/images/2018/01/23/navina-side-hustle-mid_MPfEDfV.jpg)
/images/2019/12/06/smart_strategies_to_save_money_on_car_insurance.jpg)
/authors/lindsay-vansomeren-financebuzz.jpg)
/authors/ashley-donohoe-headshot.jpg)
/images/2024/07/26/38973_467.png)
/images/2024/12/30/j.p._morgan_private_client_logo.png){kind=logo}
Key takeaways
- The same parent company, J.P. Morgan Chase, owns both Chase Bank and J.P. Morgan. They offer similar-sounding services that often overlap. You can open a Chase Private Client checking and savings account through Chase or J.P. Morgan, for example.
- In 2023, J.P. Morgan Chase acquired First Republic Bank after its high-profile failure, one of the few times in recent years when the FDIC stepped in to protect people's insured deposits.
- J.P. Morgan Chase has been trying to merge First Republic Bank's services with the broader J.P. Morgan Chase empire — minus the parts that caused it to fail (like cheap mortgages). It catered to the ultra-rich with private banking services and developed a reputation for having the best customer service around. This led to the rebranding from the failed First Republic Bank to the new J.P. Morgan Private Client.
Quick look: Chase Private Client vs. J.P. Morgan Private Client
/filters:quality(100)/images/2024/07/26/38973_467.png)
Chase Private Client |
/filters:quality(100)/images/2024/12/30/j.p._morgan_private_client_logo.png){kind=logo}
J.P. Morgan Private Client |
|
| Best for | Newly high-net-worth individuals looking to grow | Discerning higher-net-worth individuals |
| Open to new customers | Yes | Only to current J.P. Morgan Chase customers and prospects |
| Available banking services |
|
|
| Minimum balance | No minimum to open, but you'll need $150,000 in combined deposits and investments to waive the monthly checking fee (unless you have a linked Chase Platinum Business Checking account) | $750,000 or more in combined deposits and investments |
| Important fees |
|
|
| Main features |
|
|
| Talk with a financial advisor to see if Chase Private Client is right for you. | Talk with a financial advisor to see if J.P. Morgan Private Client is right for you. |
/images/2024/08/27/zoe_logo.png){kind=logo}
It's important to note that this isn't an exhaustive list of all fees, services, and features. Private banking services don't always publicly declare specific details on their offerings since they're catering to a richer clientele than the general public. Simply put, top-notch service is often a higher priority for these customers than the lowest loan rates and ways to avoid paying fees.
When you should pick Chase Private Client
Chase Private Client and J.P. Morgan Private Client both offer similar services within the J.P. Morgan Chase ecosystem (say that 10 times quickly). However, Chase's Private Client services are more applicable to the general public, and that may be better in some cases. Let's look at some reasons why you might choose Chase Private Client over J.P. Morgan Private Client.
You're new to the J.P. Morgan Chase ecosystem
A company representative confirmed that J.P. Morgan Private Client services are only open to current customers and prospects of J.P. Morgan Chase (i.e., J.P. Morgan or Chase Bank), not the general public. Unless you deposit at least $750,000 in funds with either bank first, you can't skip to enrolling in J.P. Morgan Private Client services like you can with Chase.
You're not eligible for J.P. Morgan Private Client
Whenever J.P. Morgan Chase does decide to open J.P. Morgan Private Client to the general public, you'll still generally be funneled to Chase Private Client services if you have less than $750,000 across your bank and brokerage accounts with J.P. Morgan Chase. You won't need that large sum to qualify as a Chase Private Client customer.
However, unless you're also a Chase Platinum Business Checking customer, you'll still need at least $150,000 in combined deposits to avoid the pricey $35 monthly fee for your Chase Private Client Checking account.
You want an established private banking firm with defined benefits
Right now, the biggest benefit of going with Chase Private Client is that you have a better idea of what you're going to get. It's a well-known service that the bank has offered since 2007, so there's a long track record of actual customers who've reported their experiences.
