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Snapshot: The Chase Sapphire Reserve® is best for consumers who travel frequently and want to earn bonus points on flights, hotels and car rentals. Although it has a high annual fee, it also comes with a generous welcome offer, gives you access to more than 1,300 airport lounges and includes multiple types of travel insurance.
Pros
Cons
5X points on flights
Steep annual fee
10X points on hotels and rental cars booked with Chase
Focuses heavily on travel rewards
Includes trip cancellation and trip interruption insurance
1-to-1 point transfer to multiple hotel and airline loyalty programs
Full Review of Chase Sapphire Reserve® Card
This card is great if you want to earn bonus points based on your travel spending. As part of the Visa network, the Chase Sapphire Reserve® works at millions of merchants around the world, making it a convenient option for road warriors. Additionally, your Chase Ultimate Rewards® points are even more valuable when you use them to book travel through the Chase portal.
What You’ll Like About This Card
Annual Travel Credit
Every year, Chase gives you statement credits worth up to $300 based on your travel spending. To receive the credit, you must use your Chase Sapphire Reserve® card to make eligible travel purchases. Flights, car rentals, hotel bookings, bus fare and parking fees all count toward this requirement.
If you qualify for the full $300, you can earn back more than half the cost of the annual fee just by using your Chase Sapphire Reserve® card to pay your travel expenses. Note that the card resets every year around your anniversary date, not at the end of the calendar year.
Generous Welcome Offer
Need more credit?
Chase also offers a generous welcome bonus for new cardholders. bonus_miles_fulll
Travel Insurance Benefits
The Chase Sapphire Reserve® comes with several types of travel insurance:
Trip cancellation: If you have to cancel a trip for a covered reason, one of Chase’s insurance partners may reimburse you for your prepaid, nonrefundable expenses. For example, if your travel companion passes away before your departure date, you may be able to recoup the money you spent on flights and hotels.
Trip interruption: Sometimes, you have to end a trip earlier than expected due to an emergency. For example, if you come down with a serious illness overseas, you may have to return to the United States right away. If this happens, one of Chase’s travel insurance partners may reimburse you for your prepaid, nonrefundable expenses.
Baggage delays: If you’re traveling via a common carrier, such as a commercial airline or railroad, Chase may reimburse you for clothing, toiletries and other expenses associated with baggage delays. A common carrier is any company that charges members of the public for transportation services.
Auto rental collision damage waiver: Your Chase Sapphire Reserve® also comes with rental car coverage. To use this benefit, you must decline the collision insurance offered by the rental company. If you’re in an accident or someone steals or vandalizes your rental, one of Chase’s insurance partners may pay to replace or repair the vehicle.
Bonus Points on Travel Categories
One of the best reasons to get the Chase Sapphire Reserve® is because you get extra bonus points on several types of travel expenses. If you use Chase to book a hotel or rent a vehicle, you’ll earn 10 bonus points per dollar spent. For example, a hotel stay worth $500 gives you 5,000 bonus points.
You’ll also earn 5 points per dollar spent on airfare. If you spend $1,200 on a first-class ticket to Hawaii, for example, you’ll earn 6,000 bonus points. Chase offers 3 points per dollar spent on other travel expenses.
Bonus Points on Dining Purchases
The Chase Sapphire Reserve® is even more beneficial if you dine out frequently. When you make an eligible restaurant purchase, you’ll earn 3 points per dollar spent.
Airport Lounge Access
Chase Sapphire Reserve® members have access to more than 1,300 airport lounges around the world. You’re also allowed to bring up to two guests per visit.
Additional Value When Redeeming Through Chase Ultimate Rewards®
The value of your bonus points increases by 50% when you redeem them through Chase Ultimate Rewards®. This makes it easier to use your bonus points to cover your travel expenses.
The Drawbacks
High Annual Fee
The Chase Sapphire Reserve® comes with an expensive annual fee. Although this is a bit steep, you can easily earn back the fee if you qualify for the $300 annual travel credit and use some of your other card benefits.
Focus on Travel
The Chase Sapphire Reserve® is a great credit card if you travel frequently. It may not be the best fit for your needs if you’re a homebody who prefers to earn bonus points in other categories, as non-travel categories only earn bonus points at a rate of 1 point per dollar spent. For example, if you spend $300 on clothing, you’ll only earn 300 bonus points.
Is It Worth It?
The Chase Sapphire Reserve® is absolutely worth it if you travel or dine out often enough to earn more than the annual fee in benefits. Note that this card is reserved for consumers with scores in the good to excellent range.
Chase Sapphire Reserve® FAQ
Is the Chase Sapphire Reserve® card hard to get?
The Chase Sapphire Reserve® card is somewhat hard to get, as it’s reserved for consumers with good to excellent credit scores.
Is the Chase Sapphire Reserve® card better than the Chase Sapphire Preferred® card?
The Chase Sapphire Reserve® comes with more benefits than the Sapphire Preferred®, but it also has a much higher annual fee. If you’re looking for an inexpensive card with good benefits, you may want to consider the Chase Sapphire Preferred® card. Otherwise, the Chase Sapphire Reserve® card gives you access to better perks.
Is the Chase Sapphire Reserve® card a luxury card?
The Chase Sapphire Reserve® card is a premium credit card, but it’s not one of the cards in the Luxury Card portfolio. Luxury Card issues the Mastercard® Titanium Card™, the Mastercard® Gold Card™ and the Mastercard® Black Card™.
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Chase offers consumers several travel rewards credit cards, most of which help you earn points for a trip and offer travel protections should your journey go differently than expected. These benefits can help give you peace of mind and reduce stress, especially if your trip gets canceled.
Many Chase cards offer travel coverage that includes trip cancellation insurance, among other protections. Let’s take a look at Chase trip cancellation insurance, which cards provide it and what this benefit covers.
What is trip cancellation insurance?
Trip cancellation insurance can reimburse your prepaid, nonrefundable expenses — such as flights, hotel reservations or a cruise — should your trip be canceled due to unforeseen circumstances, such as extreme weather, an accident or a death in the family.
Coverage begins on the date you make your initial trip deposit and ends when you depart for your trip.
Chase cards that come with trip cancellation insurance
The following cards include Chase trip cancellation insurance:
Chase credit card
Trip cancellation insurance benefits
$1,500 per covered person, $6,000 per trip.
$1,500 per covered person, $6,000 per trip.
$1,500 per covered person, $6,000 per trip.
$1,500 per covered person, $6,000 per trip.
$10,000 per covered person, $20,000 per trip.
$10,000 per covered person, $20,000 per trip.
$1,500 per covered person, $6,000 per trip.
$5,000 per covered person, $10,000 per trip.
$5,000 per covered person, $10,000 per trip.
$1,500 per covered person, $6,000 per trip.
$10,000 per covered person, $20,000 per trip.
$1,500 per covered person, $6,000 per trip.
$1,500 per covered person, $6,000 per trip.
$5,000 per covered person, $10,000 per trip.
What does Chase trip cancellation insurance cover?
Chase travel insurance covers nonrefundable prepaid travel expenses such as flights, hotels, cruises, train tickets and tours — whether you book with a travel agency or directly with the travel provider.
The benefits kick in when one of the following reasons occurs:
Accidental bodily injury, sickness or loss of life experienced by you or an immediate family member.
Severe weather.
Named storm warning.
Change in military orders for you or your spouse.
A call to jury duty or a court subpoena.
Fire, flood or a burglary to your or your traveling companion’s residence.
The death or hospitalization of your or your travel companion’s host at the destination.
Doctor-imposed quarantine.
Organized strikes affecting public transportation.
Terrorist incidents or travel warnings related to terrorism.
What isn’t covered by Chase trip cancellation insurance?
Event tickets, amusement park tickets, museum entry fees and golf course expenses aren’t eligible for reimbursement unless they’re included in a prepaid travel package.
Trip cancellation benefits don’t apply to losses caused by:
A change in plans or financial circumstances.
A pre-existing medical condition.
Loss due to voluntary surrender of unused tickets, vouchers or credits.
Travel arrangements scheduled after the 26th week of pregnancy.
Being on a waitlist for a medical treatment.
Trips taken for the purpose of obtaining medical treatment.
Unwillingness to travel due to civil unrest.
Failure to obtain required visas, passports or other paperwork necessary for travel.
Commission of illegal acts.
Attempted suicide or self-inflicted injuries.
Being under the influence of drugs.
Disinclination to travel or border closures resulting from a pandemic.
Financial insolvency of the common carrier, travel agency or tour operator.
War, insurrection, rebellion or revolution (except terrorism).
Who is covered by Chase trip cancellation insurance?
As the primary cardholder, you’re covered. The trip cancellation insurance also extends to your immediate family members, including:
Parents, step-parents and/or legal guardians.
Spouses or domestic partners and their parents.
Children, including adopted children and step-children.
Grandparents and grandchildren.
Aunts and uncles.
Nieces and nephews.
Your immediate family members don’t have to be traveling with you for the benefits to apply to them as well. However, you must have used the Chase credit card that includes trip cancellation insurance to pay for their trip.
Which trips are eligible for Chase trip cancellation insurance?
Eligible trips can’t exceed 60 consecutive travel days. If your trip is longer, the coverage is still available, but the eligible prepaid nonrefundable expenses would be reimbursed as a pro-rated sum up to the first 60 days.
You must pay for all or a portion of the trip using an eligible Chase credit card or Chase Ultimate Rewards® for it to be eligible for the trip cancellation benefits. If your canceled trip results in a future credit or voucher, it won’t be covered.
How to file a trip cancellation insurance claim with Chase
To file a Chase trip cancellation insurance claim, you must contact the benefits administrator within 20 days of the cancellation. You can do this by calling the phone number listed in your credit card’s guide to benefits. If you wish to file a claim online, you can visit www.eclaimsline.com.
You’ll have to provide the following documentation within 90 days to support your claim:
Completed and signed claim form.
Travel itinerary.
Documentation confirming the reason for trip cancellation, such as medical records or a death certificate.
Credit card account statement listing the transaction related to the trip.
Copies of the cancellation and refund policies from the travel provider.
Any unused credits or vouchers.
Chase trip cancellation insurance recapped
Holding a credit card that provides travel insurance can help put your mind at ease when unexpected problems arise.
Chase’s insurance benefits cover you and your family members against expenses incurred due to trip cancellation, among other things.
However, it’s important to know what’s covered by the policy and what isn’t. Additionally, you’ll want to keep track of all documentation related to the cancellation and submit it before the deadline to receive reimbursement.
The information related to the Chase Freedom®credit card has been collected by NerdWallet and has not been reviewed or provided by the issuer of this card.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
It’s not uncommon for banks and mortgage lenders to offer special perks to customers who take out mortgages.
