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Chase Sapphire Banking?

coreysw12
Valued Contributor

Chase Sapphire Banking?

Anyone here have a Sapphire checking account, and have any thoughts on it?

 

Currently I have 2 Chase "total checking" accounts, each of them getting hit with $12/mo maintenance fees because I don't have direct deposit and usually don't maintain the required average daily balance. The fees don't really bother me that much, but I'm considering closing one of them and converting the other to a Sapphire checking account, which has a $25/mo fee ($1 more than my existing $12+12 fees). But it has free ATM fees with no FTF, which could be valuable as I withdraw cash abroad several times a year. Also, not going to lie, it would be cool to have a debit card that matches my CSR Smiley LOL Am I missing anything though? I don't want to convert the account and then get surprised by something bad that I wasn't aware of going into it.

    Total Loan Balance: $58k / $65k

    Total SL: $42.4k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase Status: 3/24
Message 1 of 21
20 REPLIES 20
Dumbee
Established Contributor

Re: Chase Sapphire Banking?

Schwab is free with no FTF and no ATM fee debit card.

 

I use Chase but only because free student account

 

My SECU CC has no atm or cash advance fee or FTF, so that works pretty well. Most CUs have CCs with the same features.


Smiley Embarassed
Personal/40.15K Biz/23K POT/17K
Message 2 of 21
iced
Valued Contributor

Re: Chase Sapphire Banking?


@coreysw12 wrote:

Anyone here have a Sapphire checking account, and have any thoughts on it?

 

Currently I have 2 Chase "total checking" accounts, each of them getting hit with $12/mo maintenance fees because I don't have direct deposit and usually don't maintain the required average daily balance. The fees don't really bother me that much, but I'm considering closing one of them and converting the other to a Sapphire checking account, which has a $25/mo fee ($1 more than my existing $12+12 fees). But it has free ATM fees with no FTF, which could be valuable as I withdraw cash abroad several times a year. Also, not going to lie, it would be cool to have a debit card that matches my CSR Smiley LOL Am I missing anything though? I don't want to convert the account and then get surprised by something bad that I wasn't aware of going into it.


I have a Sapphire account. I like it for the free wires and ATM usage worldwide. There's some other stuff with it I'm sure but the only reasons I went with it were the above, and that it was free. I don't think it's worth $25/month, though -- there's CUs and banks out there that will waive those for far less than $25.

Message 3 of 21
coreysw12
Valued Contributor

Re: Chase Sapphire Banking?

I have a few other checking accounts with other banks already (that are free) but at this point I'm not really interested in switching away from Chase, and I'm ok with $25/mo. I think I'll talk to a banker on Friday about moving forward with the switch. Thanks!

    Total Loan Balance: $58k / $65k

    Total SL: $42.4k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase Status: 3/24
Message 4 of 21
longtimelurker
Epic Contributor

Re: Chase Sapphire Banking?


@coreysw12 wrote:

I have a few other checking accounts with other banks already (that are free) but at this point I'm not really interested in switching away from Chase, and I'm ok with $25/mo. I think I'll talk to a banker on Friday about moving forward with the switch. Thanks!


$25 a month seems a lot to me, negating quite a bit of credit card rewards.   But if you are happy!

Message 5 of 21
Janus
Senior Contributor

Re: Chase Sapphire Banking?

I'm curious why you have not one but two of the same accounts, and yet are still paying the fee on both? Perhaps close one and then keep the minimum in the other one? Or try depositing Money from either PP or some other bank that codes as ACH?

 

 






Message 6 of 21
coreysw12
Valued Contributor

Re: Chase Sapphire Banking?

The second account is a relic from back when I didn't have any credit cards (so I paid for all my purchases and bills with my debit card). I got a second checking account, which was my "bills" account, where I always made sure it had enough money to cover my bills. The only money that went in or out of that account was for bills. Then, whatever money was left went into my first "discretionary money" account, which is what I used for buying stuff with day to day. I did it to avoid accidentally causing a bill to fail to get paid because I went to McDonalds one too many times that week, or whatever.

 

These days it's a non-issue, because all of that just goes on credit cards, and literally the only thing I use my checking acocunt for anymore is depositing paychecks into it, and paying credit cards from it. Don't need 2 checking accounts for that.

    Total Loan Balance: $58k / $65k

    Total SL: $42.4k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase Status: 3/24
Message 7 of 21
sxa001
Established Contributor

Re: Chase Sapphire Banking?

I think I paid $9 in fees total when I took cash out in Japan, I only mention that because that is a consideration, if you do take cash out several times a year and do have to pay a fee may still be a lot less than $300 a year in checking account fees.  Setting up DD on a single Chase account for free total checking may be the better option.  Personally I would never pay a monthly checking account fee, there are too many free options out there.  I bank with Chase and they are great but if I didn't have free checking with Direct Deposit I would leave them. 

If you think the $25 a month is worth it for your needs, go for it but I don't know that the no FTF ATM's for less than 10 times a year where it is used is going to be worth the $300 a year in fees. 




Message 8 of 21
coreysw12
Valued Contributor

Re: Chase Sapphire Banking?

That's a good point. And when I travel and withdraw cash abroad, I put the ATM/FTF fees on my reimbursements so the company pays for them, which gives me another idea - maybe I can talk my company into reimbursing me for the monthly Sapphire fee in lieue of reimbursing my foreign ATM fees. If so, that would remove any doubt about whether I should do it.

 

Unfortunately direct deposit isn't an option for me, I work for a small company where the owner processes payroll himself, and he's unwilling to get away from paper checks. Sometimes I've avoided the fee by transferring $500 from my brokerage by ACH, but it's hard to remember to do that every month.

    Total Loan Balance: $58k / $65k

    Total SL: $42.4k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase Status: 3/24
Message 9 of 21
Remedios
Moderator

Re: Chase Sapphire Banking?

Why not just keep $500 in one of your accounts if you are willing to throw away $300? 

Message 10 of 21
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