Chase offers IRAs, but the selection is narrower than at dedicated investment firms

Yes, Chase Bank has IRA accounts. You can open a Traditional IRA, Roth IRA, or SEP IRA through Chase. However, Chase positions itself as a banking institution first, not an investment platform. This means the IRA options available to you depend partly on what you want to hold inside the account — and Chase's offerings in certain investment types are more limited than what you would find at a brokerage firm or robo-advisor.

The core difference: Chase IRAs are easiest to use if you want to hold cash, CDs (certificates of deposit), or money market accounts. If you want to build a portfolio of stocks, bonds, or mutual funds, Chase can do that, but you will be working through Chase Investments, which is their brokerage arm. The fees, investment choices, and user experience differ depending on which path you take.

Key Takeaways

  • Chase offers Traditional, Roth, and SEP IRAs, but the investment options available depend on whether you use Chase Banking or Chase Investments.
  • If you want to hold only cash or CDs in your IRA, you can open and manage it entirely through Chase's banking platform with no brokerage fees.
  • To hold stocks, mutual funds, or ETFs in a Chase IRA, you must use Chase Investments, which charges per-trade commissions on some investments and has different account minimums.
  • Chase does not charge annual IRA maintenance fees, but you may pay fees for specific transactions or investments depending on the account type and what you hold.
  • You can move money between a Chase IRA and another financial institution through a rollover or transfer without triggering taxes, though the process takes time.

Traditional and Roth IRAs through Chase Banking

If you open a Traditional or Roth IRA through Chase's regular banking platform, you are limited to holding cash, savings accounts, money market accounts, and CDs. This is straightforward: you fund the account, choose how much to keep in each product, and the interest rates are set by Chase. There are no trading commissions because you are not buying or selling securities.

Chase does not charge an annual IRA maintenance fee for these accounts. You will pay the standard fees that explore to any Chase deposit account — for example, if you overdraft or use out-of-network ATMs — but nothing specific to the IRA itself. The contribution limits are the same as any other IRA: for 2024, you can contribute up to $7,000 per year if you are under 50, or $8,000 if you are 50 or older.

The trade-off is that your growth is limited to whatever interest rate Chase offers on savings and money market accounts, which is typically lower than stock market returns over long periods. This approach works best if you are near retirement and want a very low-risk place to hold money, or if you are using the IRA as a holding tank while you decide where to invest longer-term.

IRAs with stocks and mutual funds through Chase Investments

To hold stocks, mutual funds, ETFs, or bonds in a Chase IRA, you must open the account through Chase Investments, which is Chase's brokerage division. This is a separate platform from your regular Chase banking account, though you can link them for transfers. Chase Investments charges per-trade commissions on some stock trades and mutual funds, though commission-free ETFs are available.

The account minimums and fee structure vary. Chase Investments does not charge an annual IRA fee, but you will pay commissions when you buy or sell certain investments. For example, as of 2024, Chase charges $4.95 per trade on most stocks and options, though this changes periodically and may differ for certain account types. ETFs and some mutual funds are commission-free to buy and sell.

Opening a Chase Investments IRA requires more setup than a banking IRA. You will need to complete a brokerage process, choose your investment strategy, and decide what to hold. The platform itself is designed for self-directed investing — Chase does not offer robo-advisor services or managed portfolios within the IRA.

SEP IRAs for self-employed people and small business owners

Chase offers SEP IRAs (Simplified Employee Pension IRAs) for people who are self-employed or own a small business. A SEP IRA works differently from a Traditional or Roth: you contribute as an employer, not an employee, and the contribution limits are much higher — up to 25% of your net self-employment income, with a maximum of $69,000 per year as of 2024.

Like Traditional and Roth IRAs, SEP IRAs through Chase Banking are limited to cash and CDs. If you want to invest in securities, you would open a SEP IRA through Chase Investments instead. The setup process is similar: you complete a brokerage process and choose your investments.

SEP IRAs are popular with freelancers and small business owners because they allow much larger contributions than a Traditional IRA, and the paperwork is simpler than a Solo 401(k). However, if you have employees, a SEP IRA requires you to contribute the same percentage of income for them as you do for yourself, which can become expensive quickly.

How Chase IRA fees compare to other banks and brokerages

Chase's IRA fees are competitive in some areas and less so in others. On the banking side, Chase does not charge annual maintenance fees, which matches most large banks. However, Chase's savings and money market rates are often lower than what you can find at online banks, so you may earn less interest even though there are no explicit fees.

