Alyssa Lane
Chase Bank offers a range of financial products and services to its customers, including various types of checking and savings accounts, as well as investment products. While Chase does not provide insurance itself, its deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC). This means that Chase customers can recover their deposits up to a certain limit in the event of bank failure. However, it is important to note that not all financial products offered by Chase are FDIC-insured, as the FDIC only insures deposit accounts and does not cover investment products.
| Characteristics | Values |
|---|---|
| Insurance provider | Federal Deposit Insurance Corporation (FDIC) |
| Maximum insured amount | $250,000 per customer, per account ownership category |
| Joint account insured amount | $500,000 |
| Applicability | Deposit accounts only (e.g. Chase Total Checking) |
| Non-applicability | Investment products |
| Other benefits | Online and mobile banking, debit card with chip technology, access to thousands of branches and ATMs |
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What You'll Learn
- Chase accounts are FDIC-insured up to $250,000 per customer, per account ownership category
- Chase offers a $300 bonus for new checking customers
- Chase Sapphire is a premium checking option with waived foreign transaction and wire transfer fees
- Chase offers two basic savings accounts: Chase Savings and Chase Premier Savings
- Chase College Checking is for college students 17-24 years old with proof of student status
Chase accounts are FDIC-insured up to $250,000 per customer, per account ownership category
Chase Bank offers a range of checking and savings accounts with various features and benefits. While Chase provides convenient access to online and mobile banking, as well as a wide network of branches and ATMs, one of the most important considerations when choosing a bank is the safety of your money.
In this regard, Chase accounts are FDIC-insured up to $250,000 per customer, per account ownership category. This means that even if Chase Bank were to fail, you would be able to recover your individual account balance up to $250,000. This insurance coverage is provided by the Federal Deposit Insurance Corporation (FDIC), which protects depositors' funds in the event of an FDIC-insured bank failure.
It's important to note that not all financial products offered by Chase are FDIC-insured. The FDIC only insures deposit accounts, such as traditional savings and checking accounts, as well as Certificates of Deposit (CDs). Investment products, such as those offered by J.P. Morgan Securities LLC, a broker-dealer and investment advisor affiliated with JPMorgan Chase & Co., are not FDIC-insured and can lose value.
For joint account holders at Chase, each co-owner is considered a separately insured customer. As a result, you and your co-owner can collectively recover up to $500,000 in the event of a bank failure, assuming you have no other shared accounts. This feature provides added protection for joint account holders.
In summary, Chase accounts are FDIC-insured, providing customers with peace of mind and protection for their deposits. However, it's always important to understand the specifics of your account and confirm the coverage with the bank directly, as not all financial products are insured in the same way.
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Chase offers a $300 bonus for new checking customers
Chase Bank offers a variety of bonuses for new customers opening checking accounts, including a $300 bonus. To qualify for this bonus, new customers must open a Chase Total Checking® account and complete a qualifying direct deposit. The minimum deposit to qualify for this bonus is $500, and it must be made within 90 days of opening the account.
This bonus is not available to existing Chase checking customers. However, existing customers can earn bonuses by referring friends. Additionally, Chase offers other bonuses for new customers, such as a $200 bonus for opening a savings account and depositing $15,000 or more within 30 days, and a $100 bonus for opening a Chase Secure Banking℠ account and completing qualifying transactions.
Chase also offers a $900 bonus for new customers who open both a checking and savings account. This bonus includes the $300 bonus for the checking account and the $200 bonus for the savings account, along with an extra $400 bonus for completing both.
In addition to these bonuses, Chase offers a range of checking account options, including the Chase High School Checking account for students 13 to 17 years old and the Chase College Checking account for college students 17 to 24 years old. The bank also provides convenient access to online and mobile banking, as well as thousands of branches and ATMs.
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Chase Sapphire is a premium checking option with waived foreign transaction and wire transfer fees
Chase Bank offers a variety of checking accounts, each with its own unique features and benefits. One of these is the Chase Sapphire℠, a premium checking option that provides several advantages to its customers.
One of the most notable perks of the Chase Sapphire℠ account is the waiver of foreign transaction and wire transfer fees. This feature makes it an attractive choice for individuals who frequently engage in international transactions or send and receive wire transfers. With this account, customers can avoid the additional costs typically associated with foreign currency exchanges and wire transfers, making it a cost-effective solution for those with international financial commitments.
In addition to the waived fees, Chase Sapphire℠ account holders also benefit from other features, such as overdraft protection. The account offers a grace period of up to four days per year, during which customers will not incur overdraft fees if their account balance exceeds the overdrawn limit by more than $50. This feature provides a level of flexibility and peace of mind for customers who may occasionally find themselves in a position of overdrawing their accounts.
