Chase Private Client Program: Requirements, Benefits and Drawbacks
Written by
Kathy Evans
Edited by
Kristen Mae
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Chase
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Ease of Use
3.0
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Features
4.0
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Benefits
4.0
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Customer Service
5.0
Pros
- Discounted rates on financing vehicles
- No ATM fees and higher daily limits
- Access to a private banker and private advisor
Cons
- High minimum asset requirement
- May need to move funds from other institutions
- Investment products might not be the right fit for everyone
Chase Private Client Overview
The Chase Private Client program is a private banking experience designed for those who want access to a personal banker from Chase, one of the nation’s leading financial institutions. In addition, the program offers deep discounts on large purchases like homes and cars, but you’ll need at least $150,000 in assets to qualify. Keep reading to learn more about Chase Private Client.
Chase Private Client Key Features
If you’re considering Chase Private Client, here’s a closer look at its standout features:
Benefits
Chase Private Client offers a host of exclusive perks and benefits:
- Business banking: No-fee transactions and lower minimum balance requirements for Chase Platinum Business Checking account holders.
- Investments: Access to a J.P. Morgan Private Client Advisor specializing in personalized investment strategies.
- Auto loans: 0.25% discount on auto loan financing.
- Personal banking: $0 fees on ATM transactions, wire transfers or overdrafts.
Features
Both investors and business owners can enjoy additional benefits through Chase Private Client.
J.P. Morgan Private Client Advisors design custom investment portfolios and help clients prioritize their investment goals. With a J.P. Morgan Wealth Plan, you can work with an advisor–virtually or in person–to create a tailored investment strategy.
For business owners, linking a Chase Platinum Business Checking account to a Chase Private Client Checking account waives the monthly service fee and reduces the minimum balance requirement to $50,000. This business perk also includes no fees on outgoing or incoming wire transfers.
Ease of Use
The main hurdle for Chase Private Client is the high balance threshold. However, if you have the funds required to become a Chase Private Client, you can join this program.
Thanks!
While you could pay a $35 monthly fee to bypass this requirement, paying the fee somewhat defeats the purpose. If your assets are spread across multiple institutions, consolidating them into one place may be easier said than done. However, there’s no formal application process or membership fee–so if you have the funds and the desire, it’s easy to join.
Customer Service
As a Chase Private Client, you’ll have access to priority service. This means you can expect a top-tier customer service experience. But the experience can go beyond typical customer service. Through this program, you’ll have the opportunity to tap into the perks of relationship banking.
The essence of relationship banking comes from having access to a Private Client Banker. This banker will be readily available to answer any questions you have about banking best practices. With their assistance, you can get the most out of your banking experience.
How Chase Private Client Stands Out
This kind of experience is especially valuable for anyone seeking assistance in managing their finances. If you want help making smart money choices, this access can be invaluable. However, if you prefer to manage your own finances, you likely won’t get as much out of the Chase Private Client experience. Even so, access to waived fees and lower rates on mortgages or auto loans is still a significant benefit.
Comparable Chase Private Client Options
Chase Private Client isn’t the only game in town. Here’s a closer look at other programs:
Bank of America Preferred Rewards Program
With a lower account balance threshold, the Bank of America Preferred Rewards Program is more accessible. You can hop into the Gold Tier of this program by maintaining a balance between $20,000 to $50,000 across eligible Bank of America, Member FDIC, and Merrill investment accounts. This gives you access to an interest rate booster of 5%, 25% more reward points from your Bank of America credit cards, a reduced mortgage origination fee, and reduced interest rates on mortgages and auto loans.
The rewards become even more enticing when you hit higher thresholds. For example, the Diamond Tier requires maintaining a balance between $1 million to $10 million and offers a 75% rewards boost on Bank of America credit cards and a 20% interest rate boost on a Bank of America Advantage Savings account.
Wells Fargo: The Private Bank
Wells Fargo Private Bank offers a variety of benefits and specialists that can help you with every step of your financial journey. Private Clients can check their accounts through elevated digital access, and they gain access to customized wealth planning, asset management and investment management.
How To Become a Chase Private Client Member
As an existing Chase checking account customer, it’s easy to upgrade your existing checking account. The process involves meeting with a banker, either over the phone or in person. Be prepared to transfer any necessary funds. For new Chase customers, you can open a Chase Private Client account online.
Is Chase Private Client Worth It?
Overall, the Chase Private Client program provides an elevated banking experience. Members get personalized attention from a dedicated Chase Private Client Banker and a J.P. Morgan Private Client Advisor for tailored investment guidance. Other perks above the average banking experience include free worldwide ATM access, waived fees on outgoing or incoming wire transfers and mortgage rate discounts.
Whether or not the experience is worth it depends on your financial management goals. If you want professional guidance on money decisions, Chase Private Client could be a valuable service. But if you prefer managing your own finances, the fee waivers might not be enough to justify the switch.
Final Take
Chase Private Client members enjoy priority banking services, exclusive member perks and world-class investment and wealth management services with J.P. Morgan. If these benefits align with your financial goals, Chase Private Client could be a good fit for you.
FAQ
Here are answers to some frequently asked questions about Chase Private Client.- Who qualifies for Chase Private Client?
- Chase Private Client services are available for those who can maintain an average daily balance of at least $150,000 in Chase accounts. The funds can be spread across any combination of eligible Chase deposit and investment accounts. But you'll need to maintain this balance in order to remain a Chase Private Client member. Another way to qualify is by linking a Chase Platinum Business Checking account.
- How much money do you need for Chase Private Client?
- At a minimum, you'll need at least $150,000 in liquid assets to become a Chase Private Client. This combined minimum balance must be maintained across your eligible Chase deposit and investment accounts. For practical reasons, you may need to have more available liquid assets to allow for a smooth transition into this program.
- Is it worth being a Chase Private Client?
- Whether Chase Private Client is worth it depends on what you're looking for in a banking experience. For those who value a personalized banking experience and want access to a suite of fee waivers and special perks, Chase Private Client could be a great fit. But if you aren't interested in a customized touch, the benefits might not seem as compelling.
- What is Chase Private Client?
- Chase Private Client is a premium banking experience designed for Chase customers who maintain at least $150,000 in combined balances across eligible deposit and investment accounts. The program offers perks like access to a dedicated banker, a private investment advisor, fee waivers, discounted rates on financing and personalized business guidance.
- Can I access my Chase Private Client account on the go?
- Yes! Chase Private Client members can easily access their accounts through the Chase Mobile app, which is available on select mobile devices.
- How much can I save on auto financing as a Chase Private Client customer?
- Chase Private Client customers get a 0.25% discount on auto financing with J.P. Morgan Chase Bank. The discount is available only for online applications and applies only to cars bought from dealerships in the Chase network. Keep in mind that other terms and conditions may apply.
Sarah Sharkey contributed to the reporting for this article.
Information is accurate as of September 19, 2024.
The information related to Chase Private Client was collected by GOBankingRates and has not been reviewed or provided by the issuer of this product/card. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for this product.
J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.
INVESTMENT AND INSURANCE PRODUCTS: • NOT A DEPOSIT • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNEMENT AGENCY • NO BANK GUARANTEE • MAY LOSE VALUE
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
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