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Both Chase Private Client and Sapphire Banking are some of the best Chase bank accounts. However, do you know which one is better for you? You may find that one is more suited to your financial situation than the other. This Chase Private Client vs Sapphire Banking comparison can help you decide.
Chase Private Client
Chase Bank’s top-tier product is Chase Private Client. Key benefits include a dedicated banker and personalized investment guidance.
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.
How to Qualify for Chase Private Client
You will need to maintain a combined minimum average daily balance of $150,000 in your personal, business, and investment accounts.
After meeting with Chase, these are some of the benefits you can look forward to.
Chase Private Client Bonus
Enjoy up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities.
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.
Learn more about the $3,000 bonus: Chase Private Client
All Chase Private Client members get these Chase Bank perks:
- Free 3″ x 5″ safe deposit box (subject to availability and Chase branch)
- No ATM fees worldwide
- Higher daily deposit and withdrawal limits
- No Chase fee for incoming or outgoing wires
- Dedicated banker to build a CD ladder
The higher daily limits can also be a boon. For instance, your daily limit is $5,000 for Chase QuickPay with Zelle®. Your daily ATM withdrawal limit is $2,000 per day. With Chase QuickDeposit℠, you can deposit up to $25,000 daily or up to $100,000 per month.
When traveling, you and your family may enjoy the Chase Private Client Arts & Culture Program. This perk gives you special access to select local points of interest. And if you happen to lose your debit card, Chase will rush to deliver a replacement card around the world for free.
It’s also possible to qualify for reduced interest rates on select Chase Bank loans (though interest rates are variable and subject to change). There are no additional perks if you own a Chase credit card.
Being a Chase Private Client also lets you get a dedicated personal advisor at J.P. Morgan. This advisor can help you create a personalized investing plan to help you build wealth.
Your J.P. Morgan Private Client Advisor can help plan your short-term and long-term money goals. As your life situation and goals change, you can meet with your advisor to develop a new plan.
If you prefer, your advisor can manage your investments. There’s also a robo-advisor option that automates the investment process but can have fewer fees. You get access to You Invest℠ by J.P. Morgan INVESTMENT PRODUCTS: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE if you prefer DIY investing. You won’t pay trade commissions for stocks and ETFs that you buy or sell.
Related: Chase Private Client Review
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
- 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.
Chase Sapphire Banking
The information for Chase Sapphire Banking has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
Chase Sapphire Banking is easier to qualify for than Chase Private Client as you need a smaller account balance. However, the Sapphire Banking benefits are not as rich as Private Client, they are still valuable. Note though, there is no current signup bonus offer. Here’s what to know in this Chase Private Client vs Sapphire Banking comparison.
How to Qualify for Sapphire Banking
You need $75,000 in combined banking and investment assets to qualify for a Sapphire Banking account. Then you will need to maintain this balance to waive the $25 monthly account fee.
You can open an account online or apply at your local Chase Bank branch.
While you won’t get a personal banker, you get enhanced benefits. You can also avoid those pesky bank fees that your current checking account charges.
- No ATM fees worldwide
- 4 free overdrafts every 12 months
- Zero Chase wire transfer fees
- Higher ATM withdrawal and purchase limits for your debit card
- No foreign exchange rate fees on international debit purchases and withdrawals
You will also get a special relationship bonus for a Chase Premier Savings account. Completing at least 5 transactions with your linked Chase checking account lets you earn the current Premier bonus.
If you own a small business, consider a Chase Business Complete Banking℠ account, one of the best business checking accounts available. There are also multiple ways to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
New Chase Business Complete Banking℠ applicants can earn $300 when they open a new Chase Business Complete Checking℠ account. For new Chase business checking customers with qualifying activities. This offer expires on 05/18/2023.
Parking your investments at You Invest℠ by J.P. Morgan can be the easiest way to maintain the $75,000 minimum balance requirement.
Although you don’t need to be a Sapphire Banking member to use You Invest, this brokerage has competitive fees.
Some of the key Sapphire Banking benefits include:
- Unlimited commission-free stock, ETF, and options trades ($0.65 per options contract). Options contract and other fees may apply
- Buy no-load mutual funds with a $1 minimum investment
- $0 minimum account balance
- Managed portfolios are available
- Brokerage, Traditional IRA, or Roth IRA account options
You won’t get a personal investment adviser as Chase Private Client members do. But You Invest offers two different automated investing options.
The You Invest Portfolio is a robo-advisor requiring a $500 minimum investment. You won’t directly speak to a J.P. Morgan advisor. However, the advisory team oversees the investing algorithm. This team also invests your cash in relation to your investing goals and risk tolerance.
