Chase Premier Checking is a mid-tier account with higher balance requirements and better rewards
Chase Premier Checking sits between Chase's basic checking account and its premium offerings. It requires you to keep a higher balance than a standard account — currently $25,000 or more — but in return you get a higher interest rate on your balance, waived monthly fees, and access to some perks that basic accounts don't include. If you keep that balance, the account costs nothing to maintain.
The account is not designed for everyone. If you typically carry less than $25,000 in your checking account, you'll pay a monthly fee ($12 at last update, though this varies by region) unless you meet other conditions like setting up direct deposit or maintaining a linked savings account with a certain balance. The real value comes if you're already sitting on that kind of cash and want it to earn something while staying accessible.
Key Takeaways
- Chase Premier Checking waives its monthly fee if you maintain a $25,000 minimum balance, or you can avoid the fee through direct deposit or linked account requirements.
- The account earns interest on your balance at a rate higher than Chase's basic checking, though the actual percentage changes based on Federal Reserve decisions and your balance tier.
- You get benefits like higher ATM reimbursement limits, priority customer service, and no foreign transaction fees on debit card purchases.
- If your balance falls below the minimum, you'll owe the monthly maintenance fee unless you meet an alternative requirement like receiving direct deposits.
How the balance requirement and fee waiver actually work
Chase measures your balance requirement on a daily basis. You need to keep $25,000 or more in your Premier Checking account itself — not spread across multiple accounts. If your balance dips below that on any day of the month, you'll be charged the monthly fee unless you've met one of the alternative conditions.
The alternative ways to waive the fee are: setting up at least one direct deposit per month (any amount counts), or maintaining a linked Chase savings account with a $25,000 minimum balance. Some customers use the savings account route if they want to keep their checking balance lower but still avoid the fee. The savings account balance is separate from the checking balance, so you're essentially keeping $50,000 total across both accounts.
Chase publishes its fee schedule on its website, and the specific conditions can vary slightly by state. Call your local branch or check your account terms online to confirm what applies to your situation, because the rules do shift occasionally.
Interest rates and how much you'll actually earn
Premier Checking accounts earn interest, but the rate is tiered based on how much you have in the account. Higher balances earn higher rates. The exact percentages change whenever the Federal Reserve adjusts its benchmark rate, so what you earn today won't be the same six months from now.
As of early 2024, the rates on Premier Checking were substantially lower than what you'd earn in a dedicated high-yield savings account at online banks. Chase's rates are competitive for a checking account, but if earning interest is your main goal, a savings account or money market account will serve you better. Premier Checking is built for people who need their money accessible and want some return on what they're keeping there anyway.
You can see your current rate on your account statement or by logging into Chase online. The interest compounds daily and posts monthly.
What perks come with the account
Premier Checking includes ATM fee reimbursement up to a higher limit than basic accounts — Chase reimburses out-of-network ATM fees, so you can use any ATM without paying a surcharge. You also get no foreign transaction fees when you use your debit card outside the United States, which matters if you travel internationally.
You get priority phone support, meaning shorter wait times when you call Chase customer service. Some branches also offer dedicated Premier customer service areas, though this varies by location.
The account comes with standard checking features: online bill pay, mobile deposit, unlimited debit card transactions, and access to Chase's branch and ATM network. These aren't unique to Premier — they come with most Chase checking accounts. The Premier-specific benefits are the interest rate, the fee waiver, the ATM reimbursement, and the priority service.
When Premier Checking makes sense and when it doesn't
Premier Checking is worth considering if you keep at least $25,000 in checking regularly and want to avoid monthly fees while earning some interest. It's also useful if you value priority customer service and travel internationally enough that foreign transaction fees matter to you.
It doesn't make sense if your checking balance typically stays below $25,000, because you'll pay the monthly fee. In that case, Chase's basic checking account (which has no balance requirement) is cheaper. It also doesn't make sense if your main goal is to earn interest — you'll earn more in a dedicated savings account, even at Chase.
Some customers use Premier Checking as a holding account for money they're about to move elsewhere, or as a way to keep a large emergency fund accessible while earning something on it. Others use it because they already bank with Chase and want to consolidate their accounts without paying fees.
How to open a Premier Checking account
You can open Premier Checking online through Chase's website, by phone, or in person at a branch. You'll need to provide your Social Security number, a government-issued ID, and your address. Chase will run a background check through ChexSystems, which is a banking history database — this is standard for all bank accounts.
If you already have a Chase account, you can often convert it to Premier Checking or open a new Premier account linked to your existing profile. The process usually takes a few minutes online or about 15 minutes in a branch.
You'll need to fund the account to meet the $25,000 minimum if you want to avoid the monthly fee right away. You can transfer money from another bank account, deposit a check, or bring cash to a branch.
Comparing Premier Checking to other Chase accounts
| Account Type | Minimum Balance for Fee Waiver | Monthly Fee (if minimum not met) | Interest Rate | Best For |
|---|---|---|---|---|
| Chase Total Checking | None | $12 | Minimal | People who want no balance requirement |
| Chase Premier Checking | $25,000 | $12 | Tiered, higher than Total | People keeping $25,000+ in checking |
| Chase Sapphire Checking | $75,000 | $25 | Higher tiered rates | High-net-worth customers with significant balances |
| Chase High Yield Savings | $0 | $0 | Much higher than checking | People prioritizing interest earnings |
Chase Total Checking is the basic option — no balance requirement, but also no interest and minimal perks. Premier Checking adds interest and better benefits if you can maintain the balance. Sapphire Checking is for customers with $75,000 or more and offers even higher rates and more premium services.
If you want to earn meaningful interest, Chase's High Yield Savings account will pay you more than any checking account, even Premier. The tradeoff is that savings accounts have limits on how many times you can withdraw per month, though those limits are less strict than they used to be.
Frequently Asked Questions
What happens if my balance drops below $25,000 for a day?
You'll be charged the monthly maintenance fee unless you meet an alternative condition like direct deposit or a linked savings account with $25,000. The balance is checked daily, so even one day below the threshold can trigger the fee. Some customers set up alerts to notify them when their balance is getting close to the minimum.
Can I earn interest on money in my Premier Checking account?
Yes, but the rate is lower than what you'd earn in a savings account. The interest is tiered based on your balance and changes when the Federal Reserve adjusts rates. You can see your current rate on your statement or online account dashboard.
Do I need to be a Chase customer already to open Premier Checking?
No, you can open a Premier Checking account as a new customer. You'll need a government ID, Social Security number, and address. Chase will check your banking history through ChexSystems, which is standard for all new bank accounts.
Is the $25,000 minimum spread across multiple accounts or just in checking?
The minimum must be in your Premier Checking account itself. If you use the linked savings account option to waive the fee, that $25,000 goes in the savings account, and your checking balance can be lower. You can't combine balances across unrelated accounts to meet the requirement.
What's the difference between Premier Checking and a high-yield savings account?
Premier Checking gives you unlimited access to your money and a debit card, while a savings account typically limits withdrawals and doesn't come with a card. Savings accounts earn much higher interest rates. Premier Checking is for money you need to access regularly; savings accounts are for money you're setting aside.