Chase Sapphire or Private Client Banking?

[NYCaviator]

Does anyone have Chase Sapphire or PC bank accounts?

It doesn't seem hard to qualify for Sapphire; just park a couple IRAs in their brokerage for free. Curious if it's worth it?

We are looking to switch banks from a regional bank whose app/website keeps getting worse and worse. We need a bank that offers business accounts, otherwise we'd be all in at Schwab or Fidelity.

[student]

I have Chase Sapphire banking. Nothing special.

[bendix]

I believe this is mainly marketing. As Private Client you get Sapphire-like services with a little more personal attention, which as one would expect is mainly centered around investing money with them and paying fees for advisory services and all that.

[evancox10]

I have Chase Sapphire checking. I park some ETFs (converted from VG mutual funds) in the "self directed" Chase brokerage to get it free. Note: if you open a brokerage, be sure to do so through a bonus sign up link and collect some extra free money while you're at it.

It is just a checking account, ultimately. What more is there to say? You do get lower fees with "Sapphire" (no ATM fees, no wire fees, etc). Obviously Chase has an extensive physical branch build out, and almost all of what you need to do can get done in the app or on the website. If not there is likely a branch close to you.

Also, they are not going to fail, so that's nice.

On the con list, Chase is still paying an interest amount that rounds to zero for both checking and savings. So I am using it less and less now and instead keeping spare cash at a competitive online bank.

I would not do Private Client, it is just an opportunity to extract AUM fees.

[dfrohman]

I have private client with Chase. I do not have any funds managed by them, although I do get emails from them pitching various services fairly often. It is nice to have a brick and mortar bank for getting things notarized and other things you need to do in person. With PC those are free as well and most other bank services. Sending international wires are free and fairly simple online with Chase. It was much more complicated trying to do that with Fidelity. I believe it only takes $150k in funds with them. You can buy or transfer Vanguard or other ETFs or mutual funds into the Chase brokerage. As a PC you also get a personal contact at your local branch. The value of that is debatable. At my branch they seem to turn over fairly frequently so developing a relationship with them is difficult.

[PatrickA5]

I'm not sure Private Client or Sapphire get you a whole lot. Saves on ATM and Wire Fees. Higher transfer (ACH) and ATM withdrawal limits. I got a nice looking Private Client debit card to replace my Disney Mickey Mouse debit card.

You can avoid the No Interest checking and savings by opening up a free self-directed brokerage account. I bought VG money market fund currently paying 5.28% and only transfer money to checking on an as needed basis.

Not sure either are worth much of anything, but if you already have the necessary funds at Chase, no reason not to upgrade.

[02nz]

Curious if it's worth it?

Did you look up the Chase website for these specific offerings? They state quite clearly what they offer. So what are your specific questions about the product that are not already answered on chase.com?

(Rant: A pet peeve of mine is people just asking "Is it worth it?" on the internet, without more specifics. Nobody can answer that usefully without more context. Sorry for the rant.)

[techbud]

I also have private client with chase. Figured it made sense when I realized I was a heavy chase customer: checking account, 3 credit cards, auto loan, and mortgage. Simply moved my wife’s IRA over and that amount qualifies us (plus we got a nice transfer bonus).

The private client perks are nice: free atm rebates including international; free wires; free safe deposit box (but I don’t think they still offer this), free checks. Plus as an earlier poster noted, I (allegedly) get priority customer service plus a specific person in the local branch who I can reach out to, get things notarized, etc

Is it worth it? For us, certainly, as the only “cost” is keeping above a certain minimum in our brokerage account. If they were to start charging a fee for the services, I’m not sure I’d pay it.

[PatrickA5]

I also have private client with chase. Figured it made sense when I realized I was heavy chase customer: checking account, 3 credit cards, auto loan, and mortgage. Simply moved my wife’s IRA over and that amount qualifies us (plus we got a nice transfer bonus).

The private client perks are nice: free atm rebates including international; free wires; free safe deposit box (but I don’t think they still offer this), free checks. Plus as an earlier poster noted, I (allegedly) get priority customer service plus a specific person in the local branch who I can reach out to, get things notarized, etc

Is it worth it? For us, certainly, as the only “cost” is keeping above a certain minimum in our brokerage account. If they were to start charging a fee for the services, I’m not sure I’d pay it.