After all, a mortgage is somewhat of a commodity, despite there being many different types of loans and lenders out there, and varying levels of service.
For this reason, lenders are constantly looking for ways to separate themselves from the crowd.
Examples include the 1% cash back Chase offers to its mortgage holders, or Quicken’s Rate Drop Advantage, which protects borrowers if interest rates fall.
Many banks also offer on-time closing guarantees, which puts some money in the pockets of borrowers if the closing doesn’t happen on schedule.
But those all pale in comparison to what a Russian bank is offering.
Free Cats with Your Mortgage!
It’s a little hard to follow, given the fact that I don’t read or speak Russian. But the takeaway using Google Translate is that Sberbank is offering up “housewarming cats” to the first 30 customers who receive a mortgage approval with the bank.
The offer appears to be going on from August 18th until December 14th, and there are 10 cats to choose from.
You can see the cats on the website – they’re all named and vary in appearance, with Russian monikers like Sonia, Timothy, and Fedor. There’s even a hairless breed named Kuzma.
But here’s the strangest part. You don’t actually get to the keep the cat. It is simply brought to your new home or apartment for a short period of time before being returned back to headquarters.
Apparently the Russians are superstitious about new homes and it’s good luck if a cat enters the property first. So a delivery guy will show up and send the cat in to check things out before you step foot into the place.
Sberbank’s claim is that after the “trained cat” visits your property, you can be assured of happiness in your new home. It’s a play on a tradition their “wise forefathers” came up with that the bank says it has not forgotten.
Russia seems to be enjoying a bit of a mortgage boom at the moment, with lending up nearly 36% compared to a year earlier.
This gimmick aims to take advantage of that, and should prove to get a lot of free press, if my post is any indication.
Here at TPG, we’re all about maximizing every dollar you spend. Often, you can accomplish that by using the best credit card to enjoy the highest return for a specific purchase. But sometimes, you can go a step further.
Enter “double dipping,” or the practice of earning two different types of points on a single transaction. Taking advantage of double-dipping opportunities will help you accelerate your points-earning — bringing you that much closer to your dream award trip.
Below, we’ve outlined some of our top double-dipping opportunities that you can (and should) work into your everyday points practices.
Use online shopping portals
One of the simplest ways to double dip is to use shopping portals for your online purchases. These third-party sites partner with various retailers to give you points, miles or cash back when you click through their links. This is in addition to the points and miles you earn from putting the transaction on your credit card. So, you earn one bonus from the portal and another from your card.
No matter what type of points you’re trying to earn, there’s likely a portal out there that will suit your needs. Several airlines and hotel chains have their own portals, as does Chase Ultimate Rewards. Meanwhile, Rakuten allows you to receive your earnings in the form of American Express Membership Rewards points as an alternative to its usual cash back. You can even earn a one-time $30 bonus by joining Rakuten and spending $30 in the first 90 days.
Not sure which portal to use? Try using a shopping portal aggregator such as Cashback Monitor to compare earning rates across numerous portals for a given retailer.
Join restaurant rewards programs
Dining out can be a lucrative activity by itself, with cards such as the American Express® Gold Card offering 4 points per dollar on worldwide restaurant purchases. But it’s also an opportunity to double dip using airline and hotel dining rewards programs.
Once you register, participating restaurants will automatically award you points or miles when you pay for a meal with a linked credit card. Once again, these earnings are on top of the points or miles you net just for purchasing with your credit card.
There’s just one key thing to remember: Each of your credit cards can only be registered for one dining program, so you can’t earn through two airline or hotel programs for a single purchase.
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Related: How to earn 1,000 Southwest points the next time you dine out (or order in)
Earn more with Uber and Lyft
Whether you use Uber or Lyft, you can make your rides more valuable by linking certain rewards accounts to earn points on every ride.
With Lyft, you have several choices when it comes to earning bonus points or miles, though you must select one of the following as your designated loyalty rewards partner:
Note that Chase also partners with Lyft. So, in addition to selecting one of the above programs, you can use an eligible card — like the Chase Sapphire Reserve or Chase Sapphire Preferred Card — to earn up to 10 points per dollar spent on the platform. Sapphire Reserve cardholders also enjoy complimentary Lyft Pink All Access for two years.
Meanwhile with Uber, you can link your Marriott Bonvoy account and earn the following:
6 points per dollar on Uber Eats restaurant and grocery orders of $40 or more delivered to a hotel in Marriott’s portfolio
3 points per dollar on rides with UberXL, Uber Comfort, Uber SUV and Uber Black
2 points per dollar on all other Uber Eats restaurant and grocery orders above $40.
Make sure you’re also using a credit card with a great return on travel purchases; for instance, the American Express® Green Card, which offers 3 points per dollar spent on travel and transit purchases, including ride-hailing services.
Related: Frequent Uber or Lyft passenger? These credit cards are for you
Rent with Airbnb
Make your Airbnb stays more valuable by booking them through Delta Air Lines’ or British Airways’ online portals. Simply choose a program and click the booking button on its dedicated Airbnb page to rack up extra miles. You’ll earn 1 mile per dollar if you go through Delta SkyMiles and 3 Avios per dollar if you book through British Airways Executive Club. So, expensive Airbnb bookings can quickly add up to award flights.
Like with Uber and Lyft, make sure to pay with a travel credit card that earns a bonus on vacation rentals to maximize your points-earning.
Related: 12 tips for choosing the perfect beach house rental
Earn bonus United miles with MileagePlus X
This app provides endless double-dipping possibilities for those looking to rack up United miles. It awards you bonus miles for buying electronic gift cards through the app, which you can later use online or in person at shops and restaurants. This is particularly great for merchants not included in popular bonus categories on credit cards.
The deal is even sweeter for those with a cobranded United credit card, like the United Explorer Card. If you link your United card to the app, you’ll earn a 25% mileage bonus for every gift card you buy, whether or not you use that card to pay for the purchase.
The best part? With MileagePlus X, you can actually take things to the next level for a triple dip. Simply buy a gift card through the app — earning points from the app and points for the transaction on your credit card — and then use that gift card to make an online purchase while utilizing a shopping portal.
Related: Here’s why it matters which card you use to pay in the United MPX app
Leverage the American Airlines and Hyatt partnership
American Airlines and World of Hyatt have a partnership offering reciprocal points-earning opportunities to elite loyalty program members. Hyatt elites can earn 1 bonus point per dollar spent on qualifying American flights. American elites can earn 1 bonus point per dollar spent on qualifying Hyatt stays — all on top of the points and miles they’d normally earn when flying American or staying at a Hyatt.
Luckily, it doesn’t take much to nab Hyatt elite status. Just take out the World of Hyatt Credit Card for automatic Discoverist status to participate.
Related: Everything you need to know about World of Hyatt
Give RewardsPlus a go
Long before Hyatt and American joined forces, United and Marriott partnered to offer their members elevated benefits and bonus points through the RewardsPlus program.
With this program, United Gold (or higher) elites automatically receive Marriott Bonvoy Gold elite status, while Marriott Titanium and Ambassador elites automatically receive United Premier Silver status. Of course, it’s relatively easy to get Marriott Gold status with credit cards — including The Platinum Card® from American Express or the Marriott Bonvoy Business® American Express® Card. As a result, top-tier Marriott elites get the better end of this deal. Enrollment is required for select benefits.
In addition to reciprocal elite benefits, all members enjoy extra miles when transferring Marriott points to United, regardless of status. While most (but not all) of Marriott’s transfer partners receive a 5,000-mile bonus for every 60,000 Marriott points transferred, United members get 10,000 bonus miles for transferring 60,000 points. That means you can effectively convert 2 Marriott points to 1 United mile.
Leverage retail loyalty programs
While they won’t get you first-class tickets or luxury hotel stays, many sports retailers, restaurants, office supply stores and pet supply stores offer loyalty programs that you can maximize when purchasing. Most of these programs give you rewards in the form of future discounts (e.g., spend $100 and get a $5 coupon) on top of the standard earnings you’d get from using your credit card.
If you’re not familiar with these programs, you can check out our list of the nine most underrated loyalty programs.
Related: The best credit cards for buying clothes
Credit card offers and discounts
Applying for a new credit card typically comes with a large number of points or miles as a welcome bonus (after you meet the minimum spending requirement, of course). However, once you’ve opened a card, there are a number of other ways to earn bonus rewards or unlock discounts on everyday purchases.
Most of the major issuers offer a program along these lines, including:
These are targeted to each individual cardholder, and you typically must activate them before making a purchase. You also may find several obscure merchants with whom you have no intention of doing business. However, by frequently checking your online accounts, you may be able to find some good opportunities for bonuses or savings.
Here’s just a sampling of the offers that TPG staffers currently have on their cards:
An Amex offer to earn 5 extra American Express Membership Rewards points per dollar spent, up to 1,000 points
An Amex offer to earn 50% back on purchases with Dropbox
Multiple Chase offers to earn 10% back when you spend $100 with multiple Marriott brands — including Autograph Collection, SpringHill Suites and Renaissance Hotels
A Citi offer to earn 5% back on Lyft rides
You can also stack these with many of the other “dips” on this list to create a double dip or triple dip. For example, stack an Amex Offer at a nearby restaurant with a dining rewards program or an online purchase with a shopping portal.
Bottom line
There are plenty of great ways to rack up points and miles quickly, but everyday spending often gets overlooked as one of them. There are many concrete things you can start doing today that will unlock a world of rewards for tomorrow.
With these double-dipping efforts as a part of your overall strategy, you’ll build your account balances and get that much closer to your next award trip.
For rates and fees of the Bilt Mastercard, click here. For rewards and benefits of the Bilt Mastercard, click here.
Editor’s note: This is a recurring post, regularly updated with new information and offers.
One of our favorite online shopping portals is back with its annual Big Stack promotion. From July 10 to 12, Rakuten is offering up to 10 American Express Membership Rewards points per dollar (or 10% cash back) at participating retailers.
If you want to get the best deal for your online shopping, click through Rakuten first (yes, that same company with the very fun “Clueless”-themed Super Bowl commercial.).
To use the portal, begin your online shopping trip on the Rakuten website, and search for your desired store. You’ll be redirected to the retailer’s website. After you make your purchase, Rakuten will track your transaction and add bonus rewards to your account — generally within just a day or two.
Better yet, if you’re a new Rakuten shopper, you can also earn a $30 cash bonus when you spend at least $30 on a qualifying purchase within the first 90 days.
Here’s what you need to know about this deal.
Increased cash back with Rakuten
Earning up to 10% (or more) cash back is newsworthy. However, earning up to 10 Amex Membership Rewards points per dollar can be even better for those looking to earn transferable points.
