Chase Private Client vs Wells Fargo Premier
Need a premium checking account to match your lifestyle? Chase Private Client Checking℠ and Wells Fargo Premier might be up your alley. See which one suits you.
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When you're handling large amounts of money, it pays to get a premium checking account to manage your finances. Top it off with access to elite banking services, and you can be set for the long term.
Chase Bank and Wells Fargo both offer premium checking accounts for high-net-worth individuals. If you meet the requirements to open one, you get a ton of exclusive perks and benefits with their premium services.
Read on to learn more about their premium checking accounts to know which one you can get.
Chase Private Client Checking℠ - Up to $3,000 Bonus
- You're eligible for up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities.
- Speak with a Private Client Banker to open your Chase Private Client Checking℠ account today. Schedule your meeting at your nearest branch to get started.
- Priority service for everyday banking. Receive personalized attention from a dedicated Chase Private Client Banker and 24/7 access to a U.S. based banking service line.
Earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000 or earn $3,000 when you deposit $500,000. - No fees at Chase and non-Chase ATMs worldwide.
- No Chase fee on incoming or outgoing wire transfers.
- Enjoy higher limits on Chase Private Client debit card purchases and ATM withdrawals, as well as higher Zelle® and Chase QuickDeposit℠ limits.
- Preferred rates and perks which may make you eligible for a 0.25% auto rate discount and invitation-only events.
- Enhance your Chase relationship with access to a dedicated J.P. Morgan Private Client Advisor who can help create a personalized investment strategy.
- Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.
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: •
Chase Private Client vs Wells Fargo Premier
Chase Private Client Checking℠ and Wells Fargo Premier Checking are premium checking accounts offered for high-net-worth customers of the two banks. Here's an overview of them:
- Chase Private Client Checking℠: Has a waivable $35 monthly service fee if you meet a $150,000 average balance or link a Chase Platinum Business Checking℠ account.
Chase Private Client charges you little to no fees and offers preferred rates and other exclusive perks. This includes personalized support from Chase specialists, access to J.P. Morgan Wealth Management, and Chase Business benefits. Find out more.
- Wells Fargo Premier Checking: Has a waivable $35 monthly service fee if you have at least a $250,000 balance on each statement ending. Needs a $25 minimum to open.
Premier Checking gets you various relationship benefits like rate discounts and relationship rates, fee waivers, and no fees for most transactions. You also receive investment perks with Wells Fargo Advisors. Find out more.
A premium checking account is typically an account offered to high-net-worth individuals who can easily meet high balance requirements. In exchange, customers get exclusive perks and benefits like earning higher rates, little to no fees, and specialized services.
What They Have in Common
Below are key similarities between Chase Private Client Checking℠ and Wells Fargo Premier Checking:
- Both offer low interest rates
- Both offer priority services and a dedicated 24/7 phone support line
- Both come with fewer fees like no ATM fees worldwide and no wire transfer fees
- Both offer relationship rates on linked deposit accounts and discounted rates on some loans
- Both provide a dedicated banker, investment services, and advisor benefits for your personal financial needs
How They Are Different
Though Chase Private Client Checking℠ and Wells Fargo Premier Checking share some similarities, they also have notable differences:
- Chase has a lower daily average balance requirement
- Chase Private Client services not available in all branches
- Higher deposit, withdrawal, and purchase limits with Chase
- Reduced minimum balances and fee waivers with linked Chase business checking
- Advisory fee discounts and annual fee waivers with Wells Fargo Advisors
- Select credit card offers and bonuses with Wells Fargo Premier
Which One is Better For You?
Both Chase Private Client Checking℠ and Wells Fargo Premier Checking offer exclusive perks. Consider these points to decide which one to choose:
- Choose Chase Private Client Checking℠: if you are looking for a premium checking account with a relatively low balance requirement. Chase asks for a daily average balance of at least $150,000 across your qualifying accounts.
Other premium checking accounts need far more than $150,000 for you to enjoy all its exclusive perks. If you can't tie up a lot of money with one bank, Chase Private Client Checking℠ is a good choice.
- Choose Wells Fargo Premier Checking: if you have $250,000 or more in liquid assets. It is also ideal for those looking to enhance their relationship with Wells Fargo.
Opting for a premium checking account may improve your banking experience. For example, if you have a managed portfolio with Wells Fargo Advisors, you get annual fee waivers.[1]
If you're still unsure, let's take a more detailed look at how the two compare in the following sections.
