Is Chase a good bank for seniors?
Here, we present our list of the best bank accounts for seniors in five categories. Best overall bank account for seniors: Chase Total Checking. The Chase Total Checking account gives you access to more than 4,700 branches and 16,000 ATMs.
- Low interest rates on CDs, savings and checking accounts.
- Monthly fees with most accounts if you don't qualify for waivers.
- Out-of-network ATM fees with Chase's basic accounts.
| Company | Forbes Advisor Rating | Minimum Deposit Requirement |
|---|---|---|
| Lake Michigan Credit Union Advantage 50 Checking | 4.8 | $0 |
| Axos Bank Golden Checking | 4.7 | $250 |
| Financial Resources Federal Credit Union Advantage 50 Checking | 4.4 | $25 |
| Ion Bank Free Classic 50 Checking | 4.4 | $0 |
Chase doesn't have any bank accounts specifically for seniors, nor does it waive fees for seniors. But you still might like Chase if you're looking for a bank with branches and ATMs around the US.
The ICICI Senior Citizen Savings Account also offers a higher interest rate than a regular savings account on the account balance in excess of Rs 75,000. It is important to note that the Senior Citizen Bank Account also offers secured returns and tax-saving benefits with Government-backed Senior Citizen Savings Scheme.
Is Chase FDIC insured? Yes, all Chase bank accounts are FDIC insured (FDIC# 628) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
Chase ranked well in the 2023 J.D. Power U.S. Retail Banking Satisfaction Study. Chase has a good basic checking account but its savings rates are low, and some fees are high and hard to avoid.
Best overall bank account for seniors: Chase Total Checking. The Chase Total Checking account gives you access to more than 4,700 branches and 16,000 ATMs.
Best Overall Associated Bank
For those who can set up direct deposit for their paycheck, pension, or Social Security benefits, Associated Bank offers one of the largest bank bonuses around, as well as one of the easiest to earn, making it our overall winner. Direct deposit is required to earn the bonus.
| Top Banks | 1 year - less than 2 years | 2 years - less than 3 years |
|---|---|---|
| Indian Bank | 6.80% | 7.20% |
| Indusind Bank | 8.25% | 8.00% |
| IDBI Bank | 7.30% | 7.00% |
| Kotak Mahindra Bank | 7.70% | 7.65% |
How much do I have to keep in my Chase account to avoid fees?
You can avoid the fee on your Chase Total Checking account if any one of the following requirements are met: Electronic payments made to your Chase Total Checking account totaling at least $500. Balance in the account at the start of each day of at least $1,500.
Chase, and most banks, charge a monthly service fee to cover the cost of account maintenance and amenities provided to account holders. These amenities can include free ATM access, overdraft protection programs, and more.
- No fees to deposit or cash checks. ...
- No fees for money orders or cashier's checks. ...
- No fees to pay bills. ...
- No fees to send or receive money. ...
- No fees to use Chase ATMs or branches.
| Bank | Forbes Advisor Rating | Products |
|---|---|---|
| Chase Bank | 5.0 | Checking, Savings, CDs |
| Bank of America | 4.2 | Checking, Savings, CDs |
| Wells Fargo Bank | 4.0 | Savings, checking, money market accounts, CDs |
| Citi® | 4.0 | Checking, savings, CDs |
#1 Chase Bank
Headquartered on Park Avenue in New York City, Chase holds the most assets of all banking institutions. It offers numerous checking and savings accounts, investment accounts, business accounts and various types of credit cards.
| Bank | Interest Rate of Savings Bank Account |
|---|---|
| State Bank of India | 2.70% - 3.00% |
| Union Bank of India | 2.75% - 3.55% |
| HDFC Bank | 3.00% - 3.50% |
| ICICI Bank | 3.00% |
JPMorgan Chase's odds of distress is less than 3% at the moment. It is unlikely to undergo any financial crunch in the next 24 months. JPMorgan Chase's Odds of distress is determined by interpolating and adjusting JPMorgan Altman Z Score to account for off-balance-sheet items and missing or unfiled public information.
Is Chase safe? Chase is regulated by the Financial Conduct Authority (FCA) and customer deposits of up to £85,000 (£170,000 for joint accounts) are protected under the Financial Services Compensation Scheme (FSCS). This means, if Chase went out of business, the FSCS would step in to cover up to this threshold.
- Pros.
- Leadership. JPMorgan CEO Jamie Dimon is perhaps the world's most savvy banker. ...
- Investment banking. This segment has been growing nicely, both with debt and equity offerings. ...
- Credit quality. ...
- Cons.
- Loan growth. ...
- Mortgages. ...
- Regulations.
Why it wins: When it comes to easy accessibility, you can't top Chase. The bank offers access to more than 16,000 ATMs across the country and operates nearly 5,000 branches that are open, on average, more than 50 hours a week. Only T.D. Bank clocks in more time, according to Yelp.
Does Chase charge a monthly fee?
Does Chase have a free checking account? Almost all Chase checking accounts carry a monthly fee. However, there are ways to get the fee waived on most accounts, such as by keeping a certain balance in the account or setting up direct deposit. Chase does offer two checking accounts with no monthly fee.
Yes, a Chase account is FDIC-insured up to $250,000 per customer, per account ownership category. This means that even if Chase fails, you will eventually be able to recover an individual account's balance up to $250,000.
You could jeopardize your parent's financial security if you have financial challenges. For example, creditors can take the money in the joint account as collateral to settle your debts. Additionally, the funds in the joint bank account can also affect your eligibility to qualify for college financial aid.
- 1: Wells Fargo. Worst Bank Overall. ...
- 2: Citibank. Worst Bank Runner-up. ...
- 3: Bank of America. Most Complaints Overall. ...
- 4: Capital One. Most Better Business Bureau Complaints. ...
- 5: Discover. Highest Rate of Complaints. ...
- 6: Citizens Bank. Worst Fees Overall. ...
- 7: Flagstar Bank. ...
- 8: Fifth Third Bank.
| Bank | The Ascent's Rating | FDIC Insured? |
|---|---|---|
| Capital One | 4.50 | Yes |
| American Express® National Bank | 4.50 | Yes |
| Quontic | 4.50 | Yes |
| Chase | 4.50 | Yes |