TPG values Amex points at 2 cents each when used toward travel. That means you’ll effectively get up to a 20% return on spending when making purchases during this promotion. So if you’re getting your credit cards ready for the upcoming summer holidays, this is the deal for you.
Related: How to use Rakuten to earn bonus cash back or Amex points on your purchases
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Just note that you must update your earning preference from cash back to Amex points in your Rakuten account before completing your purchase. Also, be aware that switching from Amex points back to cash back is permanent, so think carefully before making that change.
Here are some of the stores participating in this promotion:
Bloomingdale’s
Dermstore
Finish Line
Glossier
Indochino
Macy’s
PetSmart
Ray-Ban
ULTA
Viator
At most merchants, you’ll want to pay with a credit card that earns bonus points and miles on everyday purchases. Some good options include the Capital One Venture Rewards Credit Card (see rates and fees), which earns 2 Capital One miles per dollar on all purchases, and the Citi® Double Cash Card (see rates and fees), which earns 2% back on all purchases — 1% when you buy and 1% when you pay your bill. These rewards can be converted to full Citi ThankYou points if you have a higher-end card like the Citi Premier® Card (see rates and fees).
However, on Viator purchases, consider using a card that earns well on general travel purchases, like the Chase Sapphire Preferred Card or Chase Sapphire Reserve, which earn 2 and 3 Ultimate Rewards points per dollar spent on travel purchases, respectively.
And remember that the 10% back (or 10 Amex points) will be in addition to any earnings on the credit card you swipe.
Related: How to redeem American Express Membership Rewards for maximum value
Stack with credit card offers
Historically, Dell.com has offered bonus points via Rakuten, and it’s one of the participating merchants in the Big Stack promotion. This means now could be a great time to spend your Dell credit from The Business Platinum Card® from American Express.
As a reminder, the card provides cardholders up to $400 in annual statement credits per year toward U.S. purchases with Dell in the form of $200 back in January-June and the second $200 from July-December. Enrollment is required in advance.
In addition to computers, Dell sells projectors, laptop bags, headphones, monitors, video games and more.
Alternatively, if you have The Platinum Card® from American Express, you’ll enjoy up to $100 in annual statement credits for purchases at Saks Fifth Avenue ($50 from January-June and another $50 from July-December). Enrollment is required in advance. While Saks isn’t participating in this promotion, you can still earn more on your purchase by going through Rakuten.
Related: 11 things you can buy with the Amex Platinum $50 Saks credit
Finally, be sure to see if any of the participating merchants also have offers through your favorite credit cards. You may be eligible for discounts or bonus points through Amex Offers, Chase Offers or Citi Merchant Offers, so it’s worth checking those platforms before making an online purchase.
Bottom line
This week, you can earn up to 10% cash back — or even better, up to 10 Amex Membership Rewards points per dollar spent at Rakuten.
Between this excellent earning rate and the $30 new customer bonus, now’s a great time to earn a bunch of points toward free flights to your next vacation spot with surprisingly little effort.
Additional reporting by Andrew Kunesh, Ehsan Haque, Summer Hull, Kyle Olsen and Ryan Smith.
It seems almost every airline, hotel chain and credit card issuer has launched its own premium credit card, enticing customers with luxury travel perks paired with hefty annual fees. Many of these cards offer solid value, especially if you’re loyal to the underlying brand.
There are two long-standing titans of the premium card market. Of course, we’re talking about The Platinum Card® from American Express and the Chase Sapphire Reserve. The former built the market for premium rewards cards decades ago, while the latter is responsible for growing its mass appeal.
Since the Sapphire Reserve debuted in 2016, competition between these two cards has been fierce. Today, we will look at how they stack up against each other and whether you should consider adding one (or both) to your wallet.
Related: The best travel credit cards
Welcome offer
When considering a new card, especially one with a $500-plus annual fee, most people first look at the welcome offer to see how much of that annual fee they can start recouping immediately.
With its $695 annual fee (see rates and fees), the Amex Platinum is currently offering new applicants 80,000 Membership Rewards points after they spend $6,000 on purchases in the first six months of cardmembership. However, it’s worth checking to see if you’re targeted for a higher offer of up to 125,000 points through the CardMatch tool (offer subject to change at any time).
TPG values Membership Rewards points at 2 cents each, making the initial welcome offer of 80,000 points worth $1,600 alone. Since Amex only allows you to earn a welcome offer on each of its cards once per lifetime, it might be tempting to hold off on applying for the Amex Platinum in hopes that you may be targeted through CardMatch for a higher bonus at some point in the future.
Meanwhile, the Chase Sapphire Reserve offers a sign-up bonus of 60,000 bonus points after you spend $4,000 in the first three months from account opening.
TPG also values Ultimate Rewards points at 2 cents each, making this bonus worth $1,200. That’s significantly lower than the Amex Platinum offer, though the spending requirement to earn the bonus is also lower.
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Winner: The Amex Platinum takes the lead in this first category, especially if you are targeted for an elevated offer through CardMatch.
Related: The best time to apply for these popular cards based on offer history
Earning
Long after your bonus has been earned and spent, you’ll want a card to help you quickly rack up valuable transferable points.
Both of these cards get that done but in very different ways. Your best option depends on which other Chase or Amex cards you currently have in your wallet and how the bonus categories on those other cards overlap with the Chase Sapphire Reserve and Amex Platinum.
Here are the bonus categories for these two cards:
Bonus multiplier
Amex Platinum
Chase Sapphire Reserve
10 points per dollar
N/A.
Lyft rides (through March 2025.)
Hotels and car rentals booked through the Ultimate Rewards portal.
Chase Dining purchases made through the Ultimate Rewards portal.
Peloton equipment and accessory purchases of $250 or more, with a maximum of 50,000 points (through March 2025).
5 points per dollar
Airfare booked directly with airlines and airfare booked with American Express Travel, on up to $500,000 on these purchases per calendar year.
Prepaid hotels booked with Amex Travel.
Airfare booked through the Ultimate Rewards portal.
3 points per dollar
N/A.
Travel and dining.
1 point per dollar
All other purchases.
All other purchases.
Chase offers a broader range of bonus categories, including everyday purchases like travel and dining.
While the Amex Platinum does pull ahead on airfare booked directly with airlines (with a terrific 10% return), the Chase Sapphire Reserve pulls ahead for dozens of other travel expenses, including most hotels, ride-hailing services, parking fees, tolls and tours. It also has an equally broad 3 points per dollar spent on dining that the Platinum can’t match.
Winner: Chase Sapphire Reserve is the best for earning thanks to its favorable everyday bonus categories that help you earn more points in the long term.
Related: Best reward cards for each bonus category
Redemption options
With Chase Ultimate Rewards and Amex Membership Rewards tied at 2 cents apiece in TPG’s valuations, it’s worth looking at the different transfer partners to decide which ones best suit your needs.
Let’s start with the Chase Sapphire Reserve. In addition to 11 airline and three hotel transfer partners, Sapphire Reserve customers get a 50% bonus when redeeming points for travel directly through the Chase Ultimate Rewards portal. This gives you an absolute minimum redemption value of 1.5 cents per point, meaning you can book a seat on any flight that’s for sale, even if there isn’t award space available.
That said, you’ll often get a better value by transferring your points to the loyalty programs of airlines and hotels instead. All Chase partner transfers are at a 1:1 ratio, and most of them are instant. Ultimate Rewards has a real edge for hotel bookings because of its partnership with World of Hyatt, where you can book an award night for as low as 3,500 points per night.
On the airline side of things, popular redemption options include United MileagePlus, Southwest Rapid Rewards, British Airways Avios, Virgin Atlantic Flying Club and Air France-KLM Flying Blue — though the last three also partner with Amex Membership Rewards. The same holds true for Air Canada Aeroplan — though if you also hold the Aeroplan Credit Card, you can enjoy a 10% bonus on certain transfers from Chase Ultimate Rewards to your Aeroplan account.
Finally, you also have the Pay Yourself Back option with the Sapphire Reserve, allowing you to use points to cover certain purchases at higher values:
1.5 cents per point for select charitable donations (through Dec. 31, 2023.)
1.25 cents per point for purchases at gas stations and grocery stores (through Sept. 30, 2023.)
1.25 cents per point to cover your annual fee (through Sept. 30, 2023.)
Again, though, the best redemption option will typically come from maximizing Chase’s transfer partners.
Meanwhile, Amex Membership Rewards has a whopping 20 transfer partners, but not all are worth your attention. Some have transfer ratios below 1:1, have longer transfer times (which means you risk watching your award space disappear) or simply don’t have reasonably priced redemption options.
Some of the best are ANA Mileage Club, Air Canada Aeroplan and Avianca LifeMiles, each of which offers attractively priced options for booking Star Alliance tickets. Cathay Pacific Asia Miles, British Airways Executive Club and Delta SkyMiles are also popular transfer options.
However, if you opt to use your points directly through American Express Travel, you won’t get nearly the value you do through Chase. Flight bookings are a flat 1 cent per point, while hotel reservations clock in at just 0.7 cents apiece. As a result, you’re typically much better off with the transfer options.
Winner: Chase Sapphire Reserve comes out on top for redemption options since it offers a 1:1 transfer ratio for all of its airline and hotel partners, the Pay Yourself Back feature and more flexibility with its 50% bonus for travel booked in Ultimate Rewards.
Perks and benefits
The Chase Sapphire Reserve and Amex Platinum are two of the most valuable rewards cards on the market, but they’re also two of the most expensive. You’ll pay a $550 annual fee with the Sapphire Reserve and a $695 annual fee with the Amex Platinum.
So, what do you get in exchange for that upfront cost? For starters, both cards feature airport lounge access and additional travel and food delivery credits, among other benefits. Let’s take a look below at the most popular and valuable perks available (note that enrollment is required for select benefits):
*Eligibility and benefit level varies by card. Not all vehicle types or rentals are covered, and geographic restrictions apply. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company. Coverage is offered through American Express Travel Related Services Company, Inc.
**Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by New Hampshire Insurance Company, an AIG Company.
This is by far the trickiest part of the comparison, with many different pieces to unpack. It’s also the one where your own personal preferences may sway you to one card or another.
For starters, the Sapphire Reserve still has an edge over Amex regarding the $300 annual travel credit. Not only is it a higher amount than the up-to-$200 airline fee credit that comes with the Amex Platinum, but it’s also much less restrictive. It will automatically apply to a broad range of travel purchases. In contrast, the $200 Amex airline credit only applies to select fees such as seat assignments or checked bags — and you’re limited to a single airline you designate each year.
Regarding ride-hailing services, some people see the up-to-$200 in annual (U.S.) Uber Cash (broken into $15 a month, with a $20 bonus in December) that comes with the Amex Platinum card as a cash-like credit. However, not everyone uses a ride-hailing service or places an Uber Eats order in the U.S. once a month, which means the 10 points per dollar spent on Lyft rides with the Sapphire Reserve might be a more valuable option.
