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Is Chase Private Client exclusively for the elite, or can anyone qualify for personalized attention and dedicated service? We’ll help you understand the eligibility criteria, explore the benefits of being a Chase Private Client, and evaluate whether it’s worth signing up.
There’s currently an up to $3,000 welcome bonus (earned after completing the qualifying activities required) for new Chase Private Client customers. The offer expires on 10/18/2023. More on that is below.
$3,000 bonus! offer: Chase Private Client
What is Chase Private Client?
Chase Private Client offers a range of exclusive benefits for top Chase clients, from premium banking solutions, personalized attention, and the expertise and investment capabilities of J.P. Morgan. Essentially, it’s more or less exactly what it sounds like personalized banking and investment solutions tailored to meet your needs. Chase Private Client is a premier checking account. If you’re looking for a more standard Chase account and how you can earn $600 see here.
Basically, as a member, you’ll be assigned a team of banking professionals to help you determine and map out your financial goals. That includes a Private Client Banker and a J.P. Morgan Private Client Advisor. You’ll be able to reach out to them over the phone, via email, or at a local branch to get advice and guidance when you need it.
You’ll also get priority service for everyday banking and access to J.P. Morgan Wealth Management. Note that J.P. Morgan Wealth Management was ranked #1 in Customer Satisfaction with Wealth Management Digital Experiences in the J.D. Power 2022 U.S. Wealth Management Digital Experience Study!
Plus, earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000, or earn $3,000 when you deposit $500,000.
Chase Private Client Benefits
The Chase Private Client reviews explain that the benefits can definitely be worth it if you maximize them to their full potential.
Concierge Banking
Chase Private Clients get premium banking solutions that include priority service, no fees on wire transfers, no ATM fees, and no foreign exchange rate adjustment fees for purchases made on debit card purchases while traveling in foreign countries. There are also Arts & Culture Passes that are available in select cities for members to enjoy.
Other Chase Private Client benefits include:
- Higher Chase QuickDeposit℠ limits ($25,000 per day and $100,000 every 30 days)
- Plus, a higher daily ATM withdrawal limit (of up to $2,000)
- Receive a 3×5 Safe Deposit Box; 20% discount on larger boxes (subject to availability)
- Higher daily purchase limit (of up to $7,500 when you use your Chase Private Client debit card)
- Order cashier’s checks, counter checks, or money orders without paying fees; free personal check designs when ordered through Chase (fees may apply for certain other supplies and expedited shipping)
- Higher Chase QuickPay with Zelle® limits ($5,000 per day and $40,000 every 30 days)
Members build a personal relationship with a Chase banker. They also get access to a 24/7 service line that caters specifically to members. And if a card gets lost or hacked abroad, Chase will rush deliver a replacement card anywhere in the world for free.
Investments
On the investment side, J.P. Morgan’s investment capabilities mean retirement planning, portfolio management, annuities, and even college savings. Financial advisors help you plan adjustments as your lifestyle and goals change, developing strategies to save for the future. They’ll even guide you through a customized financial analysis to help you spend and save smarter now.
Thus, it’s a way to feel confident about your financial future. As seen on the Chase site, that involves:
- Aiding you so that you have a better understanding of your investment objectives, investable assets, time frame, and risk tolerance
- Help you manage your financial goals
- Conduct a Customized Financial Analysis to create a strategy to help you reach your goals; there will be adjustments for unexpected scenarios you might encounter along the way
- Offer advice on how you should manage your financial decisions as you move through the different stages of your life
Monthly Fees
Chase Private Client Checking has no Monthly Service Fee when you do at least one of the following each statement period:
- Option #1: Keep an average beginning day balance of $150,000 or more in any combination of this account and linked qualifying Chase checking savings, and other balances
- OR
- Option #2: Have a linked Chase Platinum Business Checking account
Otherwise, a $35 Monthly Service Fee will apply. Product terms are subject to change. For more information, please see a banker or visit chase.com/checking.
Who qualifies for Chase Private Client?
However, not everybody can jump right into elite Chase Private Client membership. To qualify for this, the first hurdle is that you must maintain an average daily balance of $150,000 or more. This can be in any combination of qualifying checking, savings, or business deposits and investment accounts.
Rumor has it that if you come close and have been with Chase for years, you might get an invitation to join, but that’s not a guarantee.
Chase Private Client Bonus
Enjoy up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities. The offer expires on 12/31/2023.
