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Both Chase Private Client and Sapphire Banking are some of the best Chase bank accounts. However, do you know which one is better for you? You may find that one is more suited for your financial situation than the other. This Chase Private Client vs Sapphire Banking comparison can help you decide.
The information for Chase Private Client has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
Chase Private Client
Chase Bank’s top-tier product is Chase Private Client. Key benefits include a dedicated banker, waived fees for most banking products, and personalized investment guidance.
Plus, members have the opportunity to earn $2,000 in bonus cash by completing certain activities.
How to Qualify for Chase Private Client
You will need to maintain a combined minimum average daily balance of $150,000 in your personal, business, and investment accounts.
If you can cross this bar, you can qualify for Chase Private Client. You will need to send an inquiry to Chase to start the application process. Available in: AZ, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KY, LA, MA, MD, MI, MS, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, TN, TX, UT, VA, WA, WI, WV
After meeting with Chase, these are some of the benefits you can look forward to.
Enjoy a $2,000 bonus when you join Chase Private Client.
Within 45 days, transfer a total of $250,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (this excludes any Chase business checking and savings accounts, any You Invest℠ by J.P. Morgan INVESTMENT PRODUCTS: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE, J.P. Morgan retirement accounts, and CDs) and maintain the balance for at least 90 days.
This offer expires on 04/14/2021.
All Chase Private Client members get these Chase Bank perks:
- Free 3″ x 5″ safe deposit box (subject to availability and Chase branch)
- No ATM fees worldwide
- Higher daily deposit and withdrawal limits
- No Chase fee for incoming or outgoing wires
- Dedicated banker to build a CD ladder
You also won’t have to pay any monthly account fees for your Private Client savings or checking accounts.
The higher daily limits can also be a boon. For instance, your daily limit is $5,000 for Chase QuickPay with Zelle. Your daily ATM withdrawal limit is $2,000 per day. With Chase QuickDeposit, you can deposit up to $25,000 daily or up to $100,000 per month.
When traveling, you and your family may enjoy the Chase Private Client Arts & Culture Program. This perk gives you special access to select local points of interest. And if you happen to lose your debit card, Chase will rush to deliver a replacement card around the world for free.
It’s also possible to qualify for reduced interest rates on select Chase Bank loans (though interest rates are variable and subject to change). There are no additional perks if you own a Chase credit card.
Being a Chase Private Client also lets you get a dedicated personal advisor at J.P. Morgan. This advisor can help you create a personalized investing plan to help you build wealth.
Your J.P. Morgan Private Client Advisor can help plan your short-term and long-term money goals. As your life situation and goals change, you can meet with your advisor to develop a new plan.
If you prefer, your advisor can manage your investments. There’s also a robo-advisor option that automates the investment process but can have fewer fees. You get access to You Invest℠ by J.P. Morgan INVESTMENT PRODUCTS: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE if you prefer DIY investing. You won’t pay trade commissions for stocks and ETFs that you buy or sell.
Related: Chase Private Client Review
Chase Sapphire Banking
The information for Chase Sapphire Banking has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
Chase Sapphire Banking is easier to qualify for than Chase Private Client as you need a smaller account balance. However, the Sapphire Banking benefits are not as rich as Private Client, they are still valuable. Note though, there is no current signup bonus offer. Here’s what to know in this Chase Private Client vs Sapphire Banking comparison.
How to Qualify for Sapphire Banking
You need $75,000 in combined banking and investment assets to qualify for a Sapphire Banking account. Then you will need to maintain this balance to waive the $25 monthly account fee.
You can open an account online or apply at your local Chase Bank branch.
While you won’t get a personal banker, you get enhanced benefits. You can also avoid those pesky bank fees that your current checking account charges.
- No ATM fees worldwide
- 4 free overdrafts every 12 months
- Zero Chase wire transfer fees
- Higher ATM withdrawal and purchase limits for your debit card
- No foreign exchange rate fees on international debit purchases and withdrawals
You will also get a special relationship bonus for a Chase Premier Savings account. Completing at least 5 transactions with your linked Chase checking account lets you earn the current Premier bonus.
If you own a small business, consider a Chase Business Complete Banking℠ account, one of the best business checking accounts available. Plus, you can get $300 as a new Chase business checking customer, when you open a new Chase Business Complete Banking℠ account with qualifying activities. This offer expires on 04/15/2021.
Parking your investments at You Invest℠ by J.P. Morgan can be the easiest way to maintain the $75,000 minimum balance requirement.
Although you don’t need to be a Sapphire Banking member to use You Invest, this brokerage has competitive fees.
Some of the key Sapphire Banking benefits include:
- Unlimited commission-free stock, ETF, and options trades ($0.65 per options contract). Options contract and other fees may apply
- Buy no-load mutual funds with $1 minimum investment
- $0 minimum account balance
- Managed portfolios are available
- Brokerage, Traditional IRA or Roth IRA account options
You won’t get a personal investment adviser as Chase Private Client members do. But You Invest offers two different automated investing options.
