Chase Private Client Review
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Chase Private Client offers premium relationship perks to those with $150,000 on deposit with Chase. It is worth it? Find out the benefits in this in-depth review.
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Chase Private Client Promotions
Chase Private Client - $3,000 Bonus
- You're eligible for up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities.
- Speak with a Private Client Banker to open your Chase Private Client Checking account today. Schedule your meeting at your nearest branch or over the phone.
- Priority service for everyday banking. Receive personalized attention from a dedicated Chase Private Client Banker who is ready to help you.
- Earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000 or earn $3,000 when you deposit $500,000
- No ATM fees worldwide.
- No Chase fee on incoming or outgoing wire transfers; can be completed online or over the phone.
- Experience a financial relationship that brings you more.
- Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.
- Request an offer code online by providing your email address.
- Speak with a Private Client Banker by the offer stated date to upgrade to Chase Private Client.
- Within 45 calendar days, transfer qualifying new money or securities to a combination of eligible Chase accounts.
- Maintain your new money for at least 90 days from coupon enrollment.
- The bonus will be deposited into your Chase Private Client Checking account within 40 business days after completing the above requirements.
Chase Private Client Checking has $35 monthly service fee. You can waive this fee if you maintain an average beginning day balance of $150,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances OR you have a linked Chase Platinum Business Checking account.
As a Chase Private Client customer, you get a private banker and dedicated J.P. Morgan financial advisor. Other benefits include:
- Banking fee waivers, including no ATM fees worldwide, no foreign transaction fees, no fees for wires, cashier's checks, counter checks, and money orders, no stop payment fee, and no overdraft of insufficient funds fees
- Higher daily limits for ATM withdrawals, debit card purchases, remote check deposits, and QuickPay with Zelle®
- Free 3x5 Safe Deposit Box (20% discount on larger boxes) for existing rentals.
- Free personal check designs
- Rate discounts for home and auto loans
- Access to a portfolio line of credit at a competitive rate
- Art & Culture card granting free admission to museums in select cities
- The new money cannot be existing deposits, funds, or securities held by you at Chase or its affiliates.
- Eligible accounts include qualifying Chase personal checking and savings accounts, and J.P. Morgan investment accounts (opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor or Financial Advisor).
- Ineligible accounts include: Chase business checking and savings accounts, any J.P. Morgan Self-Directed Investing & Automated Investing accounts, any J.P. Morgan retirement accounts, CDs, insurance products, fixed and variable annuities, J.P. Morgan Fund Accounts, 529 plans, attorney trust accounts, client fund trust accounts, Government or Non-Profit accounts, and Donor-advised funds.
- Gains and losses to qualifying investment balances from trading or market fluctuation will not be counted for purposes of meeting the balance requirements.
- You can only participate in one Chase Private Client Checking new money bonus in a 12-month period from the last bonus coupon enrollment date.
- Bonuses are considered interest and will be taxable.
What Is Chase Private Client?
Chase Private Client (CPC) is an elite relationship status for high-balance Chase banking and investment customers. You get a more personalized banking experience tailored to your needs.
You get exclusive benefits, including:
- A private banker
- A private advisor to help with your investment strategy
- Banking fee waivers
- Discounted rates for home and auto loans
- Access to a portfolio line of credit at a competitive rate
- Guidance to help with your business needs
Chase Private Client is not just a banking account. It's a personal relationship with your bank. You can build yours today.
Read on to learn more about each benefit in detail. And we'll share our thoughts on whether they're worth the high requirement.
- High net worth individuals who leave large balances in checking or savings.
- Those who regularly require banking services, such as wire transfers and money orders.
- Those who want an all-inclusive banking and investment experience.
How to Qualify?
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To qualify, you must maintain an average beginning day balance of $150,000 or more across any combination of qualifying personal checking, savings, and/or investment accounts with Chase. You'll be invited to upgrade to Chase Private Client.
