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Many people consider opening a Chase Bank account as they have many banking options, enticing signup bonuses (how to earn $600 with Chase checking offers), and a nationwide footprint of local branches. Below are the advantages and disadvantages to help you decide when Chase Bank is good for your finances.

When is Chase Bank Good?
Here are some of the best benefits of banking with Chase and the reasons why Chase Bank is good.
Nationwide Bank Access
It’s easy to access your account deposits and schedule transfers online or with the banking app. You can also visit local branches to make deposits and withdrawals or when you need advanced services that can’t be completed at home. There are Chase Bank branches in most states.
Chase Bank can be good for personal or business banking because of its many local and online services.
Can Waive the Monthly Fee
Most Chase checking and banking accounts provide several ways to waive the monthly service fee. These accounts can be worth it when you can enjoy fee-free banking.
For example, the Chase Total Checking® account lets you avoid the $12 fee by achieving one of the following:
- At least $500 in direct deposits
- Beginning of the day balance of at least $1,500 each day
- A combined average beginning-of-the-day balance of $5,000 between linked Chase accounts
The fee waiver requirements vary by account product.
Can Earn a Signup Bonus
You may consider timing your application to qualify for a Chase checking account bonus.
Many bonuses let you earn from $100 to $600 by completing the account opening and introductory activity requirements. Typically, you need to open a checking and savings account simultaneously to earn the most valuable bonuses.
These bonuses help offset the lack of ongoing perks that online banking accounts might offer. It can also be an easy way to get extra cash from your cash reserves.
Are you a College Student
Chase College Checking℠ offers free banking accounts to college students for up to five years. This account can be worth it when the campus is near a local branch, which can come in helpful when home is too far away for immediate banking needs.
Students ages 18-24 with a Social Security Number can open an account online or at a Chase branch. Students with no Social Security Number or who are 17-year-olds can only open an account at a branch.
Student customers also have access to the various Chase app and online banking platforms to easily receive deposits or transfer funds to friends.
New Chase customers can get $100 when they open a Chase College Checking℠ account and complete 10 qualifying transactions within 60 days of coupon enrollment. This offer expires on 10/18/2023.
After graduation, this account has a lower monthly service fee than a standard retail checking account.
Related: What Is The Best Chase College Checking Account?
Are Eligible for Chase Private Client
You may also consider Chase Private Client when you can waive the monthly service fee by maintaining at least $150,000 in qualifying balances. Some of the perks include higher deposit limits and complimentary wire transfers.
Another unspoken benefit is that Chase Private Client customers can be exempt from the Chase 5/24 rule for the bank’s credit cards. Being an exclusive customer doesn’t guarantee approval, but there are several data points indicating this application restriction has been waived.
Related: Chase Private Client Review: $3,000 Bonus!
Establish a Banking Relationship
Opening a Chase checking or savings account can help you qualify for exclusive offers. You can view your curated promotions in the “Just For You” tab in your membership account.
The offers may include bonus offers for other banking accounts and loans to save money. It’s also possible to see invitations to apply for the best Chase credit cards.
When Chase Bank Isn’t Good
Unfortunately, competing institutions are better for several situations.
High Banking Fees
The account service fees can become expensive if you have multiple accounts or can’t waive them regularly. For example, the Chase Total Checking service fee is $12, and the entry-level savings account fee is $5.
Unless you need to use Chase Bank for local branch access, other institutions can provide similar services with a lower fee and potentially no fee.
Low Savings Account Interest Rates
Earning interest on your savings deposits is an easy way to earn passive income until you need to spend your cash reserves. Unfortunately, big banks including Chase, still pay a very low percentage when you can earn approximately 5% with a high-yield savings account from an online bank.
CIT Bank and Quontic Bank are two of the best services for earning competitive rates and no fees.
Additionally, competing high-yield savings accounts are unlikely to charge monthly service fees. They usually don’t require a minimum ongoing balance, but you may need to make a minimum opening deposit.
One exception to the ongoing balance requirements is the CIT Bank Platinum Savings Account which requires a $5,000 minimum to earn the best rate.
Cannot Earn a Signup Bonus
You may also decide to delay opening a Chase Bank account until you can earn the signup bonus. These bonus offers provide additional value as brick-and-mortar accounts usually earn less interest and are more likely to charge fees for certain services.
You Don’t Need Local Branch Access
Opening an account may not be worth it if you don’t live near a Chase branch or don’t need the institution’s unique banking services. If this is your situation, your current bank may already fit your needs, and it’s not worth the hassle to move your money and change your direct deposit details.
Getting a Chase Credit Card May Not Be Easier
Opening a Chase personal or business banking account before applying for a Chase-issued credit card lets you start a banking relationship. Chase specifically states that having a Chase checking account means you can be more likely to receive prequalified credit card offers.
However, you will still need to have good or excellent credit. Preferably, the score will be higher than 700. Other requirements include being below the 5/24 threshold, earning a sufficient income, and having a low debt balance to afford the anticipated monthly payments.
Summary of Is Chase Bank Good to Open an Account With?
Chase Bank is one of the best options if you want to be a big bank customer as you can find local branches and ATMs in most cities across the United States. It can also be worth it if you can waive the service fees and use the account features that online banks may not offer to reduce costs.