Chase Overview
Chase is one of the largest banks in the United States, offering a wide range of financial services to consumers and businesses alike. Some of the key offerings from Chase include:
- Checking and savings accounts
- Credit cards
- Auto, home, and business loans
- Investment products
- Insurance
With nearly 5,000 branches and 16,000 ATMs, Chase has one of the largest retail banking footprints in the country. They serve over half of America’s households with assets under management totaling $3 trillion. Clearly, Chase is a dominant force in U.S. consumer banking.
But with large size comes questions about whether they offer the right products, rates, and overall value to customers. One common question is whether Chase provides any noteworthy discounts, especially in comparison to competitors.
Chase Banking Discounts
When it comes to core banking products like checking and savings accounts, Chase does offer several discounts worth noting:
- Student banking discount – College students ages 17-24 are eligible for a monthly service fee waiver on select Chase checking accounts.
- Military banking discount – Active duty military, veterans, and dependents qualify for fee waivers on checking and savings.
- Chase Private Client discount – Customers with at least $250,000 in balances across Chase accounts qualify for added banking benefits.
These discounts allow certain demographics to bank with Chase for free or with very low fees. However, some of their account fees are still higher than accounts from online competitors. For example, the basic Chase Total Checking has a $12 monthly service fee unless you maintain a $500 minimum balance. An online bank may offer checking with no fees at all regardless of balance.
Chase Total Checking
The Chase Total Checking account offers the following features:
- No monthly service fee with $500+ balance OR direct deposit of $500+ per month
- $12 monthly service fee otherwise
- No minimum opening deposit
- Access to 16,000 Chase ATMs
- Chase Mobile and Online Banking
For a big brick-and-mortar bank, it’s actually a pretty competitive checking account. The $500 balance can be waived by setting up a recurring $500+ direct deposit, which is easy for those receiving regular monthly paychecks. While it may not beat free checking from online banks, the physical access offered by all the Chase branches and ATMs provides an attractive combination of convenience and reasonable rates.
Chase Savings Account
Similar to checking accounts, Chase also offers savings accounts with discounted pricing:
- Chase Savings – 0.01% APY with $300+ balance OR recurring $25 automatic transfer
- Chase Premier Savings – Competitive interest rates with $15,000+ balance
The regular Chase Savings can be opened with no minimum deposit and carries a very low $5 monthly service fee, provided you maintain the required balance or auto transfer. The Premier Savings offers boosted APY if you have more to deposit. However, regular savings rates are quite low industry-wide right now, so Chase doesn’t stand out much on savings yields.
Chase Credit Card Discounts
Chase is best known for its wide selection of credit card offerings, from basic cards to luxury rewards cards. All new cardmembers can take advantage of standard signup bonuses and introductory financing offers. However, Chase also provides some unique discounts for specific groups:
Student Credit Cards
Students can qualify for the Chase Freedom Student card and earn rewards on purchases with no annual fee. It’s a great way to start building credit history early.
Business Credit Cards
Chase Ink Business cards come with generous signup bonuses, category bonuses, and discounts on business services with Chase partners. These perks provide valuable savings for small business owners.
Military Credit Cards
All active duty military members can qualify for special discounts on annual fees and interest rates on personal and business cards from Chase.
Chase Southwest Cards
The Chase Southwest credit cards offer unique discounts and perks for loyal Southwest Airlines customers looking to earn rewards and save on airfare.
How Chase Discounts Compare
Compared to other big national banks, Chase does offer a respectable amount of discounts across their product lineups. However, in many cases, consumers may find better rates and cheaper fees at smaller banks and credit unions.
Some drawbacks to discounts with Chase include:
- Checking/savings fee waivers require maintaining minimum balances or setting up qualifying transfers
- Credit card annual fee waivers typically require you also sign up for a premium Chase checking account
- Their base rates and fees outside of discounts tend to be higher than smaller competitors
Of course, Chase offers convenience, branch/ATM access, and stellar credit card rewards to offset any rate or fee differences. But customers should still compare discount offers from multiple banks to find the best fit based on their needs and preferences.
Tips for Maximizing Chase Discounts
While Chase may not have the absolute lowest fees or highest yields at all times, there are still ways to maximize the discount opportunities they do offer:
- Take advantage of checking, savings, and credit card discounts for students, military, or Chase Private clients if eligible
- Meet minimum balance requirements or set up transfers to avoid monthly fees
- Use branch bankers to ask about special rates or fee waivers on loans and other accounts
- Sign up for new Chase credit cards to earn sign-up bonuses and intro 0% APR periods
- Use Chase business cards for employee purchases and take advantage of card discounts
Finding ways to avoid fees and capitalize on promotional incentives can lead to substantial savings with Chase over time. Their sheer size and market share mean Chase constantly has new discount offers worth exploring.
Conclusion
Chase does provide an array of discounts on their banking and credit card products, especially for targeted groups like students, military members, and premium account holders. However, their regular rates and fees outside of promotions tend to be higher than smaller regional and online competitors. Consumers will need to evaluate discount offers against competitors to identify the best overall value based on their financial needs. But those who frequently use Chase services can benefit from discounts on checking accounts, savings accounts, credit cards, and other products. Maximizing these incentives by understanding minimum balance requirements and promotional timelines is the key to saving money with Chase.
