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Chase Private Client is banking for the elite. Or is it? Is all that personalized attention and dedicated service just for the wealthy or can anyone qualify? We’ll help you figure out what it takes to qualify, what the benefits are, and if it’s worth it to sign up as a Chase Private Client.

chase private client

What is Chase Private Client?

Chase Private Client offers a range of exclusive benefits for top Chase clients, from premium banking solutions, personalized attention, and the expertise and investment capabilities of J.P. Morgan. Essentially, it’s more or less exactly what it sounds like: personalized banking and investment solutions tailored to meet your needs.

Chase Private Client: personalized financial solutions
Chase Private Client: personalized financial solutions

Basically, as a Chase Private Client, you’ll be assigned a team of banking professionals to help you determine and map out your financial goals. That includes a Private Client Banker and a J.P. Morgan Private Client Advisor. You’ll be able to reach out to them over the phone, via email, or at a local branch to get advice and guidance when you need it.


Concierge Banking with Chase Private Client

Chase Private Clients get premium banking solutions that include priority service, no-fee banking, no ATM fees, and no exchange rate adjustment fees for purchases made while traveling in foreign countries. Other benefits include:

  • No Monthly Service Fee on Chase Private Client Checking or Savings accounts when linked to any Chase Private Client Checking account
  • No annual rent for 3 x 5 Safe Deposit Box (subject to availability) and 20% discount for larger boxes
  • No stop payment fees
  • No fees for money orders, cashier’s checks, counter checks
  • Access and admission to select arts and cultural institutions across the country
  • No Chase fee at a non-Chase ATM – including international ATMs. Additionally, ATM fees charged by the ATM owners are refunded up to 5 times per statement period
  • A discounted rate when you purchase a home with the Chase Private Client Mortgage Rate Program
  • There aren’t any Chase fees for domestic and international wire transfers available in person, online, or over the phone
Chase Private Client promises to help you prepare for the future.
Chase Private Client promises to help you prepare for the future.

Investments with Chase Private Client

On the investment side of things, J.P. Morgan investment capabilities mean retirement planning, portfolio management, annuities, and even saving for college. Financial advisors help you plan adjustments as your lifestyle and goals change, developing strategies to save for the future. They’ll even guide you through a customized financial analysis to help you spend and save smarter now. Thus, it’s a way to feel confident about your financial future. As seen on the Chase site, that involves:

  • Aiding you so that you have a better understanding of your investment objectives, investable assets, time frame and risk tolerance
  • Help you manage your financial goals
  • Conduct a Customized Financial Analysis to create a strategy to help you reach your goals; there will be adjustments for unexpected scenarios you might encounter along the way
  • Offer advice on how should manage your financial decisions as you move through the different stages of your life
Chase Private Client offers personalized investment plans.
Chase Private Client offers personalized investment plans.

Who qualifies for Chase Private Client?

However, not everybody can jump right into elite membership with Chase Private Client. To qualify, the first hurdle is that you must have $250,000 in qualifying investments and deposits. Rumor has it that if you come close and have been with Chase for years, you might be offered an invitation to join Chase Private Client, but that’s not a guarantee. The $250,000 can be in any combination of cash, bank accounts, securities, and liquid investments. The account must also be a personal account, not a business account.

The Cost of Chase Private Client

However, all of this doesn’t come cheap. A flat rate charge will be applicable for the total household assets under management. That includes checking, credit, taxable, and IRA’s. The fee is 1.25% of yearly assets billed quarterly.

Thus, this is comparable to other large investment firms. However, you can find lower rates elsewhere. Management fees can also be very high, as much as twice the amount of investments purchased from other services like Ameritrade. There’s also a $20 monthly fee on the Chase Private Client savings account.

Fees aside, the savings accounts are notorious for their low-interest rates. For example, online banks like Goldman Sachs offer 1.7% interest on deposits compared to as little as .01% on Chase savings accounts.

The Chase Private Client three-pronged approach to saving.
The Chase Private Client three-pronged approach to saving.

Is Chase Private Client worth it?

If you’re considering joining, do the math first. Additionally, if it’s investments you want, look into other investment options and portfolio management first. Likely, you’ll find better rates and returns on investment elsewhere. Same goes for mortgage rates. Remember: Just because they are discounted with the program doesn’t mean they are automatically the most competitive.

However, if you would save more on ATM and foreign transaction fees, mortgage rates, deposit boxes and museum entries than you’re losing in maintenance and concierge-type fees (that would take a lot of fees), Chase Private Client May be worth a closer look.

Keep in mind that many of the perks that accompany the Chase Private Client checking and savings can also be found in other Chase accounts. Likely, sticking with a less expensive checking account and opting for a different investment strategy will save you money now and in the long run. For those who want a more hands-on approach to investing, options trading isn’t available with Chase Private Client. However, if it’s full-service asset management you want and you are willing to pay a little extra to get it, Chase Private Client is an option worth considering.

Johnny Jet Editorial

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Chase Private Client: What Are The Benefits and Is It Worth Joining?
3.6 (72.73%) 11 vote[s]

6 Comments On "Chase Private Client: What Are The Benefits and Is It Worth Joining?"
  1. Anonymous|

    I am a JP Morgan Private Client Advisor- this story is not all accurate. The 1.25 is not a accurate statement nor are some other statements in this writing.

  2. Jim|

    Let me get this…I need to give you $ 250,000 to qualify for CPC account. It will in turn pay me a whopping 0.01 % interest. You will take this money and lend it to others under Chase credit card which comes with 29 % interest rate. You will make $ 70 plus thousands off of of my money, while you give me couple of hundred bucks…earned under 0.01 % interest. Is anyone out there dumb enough to fall for this?

  3. Anonymous|

    This article completely contradicts itself. Beginning says no monthly service on private client checking/savings accounts. Later it states will be a $20 monthly service fee. Many details in this article are either completely false or inaccurate. I would never use this story to make a decision especially a financial decision.

  4. Prasad|

    **NEVER believe ANONYMOUS comments. That could be definitely chasing advisors itself who want to sell products.

    Nice article! While I am trying to make up my mind if we want to move from Wellsfargo to Chase and I met Chase branch manager and financial advisor. At the end of it, they did tell me there will be fees (only when I asked) and they never told me what % fees. I will check if fees are indeed a 1.25% or less on a $250K which comes to $3,125 and 0% interest. That’s a LOT.

    On top of this, they make commissions on products they sell for $250k or more.

  5. Ella|

    I recently upgraded my Chase account to a Private Client Account. I wanted to invest the cash in a money market fund and the financial advisor sent me forms to open a brokerage account. When I asked to use the cash to buy a specific fund (Vanguard – best performing in the sector), I was told it was not available. After some research, I then asked about 3-4 other specific funds and none of those were available. The only fund in this sector that was available was a JP Morgan fund (not a surprise) that had underperformed relative to other funds in the sector by around 50 basis points (very significant on a money market fund).

    But I noticed that when I tried to enter a transaction I saw the Vanguard fund showed up, but I could not transact in it. When I pressed on this, only then was I told it was available via the YouInvest discounted brokerage account, but not the regular brokerage account.

    So – the upshot is I was steered directly to the full brokerage account which has higher transaction fees and very limited access to investment products and was never told about the YouInvest account until I pressed the point. Definitely felt mislead and almost cheated, have had other issues with Chase in the past, am likely to close most or all of my accounts with Chase soon.

    1. Johnny Jet Editorial|

      Thanks for your data point!

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