The You Invest Portfolio is a robo-advisor requiring a $500 minimum investment. You won’t directly speak to a J.P. Morgan advisor. However, the advisory team oversees the investing algorithm. This team also invests your cash in relation to your investing goals and risk tolerance.
For semi-independent investing, consider the Portfolio Builder tool. You Invest helps you create a responsible asset allocation. You can still add individual investments outside your pre-made portfolio with this option.
Alternatively, if you like You Invest℠ by J.P. Morgan and want to open and fund a new You Invest Trade account, you can enjoy up to $725. To earn the $725, you need to open and fund a new You Invest Trade account with $25,000 or more in new money within 45 days. New money is cash or securities must be from a non-Chase or non-J.P. Morgan account. Maintain the balance for 90 days and Chase will add your bonus in 10 business days.
There is no monthly service fee and no minimum balance to open.
The information for You Invest℠ by J.P. Morgan has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
Other Sapphire Banking Perks
You get a few other lifestyle perks for being a Sapphire Banking member:
- Early access to ticket pre-sales and special seating at sports and entertainment events
- Special access to sports and entertainment hospitality lounges
- Access to Chase Bank banking, home, and small business specialists
Now, you can get some of these entertainment benefits by having a Chase Sapphire credit card (the two options are the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®. Owning the Chase Sapphire Preferred or Chase Sapphire Reserve sometimes lets you attend special areas (like a VIP section of sorts) at special events like concerts.
It’s important to note that the Sapphire credit cards are a different product than the Sapphire Banking product. You will need to apply for each product separately.
Related: Chase Sapphire Banking review
When Chase Private Client is Better
Chase Private Client is the better option (for you) in these instances:
- You have at least $150,000 in banking and investment assets
- Want a personal banker and investment advisor
- Can use the exclusive Chase Bank perks like a safe deposit box or higher daily transaction limits
Not every person has a liquid net worth of at least $150,000. If you do, this is your best Chase Bank option. The good news is that you won’t pay any account fees for your personal or business Chase accounts.
When Chase Sapphire Banking is Better
Sapphire Banking can be a better option for more people because of the lower account balance requirement. It’s a lot easier to maintain a $75,000 combined average balance versus a $150,000 combined daily balance.
While you won’t get as many perks as Chase Private Client, these benefits can be valuable:
- Free ATM reimbursements worldwide
- Up to 4 fee-free overdrafts every 12 months
- Waived wire transfer fees
Summary of Chase Private Client vs Sapphire Banking
The better account option for you may come down to how much money you have in the bank. You need at least $150,000 in bank and investment assets to join Chase Private Client. Until you reach that mark, Sapphire Banking can be your best alternative to avoid the fees that other Chase checking account products charge.
What is Chase Private Client?
Chase Private Client is the most exclusive Chase Bank account option. Benefits include a personal banker and J.P. Morgan investment advisor. You also enjoy higher daily transaction amounts and plenty of waived banking fees.
There are no monthly account fees, but you must have a minimum account balance of $150,000. This balance can be within your banking and investment accounts.
If you can maintain the minimum balance, you can apply for an account at Chase.com or in-branch. After speaking with a Chase representative, you will see if you qualify for this account.
Is Chase Private Client worth it?
The invitation-only Chase Private Client can be worth it if you have at least $150,000 in liquid assets. Because your bank deposits will earn minimal interest, Private Client can be worth it if most of your balance is with You Invest℠ by J.P. Morgan.
The best reason to join Chase Private Client is for personal access to a banker and investment advisor. As you have a high net worth, having a personal plan can help you build wealth and preserve it for your family.
What is Chase Sapphire Banking?
Sapphire Banking is Chase’s second-highest banking product with Chase Private Client being in the top spot. This product is open to the general public and doesn’t require an invitation.
Key benefits include:
- Free worldwide ATM reimbursements
- 4 free overdrafts every 12 months
- Special Chase Premier relationship bonus
- Lifestyle perks including access to ticket pre-sales and special seating
To join (and avoid the $25 monthly account fee), you will need to maintain a minimum $75,000 account balance. This balance can be between your Chase savings, checking, and You Invest℠ by J.P. Morgan accounts.
Is Chase Sapphire Banking worth it?
Chase Sapphire Banking can be worth it if you can maintain the minimum combined account balance of $75,000 to waive the $25 monthly account fee. If so, and the fee savings and Sapphire Banking perks, are more valuable than your current bank account, it’s worth it.
Other perks that can make opening a Sapphire Banking account worth it include:
- Free worldwide ATM reimbursements
- No Chase Bank wire transfer fees
- Up to 4 overdraft fee waivers every 12 months
- Dedicated banking service line
Make sure you complete the bonus offer requirements to make your wallet a little thicker.
Chase Sapphire Preferred® Card
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases.
- 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Earn 2x total points on up to $1,000 in grocery store purchases per month from November 1, 2020 to April 30, 2021. Includes eligible pick-up and delivery services.
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.