Fees
Both Chase Private Client Checking℠ and Wells Fargo Premier have a $35 monthly service fee. But, these can be waived as long as you meet the required balance.
To waive the monthly fee for Chase Private Client Checking℠, you need to have a daily average of at least $150,000 across qualifying deposits and investments or have a linked Chase Platinum Business Checking℠ account.[2]
For Wells Fargo Premier, you need to have at least $250,000 in total across your qualifying balances in your linked accounts by the end of the statement period.[3]
Despite both being premium checking accounts, there are still fees you need to look out for. Below is a table summarizing those charges:[4][5]
| Service | Chase Private Client Checking℠ | Wells Fargo Premier |
|---|---|---|
| Monthly Service Fee | $35 (can be waived) | $35 (can be waived) |
| Wire Transfer Fee | No incoming or outgoing wire fees | No incoming or outgoing wire fees |
| Overdraft Fee | No fees on the first 4 business days during the current and prior 12 statement periods. | $35 per item |
| ATM Fee | No fees worldwide with refunded surcharges for using non-Chase ATMs | No fees worldwide with refunded surcharges for using non-Wells Fargo ATMs |
| Foreign Exchange Fee | No foreign exchange fee for debit card purchases | No foreign exchange fee for debit card purchases |
| Linked Account Service Fee | No fees for up to 9 linked Chase Private Client Checking℠ accounts; No fees for linked Chase savings accounts excluding Chase Premier Savings | No fees on linked accounts |
| Other Fees | No fees for cashier's checks, counter checks, and money orders; No stop payment fee; Annual rent for Safe Deposit Boxes larger than 3" x 5" | No fees for cashier's checks and money orders; Non-Wells Fargo bank cash disbursement fees $3 per US transaction or 3% of international transaction amount |
Banking Services
Like most premium checking accounts, Chase Private Client Checking℠ and Wells Fargo Premier promise dedicated and priority services to their account holders.
With Chase Private Client, you can expect the following:
- Collaboration with a dedicated Private Client Banker for your daily banking needs
- Home Lending Advisor for your loan and mortgage needs
- Dedicated Business Banking Advisor
- Dedicated 24/7 US banking service line (1-888-994-5626)
Meanwhile, with Wells Fargo Premier, below are the premier services you can receive:
- Access to a Premier banker for your various personal financial needs and goals
- 24/7 Premier service team (1-800-742-4932)
Banks would have their own criteria for an individual to get a premium checking account. But, the requirements would usually involve:
- Existing relationship with the bank
- High combined balance with the bank
- High annual income
- Valid invitation to open an account
Rates and Discounts
Both Chase Private Client and Wells Fargo Premier offer special rates and discounts that can help improve your financial management journey.
Relationship Rates
Chase Private Client and Wells Fargo Premier give you access to better rates on linked accounts, which are usually higher than the standard bank rates.
For Chase Private Client, linking your Chase Private Client Savings℠ or your Chase Certificate of Deposit gets you special rates. Plus, you can access rates tailored for CD Ladders - four CDs opened together with equal amounts but varying terms. [6]
For Wells Fargo Premier, you can link most of their personal savings and CDs to get the relationship rates. These include Platinum Savings, Special Fixed Rate CDs, and Standard Fixed Rate CDs.[7]
Discounted Loan Rates
As a Chase Private Client, you receive a 0.25% rate discount when you purchase a new car. And you get a mortgage rate discount based on your existing balance and new money you put in.[2][8]
Meanwhile, Wells Fargo Premier offers you interest rate discounts on specific new loans, like personal loans and auto loans. You can talk to your Premier Banker to see which rates are available to you.[3]
Investment Benefits
Chase Private Client offers access to J.P. Morgan's Private Client Advisor and Wealth Plan℠. This means you can work with a financial expert to create a personalized investment strategy.
When you open a full-service Investment Advisory account, you'll pay an annual advisory fee based on the investment advisory program. Alternatively, you can opt for J.P. Morgan Self-Directed Investing to avoid the charges.[9]
Meanwhile, Wells Fargo Premier connects you with a dedicated team of financial advisors. You'll also receive a WellsTrade online brokerage account and access to an expertly crafted Intuitive Investor portfolio.
Opting for their automated investing service gives you a 0.10% discount on the 0.35% advisory fee. Choosing their managed portfolio service allows you to waive the annual account fee.
