you qualify to waive it.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is an expert in mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She worked on Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors.She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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