On the brokerage side, Chase Investments' per-trade commissions ($4.95 per stock trade) are higher than what you would pay at firms like Fidelity, Charles Schwab, or E-Trade, which offer commission-free stock trading. However, Chase Investments does offer commission-free ETFs, which can offset this if you build a portfolio around ETFs instead of individual stocks.

If you are planning to trade frequently or hold a large number of individual stocks, a dedicated brokerage firm will likely cost you less. If you want a straightforward IRA with minimal fees and low risk, Chase Banking's IRA products are reasonable, though the interest rates may be lower than online alternatives.

Moving money into or out of a Chase IRA

You can fund a Chase IRA with a direct contribution from your paycheck or bank account, or you can move money from another IRA or retirement account through a rollover or transfer. A transfer moves money directly from one IRA to another without you touching it — this is the fastest and safest method, and it does not count as a distribution. A rollover means the money is paid to you first, and you have 60 days to deposit it into another IRA; if you miss the important date, it becomes a taxable distribution.

If you are moving money from a Traditional IRA to a Chase Traditional IRA, or from a Roth to a Chase Roth, the process is straightforward and has no tax consequences. If you are converting a Traditional IRA to a Roth (a Roth conversion), you will owe taxes on the amount converted in the year you do it, even though the money stays in an IRA.

Chase does not charge a fee to receive a rollover or transfer into a Chase IRA. However, your previous financial institution may charge a fee to send the money out — typically $25 to $50. The transfer itself usually takes 5 to 10 business days, though it can take longer if the other institution is slow to process.

When a Chase IRA makes sense, and when it does not

A Chase IRA through the banking platform works well if you want simplicity, low risk, and no trading. You can set up automatic contributions, watch your money earn interest, and not worry about market volatility. This is a reasonable choice if you are older, close to retirement, or uncomfortable with investing in stocks.

A Chase Investments IRA makes sense if you already use Chase for banking and want to keep everything in one place, or if you are comfortable with the per-trade commissions and want access to a full range of investments. However, if you plan to buy and hold a diversified portfolio of stocks and ETFs, you will likely pay less in commissions at Fidelity, Charles Schwab, or another commission-free brokerage.

Chase is less ideal if you want robo-advisor services (automated portfolio management), if you plan to trade frequently, or if you want the highest possible interest rates on cash holdings. In those cases, a specialized firm — a robo-advisor for hands-off investing, a discount brokerage for frequent traders, or an online bank for high-yield savings — may serve you better.

Frequently Asked Questions

Can I have both a Chase Banking IRA and a Chase Investments IRA?

Yes. You can open a Traditional IRA through Chase Banking to hold CDs and cash, and a separate Traditional IRA through Chase Investments to hold stocks and mutual funds. However, your total contributions across all Traditional IRAs (at any institution) cannot exceed the annual limit — $7,000 for 2024 if you are under 50. The same rule applies to Roth IRAs.

What happens to my Chase IRA if I close my Chase bank account?

Your IRA and your bank account are separate, so closing your checking or savings account does not affect your IRA. However, if you want to move money in or out of the IRA, you will need a valid bank account somewhere to receive or send the funds. You can link a different bank's account to your Chase IRA for transfers.

Does Chase offer inherited IRA accounts?

Yes. If you inherit an IRA from a spouse or non-spouse, Chase can set up an inherited IRA account for you. The rules for withdrawals and taxes differ depending on your relationship to the original account holder and when they died. You should speak with Chase and a tax professional about your specific situation, as the rules changed significantly in 2023.

Can I take a loan against my Chase IRA?

No. IRAs do not allow loans. You can withdraw money from your IRA, but if you are under 59½, you will typically owe a 10% early withdrawal penalty plus income tax on the amount withdrawn. There are narrow exceptions — for example, first-time home buyers can withdraw up to $10,000 from a Roth IRA penalty-free — but a loan is not one of them.

What is the difference between a Chase IRA and a Chase 401(k)?

An IRA is an individual retirement account that you open on your own. A 401(k) is an employer-sponsored plan. Chase does not offer 401(k) plans to individuals; those come through your employer. If your employer offers a 401(k), you would enroll through your employer's plan administrator, not through Chase directly.