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Is Chase Private Client worth having in 2020? Chase offers different tiers of banking like Premier Plus, Sapphire, Private Client, and Private Banking.

Chase Private Banking vs Chase Private Client

Chase Private Client is often confused with Chase Private Banking. They’re two different programs, and Chase Private Client has significantly lower minimum asset requirements.

How to qualify for Chase Private Banking

Minimum: $10,000,000 of Investable assets*

How to qualify for Chase Private Client

Minimum: $250,000 of investable assets*

For Chase Private Client, this is not a hard minimum; they've been  promoting this to people with $100,000 to "upgrade" to Chase Private Client.

* investable assets = cash, bank accounts, securities, liquid investments.

Qualifying personal investments include balances in investment and  annuity products offered by JPMorgan Chase & Co. or its affiliates  and agencies. Balances in 529 plans and certain retirement plan  investment accounts do not qualify.

Chase Private Client Intro Bonus

The intro bonus for opening a Chase Private Client account can vary based on which targeted offer you receive. We’ve seen intro bonuses range from $1,000-$2,000.

The typical requirements to earn the bonus are:

  1. Receive an offer to upgrade or open a Private Client account with a Private Client Banker.
  2. Transfer a total of $250,000+ in new money to a combination of checking and/or savings and/or investment accounts (excludes You Invest, JP Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.
  3. The bonus will appear in your new account within 30 business days after completing qualifying activities.

Chase Private Client Banking Fees

Starting on November 8, 2020, Chase will start charging $35/month for CPC accounts with balances below $150,000.

How to waive the $35 monthly fee:

  • Maintain a balance a balance of $150,000+ of investable assets with Chase. Business balances do not count towards the $150,000 requirement.
  • OR, link a Chase Platinum Business Checking account

Benefits of Chase Private Client

No fees for:

  • wire transfers
  • money orders
  • counter checks/cashier's checks
  • personal checks
  • no monthly fees
  • no fees on [insert almost every other instance where banks would otherwise charge fees]

Other benefits:

  • free 3 x 5 safety deposit box (20% discount on other sizes)
  • 0.25% off standard auto loan rates through Chase Auto
  • "best rates" for mortgages
  • priority processing/customer service
  • Arts and Culture card

Is Chase Private Client Worth It?

A few changes to the Chase Private Client program took place in 2019 that no longer make the account as valuable.

Negative changes:

  1. CPC no longer gets you around the 5/24 rule. If you opened more than 5 personal credit cards within the past 24 months, you’ll automatically get rejected by the system.
  2. For example, even though you might have $800,000 with Chase, that cash by itself does not get you around the 5/24 rule.
  3. A lot of the waived fees are now offered by competing services.
  4. The Palladium card got converted into the JP Morgan Reserve.
  5. Instead of requiring CPC and a $250,000 asset level, you now need $10 million to qualify for the JP Morgan Reserve.
  6. Existing Palladium cardholders that got converted to the JP Morgan Reserve card are grandfathered in.
  7. The Art and Culture card still exists, but arguable not valuable in 2020 since most museums are closed during COVID times.

Who Should Consider Chase Private Client?

  1. People who want an all-in-one banking system. Theoretically, there are separate banking systems out there that have no banking fees, free stock trading, and a credit card ecosystem.
  2. People considering a mortgage or auto loan.
  3. The Chase Mortgage Rate Program offers Chase Private Clients rate discounts of 0.125% for total deposits and investments in personal  accounts of $250,000 – $999,999 or 0.25% for $1,000,000+ for purchase and refinance transactions. Terms apply.
  4. Receive a rate discount of 0.25% off standard auto loan rates through Chase Auto. Not available for applications submitted to a dealer. Terms apply.
  5. People who value the Arts and Culture pass. Visiting a museum can get expensive, especially if you have a group of 2 or more. Get complimentary admission to partners museums, and sometimes even guest passes.
  6. See the full list of partners here:

Investing Accounts and Apps

If you’re looking for new stock trading platforms, Charles Schwab has most of the features people look for in a brokerage.

For beginners, I suggest looking into M1 Finance or Public. Both offer commission-free trading and fractional shares. Check out this post for a more in-depth review.

YouTube Video

Chase Sapphire Preferred® Card
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
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Editorial Note:
Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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