There is a $35 monthly service fee. However, you can avoid this fee if you maintain an average beginning day balance of $150,000 or more in any combination of this account and linked qualifying deposits and investments, OR if you have a linked Chase Platinum Business CheckingSM account.
- Chase Personal Checking and Savings Accounts (excluding Chase Premier Savings)
- Investment and Annuity Products offered through JPMorgan Chase & Co. and its affiliate and agencies.
There have been some reports of people who were invited to join CPC with less than $150,000 and given time to meet the requirement. This largely depends on your history with Chase and relationship with your banker.
You can also join Chase Private Client if you have an immediate family member who is a CPC. Read more about it below.
Pros & Cons
Pros
- Dedicated advisors to provide guidance
- Personal relationship with your banker
- Banking fee waivers
- Discount rates on home and auto loans
- Benefits extend to adult immediate family members
- Dedicated phone line
- See Benefits
Cons
- Not all branches offer CPC services
- Low interest rates compared to online only banks
- Must have at least $150,000 with Chase (See Requirements)
- No longer bypasses the Chase 5/24 rule
Now let's review the Chase Private Client program in detail.
Dedicated Advisors
When you become a Chase Private Client, you'll get a team of advisors to help you find the best financial solutions for your goals. You get:
- Private Client Banker
Your private banker will oversee your banking relationship, guide you through your benefits, and find the best solutions.Your banker will also connect you to other dedicated Private Client experts for loans and business banking needs.
Not all Chase branches offer CPC services and have a Private Client Banker. Find a branch here. - JP Morgan Private Client Advisor
A dedicated advisor will work with you to understand your full financial picture and plan a custom investment strategy to meet your goals. - Business Banking Advisor
If you have a small business, you'll get a dedicated advisor and a team of specialists who can help find the best business solutions.
Banking Benefits
Fee Benefits:
- No ATM fees worldwide; Chase will even refund ATM fees charged by other owners.
- No Chase foreign exchange fee for debit card purchases.
- No fees on the first 4 overdrafts during the current and prior 12 statement periods.
- No fees for incoming or outgoing wires.
- No fees for cashier's checks, counter checks, and money orders.
- No stop payment fee.
- No fee for Overdraft Protection transfer.
Higher Limits Benefits:
- Daily ATM withdrawal limit up to $3,000.
- Daily purchase limit up to $7,500 with the CPC debit card.
- Chase QuickDepositSM limits of $100,000/day ($250,000 every 30 days).
- Chase QuickPay with Zelle® limits of $5,000/day ($40,000 every 30 days).
Other Benefits:
- Free rushed debit or credit card replacement to anywhere in the world.
- Free personal check designs.
- 24/7 Private Client Banking Services line in the U.S.
Credit Card Benefits
Getting around the Chase 5/24 rule used to be one of the biggest attractions of being a CPC. But that's no longer the case. This policy restricts you from being approved for a new card if you have opened 5 or more credit card accounts in the past 24 months.
However, there have been some old reports of Private Clients who were able to get a new Chase card despite being over 5/24. This will largely depend on your banker and you shouldn't count on it.
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Loan Benefits
Home and Auto Loan Benefits:
- Dedicated Home Lending Advisor.
- Dedicated support, underwriting, and processing.
- 0.25% rate discount when you purchase a new car.[1]
Portfolio Line of Credit Benefits:
- Access to a portfolio line of credit at a competitive rate.
- Get quick access to funds without liquidating your investments.
- No annual fees and no origination fee.
- Loan can be used for any purpose.
Investment Benefits
You get a dedicated JP Morgan Private Client Advisor. Your personal advisor will understand your financial needs and goals so they can help you create a personalized investment strategy.
Plus, you'll get:
- Regular meetings to update your strategy as your goals, risk tolerance, and time frame change.
- Retirement and education planning.
- Get real-time global insights, market conditions, and trends.
- Unlimited commission-free online stock, ETF, and options trades with J.P. Morgan Self-Directed Investing.