I called Chase to add beneficiaries to my Joint Brokerage account, which for some reason can't be done online. I was very impressed with the customer service representative that answered my call. Not sure if the guy I got is part of the Private Client experience or not, but compared to what I get almost anywhere else, I was pleasantly surprised.

[NYCaviator]

Curious if it's worth it?

Did you look up the Chase website for these specific offerings? They state quite clearly what they offer. So what are your specific questions about the product that are not already answered on chase.com?

(Rant: A pet peeve of mine is people just asking "Is it worth it?" on the internet, without more specifics. Nobody can answer that usefully without more context. Sorry for the rant.)

I’m curious if people find the service they get from Chase with these specific accounts “worth” moving assets over and signing up for it.

[dfrohman]

I’m curious if people find the service they get from Chase with these specific accounts “worth” moving assets over and signing up for it.

If you need the services they provide, have a convenient branch, and you have the assets to transfer in kind, sure, I think it is worth it. It's not costing you anything more than a few minutes of time.

[PatrickA5]

Curious if it's worth it?

Did you look up the Chase website for these specific offerings? They state quite clearly what they offer. So what are your specific questions about the product that are not already answered on chase.com?

(Rant: A pet peeve of mine is people just asking "Is it worth it?" on the internet, without more specifics. Nobody can answer that usefully without more context. Sorry for the rant.)

I’m curious if people find the service they get from Chase with these specific accounts “worth” moving assets over and signing up for it.

I think it was worth it. We used to have everything at Fidelity, but wanted a B&M bank with a local branch. Have been very pleased with Chase Private Client banking and JP Morgan Brokerage. I like having my banking, brokerage and credit cards on one page. Having said that, we still have 80% of assets at Fidelity.

[EnjoyIt]

I have Chase Sapphire checking. I park some ETFs (converted from VG mutual funds) in the "self directed" Chase brokerage to get it free. Note: if you open a brokerage, be sure to do so through a bonus sign up link and collect some extra free money while you're at it.

It is just a checking account, ultimately. What more is there to say? You do get lower fees with "Sapphire" (no ATM fees, no wire fees, etc). Obviously Chase has an extensive physical branch build out, and almost all of what you need to do can get done in the app or on the website. If not there is likely a branch close to you.

Also, they are not going to fail, so that's nice.

On the con list, Chase is still paying an interest amount that rounds to zero for both checking and savings. So I am using it less and less now and instead keeping spare cash at a competitive online bank.

I would not do Private Client, it is just an opportunity to extract AUM fees.

I keep my cash in the chase brokerage buying vanguard federal money market fund which is currently paying 5.27%.

Selling and moving money to the checking account takes 24 hours or less on a business day. For me, it is much easier than keeping a savings account elsewhere.

[evancox10]

I have Chase Sapphire checking. I park some ETFs (converted from VG mutual funds) in the "self directed" Chase brokerage to get it free. Note: if you open a brokerage, be sure to do so through a bonus sign up link and collect some extra free money while you're at it.

It is just a checking account, ultimately. What more is there to say? You do get lower fees with "Sapphire" (no ATM fees, no wire fees, etc). Obviously Chase has an extensive physical branch build out, and almost all of what you need to do can get done in the app or on the website. If not there is likely a branch close to you.

Also, they are not going to fail, so that's nice.

On the con list, Chase is still paying an interest amount that rounds to zero for both checking and savings. So I am using it less and less now and instead keeping spare cash at a competitive online bank.

I would not do Private Client, it is just an opportunity to extract AUM fees.

I keep my cash in the chase brokerage buying vanguard federal money market fund which is currently paying 5.27%.

Selling and moving money to the checking account takes 24 hours or less on a business day. For me, it is much easier than keeping a savings account elsewhere.

I have mostly moved to using a bank that offers both checking and a competitive interest rate in the same account. No need to worry about moving money back and forth from checking to savings if it is the same account.