Within 45 days of coupon enrollment, transfer qualifying new money or securities to a combination of eligible checking, savings, and/or J.P. Morgan Wealth Management non-retirement accounts (excludes Chase business checking and savings accounts, any J.P. Morgan Self-Directed Investing & Automated Investing, J.P. Morgan Personal Advisors Accounts, J.P. Morgan Wealth Management retirement accounts, and CDs). Your bonus will be determined on day 45. Maintain your new money for 90 days from coupon enrollment and enjoy your bonus. Chase will add it to your account within 40 days.
Speak with a Private Client Banker to open your Chase Private Client Checking account today. Schedule your meeting at your nearest branch or over the phone.
Cost of Chase Private Client
The information for You Invest℠ by J.P. Morgan has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
Chase offers JP Morgan’s managed portfolio service which comes with a 1.25% annual fee that is billed quarterly. But you don’t have to use it. You can instead use the You Invest℠ by J.P. Morgan online trading platform. INVESTMENT PRODUCTS: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
This service lets you research, trade, and manage your investments. However, it doesn’t have many options to choose from. You have unlimited commission-free online stock, ETF, and options trades, though options contracts and other fees may apply. Using a You Invest account and having the necessary assets does count towards eligibility.
Thus, this is comparable to other large investment firms. However, you can find lower rates elsewhere (though interest rates are variable and subject to change). Management fees can also be very high, as much as twice the amount of investments purchased from other services.
Is Chase Private Client Worth It?
If you’re considering joining, do the math first. Additionally, if it’s investments you want, look into other investment options and portfolio management first. Just because they are discounted with the program doesn’t mean they are the most competitive.
However, if you would save more on ATM and foreign transaction fees, mortgage rates, deposit boxes, and museum entries than you’re losing in maintenance and concierge-type fees (that would take a lot of fees), Chase Private Client may be worth a closer look.
Keep in mind that many of the perks that accompany Chase Private Client can also be found in other Chase accounts. Sticking with a less expensive checking account and opting for a different investment strategy can save you money.
Other Bank Bonuses Offer:
- Earn up to $1,000 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through September 6, 2023. Member FDIC. Link: U.S. Bank Smartly® Checking
- You can also get up to a $250 cash bonus by depositing $5,000 or more total qualifying direct deposit amount during the 25-day evaluation period with the SoFi Checking & Savings.
- Earn $300 when you open a new Chase Business Complete Banking® account. For new Chase business checking customers with qualifying activities. The offer expires on 10/19/2023.
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I am a JP Morgan Private Client Advisor- this story is not all accurate. The 1.25 is not a accurate statement nor are some other statements in this writing.
Let me get this…I need to give you $ 250,000 to qualify for CPC account. It will in turn pay me a whopping 0.01 % interest. You will take this money and lend it to others under Chase credit card which comes with 29 % interest rate. You will make $ 70 plus thousands off of of my money, while you give me couple of hundred bucks…earned under 0.01 % interest. Is anyone out there dumb enough to fall for this?
This article completely contradicts itself. Beginning says no monthly service on private client checking/savings accounts. Later it states will be a $20 monthly service fee. Many details in this article are either completely false or inaccurate. I would never use this story to make a decision especially a financial decision.
**NEVER believe ANONYMOUS comments. That could be definitely chasing advisors itself who want to sell products.
Nice article! While I am trying to make up my mind if we want to move from Wellsfargo to Chase and I met Chase branch manager and financial advisor. At the end of it, they did tell me there will be fees (only when I asked) and they never told me what % fees. I will check if fees are indeed a 1.25% or less on a $250K which comes to $3,125 and 0% interest. That’s a LOT.
On top of this, they make commissions on products they sell for $250k or more.
I recently upgraded my Chase account to a Private Client Account. I wanted to invest the cash in a money market fund and the financial advisor sent me forms to open a brokerage account. When I asked to use the cash to buy a specific fund (Vanguard – best performing in the sector), I was told it was not available. After some research, I then asked about 3-4 other specific funds and none of those were available. The only fund in this sector that was available was a JP Morgan fund (not a surprise) that had underperformed relative to other funds in the sector by around 50 basis points (very significant on a money market fund).
But I noticed that when I tried to enter a transaction I saw the Vanguard fund showed up, but I could not transact in it. When I pressed on this, only then was I told it was available via the YouInvest discounted brokerage account, but not the regular brokerage account.
So – the upshot is I was steered directly to the full brokerage account which has higher transaction fees and very limited access to investment products and was never told about the YouInvest account until I pressed the point. Definitely felt mislead and almost cheated, have had other issues with Chase in the past, am likely to close most or all of my accounts with Chase soon.
