Chase Sapphire Banking Review 2023

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The bottom line: Chase Sapphire℠ Checking is a good checking account for travelers, because it doesn’t charge any foreign exchange rate fees and it reimburses all ATM fees on non-Chase machines. Chase is also one of the best national banks out there. But to open an account, you need a combined balance of $75,000 in your Sapphire Banking account and all eligible linked Chase bank and investment accounts — and you need to maintain that balance to waive the monthly fee.

Chase Sapphire Banking: Pros and Cons

ProsCons

Large branch and free ATM networks

No minimum opening deposit

Option to enroll in free overdraft protection

Possible to waive monthly service fee

No out-of-network ATM fees worldwide; reimburses any fees charged by out-of-network ATM providers

No fees for foreign exchange rate adjustments, incoming or outgoing wire transfers, or stop payments

No overdraft fees for the first 4 overdrafts in the current statement period and previous 12 statement periods, combined

Exclusive entertainment and sports event benefits

You must have a combined balance of $75,000 in all eligible linked accounts to qualifyChase Sapphire℠ Banking – Fees Display unless you qualify to waive it$34 overdraft and non-sufficient funds feesDoes not offer a cash bonus, while some other Chase checking accounts do

Chase Sapphire℠ Banking – Product Name Only Review

Chase Sapphire℠ Banking – Product Name Only is a great option for travelers, because it doesn’t charge foreign exchange rate fees or ATM fees worldwide, and it refunds any fees charged by out-of-network ATM providers. You also have access to entertainment and sports benefits, such as early ticket sales.

The account’s main downside is its Chase Sapphire℠ Banking – Fees Display — to waive it, you must keep at least $75,000 combined in this account and any linked Chase accounts. The good news is that you can link up to nine accounts to meet this requirement, including a variety of checking, savings, and CD accounts, and certain investment accounts through JPMorgan Chase & Co. So if you can waive the fee, it’s a pretty good account.

Is Chase Sapphire Banking Trustworthy?

Chase is a Member FDIC Bank, so your Chase Sapphire Banking account is FDIC-insured for up to $250,000, or $500,000 for joint accounts. This means that if Chase shuts down, your insured funds are still safe. Chase would move your money to another federally insured institution, or it would mail you a check.

The Better Business Bureau gives Chase an A+ rating. A strong BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

A good BBB score doesn’t necessarily mean you’ll have a perfect relationship with a bank, though. Read online customer reviews or speak with friends and family who use Chase to help determine if it will be a good fit.

Chase has been involved in a couple of recent public controversies. In 2020, JP Morgan Chase & Co. paid the Department of Justice $920 million in a settlement that claimed the bank was involved in wrongful trading. In the same year, the US Department of Labor required Chase to pay $800,000 in back wages in a settlement that accused the bank of underpaying women. 

Chase Sapphire Banking FAQs

Is Chase Sapphire Banking worth it?

Chase Sapphire Banking could be worth it if you qualify to waive the hefty Chase Sapphire℠ Banking – Fees Display. It’s a good choice for travelers, because you won’t pay any foreign exchange rate or non-Chase ATM fees.

What are the benefits of the Chase Sapphire Banking account?

The main benefits of Chase Sapphire Banking are that you waive fees for foreign exchange rate adjustments, out-of-network ATMs, wire transfers, and stop payments, plus some overdraft fees. You can also take advantage of exclusive perks for sport and entertainment events. 

How do you qualify for Chase Sapphire Banking?

To qualify for Chase Sapphire Banking, you must have $75,000 in all of your qualified linked Chase accounts and investing accounts.

Methodology: How We Reviewed Chase Sapphire Banking

At Personal Finance Insider, we rate products using our bank account ratings methodology. Each account receives a rating between zero and five.

For all types of bank accounts, we look at ethics, customer service, and the bank’s mobile app. For checking accounts specifically, we also evaluate minimum opening deposits, monthly fees, overdraft fees/protection, and ATM access/fees.

How Chase Sapphire Banking Compares

Chase Sapphire Banking vs. Chase Premier Plus Checking

There are several Chase checking accounts, and Chase Premier Plus Checking℠ – Product Name Only is one tier below Chase Sapphire Banking.

Premier Plus Checking is the bank’s middle-of-the-road checking option. It waives four out-of-network ATM fees each month and offers free Chase design checks, cashier’s checks, and money orders. It doesn’t have some of the perks you’ll get with Sapphire Banking, like waived foreign rate adjustment and ATM fees worldwide. Both have a Chase Sapphire℠ Banking – Fees Display, but it’s a little easier to waive with Chase Premier Plus Checking.

Chase Sapphire Banking vs. Chase Private Client Checking

Chase Private Client Checking℠ – Product Name Only is the bank’s highest-tier checking account. It comes with many of the same benefits of Sapphire Banking, but you also have access to a Chase Private Banker, Business Banking Advisor, and discounts on auto and home loans.

While Chase Sapphire Banking requires $75,000 to qualify for an account, Private Client Checking requires $150,000. It also has a Chase Private Client Checking℠ – Fees Display, unless you qualify to waive it.

Read the original article on Business Insider

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