Chase Sapphire Checking Account Review
2018.8.27 Update: There were rumors about this new premium checking account for quite a while. Today, it finally launched. Short review: don’t apply!
- No sign-up bonus.
- There is a monthly maintenance fee of $25. You can avoid this by following the steps below.
- Chase is one of the largest banks in the US, so their branch and ATM network is vast.
- No ATM fees worldwide: There is no Chase fee at non-Chase ATMs, Chase will refund ATM fees charged by the ATM owner, and no Foreign Exchange Rate Adjustment Fee.
- Invest for free: Free online stock and ETF trades with You Invest by J.P. Morgan.
- Earns interest. (The interest rate is so low that you can just ignore it.)
- Fee waived for checks (Personal design checks).
- Fee waived for counter checks, money orders and cashier’s checks.
- Monthly service fee waived on any linked personal Chase savings account(s).
- Additional linked Chase Checking accounts with no monthly service fee (9 Chase SapphireSM Checking accounts).
- Fee waived for stop payments.
- Fee waived for incoming wire transfers.
- Fee waived for insufficient funds or returned items if you have 4 or fewer occurrences in previous 12 months.
- In order to avoid Chase closing your accounts, please make sure never to do the following:
- Depositing an enormous amount of cash.
- Regular cash deposits.
- Depositing money orders.
- Large remittances from abroad.
Regular use of the account for direct deposits, cashing checks, transferring between banks in the US is fine. For more details, please see “How to avoid getting your account closed by Chase”.
How to Avoid the Monthly Fee (Meet Any One of the Requirements Below)
- Checking + Savings + Investment Account monthly average balance at least $75,000.
- Chase High School Checking or Chase College Checking
- Chase Total Checking
- Chase Premier Plus Checking
- Chase Sapphire Checking (this post)
- Chase Private Client (CPC)
- Chase Savings
Here is a comparison and contrast on the official website.
Actually, this account is just a rebrand of the previous Chase Premier Platinum Checking. Compared to the basic Chase checking account, it just waives some banking fees, yet it has a huge requirement of asset: $75k to waive the monthly fee. On the other hand, online banks such as Ally or Discover waives almost all the fees with no deposit requirement and 0 monthly fee. Therefore, I see no reason to open this account if there is no sign-up bonus. Rumors say there will be a 50k UR sign-up bonus in the near future, if this is true, then it’s worth considering at that time.