To avoid these advisory fees altogether, you can go for self-directed investing through WellsTrade.[1][10]
Other Perks and Benefits
Chase Private Client and Wells Fargo Premier have a lot of similar benefits. But they do have some special perks that make them unique.
Joint account privileges
Opening a joint premium checking account grants both owners access to the same perks and benefits.
With Chase Private Client, you can get authorized debit cards (called Privileges cards) for family members or caregivers, with customizable spending limits
Business benefits
Chase Private Client provides a business advisor for guidance or collaboration with your finance team. And, linking a Chase Private Client Checking℠ account can waive the monthly fee for your Chase Business Complete Checking℠ account.
Additionally, the minimum balance requirement is reduced to $50,000 for Chase Platinum Business Checking℠, and no Chase fees for incoming or outgoing wire transfers.
Higher daily limits
Using your Chase Private Client debit card frequently or for big purchases can grant you higher daily limits. Here's what you'll get:[4][2]
- Chase QuickDeposit℠ Limit: $100,000 per day and $250,000 every 30 days ($25,000 per day and $100,000 every 30 days for the first 90 days)
- Zelle Limit: $5,000
- Purchase Limit: $7,500
- Chase In-Branch ATM Limit: $3,000
- Other Chase ATM Limit: $3,000
- Non-Chase ATM Limit: $2,000
Credit card bonuses
Wells Fargo Premier users can receive bonuses and offers on select credit cards. Meanwhile, with Chase Private Client, there are no credit card benefits.
Chase Private Client Checking℠ - Up to $3,000 Bonus
- You're eligible for up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities.
- Speak with a Private Client Banker to open your Chase Private Client Checking℠ account today. Schedule your meeting at your nearest branch to get started.
- Priority service for everyday banking. Receive personalized attention from a dedicated Chase Private Client Banker and 24/7 access to a U.S. based banking service line.
Earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000 or earn $3,000 when you deposit $500,000. - No fees at Chase and non-Chase ATMs worldwide.
- No Chase fee on incoming or outgoing wire transfers.
- Enjoy higher limits on Chase Private Client debit card purchases and ATM withdrawals, as well as higher Zelle® and Chase QuickDeposit℠ limits.
- Preferred rates and perks which may make you eligible for a 0.25% auto rate discount and invitation-only events.
- Enhance your Chase relationship with access to a dedicated J.P. Morgan Private Client Advisor who can help create a personalized investment strategy.
- Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.
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: •
Should I Get a Premium Checking Account?
If you have no trouble maintaining very high minimum balances, getting a premium checking account should be straightforward, especially if it's already been offered to you.
Just remember, you'll need a substantial amount of money to keep the account and enjoy its exclusive benefits.
Interest rates on checking accounts aren't usually great. If you have a lot of money to deposit, you might earn more interest with other bank products like online savings accounts or CDs.
Decide whether the perks you get on the premium account are worth tying up a lot of money. If not, then maybe this type of account is not for you.
Most of the time, no. Most banks and other institutions would look at your combined balance across different qualifying accounts you have with them. If you meet the combined balance during a specified period, then you get to keep your premium status. Always check with your dedicated banker to be sure.
Bottom Line
Both Chase Private Client Checking℠ and Wells Fargo Premier are good premium checking account options, each with unique features and requirements that could sway your decision.
Premier checking accounts promise you exclusive benefits and dedicated services. So, if you're seeking top-tier treatment, try to reach out to your banker and see if you can upgrade your account.
References
- ^ Wells Fargo. Investment benefits from Wells Fargo Advisors, Retrieved 04/20/2024
- ^ Chase. Chase Private Client Checking℠, Retrieved 04/20/2024
- ^ Wells Fargo. Premier Checking fees and details, Retrieved 04/20/2024
- ^ Chase. Additional Banking Services and Fees for Personal Accounts, Retrieved 04/20/2024
- ^ Wells Fargo. Consumer Account Fee and Information Schedule (PDF), Retrieved 04/20/2024
- ^ Chase. Deposit Disclosures and Interest Rates - Rate Sheets, Retrieved 04/20/2024
- ^ Wells Fargo. Savings Accounts and CD (Time Account) Rates, Retrieved 04/20/2024
- ^ Chase. New deposits and investments discount, Retrieved 04/20/2024
- ^ Chase. J.P. Morgan Self-Directed Investing, Retrieved 04/20/2024
- ^ Wells Fargo Advisors. Form CRS: Relationship Summary, Retrieved 04/20/2024
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