Thanks for your data point!
Sorry but a lot of the information in this article is incorrect. Especially about the fees.
The CPC program does NOT charge management fees on your cash in the bank nor on ALL investments. A fee is charged ONLY if you open a Managed investment account with the firm.
If you want to invest on your own you can open a YouInvest brokerage account and trade for free, these assets will still count towards the $250,000 qualifier for Chase Private Client.
Thank you for your comment. You are correct and the post has been updated accordingly.
The Chase/JPM YouInvest option does charge a .35% fee, it is not free trading like you can get from Vanguard, Fidelity, Ameritrade and most others.
The YouVest fee only applies to a “Portfolio” account – their robo-advisor product. You can open a self-managed YouVest account with no fees and get something like 100 free trades/year.
Also, the 0.35% YouVest Portfolio fee is partially reimbursed. They default to investing in mostly their own JPMorgan ETFs, and whatever expense ratio the fund charges is credited against your portfolio fee. After 6 months or so, net I’ve only paid a few basis points in fees…(though you can always do it for free if you insist on going fully “DIY”)
One more thing to note – their “JPMorgan managed” accounts and “YouVest Portfolio” accounts use the same investment strategies (at least at my level of investing). When I upgraded to Sapphire Banking I sat down with an advisor to talk about some of their investing options, he did a full analysis of my existing investments and showed how I would have faired in 2008 with the same investment mix then showed what they would invest me in to better protect against risk. I appreciated the insight, but the management fee was 1%! A few months later, the YouVest Portfolio product launched and I compared the plan against what the advisor sent me home with – same exact strategy for a third the fee!
We opened our Chase Private Client account after we had already opened our Chase checking account. We transferred investments worth $500,000 from Charles Schwab. We are supposed to get a bonus amount of $2,000 from Chase. As far as I know, there was no deposit of this amount in our Chase Private Client account. Are we correct?
Was it a points bonus? Maybe, they deposited Ultimate Rewards points in your account. If not, I would reach out to Chase for clarification.
Having a loan counts towards the $250k. So if you have a mortgage that can easily qualify you.
The asset management I did not find impressive. The free services like wire transfer and atm waive is pretty cool.
I’ve been a private client with another bank, and Chase courted me to sign up with their CPC program which I did. For those folks who are just out looking for perks, you’d likely be sorely disappointed with CPC.
Truth be told, $250k isn’t even that much, to begin with. Bear in mind too, that your mortgage balance with Chase does *NOT* qualify as part of this $250k since Chase doesn’t care much about the fixed assets portion of your portfolio. Chase only wants your INVESTABLE funds, and they want to make money off of you in trading. Bear that in mind.
@SID, You are mistaken. Having a mortgage with Chase does *NOT* qualify you with CPC since mortgage balance does not count into the $250k balance. If you’re just looking for free service, you should note that, starting 11/08/2020, CPC will start charging a $35 monthly fees for CPC checking account unless you have a combined of $150k in deposits/investments. Don’t be fooled by all these “free” service. How often do you do wire transfer anyways? And unless you’re paying more than $35 a month in ATM fees, it’s just not worth if (since the investment options available for CPC just aren’t that good, even if the financial advisors are helpful enough).
@Tiddle, I’m curious as to why you used CPC if the investment options are sub-par, there are no perks, and the interest rates are 0.01%. Is it due to getting FDIC coverage for that money, the bank’s solvency rating, or something else?
I just had my 2nd meeting with Chase Private Client and the JPMorgan Investment Advisor. I just retired in Dec. 2020.and I was kinda impressed with Chase. Mainly because, I could use my assets to finance buying another home. I gave them copies of my holdings from 3 accounts. So, their investment advisor had this 2 prong approach where half of my money goes into a purchased annuity and the other half goes into a “Chase fund” that invests in other mutual funds. That Chase fund has paid 3.5% average over the last 10 years. They stated that money would double over the rest my life, while paying me $35K/year. This is for a 7 figure plus Vanguard 401K. The fee for the account is 1.25% of the whole balance of the investment account, paid quarterly. There are NO guarantees on any of it. There is no way my funds can be doubled paying me annually and earning 3.5% I walked out! Chase Private Client is a scam to get baby boomers 401Ks and make them pay fees out the yazoo for substandard investments. DONT’ DO IT!
Hi John,
Thank you for your comment. I’m sorry your experience was not positive. I hope you find something that better suits your needs. Also, congratulations on your retirement!