On the flip side, if you live in a smaller city or never order food, you might find the DoorDash partnership with Chase useless.
The same can be said of certain perks on the Amex Platinum — including statement credits with Saks Fifth Avenue, Clear and select digital entertainment providers. If you already use these services or merchants, it’s like money back in your pocket. If not, you may find they aren’t a real value-add relative to the annual fee.
Meanwhile, the Amex Platinum is widely considered the most comprehensive card for airport lounge access. Although the Priority Pass Select membership that comes with this card no longer allows you to access participating restaurants (you can with a Chase-issued Priority Pass membership), the access to Amex’s wide collection of Centurion Lounges and Delta Sky Clubs on same-day Delta flights should be enough to make up for that.
Meanwhile, the Sapphire Reserve only offers Priority Pass access, they are expanding their network of Chase lounges, with the first U.S. location open in Boston.
Another area where Amex excels is by offering Gold elite status with both Marriott and Hilton to Platinum cardholders. Chase offers no equivalent benefit.
Chase has historically been the leader in travel insurance, with generous terms. Amex has partially closed the gap, adding a suite of travel protection benefits to the Amex Platinum card (see here for more).
Winner: Amex Platinum is the clear winner when it comes to perks and benefits, which include its $1,400-plus in annual statement credits, expanded airport lounge access, travel protections, and elite status with Marriott and Hilton. However, if you’re looking for a more flexible travel credit, comprehensive protections and fewer lifestyle perks, the Sapphire Reserve could be a better option.
Related: How long it takes to receive statement credits
Bottom line
The Chase Sapphire Reserve and The Platinum Card from American Express are two of the most popular premium rewards cards on the market. However, they offer slightly different value propositions.
Between hotel elite status and Centurion Lounge access, the Amex Platinum is better suited for those looking to enjoy a more luxurious travel lifestyle. If you frequently purchase airfare qualifying for 5 points per dollar, this card deserves a spot in your wallet.
The Sapphire Reserve, by comparison, is a premium card that’s simple enough for beginners and pros alike. The $300 annual travel credit is automatically applied to a wide range of purchases. Plus, you earn 3 points per dollar on travel (excluding the $300 travel credit) and dining and these categories are broad enough that you won’t be scratching your head trying to decide if you’re swiping the right card.
However, some may even find that it makes sense to carry both cards. If you can take advantage of all the annual statement credits and luxury perks, these cards can actually complement each other well.
Official application link: Amex Platinum Official application link: Chase Sapphire Reserve
For rates and fees of the Amex Platinum, click here.
Additional reporting by Emily Thompson, Ryan Wilcox, Stella Shon, Juan Ruiz and Chris Dong.
For years, the unquestionable leaders of the premium card market were The Platinum Card® from American Express and the Chase Sapphire Reserve.
That all changed when Capital One shook up the industry with its debut of the Capital One Venture X Rewards Credit Card (see rates and fees) in late 2021 — undercutting both of its rivals by offering competitive perks at a lower $395 annual fee.
Perhaps you’re one of the many Sapphire Reserve cardmembers who’ve questioned your loyalty to Chase with the launch of the Venture X. Or, maybe you’re on the hunt for your first premium travel rewards card.
Today, we’ll help you decide whether the Capital One Venture X or the Chase Sapphire Reserve is the better card for you.
Comparing the Capital One Venture X and the Chase Sapphire Reserve
Feature
Capital One Venture X
Chase Sapphire Reserve
Annual fee
$395.
$550.
Welcome bonus
Earn 75,000 bonus miles after you spend $4,000 in the first three months of account opening.
Earn 60,000 bonus points after you spend $4,000 in the first three months of account opening.
Earning rate
10 miles per dollar on hotels and car rentals booked through Capital One Travel.
5 miles per dollar on flights booked through Capital One Travel.
2 miles per dollar on all other eligible purchases.
10 points per dollar on hotels and car rentals through Chase Ultimate Rewards.
5 points per dollar on flights through Chase Ultimate Rewards.
3 points per dollar on all other travel and dining.
1 point per dollar on all other eligible purchases.
Statement credits
Up to $300 in annual statement credit toward travel booked through Capital One Travel.
Up to $100 Global Entry/TSA PreCheck credit, every four years.
Up to $300 in annual statement credit toward travel purchases.
Up to $100 Global Entry/TSA PreCheck/Nexus credit, every four years.
Other card benefits
Priority Pass lounge access for the primary cardholder and complimentary access for two guests.
Capital One lounge access for the primary cardholder and up to two guests.
10,000 bonus miles received every card anniversary.
Complimentary Hertz President’s Circle status*.
Travel and purchase protections.
No foreign transaction fees.
Priority Pass lounge access for the primary cardholder and up to two guests.
Chase lounge access for the primary cardholder and up to two guests.
Complimentary car rental elite status with National Car Rental, Avis and Silvercar.
Partner benefits like a DoorDash DashPass membership (through 2024).
Travel and purchase protections.
No foreign transaction fees.
*Upon enrollment, accessible through the Capital One website or mobile app, eligible cardholders will remain at upgraded status level through December 31, 2024. Please note, enrolling through the normal Hertz Gold Plus Rewards enrollment process (e.g. at Hertz.com) will not automatically detect a cardholder as being eligible for the program and cardholders will not be automatically upgraded to the applicable status tier. Additional terms apply.
Annual fee
The annual fee on the the Sapphire Reserve is $550. Note that it costs an additional $75 to add an authorized user.
At $395 per year, the Capital One Venture X is one of the most affordable premium cards. Best of all, you can add up to four authorized users for no additional cost.
Winner: The Capital One Venture X for its lower annual fee for the primary cardholder and no additional cost for up to four authorized users.
Welcome bonus
Both cards require the same amount of spend in a given time frame ($4,000 in the first three months of account opening) to unlock their introductory offers.
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TPG values Chase Ultimate Rewards points slightly higher than Capital One miles due to its superior transfer partners — we estimate that Ultimate Rewards points are worth 2 cents apiece while Capital One miles are worth 1.85 cents apiece.
The Capital One Venture X’s welcome bonus of 75,000 miles is worth about $1,388, while the Sapphire Reserve’s bonus of 60,000 points is worth $1,200.
Winner: Capital One Venture X.
Earning
Which premium card will offer better returns in the long run? For this analysis, we factored in the value of each currency to their rewards rates:
Capital One Venture X
Chase Sapphire Reserve
Earning rate
10 miles per dollar on hotels and car rentals booked through Capital One Travel (18.5% return).
5 miles per dollar on flights booked through Capital One Travel (9.25% return).
2 miles per dollar on all other eligible purchases (3.7% return).
10 points per dollar on hotels and car rentals booked through Ultimate Rewards (20% return).
5 points per dollar on flights booked through Ultimate Rewards (10% return).
3 points per dollar on all other travel and dining purchases (6% return).
1 point per dollar on all other eligible purchases (2% return).
Both the Venture X and the Sapphire Reserve offer fantastic returns for travel purchased through their respective portals.
While the Venture X offers simplicity, with 2 miles per dollar on all other purchases, the Chase Sapphire Reserve offers higher returns for two lucrative bonus categories — travel (booked outside of Ultimate Rewards) and dining purchases.
Chase defines travel as a broad category, including everything from rental homes and buses to rideshares and parking fees. Similarly, dining purchases include takeout and delivery services, widening the spectrum for what falls under this category.
Winner: Chase Sapphire Reserve, as it offers bonus categories beyond travel portal bookings. However, non-bonus purchases only garner 1 point per dollar. If you’re the type of consumer who has a ton of varied spend outside of travel and dining, then the Venture X may be a better card for you for its simple earning rate.
Redeeming
With both of these programs, transferring your points to travel partners is the most rewarding way to redeem your points and miles.
The Chase Ultimate Rewards program is a long-time crowd favorite. You can transfer your Ultimate Rewards points at a simple, 1:1 ratio (so every 1,000 Chase points equates to 1,000 points or miles in a Chase transfer partner program).
On the other hand, the Capital One miles program has partners that transfer at a 1:1 ratio for the most part, but there are a few exceptions that transfer at a less favorable ratio.
Let’s compare the partners side-by-side (all transfer at a 1:1 ratio unless otherwise stated).
Capital One miles
Chase Ultimate Rewards
Aeromexico Club Premier.
Air Canada Aeroplan.
Air France-KLM Flying Blue.
ALL Accor Live Limitless (2:1).
Avianca LifeMiles.
British Airways Executive Club.
Cathay Pacific Asia Miles.
Choice Privileges.
Emirates Skywards.
Etihad Guest.
EVA Infinity MileageLands (2:1.5).
Finnair Plus.
Qantas Frequent Flyer.
Singapore Airlines KrisFlyer.
TAP Portugal Miles&Go.
Turkish Airlines Miles&Smiles.
Virgin Red.
Wyndham Rewards.
Aer Lingus AerClub.
Air Canada Aeroplan.
Air France-KLM Flying Blue.
British Airways Executive Club.
Emirates Skywards.
Iberia Plus.
IHG Rewards.
JetBlue TrueBlue.
Marriott Bonvoy.
Singapore Airlines KrisFlyer.
Southwest Rapid Rewards.
United MileagePlus.
Virgin Atlantic Flying Club.
World of Hyatt.
As you can see, there are quite a few overlaps. While Capital One offers more loyalty partners, there are no domestic airlines (after it lost JetBlue TrueBlue as a partner).
Meanwhile, Chase offers three domestic airlines — JetBlue, Southwest and United — as well as one particularly lucrative hotel program, World of Hyatt.
Of course, both the Venture X and Sapphire Reserve offer other (less lucrative) redemption options, such as gift cards and cash back.
However, with the Sapphire Reserve, your points are worth 50% more toward any travel booked through the Ultimate Rewards portal, making your points worth 1.5 cents apiece. While this isn’t as rewarding as transferring your points to Chase’s transfer partners, this redemption option is useful if you are having trouble finding award space.
Meanwhile, the Venture X offers fixed-rate travel redemptions at just 1 cent per mile — and while this can be applied to any travel purchase you charge to the card, it’s still notably lower.
Winner: Chase Sapphire Reserve. More partners doesn’t necessarily equate to more value, which is why we peg Ultimate Rewards points at a higher value than Capital One miles. And even the fixed-value redemption option is 50% more lucrative.
Other benefits
Let’s talk about what makes these cards truly premium.
For starters, there’s an up to $300 annual travel statement credit on both cards. However, the Venture X’s travel credit is less flexible since you’ll have to book all travel on the Capital One portal in order to receive reimbursement. Meanwhile, the Sapphire Reserve will automatically reimburse for any purchases under the “travel” umbrella up to the $300 limit — and they don’t necessarily have to be booked directly with Chase.
