Chase's Core Account Categories

Chase offers three main types of personal checking and savings accounts: Chase Total Checking, Chase Sapphire Checking, and Chase Savings. Each one has different monthly fees, minimum balance requirements, and rewards structures. The account you choose depends on how much you keep on deposit, how often you transfer money, and whether you want cash back or interest on savings.

Beyond these core accounts, Chase also offers money market accounts, certificates of deposit (CDs), and investment accounts through its brokerage division. This guide focuses on the checking and savings products most people use for everyday banking.

Key Takeaways

  • Chase Total Checking has no monthly fee and no minimum balance requirement, making it the lowest-barrier entry point for most customers.
  • Chase Sapphire Checking charges a monthly fee but offers higher rewards on debit card purchases and ATM fee reimbursements if you meet the balance threshold.
  • Chase Savings accounts earn interest, but the rate varies and is typically lower than online-only savings accounts at other banks.
  • Chase money market accounts combine checking features with higher interest rates, but require larger opening deposits and minimum balances.
  • The right account depends on your typical balance, how often you use your debit card, and whether you prioritize rewards or interest earnings.

Chase Total Checking: No Fee, No Minimum

Chase Total Checking is the bank's entry-level checking account. It has no monthly maintenance fee and no minimum opening deposit. You get a debit card, online banking, mobile check deposit, and access to Chase's ATM network. There is no minimum balance requirement to keep the account open.

This account does not earn interest on your balance. You also do not earn cash back on debit card purchases unless you are a Chase credit card holder using that card instead. The main advantage is simplicity: you can open it with any amount of money and pay nothing monthly, regardless of how much you keep in the account.

Chase Total Checking is the right choice if you want a basic checking account without fees or if your balance typically falls below $500. If you carry higher balances or use your debit card frequently, the Sapphire option may offer better value.

Chase Sapphire Checking: Rewards and Higher Fees

Chase Sapphire Checking charges a $12 monthly fee, but waives it if you maintain a $500 minimum daily balance or set up a may have access to direct deposit. The account offers 1.25% cash back on debit card purchases made in the United States and 1% cash back on ATM withdrawals at any ATM worldwide.

Sapphire Checking also reimburses out-of-network ATM fees if your balance stays at or above $500. You get the same core features as Total Checking—online banking, mobile check deposit, and access to Chase ATMs—but with the added rewards structure.

The math matters here. If you spend $2,000 per month on your debit card, you earn $25 in cash back. That covers the $12 monthly fee and leaves you $13 ahead. If you spend less than $1,000 monthly on your debit card and do not use out-of-network ATMs, Total Checking is probably cheaper. If you can maintain the $500 balance to waive the fee, Sapphire becomes more attractive.

Chase Savings: Interest-Bearing Accounts

Chase Savings is a traditional savings account that earns interest on your balance. The interest rate varies based on market conditions and your account type. Chase also offers a Money Market Account, which combines checking features (you can write checks and use a debit card) with higher interest rates, though it requires a larger minimum opening deposit and balance.

Interest rates at Chase are typically lower than rates offered by online-only banks. As of early 2024, Chase savings rates are in the range of 0.01% to 0.05% annual percentage yield (APY), depending on your balance tier. Online banks often offer 4% to 5% APY on savings accounts. The trade-off is convenience: Chase branches are physical locations you can visit, while online banks exist only online.

Chase Savings accounts have no monthly fee if you maintain a $300 minimum balance. If your balance drops below that, you pay $5 per month. There is no limit on how many times you can withdraw money, though federal regulations previously capped savings withdrawals at six per month (that rule was suspended, but some banks still enforce limits).

Money Market Accounts and CDs

Chase Money Market Accounts require a $2,500 minimum opening deposit and a $2,500 minimum daily balance to avoid a $25 monthly fee. In return, you get a debit card, check-writing ability, and interest rates higher than the regular savings account. The exact rate depends on your balance tier and current market conditions.

Certificates of Deposit (CDs) are fixed-term savings products. You deposit money for a set period—typically 3 months to 5 years—and earn a fixed interest rate. You cannot withdraw the money early without paying a penalty. Chase CD rates vary by term length and are posted on their website. CDs are useful if you know you will not need the money for a specific period and want a may provide return.

Investment and Brokerage Accounts

Chase also offers brokerage accounts through its investment division. These accounts let you buy and sell stocks, bonds, mutual funds, and exchange-traded funds (ETFs). Chase offers both self-directed brokerage accounts and advisory accounts where a financial advisor manages your investments for a fee.

These accounts are separate from your checking and savings accounts. You fund them by transferring money from your Chase bank account or by depositing money directly. Brokerage accounts are not insured by the Federal Deposit Insurance Corporation (FDIC) the way bank accounts are, though they are protected by the Securities Investor Protection Corporation (SIPC) up to $500,000.

How to Compare and Choose

Start by asking yourself three questions: How much money do you typically keep in the account? How often do you use your debit card? Do you want to earn interest, or do you prioritize convenience and rewards?

If you keep less than $500 and rarely use your debit card, Chase Total Checking costs nothing and requires nothing. If you keep $500 or more and spend regularly on your debit card, run the math on Sapphire Checking: multiply your monthly debit spending by 1.25%, subtract the $12 fee, and see if you come out ahead. If you want your money to earn interest and do not mind lower rates in exchange for branch access, Chase Savings works. If you want higher interest rates and do not need branch visits, an online savings account at another bank will pay more.

Frequently Asked Questions

Can I have multiple Chase checking accounts?

Yes. You can open both Chase Total Checking and Chase Sapphire Checking if you want. Some people use one for everyday spending and another for savings or specific purposes. There is no rule against holding multiple accounts at the same bank.

Does Chase offer student or teen checking accounts?

Chase offers Chase First Banking for customers under 18, which includes a checking account with parental controls and no monthly fee. Once you turn 18, the account converts to a standard Chase checking account. You can choose Total Checking or Sapphire Checking at that point.

What is the difference between Chase Sapphire Checking and a Chase credit card?

They are separate products. Sapphire Checking is a debit account that earns cash back on debit card purchases. Chase also offers a Sapphire credit card that earns points on credit card purchases. You can have both, and some customers do. The credit card builds credit history; the checking account does not.

Do I need a minimum deposit to open a Chase account?

Chase Total Checking and Chase Savings have no minimum opening deposit. Chase Sapphire Checking also has no minimum opening deposit, though you need to maintain $500 to waive the monthly fee. Money Market Accounts require a $2,500 minimum opening deposit.

Can I switch from one Chase checking account to another?

Yes. You can close one account and open another, or keep both open simultaneously. If you close an account, make sure you have moved your direct deposits and automatic payments to your new account first. Closing an account does not affect your credit score.