I’m glad the Chase brokerage works as a solution for you. Seems like a good option, and pays a more competitive interest rate than my cash account. There is often a price to simplicity.

[EnjoyIt]

I have Chase Sapphire checking. I park some ETFs (converted from VG mutual funds) in the "self directed" Chase brokerage to get it free. Note: if you open a brokerage, be sure to do so through a bonus sign up link and collect some extra free money while you're at it.

It is just a checking account, ultimately. What more is there to say? You do get lower fees with "Sapphire" (no ATM fees, no wire fees, etc). Obviously Chase has an extensive physical branch build out, and almost all of what you need to do can get done in the app or on the website. If not there is likely a branch close to you.

Also, they are not going to fail, so that's nice.

On the con list, Chase is still paying an interest amount that rounds to zero for both checking and savings. So I am using it less and less now and instead keeping spare cash at a competitive online bank.

I would not do Private Client, it is just an opportunity to extract AUM fees.

I keep my cash in the chase brokerage buying vanguard federal money market fund which is currently paying 5.27%.

Selling and moving money to the checking account takes 24 hours or less on a business day. For me, it is much easier than keeping a savings account elsewhere.

I have mostly moved to using a bank that offers both checking and a competitive interest rate in the same account. No need to worry about moving money back and forth from checking to savings if it is the same account.

I’m glad the Chase brokerage works as a solution for you. Seems like a good option, and pays a more competitive interest rate than my cash account. There is often a price to simplicity.

I thought you were moving back and forth between outside savings and chase checking. I figured this option was faster and maybe simpler.

Simplicity is many times worth the price.

[Dead Man Walking]

We have a Chase Premier checking account with a linked savings account and a linked self-directed JP Morgan brokerage account. All are joint tenants in common with rights of survivorship. The bank accounts have payable on death provisions. The brokerage account has a transfer on death provision. Transfer on death provisions are not available with joint brokerage accounts at Vanguard. I’ve never seen any increased value for having a Sapphire or Private Client account. Maintaining a $15,000 balance in the linked accounts seems to provide the same benefits. The discount that we received on our 10x10x24 safe deposit box was eliminated.

DMW

[eric321]

Fee waivers are nice. Increased limits are helpful on occasion.

The relationship staff are all there to sell you something. I go straight to the tellers for what I need.

In the mass affluent category, up to $5MM of investible AUM this is probably the best you can get. Waived fees, real people to contact if you need. All the major banks have similar products and nothing really seems to stand out.

My "local" bank knows me by name. I know the tellers and branch manager. Much more special than chase private client or citigold private client with no brokerage account needed.

[dfrohman]

The relationship staff are all there to sell you something.

I do not think that is true.

I have never had that happen. If I needed something, I made an appointment with "my PC banker" and got it done. I never had anyone at the bank try to sell me anything. I do periodically get email invitations from Chase financial advisors for complementary Investment advice which have always ignored. But I get those from Fidelity and Schwab as well.

[VictorStarr]

CPC is a traditional checking account with a great mobile app and online experience. Fee structure is similar to Schwab Checking (plus free wires) and Fidelity CMA. It pays laughable interest. For me CPC/Sapphire checking does not make sense in today's high-interest environment but your needs may be different. I am in the process of collecting a $2K bonus but will close the CPC account afterwards.

You can start with CPC, make $2,000 - $3,000 in bonuses and later downgrade to a Sapphire checking that has almost identical features without a personal banker and annoying financial salesperson. You may in parallel collect a $700 bonus for funding a JPM self-directed account.

Another option is to have a Chase Platinum Business account with $50K in an associated investment account and connected personal CPC account without balance requirements.
From https://www.chase.com/personal/checking/private-client -

"Chase Platinum Business Checking:
Chase Private Client Checking℠ account Monthly Service Fee waived when linked to a Chase Platinum Business Checking account.
Reduced minimum balance of $50,000 for Chase Platinum Business Checking account when linked to a Chase Private Client Checking account"

[LocusCoeruleus]

I have CPC and noticed chase seems to hold onto my paychecks till day off whereas at Fido and other credit unions I get access a day or so earlier. Even for checks and transfers chase likes to hold onto cash longer or so it seems.