For semi-independent investing, consider the Portfolio Builder tool. You Invest helps you create a responsible asset allocation. You can still add individual investments outside your pre-made portfolio with this option.
Alternatively, if you like You Invest℠ by J.P. Morgan and want to open and fund a new You Invest Trade account, you can enjoy up to $725. To earn the $725, you need to open and fund a new You Invest Trade account with $25,000 or more in new money within 45 days. New money is cash or securities must be from a non-Chase or non-J.P. Morgan account. Maintain the balance for 90 days, and Chase will add your bonus in 10 business days.
There is no monthly service fee and no minimum balance to open.
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.
Other Sapphire Banking Perks
You get a few other lifestyle perks for being a Sapphire Banking member:
- Early access to ticket pre-sales and special seating at sports and entertainment events
- Special access to sports and entertainment hospitality lounges
- Access to Chase Bank banking, home, and small business specialists
Now, you can get some of these entertainment benefits by having a Chase Sapphire credit card (the two options are the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®. Owning the Chase Sapphire Preferred or Chase Sapphire Reserve sometimes lets you attend special areas (like a VIP section of sorts) at special events like concerts.
It’s important to note that the Sapphire credit cards are a different product than the Sapphire Banking product. You will need to apply for each product separately.
Related: Chase Sapphire Banking review
When Chase Private Client is Better
Chase Private Client is the better option (for you) in these instances:
- You have at least $150,000 in banking and investment assets
- Want a personal banker and investment advisor
- You can use the exclusive Chase Bank perks like a safe deposit box or higher daily transaction limits
Not every person has a liquid net worth of at least $150,000. If you do, this is your best Chase Bank option.
When Chase Sapphire Banking is Better
Sapphire Banking can be a better option for more people because of the lower account balance requirement. It’s a lot easier to maintain a $75,000 combined average balance versus a $150,000 combined daily balance.
While you won’t get as many perks as Chase Private Client, these benefits can be valuable:
- Free ATM reimbursements worldwide
- Up to 4 fee-free overdrafts every 12 months
- Waived wire transfer fees
Summary of Chase Private Client vs Sapphire Banking
In summary, the better account option for you may come down to how much money you have in the bank. You need at least $150,000 in bank and investment assets to join Chase Private Client. Until you reach that mark, Sapphire Banking can be your best alternative to avoid the fees that other Chase checking account products charge.
What is Chase Private Client?
Chase Private Client is the most exclusive Chase Bank account option. Benefits include a personal banker and J.P. Morgan investment advisor. You also enjoy higher daily transaction amounts and plenty of waived banking fees.
You must have a minimum account balance of $150,000. This balance can be within your banking and investment accounts. If you can maintain the minimum balance, you can apply for an account at Chase.com or in-branch. After speaking with a Chase representative, you will see if you qualify for this account.
Is Chase Private Client worth it?
Chase Private Client can be worth it if you have at least $150,000 in liquid assets. Because your bank deposits will earn minimal interest, Private Client can be worth it if most of your balance is with You Invest℠ by J.P. Morgan.
The best reason to join Chase Private Client is for personal access to a banker and investment advisor. As you have a high net worth, having a personal plan can help you build wealth and preserve it for your family.
What is Chase Sapphire Banking?
Sapphire Banking is Chase’s second-highest banking product with Chase Private Client being in the top spot. Additionally, this product is open to the general public and doesn’t require an invitation.
Key benefits include:
- Free worldwide ATM reimbursements
- 4 free overdrafts every 12 months
- Special Chase Premier relationship bonus
- Lifestyle perks, including access to ticket pre-sales and special seating
To join (and avoid the $25 monthly account fee), you will need to maintain a minimum $75,000 account balance. This balance can be between your Chase savings, checking, and You Invest℠ by J.P. Morgan accounts.
Is Chase Sapphire Banking worth it?
In conclusion, Chase Sapphire Banking can be worth it if you can maintain the minimum combined account balance of $75,000 to waive the $25 monthly account fee. If so, and the fee savings and Sapphire Banking perks, are more valuable than your current bank account, it’s worth it.
Other perks that can make opening a Sapphire Banking account worth it include the following:
- Free worldwide ATM reimbursements
- No Chase Bank wire transfer fees
- Up to 4 overdraft fee waivers every 12 months
- Dedicated banking service line
Make sure you complete the bonus offer requirements to make your wallet a little thicker.
Is there a comparison of all major banks with high medium low $ requirements?
I currently have TD bank that had free worldwide atms but only required $2500 min. They are removing it so want to go to a new bank. Probably schwab.
But good to know other options as well as far as perks!