As for lounge access, both cards offer Priority Pass membership, giving you access to 1,300-plus lounges worldwide.
On the one hand, the Venture X gets you Unlimited complimentary access for you and two guests, whereas the Sapphire Reserve limits to you to two free guests (and then $27 each for additional guests.) Where the Sapphire Reserve fights back is that you can visit Priority Pass restaurants and spas, whereas you’re limited to lounges with the Venture X.
Both issuers are getting into the lounge game themselves, with Capital One’s first lounge open at Dallas-Fort Worth International Airport (DFW) and more to come. The Venture X gets you access.
Chase has its first U.S. lounge open in Boston and the Sapphire Reserve card will get you access.
Finally, both are Visa Infinite cards, giving you high-level travel and purchase protections. Both also come with ancillary benefits that won’t necessarily move the needle for prospective applicants (such as the 10,000-mile anniversary bonus on the Venture X and partner benefits with the Sapphire Reserve), but these perks are all worth taking advantage of if you decide to apply for either card.
Winner: Tie. While the Chase Sapphire Reserve’s $300 travel credit is much more flexible, the Capital One Venture X comes with 10,000 bonus anniversary miles. They’re very similar on lounges.
Bottom line
Both the Venture X and the Sapphire Reserve have their own strengths and weaknesses, so it’s impossible to generalize which card comes out on top.
However, for a much more manageable annual fee, the Venture X is a fantastic offering — if you don’t mind using the travel portal to unlock many of the benefits on the card.
For those who prefer to book directly with travel providers, the Sapphire Reserve is likely the better option for you — but at the cost of a higher $550 annual fee.
Official application link: Capital One Venture X Rewards Credit Card Official application link: Chase Sapphire Reserve
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
Are you a small business owner looking to find a bank that offers a comprehensive list of services, convenience, and safety? Do you want a bank that offers a brick and mortar in-person option or are you fine with online? Are you looking for a high APY? Or, are you just totally overwhelmed with all of the choices and different options?
Regardless, having a business bank account is just a smart move. You’ll be able to keep your business finances separate from your personal finances and, as you’ll see below, you’ll have access to critical business tools like invoicing for your clients.
No matter where you’re at in your search for a bank to support your small business, read on and let’s see if I can find a bank that best fits your needs.
What’s Ahead:
Overview of the best banks for small businesses
Financial Company
Best for
Fees
APY
Bluevine
Those who need to write paper checks
None
2.0% on balances up to $250,000 (conditions apply)
Novo
Freelancers and those with side-hustles
None
None
Lili
Freelancers looking for accounting tools
$0 for Lili Standard; $9 monthly for Lili Pro
2.00% APY with Lili Pro
Chase Business Checking
Those who want an in-person banking experience
$15 per month
OR
$0 per month if you deposit $2,000 or more in new money within 30 days of enrollment and maintain a $2,000 balance for 60 days OR if you maintain a linked Chase Private Client Checkings or Chase Sapphire Checking personal account
0%
Axos Bank Business Checking
Someone looking for a stellar online bank
No monthly fees No maintenance fees No overdraft fees
1.01%
LendingClub Bank
More established businesses
$10 per month if your balance is less than $5,000
0.10% APY if your balance is above $5,000
Bluevine
Bluevine has made a name for itself in the business banking world. With free business checking from Bluevine, you don’t need a minimum balance to start. Get unlimited transactions each month and online statements at no charge.
Keep more cash in your business’s coffers—you won’t be charged any fees for incoming wire transfers or insufficient funds. You’ll also receive two free checkbooks.
You can access your account at no charge at more than 38,000 MoneyPass ATMs nationwide. If your card is missing, you can lock the account in no time. And, when you need to deposit cash, you can visit GreenDot at more than 90,000 locations.
The mobile app provides a full range of features you’d get at a brick-and-mortar location, with the convenience of banking wherever you are. Check your balance, set up a transfer, and deposit checks with ease. Though Bluevine does not offer in-person service, you can get assistance from the support team via email or phone.
Bluevine also pays interest on your checking account. Currently, the APY is 2.0% on balances up to $250,000, which is significantly higher than the national average. To qualify for that interest rate you must meet one of the following monthly eligibility requirements:
Spend $500 per month with their Bluevine Business Debit Mastercard®, which can be used everywhere Mastercard® is accepted
Receive $2,500 per month in customer payments into their Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from their merchant payment processing provider
Banking with Bluevine can help your small business grow. Its checking account and additional features are flexible, quick, and easy to use. Bluevine also offers financing options, and it provides expertise in small business funding.
Learn more about Bluevine or Read MU30’s full Bluevine review here.
Novo
Novo was built with small business owners in mind. They offer a business checking account that comes with unique, easy-to-use features that are perfect for almost any business or freelancer.
Open your account whenever, wherever, in a matter of minutes with as little as $50. Novo won’t charge you a monthly fee.
The company prides itself on not surprising customers with any hidden fees. ACH transfers, funds wired to your account from the U.S. or abroad, and ATM use all have zero fees attached. Novo does charge a $27 fee if you have an overdraft on the account.
Novo’s made for banking on-the-go. Convenient features include TouchID app login, the ability to deposit checks by snapping a photo, and transferring funds with the touch of a finger. Novo offers stress-free integration with existing software like Quickbooks and Slack to pull your small business together.
While Novo was built for efficiency and simplicity, the company does have a top-notch customer support staff to assist you during regular business hours. You’ll get a real person—not a bot—and an answer to your question in less than an hour. If you’re working early or late, you can reach out for customer support via the app.
Learn more about Novo Bank or Read MU30’s full Novo review here.
Lili
Lili niches down even further than Novo, creating a banking platform designed specifically for freelancers.
You’ll get banking with no minimum balance or opening deposit required. That makes it easy to create a separate account for your business transactions, which becomes vital during tax time. There are no hidden fees, and the standard account is free.
With Lili, if you are paid via direct deposit, you’ll have access to those funds as early as two business days before you could use them in other bank accounts.
Access your account at no charge at more than 38,000 MoneyPass ATMs nationwide, and if your Visa® business debit card is missing, you can lock the account in no time.
But where Lili really shines is in its freelance-geared accounting tools. You can easily track your transactions in real-time and assign them categories. At tax time, just pull a report and you’ll have all your deductions right in front of you.
Lili also has a pro account (Lili Pro) that takes those business tools to the next level. With Lili Pro you’ll get customizable expense categorization and unlimited invoicing, and earn cash back on your spending with certain merchants, as well as 2.00% interest on your savings. There’s a $9 monthly service fee with this account, but it also covers you for up to $200 in fee-free overdrafts.
Lili also offers automatic savings features that allow you to have small amounts of money pulled out of each deposit and put into “buckets.” You can save for taxes, build an emergency fund, and more using this tool.
What’s best is that you can set up your account in just three minutes, perfect for the freelancer looking to save time (and money).
Learn more about Lili or Read MU30’s full Lili review here.
Chase Business Complete BankingSM
Chase offers in-person and online options. Whether you’re looking to open a personal or business account, credit card, or take out a loan they offer a total banking experience.
With Chase Business Complete BankingSM, you can handle your business banking on-the-go, online, or in person. Chase gives you access to more than 16,000 ATMs and more than 4,700 brick-and-mortar branch locations.
As a small business owner, you watch your budget closely. Chase Business Complete Banking℠ has a $0 monthly service fee if you maintain a $2,000 minimum daily balance for 60 days or if your account is coupled with your personal Chase Private Client Checking or Chase Sapphire Checking account. Otherwise, the monthly service fee is $15 with ways to waive (or $12 if you skip paper statements and get them electronically).
For a limited time, the bank is offering a $300 bonus to new Chase Business Complete Banking℠ customers who make a $2,000 new money deposit within 30 business days of the start of your new account. You also need to carry a $2,000 minimum balance over the span of 60 days and make five qualifying transactions, like debit card payments or wire transfers, in 90 days.
If you like the convenience of online access mixed with the comfort of knowing you can visit a traditional branch, Chase is a great banking option for your small business.
Learn more about Chase Business Complete BankingSM or Read MU30’s full Chase Business Complete Banking℠ here.
Axos Basic Business Checking
Axos is a digital bank that offers its customers a comprehensive banking experience — from checking and savings accounts to home, auto, and personal loans.
Its Basic Business Checking and Business Interest Checking are the best fit for small businesses. New business owners get a $200 welcome bonus with promo code NEWBIZ200. Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus.
Basic Business Checking requires a $0 minimum opening deposit requirement. The account is not subject to monthly maintenance fees plus you get unlimited transactions.
Business Interest Checking requires a $100 minimum deposit to start. There’s no monthly maintenance fee if you carry a $5,000 daily balance. If the account dips below that, the monthly fee is $10. You get 100 transactions a month at no charge, then pay $.50 per item. With Business Interest Checking, you’ll earn a 1.01% APY*.
Enjoy the convenience of remote deposits anywhere and anytime via your mobile device. You can make cash deposits through wire transfer. Axos offers free online banking, mobile banking, and online bill pay free of charge.
You can integrate your account with QuickBooks to streamline your small-business budget processes.
If you’re ready to open an account for your small business, Axos has been in business for 20 years and provides a variety of online services to fit your needs. It’s a solid small-business choice.
Learn more about Axos or Read MU30’s full Axos review here.
LendingClub Bank
LendingClub is an online-only bank that offers a full suite of services for businesses of all sizes.
Its Tailored Checking product is the best choice for small businesses. It also features Relationship Checking and Account Analysis Checking for larger companies with a higher transaction volume, as well as Interest Checking for non-profits and municipal organizations.
If you’re a small business owner or independent contractor, Tailored Checking boasts ease of use and 27/7 online and mobile access. Account management features include the ability to deposit checks, do a balance inquiry, and examine statements and transaction history.
With your LendingClub account, you can transfer funds to internal accounts, conduct wire transfers, and issue payments to others.
You can access funds fee-free at 20,000 ATMs across the country. The LendingClub debit card comes with a host of protection options, including setting transaction, activity, and location limits, receiving real-time security alerts, and deactivating a missing card via the app.
Your LendingClub account integrates with Autobooks so you can create and email customer invoices, then receive payments via card or electronic transfer.
LendingClub accounts do have fees attached. You’ll pay $10 per month if your account balance is under $5,000, a $5 per day overdraft fee, and fees to initiate and receive wire transfers.
Learn more about LendingClub Tailored Business Checking or Read MU30’s full LendingClub review here.
What’s the difference between a personal and a business bank account?
It just so happens that there are some extra benefits that come with opening a business bank account including:
Added protection. A business account offers limited personal liability protection and purchase protection for your customers.
