Chase Sapphire checking account is one of the most competitive checking accounts in the market. One notable feature is that it has a $0 monthly service fee if you have an average beginning day balance of $75,000 in any of your combined accounts and linked qualifying deposits or investments. You are also entitled to rent a 3×5 safety deposit box or smaller without paying an annual fee.
What is Chase Sapphire Checking Account?
The Chase Sapphire Checking account, formerly known as Chase Premier Platinum checking, is known to have minimal fees with a $0 transaction fee for the usage of Automated Teller Machines (ATMs). In-person customer support is only limited to its branches in around 20 states. It can be used in ATMs worldwide, and Chase bank will also refund ATM fees worldwide if ever you get charged by other banks.
You are entitled to get a welcome bonus of $1,000 when you join Chase Sapphire banking, provided that you transfer a total amount of $75,000 or more within 45 days of joining. The minimum account balance of $75,000 can come from qualifying new money or securities to a combination of eligible checking, savings, or investment accounts, excluding J.P Morgan retirement accounts and Certificates of Deposits.
It is part of Chase Bank’s elite suite from the sapphire banking account series with high-end perks. As one of the most recognized brands in the history of the credit card industry, it is ranked among the top 10 of the nation’s largest banks and offers a huge variety of products and services to cater to both customers and business clients alike.
Pros and Cons
- Waived fees – Chase bank does not charge for usage of non-chase ATMs; you also won’t be charged for stop payment fees, incoming or outgoing wire transfer fees, counter checks, money orders, and cashier’s checks, among others. Extended overdraft fees are also waived, meaning you won’t have to worry about being overdrawn for five or more consecutive days. Also, you won’t be considered overdrawn if your account balance is overdrawn by $5 or less by the end of the business day.
- Access to products and services – Aside from access to a safety deposit box, you can get special access to hospitality lounges and even early ticket sales or special seating for sports and entertainment events. If you need an even larger safety deposit box, chase bank can entitle you to a 20 percent discount on its rentals. With all of these notable benefits, you can open a checking account with a minimum deposit of $0.
- Online presence – Chase sapphire checking account customers have access to 24/7 customer service; Chase can be reached via phone, mail, email, and Twitter. Customers can also download the mobile app or manage their accounts online. They can use their checking account to pay everyday expenses, set up one-time or recurring monthly payments, or sign up for online bill payments for free. Its mobile app also has the option to deposit checks and add your debit card to your mobile wallet.
- High monthly fee – Like most of the checking accounts from other financial institutions, Chase Sapphire Checking account charges a $25 monthly maintenance fee for its services. To have this waived, always remember to have a minimum of $75,000 beginning day balance. This balance can be any combination of linked qualifying deposits or investments, including personal savings and Chase checking accounts.
- Fine for insufficient funds – The overdraft fee can be waived, yes, but only up to a certain point. Once you’ve had more than four returned items or insufficient funds fees in the previous 12 months, you will be charged an overdraft fee of $34 for each item. The insufficient fund fees you can incur in a day are up to three as the maximum.
- Boundary limited – J.P Morgan Chase Bank, N.A, only operates in 29 states, including Washing, DC. Other states where Chase operates are Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kentucky, Louisiana, Massachusetts, Michigan, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.
How Does Sapphire Checking Account Compare to Other Checking Accounts?
How will you know if the Chase sapphire checking account is perfect for your lifestyle? Here is a quick rundown of how Chase Sapphire Checking accounts fare against checking accounts from other financial institutions.
|NAME||APY||MIN. DEPOSIT||ATMs||OUT OF NETWORK ATM FEES|
|Chase Sapphire Checking Account||0.01%||$0||16,000 ATMs nationwide||$0|
|Chase First Banking||Not Applicable||$0||16,000 ATMs nationwide||$2.50|
|Chime Spending Account||Not Applicable||$0||60,000+ fee-free ATMs||$2.50|
|Aspiration Spend & Save Account||Up to 1%||$10||55,000 free in-network ATMs||$0|
|Chase Secure Banking||Not Applicable||$0||16,000 ATMs nationwide||$2.50|
|Current||Not Applicable||$0||over 55,000 free in-network ATMs||$0|
Opening Your Sapphire Checking Account
A checking account sometimes called a demand or a transactional account is a deposit account by financial institutions that allows banking services such as withdrawals and deposits. Unlike savings and investment accounts, it does not limit the transactions of withdrawals and deposits.
To open an account, you need to be a US citizen or resident at least 18 years of age, and you must have a US residential address. Once you meet all those eligibility requirements, you only need to apply online and provide basic information: name, date of birth, address, government-issued ID, income information, and social security number or passport for foreign applicants.