The Chase Sapphire℠ account also provides customers with access to the Chase Mobile® app, which offers a convenient platform for managing finances. Through the app, users can easily send and receive money using Zelle®, a secure money transfer service. Additionally, the app enables customers to deposit checks remotely by simply taking a picture of the check with their smartphone, eliminating the need to visit a physical branch.
While the Chase Sapphire℠ account offers these valuable benefits, it's important to note that there is a monthly service fee of $25. However, this fee can be waived if the customer maintains a total balance of $75,000 across their Chase and partner accounts. This requirement highlights the account's suitability for individuals with substantial financial assets who can take advantage of the waived fees and additional perks offered by Chase Sapphire℠.
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Chase offers two basic savings accounts: Chase Savings and Chase Premier Savings
Chase Bank offers two basic savings accounts: Chase Savings and Chase Premier Savings. Both accounts come with a few different perks. For starters, you have easy and convenient access to online and mobile banking, where you can manage your money. You can even deposit checks from your smartphone app. You can also set up an automatic savings program that makes recurring deposits into your savings account from your checking account, making saving easier.
The Chase Savings account is the more standard option of the two, without any extra perks. It earns at the lowest APY regardless of your account balance. There is a low monthly fee to hold the account, but you can easily waive it by maintaining a minimum daily balance of $300, having at least $25 in repeating automatic transfers or Autosave, or having a linked Chase checking account.
The Chase Premier Savings account offers some additional benefits. You can earn Premier relationship rates when you link the account to a Chase Premier Plus Checking or Chase Sapphire Checking account and make at least five customer-initiated transactions in a monthly statement period using your linked checking account. There is also no Foreign Exchange Rate Adjustment Fee when conducting transactions in a foreign currency. However, there is a monthly service fee, which you can avoid by linking a Chase Premier Plus Checking or Chase Sapphire Checking account.
In addition to these two basic savings accounts, Chase also offers a range of checking accounts, including Chase Total Checking, Chase Premier Plus Checking, Chase Sapphire Banking, Chase High School Checking, and Chase College Checking. These accounts provide various features, such as a Chase debit card, access to thousands of ATMs and branches, online and mobile banking, and more.
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Chase College Checking is for college students 17-24 years old with proof of student status
Chase Bank offers a range of checking accounts, each with its own unique features and benefits. One of these is the Chase College Checking account, which is designed specifically for college students aged 17 to 24. This account offers several perks to help students manage their money more easily and conveniently.
To open a Chase College Checking account, students must provide proof of their student status, such as a transcript or acceptance letter, as well as their expected graduation date. International students and 17-year-olds are required to open their accounts at a Chase branch with the necessary documentation. The account comes with a $100 bonus and offers features such as a debit card with chip technology, access to thousands of branches, normal ATMs, and Chase DepositFriendly ATMs.
The Chase College Checking account is an excellent option for college students looking to manage their finances. It provides them with the tools and resources to access and control their money securely. Additionally, the Chase Mobile® app enhances the convenience of banking by allowing students to bank from anywhere. The app includes features such as fraud monitoring and account alerts to help students stay informed about their account activity and ensure the security of their funds.
In addition to the Chase College Checking account, Chase Bank also offers other student banking options, such as the Chase High School Checking account. This account is designed for students aged 13 to 17 who co-own the account with a parent or guardian. The parent must have their own qualifying Chase checking account, which is linked to the high school checking account. The Chase High School Checking account helps teens manage their money with features like a debit card, the Chase Mobile® app, access to ATMs and branches, and no monthly service fee. When the student turns 19, the account automatically converts to a Chase Total Checking® account.
Chase Bank's student checking accounts, including the Chase College Checking and Chase High School Checking accounts, provide valuable tools and resources for students to learn about financial management. These accounts offer convenience, security, and easy access to funds, helping students build strong financial habits during their academic years.
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Frequently asked questions
Yes, a Chase account is FDIC-insured up to $250,000 per customer, per account ownership category. This means that even if Chase fails, you will eventually be able to recover an individual account's balance up to $250,000. If you have a joint account, each co-owner is considered a separately insured customer, allowing you to collectively recover up to $500,000 in the event of a bank failure.
FDIC insurance covers your money in the event of a bank failure. FDIC insurance only applies to deposit accounts, and does not cover investment products, which can lose value.
FDIC insurance is automatic when you open a deposit account at an FDIC-insured bank. You can check if your bank is FDIC-insured by visiting the FDIC website.