Note that Chase likes to push JP Morgan's managed portfolio service. This will have an annual management fee of 0.35%.[2] However, you don't have to use it. You can retain your own self-directed account on J.P. Morgan Self-Directed Investing and still be a member of CPC.
J.P. Morgan Self-Directed Investing is JP Morgan's self-directed brokerage. Being a CPC will give you unlimited free trades.
Business Benefits
- Dedicated Business Banking Advisor.
- Guidance on improving cash flow, finding payment solutions, and providing financing options.
- No monthly service fee on a Chase Business Complete Checking account
- Reduced minimum balance of $50,000 to waive monthly fee for Chase Platinum Business Checking account.
- No Chase fee on incoming or outgoing wire transfers.
Family Member Privileges
Once you're a Chase Private Client, your benefits can extend to adult immediate family members when you are joint owners on a CPC deposit account.
Your family members must be enrolled in the Chase Private Client program in order to receive the perks. To do so, you can open a new joint CPC checking or savings account and your joint owner will be upgraded to CPC as well.
You can also get authorized debit cards (Privileges cards) for family members or caregivers. You'll have the ability to set spending limits for each card.
Is Chase Private Client Worth It?
So is it worth it to park $150,000+ with Chase? Are the benefits worth it?
Let's break it down:
- Low Interest Rate
$150,000 is a lot of money to tie up. Online savings accounts offer higher APY, which can translate into thousands of dollars in growth with that amount.However, remember that your funds can be in a Chase investment account as well. So you can still have your money invested while enjoying the benefits of CPC.
- Banking Fee Waivers
While it's great that many banking fees are waived, there are other banks that also offer some of the same fee benefits without such a high balance requirement.For example, Charles Schwab gives you unlimited ATM fee rebates worldwide and has no foreign transaction fees. And the minimum is $0. Ally Bank and Discover Bank also waive lots of common bank fees and have $0 minimum.How often will you really make use of the banking services, such as cashier checks or wire transfers? If you really do perform a lot of the banking services, then CPC may be worth considering.
- Credit Card Benefits
There is no benefit here. Even being a CPC won't let you get around the Chase 5/24 rule. And you don't even need to be a CPC to apply for the Chase Sapphire Reserve or Chase Sapphire Preferred in the first place. - Investment Benefits
You get commission-free online trades on J.P. Morgan Self-Directed Investing, but the platform only has a slim range of products. Chase pushes the JP Morgan managed portfolio service, which has an annual management fee.Other similar managed portfolios have lower fees and smaller account minimums, such as Vanguard Personal Advisor and E*TRADE Core Portfolios. Both offer professional advisors to provide personalized on-going advice.
- Rate Discounts
This could come in handy if you're buying/refinancing a car or home. However, it's still smart to shop around at other lenders. A rate discount with CPC doesn't mean it'll be the lowest rate.
Compare Other Checking Accounts
Citigold® Checking Account - Earn up to $2,000 Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citigold® Checking Account with required activities
- Within 20 days of opening, deposit $200,000 new-to-Citibank funds
- Maintain a minimum balance of $200,000 for 60 consecutive calendar days. The bonus will be deposited to your open, eligible account within 30 calendar days after you complete all required activities.
- No monthly service fee when you maintain a combined average monthly balance of $200,000+ in eligible linked deposit, retirement and investment accounts
Bottom Line
The value of Chase Private Client depends on what you expect from a bank. If you want to feel special with personalized service, CPC will certainly provide that. It's good for high-net-worth individuals who want an all-inclusive banking and investment experience.
It's also worth considering if you perform a lot of banking actions that currently cost you fees. The fee waivers can add up to a lot of savings. The home and auto loan rate discounts are also valuable. Plus, Chase sweetens the deal with an upgrade code for a cash bonus.
References
- ^ Chase. Preferred rates for home and auto loans, Retrieved 4/29/23
- ^ Chase. J.P. Morgan Automated Investing Pricing, Retrieved 12/12/2022
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Chase. This site may be compensated through the Advertiser's affiliate programs.
This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.
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