This account is only one of the many products that J.P Morgan Chase & Co. offers catering to consumers, it offers services such as; checking accounts, savings account, certificates of deposit, credit cards, prepaid debit cards, car loans, and mortgage and home equity loans.
Chase Sapphire Checking Account Fee
|Monthly Maintenance Fee||$25|
|Overdraft Fee||$34 (waived 4x/year)|
|Overdraft Protection Transfer Fee||$0|
|International Wire Transfer (incoming)||$0|
|Domestic Wire Transfer (incoming)||$0|
|Deposited Item Returned||$0|
Things to Consider When Comparing Checking Accounts
1. Minimum Deposit
Not all checking accounts are the same; some have the edge over the other on some aspects while the same flunks on a different one. What’s important to remember is if your banking institution of choice requires a minimum deposit amount prior to account opening.
As mentioned in the earlier example, the majority of it has a $0 minimum deposit, but there might be a required maintaining balance. Some financial institutions require a minimum deposit of $25 or even up to $100, but they no longer require a maintaining balance.
2. Monthly Service Fee
Another thing to consider when comparing a checking account is its nick for having monthly service fees. The only saving grace for these high fees is a set of prerequisites you must meet. Some fees could start from $10 and can go up until $25 and in order to waive said fees are either have a specific minimum average daily balance or combine them with other accounts.
This is the case for the Chase Sapphire account, where you need to have a combined balance of $75,000, but the perks this deal brings makes it worthwhile.
3. ATM Fees
ATM fees might seem small compared to the amount you might be withdrawing at a time, but these fees accumulated could chip off your possible extra funds that can be used for something more important than simply paying for convenience.
The standard fee for a non-bank ATM transaction would roughly cut you back $2.50, and international ATM fees could go as high as $5 with at most 3 percent of what you withdrew. What if you’re outside the country and you found yourself in an emergency where you would have to make multiple withdrawals? That’s an easy $15 right off the bat again, just for convenience.
The good thing is that Chase Sapphire Checking customers can have a worry-free withdrawal even from non-bank ATMs. They charge $0 for convenience and even guarantee a rebate should international ATMs charge you.
Other Options from J.P Morgan Chase Bank, N.A.
1. Chase Private Client
Under the chase private client program, you are guaranteed a $0 charge for most transactions, including international debit card purchases, ATM withdrawals, and outgoing wire transfers. It also has no monthly service fee for its savings accounts when linked to a CPC checking account.
Much like the Sapphire Checking account, it also does not charge Chase fees on non-Chase ATM fees worldwide, but the reimbursement for non-Chase ATM fees is only up to 5 times per month. Other benefits include; increased Chase QuickDeposit limits, increased Chase Quickpay with Zelle limits, a higher daily limit for ATM withdrawals, free personal checks, and a 3×5 safety deposit box.
With Chase’s Private Client, you will also get a 20 percent discount on larger safety deposit boxes and a $0 charge for cashier’s checks, counter checks, and money orders. You can also get benefits when you acquire a credit card, business account, or get an account for investment.
2. Chase premier plus checking
This account is somewhat comparable to the Sapphire Checking account, and it also charges $25 for the monthly services fee. However, this fee can be waived when you have an average beginning day balance of $15,000 or more from any combination of this account and linked qualifying deposits or linked qualifying Chase first mortgage enrolled in automatics payments.
Like the sapphire checking and the Chase Private Client, you are also entitled to a 3×5 safety deposit box or a 20 percent discount for larger sizes subject to availability. Under this program, you will also won’t be charged for the first four non-chase ATM transactions.
The best part about this program is you don’t have to pay counter checks, money orders, and cashier’s checks, plus you may earn interest in your account balance with rates that differ across the states.
3. Chase Total Checking
Chase Total checking is much like the Sapphire Checking account, but it has a lower monthly service fee and lesser criteria to have it waived. Nonetheless, you can still use it for online banking, pay your bills, and use mobile banking services.
Under this account, you will be charged 12 for the monthly service fee, but it can be waived provided you either make electronic deposits totaling $500 or more. You can also dodge the $12 if you have a balance of $1,500 or more at the beginning of each day. A combination of $5,000 from this account and your linked qualifying deposits will also waive the monthly fee.
Chase total checking allows you to withdraw from over 16,000 ATMs nationwide, but inquiries, transfers, and withdrawals while using a non-chase ATM will set you back $2.50 per transaction. This fee is standard for the U.S., Puerto Rico, and the U.S. Virgin Islands, but withdrawals will be at $5 for each transaction outside of those.