Line of credit. Many business banks offer you the option to take out a line of credit for your company. So, if you encounter an emergency or require some cash this can be incredibly helpful.
Additional information required. When it comes to opening a business bank account you will need to provide some additional information such as your Employer Identification Number (EIN) or Social Security number if you’re a sole proprietorship and business license.
Do I need a business bank account for my small business?
It is highly recommended that as a small business owner you have a separate business bank account for the following reasons. First, it helps to keep your business and personal expenses separate
Second, this separation is extremely useful when it comes time to do your taxes. You don’t want to be sifting through your personal expenses trying to identify a business cost.
Third, having a business account makes you appear more professional and legitimate. And fourth, if your company is legally separate from you, as with an LLC or Corporation, then you need to have a separate account to protect your personal property in case of a lawsuit.
What are some important features to look for in a small business account?
When you start your search for a small business bank account that will best suit your needs consider the following features:
Fees (maintenance fees, transaction fees, etc.).
Interest rates for savings and checking accounts.
Minimum balance requirements.
Security (FDIC member).
Location.
Access to ATMs.
Online vs. in person.
Card options (is a debit or credit card available).
In today’s digital world, having a checking account is not just a luxury, but a necessity. As a leading financial institution, Chase, a division of JPMorgan Chase Bank, N.A, offers a variety of checking accounts to suit different needs.
This guide will provide an overview of how to open a Chase checking account, detail the available account types, and explain their associated benefits and costs.
The Basics of Opening a Chase Checking Account
Opening a Chase checking account is a simple and streamlined process. It’s designed to be accessible whether you prefer to handle your banking online or in-person. With over 4,700 branches, JPMorgan Chase Co. has made it possible to open an account virtually anywhere in the U.S.
When preparing to open your account, you’ll need to have certain information on hand. This includes your Social Security Number or Tax ID number, which is a basic requirement for any financial transactions in the U.S. You’ll also need a valid form of identification, such as a driver’s license or passport. Chase uses this information to verify your identity, ensuring your financial safety and security.
In addition to the above, you’ll also need to provide personal contact information. This includes your address, email, and phone number. This is so Chase can contact you about account information, and so they can send you important banking documents.
For new customers under the age of 18, a parent or guardian will need to co-own the account. This is standard practice at many financial institutions. It ensures that there’s an adult associated with the account who can manage the account responsibly.
Choosing the Right Chase Checking Account for You
Choosing a bank account is a critical decision, and Chase offers a variety of options, each with its own features, benefits, and costs. These include Chase Total Checking®, Chase Secure Banking℠, Chase Premier Plus Checking℠, and Chase Student Checking. It’s essential to review each option and choose one that fits your lifestyle and financial goals.
Chase Total Checking®
Chase Total Checking® is the most popular checking account offered by Chase. With access to over 15,000 ATMs and 4,700 branches, it offers a range of features including Chase Overdraft Assist℠, Zero Liability Protection for unauthorized debit card transactions.
Additionally, you’ll have the ability to manage your money on the go with the Chase Mobile® app. You can deposit checks, pay bills, and transfer money virtually anywhere, which makes it an excellent option for everyday banking needs.
The monthly service fee for this account is $12, which can be waived if you meet specific requirements such as maintaining a minimum balance, direct deposit, or holding a combination of qualifying Chase accounts.
Chase Secure Banking℠
Chase Secure Banking℠ is designed to help you manage your money without worrying about maintaining a minimum balance or unexpected overdraft fees. With a monthly service fee of $4.95, you can enjoy features like early direct deposit, paying bills, and cashing checks. It also allows you to send money and access Chase’s extensive network of ATMs and branches, all from the Chase Mobile app.
One significant advantage of this account is the absence of overdraft fees. This account enables you to spend only what you have, thus promoting responsible spending habits. Other benefits include no fees on money orders, cashier’s checks, and when using the Chase Online Bill Pay.
Chase Premier Plus Checking℠
The Chase Premier Plus Checking℠ is a premium checking account that not only gives you the standard benefits of online bill pay and mobile banking through the Chase Mobile app but also earns you interest on your balance. You’ll have access to 15,000 ATMs and 4,700 branches, Chase ATMs, and a Chase debit card with chip technology.
This account comes with a $25 monthly service fee that can be waived under specific conditions. These include maintaining a qualifying average balance, having a linked qualifying Chase mortgage, or for current U.S. service members and veterans with a qualifying military ID.
Additional perks include no fee for the first four non-Chase ATM transactions, Chase design checks, and no monthly service fees on up to two additional linked Chase checking and personal savings accounts.
How to Open a Chase Checking Account Step-by-Step
Whether you choose to open a Chase account online or in-person, the process is simple and hassle-free.
Opening an Account Online
To open a Chase checking account online, follow these steps:
Visit the Chase website and select the ‘Open an account’ option.
Select the type of account you wish to open.
Click ‘Open account’ and fill in your personal information.
Review the Deposit Account Agreement and other disclosures.
Fund your new Chase bank account.
Submit your application.
You should receive an email confirmation, and your debit card and account details should arrive by mail within 7-10 business days.
Opening an Account In-Person
If you prefer to open a Chase checking account in person, follow these steps:
Visit a Chase branch. You can use the ‘Branch/ATM locator’ on the Chase website or Chase Mobile app to find a branch near you.
A Chase representative will guide you through the process, help you understand the various account options, and complete the application form.
Review the Deposit Account Agreement and other disclosures.
Fund your new account.
You will receive a temporary debit card immediately and your permanent debit card will be mailed to you.
The in-person option offers the advantage of personalized assistance from a Chase representative who can answer any questions you might have and ensure a smooth application process.
Understanding Chase’s Monthly Account Fees
Understanding the monthly service fees associated with your checking account is crucial to managing your money effectively. Most accounts come with different fees, depending on the account type.
For instance, the Chase Total Checking account has a $12 monthly service fee. However, this can be waived under certain conditions. These include a direct deposit totaling $500 or more. It can also be waived by maintaining a beginning day balance of $1,500 or more. Alternatively, an average beginning day balance of $5,000 or more across qualifying accounts can also waive the fee.
The Chase Secure Banking account is a bit different. It has a $4.95 monthly service fee with no waiver option. On the other hand, the Chase Premier Plus Checking account has a $25 monthly service fee. But, this fee can be waived. You can do this by meeting certain balance requirements or having linked accounts.
Understanding Minimum Balance Requirements for Chase Checking Accounts
Chase checking accounts have different minimum balance requirements, which can influence the account’s cost. The Chase Total Checking account, for example, requires a daily beginning balance of $1,500 or more to avoid the monthly service fee.
For the Chase Premier Plus Checking account, an average beginning day balance of $15,000 or more in any combination of linked qualifying accounts or a linked Chase mortgage can help avoid the monthly service fee.
The Chase Secure Banking account, however, does not require a minimum balance, making it an attractive option for those looking for a low-cost, simple checking account.
Perks and Drawbacks of Chase Checking Accounts
The checking accounts offered by Chase come with several perks, such as access to a broad ATM and branch network, excellent customer service, and a highly-rated mobile app for easy access to your money. Furthermore, accounts like the Chase Total Checking and Chase Premier Plus Checking offer additional benefits like earning interest and waiving the monthly service fee under specific conditions.
However, these accounts also have some drawbacks. Monthly service fees, unless waived, and ATM fees for non-Chase ATMs can add to your banking costs. Furthermore, the interest rates offered on these accounts are typically lower than those offered by online banks.
Is a Chase checking account right for you?
Choosing the right checking account depends on your personal financial needs and lifestyle. If you value in-person banking, broad ATM and branch access, and a comprehensive mobile banking experience, a Chase checking account could be a good fit. However, if you’re looking for high-interest rates or zero fees, you might want to explore other financial institutions.
It’s essential to consider the different features, benefits, and costs associated with each account type. Make sure to read the fine print and understand the terms of the Deposit Account Agreement before opening a new account. Whether you’re a student, a professional, or someone looking for secure banking, Chase has a variety of options to help you manage your money effectively.
When you choose a bank for your daily checking and savings needs, you can choose between a national bank, a smaller regional bank, credit unions of varying sizes, and even online banks and financial technology companies.
Since early 2023, when Signature Bank and Silicon Valley Bank both experienced failures after customers pulled out large amounts of money during bank runs, banking customers may feel more comfortable choosing a national bank.
Although the U.S. government took extraordinary measures to protect the assets of SVB and Signature Bank customers, and deposits held in the accounts were FDIC insured, many customers were still rightfully concerned about gaining access to their money in a timely manner.
After the banking crisis of 2008, the Federal government declared banks like JPMorgan Chase, Bank of America, Citibank, and Wells Fargo as “too big to fail.” But these aren’t the only national banks or credit unions available.
You might think that smaller online banks may have lower fees, while small local banks are known for friendly and responsive customer service. But the national banks on this list blend the best of all worlds: low fees, high marks for customer satisfaction, ways to avoid overdraft fees, convenient ATM networks, and a variety of banking products.
16 Best National Banks
Here are the 16 best national banks that offer exceptional services, excellent customer support, and innovative banking solutions to meet all of your financial needs.
1. SoFi – Best for Digital Banking & High Yields
SoFi became a nationally chartered online bank in 2022, after acquiring Golden Pacific Bancorp, Member FDIC. Originally known for its vast array of loan products, including private student loans, today SoFi has a combination checking and savings account, or a cash management account, with no monthly service fee.
SoFi also has no minimum balance requirements, no overdraft fee, and overdraft protection up to $50 with qualifying direct deposits each month. You can bank for free at any of 55,000+ fee free Allpoint ATMs nationwide.
As an online bank, SoFi offers higher interest rates than you may find at brick and mortar banks. Earn up to 4.20% APY on your savings account balance and 1.20% on money in your checking account. When you use your SoFi debit card at select local businesses, you can earn up to 15% cash back.
SoFi offers two tiers of accounts: SoFi and SoFi Plus. To qualify for the “freemium” SoFi Plus membership, bank customers must have qualifying direct deposits. Plus, when you sign up before December 31, 2023, you can earn a cash bonus of $250 when you set up direct deposits of $5,000 or $50 with a direct deposit as low as $1,000.
SoFi Plus members receive loan rate discounts, bonus rewards, access to special entertainment events and more, making SoFi a unique company when it comes to online banks.
2. Discover Bank – Best for Cash Back
Discover may be best known for cashback and rewards credit cards. But its online banking products are some of the best you’ll find among national banks.
With no monthly fees and no minimum balance, your Discover Cashback checking account pays 1% cashback on up to $3,000 worth of debit card purchases monthly. You’ll never pay overdraft charges, and you can withdraw cash at a network of 60,000+ fee free ATMs.
You can qualify for overdraft protection by linking your Discover Bank savings account. Discover Savings pays a high 3.90% APY with no minimum deposit required.
Other Discover Bank deposit accounts include CDs with terms from 3 months to 10 years, and a money market account that pays 3.80% APY for balances under $100,000 and 3.85% on balances $100,000 and up.
For questions or help with your account, you can reach a U.S.-based customer service representative for Discover Bank by phone, 24/7/365.
3. Chase Bank – Best for Credit Card Rewards & Referral Bonuses
As the world’s largest national bank, JPMorgan Chase Bank doesn’t need to do much to entice customers. People will choose Chase based on its name, reputation, and more than 4,700 convenient branch locations across the U.S.
However, Chase happens to have one of the best bonuses for new customers and a generous referral bonus program when existing customers refer their friends. This, coupled with a robust and easy-to-use mobile app and a variety of checking, savings and investment services, puts Chase on our list of top national banks in the U.S.
Chase is currently offering new Chase Total Checking customers a $200 bonus when they open a new account and set up direct deposit within the first 90 days.
New or upgrading Chase Private Client customers can earn a $3,000 bonus with a deposit of $500,000 or more within the first 45 days of account opening. Deposits of $150,000 to $249,999 earn $1,000 and cash deposits of $250,000 to $499,999 earn $2,000. You must keep the money in your J.P. Morgan Wealth Management or JPMorgan Chase deposit accounts for 90 days to qualify.
In addition to Chase Total Checking, the bank’s most popular checking account, and Private Client services, Chase also offers other checking and savings accounts.
Chase Secure Banking has a $4.95 monthly fee and no overdraft fees. Chase Premier Plus Checking offers a few added benefits beyond Chase Total Checking, including ATM fee rebates up to four times per statement cycle, a linked personal checking account with no monthly fees, and a 0.01% interest rate on balances.
Chase also offers bank accounts for kids, teens, and college students, as well as CDs, savings and money market accounts, mortgages, loan products, and a full array of top-rated rewards credit cards.
If you have multiple Chase accounts, it’s easy to manage them all within the mobile app.
4. Chime – Best for Building Credit
Chime is a financial technology company backed by Stride Bank, Member FDIC, and Bancorp Bank, Member FDIC. It is not a bank, itself, but offers some of the same features, including online banking, a debit card, and direct deposit up to two days earlier than some other banks.
Chime has no monthly service fee, no overdraft fee, and no minimum balance requirements. For customers who need a little boost to make it from paycheck to paycheck, Chime offers fee-free overdraft up to $200 through the SpotMe5 program and a credit builder secured Visa credit card with no annual fees, interest or minimum security deposit.
Use your Chime debit card at any of 60,000+ fee free1 ATMs in the Allpoint, MoneyPass or Visa Plus Alliance ATM networks. Out of network ATM fees may apply, otherwise.
You can qualify for Chime’s SpotMe program with a single direct deposit of $200 or more during any monthly statement period. If you process a transaction that would put you into overdraft, Chime will accept the transaction even if it puts your balance into the negative by up to $200.
The Credit Builder Secured Visa card carries the same requirements of a $200 monthly minimum direct deposit. You can build your credit and raise your credit score with responsible use of the card.
5. Citi® – Best for Large Cash Deposits
The third of the four largest national banks in the U.S. based on assets, Citi, owned by Citigroup, is best for high net worth customers or those with large cash deposits divided among Citi checking, savings, and other accounts.
Currently, you can earn a generous cash bonus of $200 to $2,000 when you open a qualifying Citi checking account and meet specific minimum opening deposit requirements. Your bonus will be determined by your account balance on the 20th day after opening the account. Funds must remain in the account for an additional 60 days after the 21st day.
Citi offers multiple checking accounts to meet various customers’ financial needs, all with monthly fees that are easy to waive if you hold the required minimum balance. The bank accounts include:
Citibank
Citi Priority, which includes travel perks and access Citi Personal Wealth Management advisors
Citigold, relationship banking and investment services
Basic Banking and ATM access
Access Account, a debit account with no paper checks
For the Basic Checking account, you’ll need to maintain a $1,500 minimum balance to waive the fees. The other accounts have larger minimum balance requirements to avoid monthly maintenance fees and take advantage of other perks, up to $200,000 for a Citigold account.
All accounts provide access to personal banking at Citi branches and access to more than 65,000 fee free ATMs across the U.S. All accounts except for Basic and Access accounts also have no fees at ATMs outside the Citi network.
Like all the larger national banks on this list, Citi has a full gamut of rewards credit cards, savings and money market accounts, and high-yield CDs.
6. CIT Bank – Best for High Interest Rates
CIT Bank, a division of First Citizens Bank, has earned awards and accolades for customer satisfaction, rated by American Banker as #1 for “delivering the most humanized experience in banking.”
You should be aware that deposits in First Citizens Bank & Trust Company, Member FDIC, are not separately insured. This only matters if you hold more than $250,000 in any single account type, such as checking or savings, in both First Citizens Bank and in CIT Bank.
CIT is the online only banking arm of First Citizens Bank, with high-yield savings accounts, CDs, money markets, and eChecking, all with no monthly fees and no overdraft fees. You won’t pay any ATM fees at CIT Bank machines, and CIT Bank reimburses up to $30 per month when you use out-of-network ATMs.
CIT offers 0.25% APY on checking when you hold more than $25,000 in your account, and 0.10% APY on balances under $25,000. The bank has high interest rates for savings, offering customers a 4.85% APY on balances of $5,000 or more with the Platinum Savings account.
CIT Bank has two other savings accounts as well:
Savings Connect, with a 4.60% APY
Savings Builder, which requires a minimum balance of $25,000 or a $100 monthly deposit to earn 1.00% APY
You’ll need a $100 minimum deposit to open a checking or savings account at CIT Bank.
7. Bank of America – Best for College Students
As the second largest of the best national banks, behind Chase, Bank of America has the full gamut of banking products, with three checking accounts plus a student account, savings, CDs, and investment products.
It’s easy to waive monthly maintenance fees on a checking account with a minimum daily balance, direct deposits, combined balances across eligible linked Bank of America accounts, or by enrolling in their Preferred Rewards programs.
We like the Advantage SafeBalance banking for kids, teens, and college students under 25 years old. They have no monthly fee and no overdraft fees. Teens ages 16+ can have sole ownership of the account.
For everyone else, the bank offers Advantage Plus and Advantage Relationship checking accounts with easy ways to waive the monthly fees with direct deposit or a minimum daily balance.
When you open a new checking account, you can qualify for a $100 bonus when you receive qualifying direct deposits of at least $1,000 within 90 days of opening the account.
Of course, Bank of America also has CDs, and a savings and money market account. Plus you can invest with Merrill. All of these deposit accounts count toward your Preferred Rewards membership.
When you have a combined average daily balance of at least $20,000 for three months, you’ll qualify for the rewards program.
8. U.S. Bank – Best for Military Members & High Balance Savings
U.S. Bank offers the Bank Smartly checking account so you can earn interest on your money. The current interest rate is just 0.01% APY on all checking balances. You’ll pay a $6.95 maintenance fee, but this is waived if you meet minimum deposit requirements or if you are a member of the U.S. military.
You can link your Bank Smartly checking account to a standard savings account or Elite Money Market to earn even more. To avoid fees on your savings account, you’ll want to keep a $300 minimum daily balance or a $1,000 average monthly collected balance. If you are already a Bank Smartly customer, you can enroll in Smart Rewards to waive savings account fees.
The Elite account is better for those with high balances. You can earn up to 4% APY on balances from $25,000 up to just under $500,000.
The appeal of U.S. Bank is in its high ratings for banking satisfaction across the board from customers. U.S. Bank earned accolades for having the best mobile app, the best digital mortgage tools, the best customer service features, and best mobile check deposit capabilities. These factors all contribute to its ranking as a best national bank.
9. Axos Bank – Best Online Bank
Axos is an online only bank with a rewards checking account that delivers up to 3.30% APY, with no fees and unlimited ATM fee rebates for out-of-network ATMs.
To earn the maximum APY, you’ll need to set up direct deposit and Axos Bank’s free Personal Finance Manager for 0.70% interest. Then, open an investment account and take out an Axos personal loan or auto loan and earn another 2.60% annual percentage yield on your checking account balance.
Axos also offers an Essential Checking account with early direct deposit and no fees, and a Cashback Checking account, which gives you 1% cash back on debit card purchases, along with no maintenance fees and unlimited domestic ATM fee reimbursements.
Voted the best online bank by many top personal finance sites, Axos Bank offers more than just high interest, no fee checking.
Axos Bank offers CDs with terms between 3 and 60 months and a savings account with 0.61% annual percentage yield, with interest compounded daily. You can also find personal loans, car loans, mortgages, and investment products.
Like other national banks, Axos Bank provides FDIC insurance up to $250,000 or $500,000 for joint account holders. But you can expand your coverage up to $150 million with Axos Bank InsureGuard+ Savings from IntraFi Network Deposits.
Axos splits up your large deposit into multiple accounts across several banks, each covered up to $250,000. If you are dealing with a substantial amount of cash and want your savings protected at a single bank, Axos may be a good choice for you.
New customers can earn a $100 welcome bonus by opening an account with just a $50 minimum opening deposit.
10. Truist Bank – Best for Relationship Banking & Innovative Savings Perks
Truist Bank is one of the top 10 largest national banks, formed as a merger between BB&T and SunTrust in 2019. Called “the biggest bank you’ve never heard of” by CNN Business, Truist holds assets of $574 billion and has been growing steadily since the merger.
Truist offers checking and savings accounts, CDs, and credit cards. Truist checking and savings customers can earn perks and benefits. This includes access to Long Game, a savings game app that lets you earn cash when depositing into your Truist savings account. It also includes bonus rewards on your Truist credit cards.
Truist has four levels of relationship banking in its Truist One checking account. This means the more you deposit, the more perks you will receive, up to a 50% loyalty bonus on Truist credit cards, and a discounted annual fee for a Delta SkyMiles debit card. Benefits for relationship banking begin at $10,000 in combined average monthly balances for Truist deposit accounts.
Your Truist checking account has a $12 monthly fee, which is easy to waive with $500 or more in direct deposits each month or a $500 minimum balance across all Truist deposit accounts. Truist personal loan, mortgage or credit card customers also pay no fees on their Truist checking account.
You can also waive the monthly fee with a linked Small Business checking account or if you are a student under the age of 25. You’ll need a $25 minimum opening deposit for a Truist One checking.
Customers with lower income or just getting started establishing their finances can benefit from Truist Confidence checking and savings accounts. The account has just a $5 monthly maintenance fee, which is easily waived.