4. Chase Premier Savings Account
This savings account has a feature called autosave which you can link to your Sapphire Checking account or any other checking accounts under Chase. With this feature, you can make automatic repeating transfers from your checking accounts to your savings account and choose how much money you want to save – on a schedule or even on a daily basis. Read more about the purpose of a savings account.
To maintain this account, you will need to pay a $25 monthly fee, but this can be waived if you have a beginning day balance of $15,000 or when you have it linked to a Chase premier plus checking or Chase Sapphire checking account.
Another benefit of maintaining a $15,000 balance is that you won’t have to pay the $5 savings withdrawal limit fee or the fee Chase bank charges for all withdrawals and transfers, including transactions made at a branch or at an ATM.
5. Chase College Checking
Chase College checking is available for college students aged 17 to 24 and is even open to non-U.S. students. It carries a $0 monthly service for up to 5 years and will only charge $6 monthly in excess thereof. Like all checking accounts with Chase, this monthly fee can also be waived if you meet a certain criterion.
College students aged 18 to 24 can open online, and they only need to provide their Social Security Number, contact number, and driver’s license or any state-issued ID. As for those 17-year-old applicants, they will need to apply physically at a Chase branch. Requirements for opening this account also include the college/university name and the expected graduation date.
To waive the $6 monthly fee, you must have electronic deposits from payroll providers or government benefit providers. Alternatively, you can opt to keep an average ending day balance of $5,000.
More about Chase Sapphire Account
1. Where is The Routing Number of My Chase Sapphire Checking Account Located?
Your routing number can be found on your personal check or online. Check the bottom-left part of your personal check to locate your routing number, or you can locate it by logging in to your account online and clicking on the last four digits of your account number.
2. Can My Chase Sapphire Checking Account Make Mobile Payments?
You can make mobile payments by accessing QuickPay with Zelle or third-party mobile payment service.
3. Is There a QuickPay with Zelle limits On My Chase Sapphire Checking account?
The limit for utilizing QuickPay with Zelle is up to $2,000 per transaction. It also has a daily limit of $2,000 per day and a $16,000 limit per month. However, there are no limits to the amount of which you can receive funds.
4. What is QuickPay with Zelle?
Zelle is a person-to-person payment feature of Chase bank, and it has a user-friendly interface that lets you send and receive money from customers from other member banks such as Bank of America, Wells Fargo, and U.S. Bank. Needless to say, you need a Chase checking account in order to use Zelle, but non-chase customers should sign up for their bank’s person-to-person payment service.
Chase Quickpay with Zelle also has the feature of splitting charges among your peers with a simple click of a button.
Who is ‘Chase Sapphire Checking Account’ Best for?
This account fits best for customers who see the value of its perks and benefits despite its reasonable $25 monthly fee. If your lifestyle fits the features of what this account has to offer, then there is no downside when you enroll in this program.
What it isn’t, though, is an account that bears a high-interest rate despite your large maintaining balance compared to other financial institutions. Sure, it is an added cash to your account, but you are investing your money in Chase Bank because of its security and the high-end features it comes with.
If the Chase Sapphire banking experience does not suit you, J.P Morgan & Chase Co., a household name when it comes to credit card companies and banking in general, has other accounts you can check that could best fit your portfolio.
Alternate Financial Initiatives to Consider
Different options cater to different needs and different lifestyles. Any account, whether checking or savings, will depend on your intention and the features it comes with. After reading through this review and you decided that this account was not fit for you, here are other options you can consider to handle your finances more efficiently.
1.Online Savings Accounts
This type of savings account is another option that results in higher earnings and lower fees for the sole reason that online banks do not have the same overhead as compared to traditional, physical banks.
Several online banks do not require a minimum deposit, and some provide ATM cards for withdrawing cash. You can also deposit checks using your mobile device and electronically transfer funds to or from your local bank or credit union. The process to transfer would take around three business days to complete.
2.Money Market Accounts
Money market accounts are also interest-bearing accounts from your deposits. It has a limitation on the number of transactions you can make from certain transfers. The upside to this, however, is that it typically pays more than savings accounts.
This account can be utilized for emergency savings or large, infrequent payments as you will have a checkbook or payment card, which you can use for spending up to three times each month.
3. Certificates of Deposit (CDs)
Certificates of Deposit lead you to earn more new money provided you can leave it untouched for at least six months. It comes with various time commitments and may leave you paying the penalty should you cash out early.
Other financial institutions offer flexibility on Certificates of Deposit, allowing for early withdrawals without penalty, but it might come at a lower rate than normal.
- Be mindful about the monthly fees and other fees associated with your account including possible hidden charges.
- Know the payment terms, its flexibility, and possible charges that you can incur in violation of said terms.
- Weigh out the perks and benefits of the various accounts and check if it suit your lifestyle.
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