11. Capital One – Best for High Interest Rates at a Brick and Mortar Bank
Like Chase Bank, Capital One is well known for its top-rated rewards credit cards. The company is also one of the best national banks with a savings account and CDs offering interest rates higher than the national average.
Capital One Performance 360 savings has a 3.90% APY, no monthly maintenance fees, and no minimum deposit to open your account. A Capital One 360 Performance checking account, similarly, has no monthly maintenance fee, overdraft protection through your linked savings account, and early direct deposit.
You can bank with no fees at a network of 70,000+ ATMs nationwide, and can deposit cash easily at CVS retail locations. Although you must open your Capital One Performance account online, you can receive personalized service and deposit cash at any Capital One bank branches or Capital One Cafes.
12. PNC Bank – Best in East and Southwest
PNC Bank is a large, national bank with branch locations across 29 states. Most branches are in the east, south, and southwest, although you will also find branch locations in some Midwest states.
PNC Bank’s online checking account is called Spend and it links to the PNC VirtualWallet. You can add a savings account, called Reserve, or upgrade to the Performance Select product with two tiers of savings and double layer overdraft protection.
When you set up your VirtualWallet with PNC Bank and open your Spend account, you can earn a $50 bonus.
Combining your Spend account with a PNC Bank Reserve account yields even more benefits. Earn a $200 bonus when you qualify. Finally, if you open a Performance Select VirtualWallet, you could earn $400.
Each account comes with a low monthly fee that is easily waived through qualifying monthly direct deposits or by meeting minimum balance requirements.
13. Wells Fargo – Best for Checking Account Options
Wells Fargo, one of the “big four,” is the fourth largest of the best national banks in the U.S. It is known for having many convenient bank locations, with 4,700 branch locations.
The vast number of branches across the country puts it top on our list for in-person banking and customer satisfaction.
Plus, we also rated it best for various checking account choices for everyone from children to retail investors.
Like the other national banks on this list, Wells Fargo has checking, savings, and CD accounts. The bank has four checking account options for consumers at various stages of their financial lives:
Clear Access Banking, with no overdraft fee and a low $5 monthly fee, waived for teens and young adults ages 13 to 24
Everyday Checking, the most popular bank account, with optional overdraft protection
Prime Checking, offering discounted interest rates for loans and higher interest rates for linked CDs and savings accounts
Premier Checking, a relationship banking service with 24/7 support and discounts on investing services
It’s easy to waive the $10 fee on Everyday Checking with a $500 minimum daily balance or $500 in monthly direct deposits. Waive the $25 fee on your Prime checking with $20,000 in linked balances. Similarly, your Premier Checking account will be free with $250,000 in linked balances, including investments with the bank’s Advisors.
You’ll need a $25 minimum opening deposit to open your account.
14. Ally Bank – Best Online Only Bank for Savings
Ally Bank is widely recognized as one of the best national online banks. It has very few fees, including no maintenance fee, no overdraft fee, and no ACH fee (even on expedited transfers). Plus, you’ll earn interest of 0.25% in your checking account and 3.85% APY on savings, including money you have allocated into various buckets.
We rated Ally Bank as the best online only bank for savings, not just because of the high interest rate, but because it offers so many ways to manage your money and ramp up your savings efforts.
You can set up recurring transfers into your savings account for specific goals or just to build up your emergency coffers. You can choose to round up transactions made with your Ally Bank debit card, or even electronic payments and checks. When Ally Bank finds at least $5 in “round-up” savings, it will be transferred automatically to your checking account.
Finally, Ally Bank analyzes your checking account periodically to reveal extra funds that are “safe to save.” Ally Bank automatically transfers that money for you. But you can transfer it back whenever you’d like.
In addition to these savings benefits, Ally Bank lets you access your money with your debit card with no fees at any of 43,000+ Allpoint ATMs. The online bank also refunds up to $10 in fees charged by out-of-network ATMs.
You can avoid stress and overspending with the Overdraft Transfer Service, which automatically transfers money from your Ally Bank savings account into checking. If you exceed six transfers or six savings withdrawals per month, Ally Bank will reimburse those fees, too.
You can also apply for CoverDraft℠ Coverage, which will cover up to $250 in charges that would put your account in the negative. You’ll qualify 30 days after you deposit at least $100 into your checking account. If you receive qualifying direct deposits of at least $250 two months in a row, you can increase your coverage to $250.
15. TD Bank – Best for Overall Banking Satisfaction
TD Bank, deemed America’s most convenient bank for its number of branches, branch hours and excellent customer service, blends the best of brick and mortar banks with easy online banking.
Most TD Bank locations are open seven days a week, including Sundays, with extended hours beyond what most brick and mortar banks provide. Most TD Bank branches are located across the East Coast, with locations in 15 different states and Washington, D.C.
TD Bank is the 7th largest bank in the U.S. based on deposits, with 1,668 branch locations nationwide. You can also reach customer service by phone, 24/7/365, which earns TD Bank high marks for banking satisfaction.
TD Bank offers six checking accounts for customers in various life stages:
TD Essential Banking
TD Convenience Checking
TD Beyond Checking
TD Simple Checking
TD 60 Plus Checking
TD Student Checking (for ages 17 to 23)
Currently, TD Bank is offering sign-on bonuses for new customers who open a TD Beyond or TD Convenience bank account. You’ll need a qualifying direct deposit (or more than one) totaling $2,500 within the first 60 days to earn $300 with TD Beyond, and a direct deposit of just $500 within the first 60 days to earn $200 with TD Convenience.
16. Schwab Bank – Best for Investors
Schwab may be best known as an investment service, but the bank was rated highest in banking satisfaction with checking accounts from J.D. Power & Associates four years running.
If you have a Schwab investment account, or are considering opening one, Schwab could be the best choice in banking for you.
The Schwab Bank Investor checking account has no foreign transaction fees, no minimums, and unlimited ATM fee rebates. Plus, earn 0.45% annual percentage yield on checking. Schwab’s savings account offers 0.48% APY.
Schwab also offers exceptionally high interest rates for CDs, with up to 5.40% APY and terms as short as 30 days. You’ll receive FDIC protection exceeding the federal maximum because you can purchase CDs from multiple banks, all through Schwab investment.
Methodology: How We Chose the Best National Banks
We evaluated a variety of banks and credit cards, taking into consideration the:
Variety of products
Interest rates
Monthly fees
ATM fees and ATM fee reimbursement
Branch locations and number of branches
Minimum deposit requirements
Fraud protection and security
We also looked at consumer reviews, and drew on the general reputation of each bank to find the best national bank.
Finding the Best National Bank
Now that we’ve explored the specifics of the best online banks and brick and mortar banks nationwide, you probably still have questions about which one is really the best national bank.
Let’s compare the three largest in the U.S. based on number of branches, interest rates, and overall banking satisfaction.
Chase vs. Wells Fargo
For the largest nationwide bank, Chase offers excellent banking satisfaction with an A+ rating from the Better Business Bureau, 4,800 branch locations, and an easy and intuitive mobile app. If you are shopping for a bank credit card, Chase also offers some of the best rewards cards available today.
Wells Fargo rivals Chase when it comes to number of branches, with roughly 4,700 locations across the U.S. It’s somewhat easier to waive the checking account fees at Wells Fargo. Wells Fargo offers higher interest rates for savings, with a 0.15% APY compared to Chase’s 0.01%.
Both banks have lower interest rates than you might find at online banks. However, if you are looking for national banks with a solid reputation, many branches, and high marks in banking satisfaction, either Chase or Wells Fargo would be a good choice.
Wells Fargo vs. Bank of America
Bank of America and Wells Fargo are the second and third-largest banks in the U.S. based on assets. BofA only has 4,000 branches compared to Fargo’s 4,700, but BofA boasts more ATMs nationwide.
BofA stands out when you join the Preferred Rewards program because you can waive the fees on your bank account and enjoy perks, bonus rewards on BofA credit cards, and rate discounts on loans.
If you have a large balance or are looking for an investing platform through your bank, BofA may be your best choice. On the other hand, Wells Fargo offers high interest rates on savings and convenient branch locations nationwide.
Common Questions
People have many questions related to whether an online bank is better than a traditional bank or whether a local bank is better than one of the largest national banks. We break it all down here.
Which is better, an online bank or a brick-and-mortar bank?
If you are looking for the highest interest rates and generous rewards programs, you are highly likely to find them at online banks. However, there are some advantages to a brick and mortar bank, including in-person service at local branches, the availability of paper checks, and easy ways to deposit cash in person or at branch ATMs.
You should expect the best national online banks and the best brick and mortar banks to have robust mobile apps, easy-to-waive fees, and fraud protection.
Make sure whatever bank you choose is “Member FDIC,” which means your deposits are insured up to $250,000 per account holder, per account type. That means joint accounts have $500,000 worth of FDIC insurance protection.
Is my money safer in a national bank vs. a regional bank (or a national credit union vs. a regional credit union)?
All banks on this list are Member FDIC, which means they are insured to the maximum allowable limit of $250,000 per account holder, per account type. Credit unions are covered up to the same limits by the National Credit Union Administration.
Many online banks are insured up to $2 million or more. These financial institutions divide cash deposits among multiple partner banks. Each bank insures deposits up to the maximum limit allowed by the Federal Deposit Insurance Corp. Read the fine print to determine your coverage limits when you choose a bank.
Beyond that, your money should be equally safe in a national bank, a smaller bank, or a credit union of any size. Also look for features such as fraud protection, fraud alerts via text, email or in the mobile app, and enhanced website security measures. You should also be able to lock and unlock your debit card in the mobile app if you misplace it or believe it may have been stolen.
What makes big banks different from smaller banks?
By definition, big banks will have larger market capitalization, which represents the total value of a bank’s stocks. Big banks will also hold more assets. For instance, Chase, which is the world’s largest financial institution, holds $3.2 trillion in assets. The second-largest national bank, Bank of America, possesses $2.41 trillion in assets. Larger financial institutions may also have more bank branches.
In many other ways, big national banks and smaller banks are similar, especially today. Customers want specific features and are unwilling to compromise on things like fee-free ATMs, no monthly fees, early direct deposit, and an intuitive mobile app.
How much interest do the best big banks pay?
In general, some of the largest national banks do not have the highest interest rates for savings and very few offer interest earning checking accounts.
Capital One 360 and Discover are two of the best national banks that offer interest on checking. To earn a higher APY with one of the largest national banks, you might want to consider CDs.
Are national banks better than other kinds of banks?
National banks aren’t necessarily better or worse than other kinds of banks. They may have more convenient branch locations, a higher number of branches, and a greater variety of products, but they might also have higher fees. Decide what’s most important to you when you choose a bank.
If you’d prefer to trust your money with one of the largest national banks, with a large market capitalization, high value, and branches nationwide, consider opening your checking and savings accounts with one of the best national banks on this list.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
The Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.