Chase is more open and upfront on its website about what you'll get as a Chase Private Client member, including:
- 0.25% discount on auto loan rates
- Fewer fees for your checking account and select services
- CD ladder access
- Higher limits on transfers and withdrawal activities
- J.P. Morgan Private Client Advisor access for investment services
- Tickets to invite-only sporting matches, cultural events, and financial seminars
Plus, you'll have a Chase Private Client Banker who serves as your go-to for managing the various program benefits. If you're also a small business owner, Chase will put you in touch with a Chase Business Relationship Manager who can help you find the right services and support needed to grow your business. Finally, Chase maintains a 24/7 support line for Private Client customers.
When you should pick J.P. Morgan Private Client
J.P. Morgan generally caters to a more monied crowd. After all, it's one of the best banks for corporations and governments. However, it also offers banking services for individuals who have enough money.
Given the institution's high-profile stature, it's no surprise that J.P. Morgan Private Client is a better match if you're looking for something out of the ordinary in a field that's already more removed from the hoi polloi. Below are some more reasons to choose it.
You're transitioning from First Republic Bank
When J.P. Morgan Chase absorbed First Republic Bank in 2023, it didn't just open a basic new Chase bank account for everyone and transfer their entire balance over. First Republic Bank made a name for itself in offering superior service to high-net-worth clients, after all – complete with fresh-baked cookies and free umbrellas at the branches.
To keep these customers happy and avoid losing them in a mass exodus, J.P. Morgan created an entirely new division. It was a blend of J.P. Morgan's offerings for the uber-wealthy paired up with Chase Private Client's already-proven services and a dash of the old spice (yes, even the umbrellas and the cookies).
It called the new services J.P. Morgan Private Client, which was intended to serve as a gateway for incoming First Republic Bank customers to access new services and existing Chase Bank offerings. True to the bank's mission, it reported in May 2024 that 85% of the former First Republic Bank customers transferred over had stayed on with J.P. Morgan Chase.
You want the best service possible
One of the biggest ways that J.P. Morgan Private Client is trying to distinguish itself from Chase Private Client is by offering high-quality service that even the best banks can't match. In fact, it offers concierge-level service with one dedicated Relationship Manager who'll "anticipate your needs" and serve as your go-between for any other J.P. Morgan Chase services you're eligible for, including those through Chase Private Client.
You're not afraid of being a guinea pig
There's no getting around it: J.P. Morgan Private Client is new, and new things often go through trials and growing pains. J.P. Morgan Chase just announced it in May 2024, and by October 2024, it had only opened two J.P. Morgan Financial Centers to serve Private Client customers: one in New York and the other in San Francisco. It designed these centers to emulate the old First Republic Bank branches, right down to the luxury finishes inside.
J.P. Morgan Chase plans to open 30 more of these centers before the end of 2026, but until they materialize, they're just plans and not actual places. In fact, even in the announcement of J.P. Morgan Private Client, company executives noted that their loyalty was first toward existing affluent Chase customers, and the primary goal was to get a bigger "share of their overall wallet."
The new J.P. Morgan Private Client services serve as a learning tool for this end with all other plans being flexible around that goal.
Which is the better high-net-worth banking option?
If I were more concerned about opulent touches and one-on-one service for high-net-worth banking — and had the bucks to back it up — I'd likely choose J.P. Morgan Private Client over Chase Private Client due to its superior concierge service.
I'd also keep in mind that the service offerings, quality, and pricing may change as it gets its legs under it. (Plus, now that the bank has hyped them up so much, I'm curious about those cookies.)
On the other hand, if I wasn't able to qualify for J.P. Morgan Private Client, then Chase Private Client would be an acceptable backup. Many of the services you'd get through the J.P. Morgan side of things are handled by Chase Private Client offerings anyway. You'll just get better handholding if you opt for J.P. Morgan.
Today's Top Financial Offers
Make your money work harder with top picks for savings, checking, investing, and more
| Bank/Institution |
APY
|
Open Account | Bonus Offer |
|---|---|---|---|
2025 award winner Best Checking and Savings Combo |
|||
/images/2024/07/31/sofi_logo_-_cropped.png){kind=logo}
5.0
|
4.50
With $0 min. balance1 <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p>
%
APY
|
Limited-Time Offer: +0.70% boost to 4.50% APY on Savings for up to 6 months2 <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 9/3/25. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> + up to $300 Bonus with direct deposit.3 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> Terms apply. | |
|
2025 award winner Best for Customer Service |
|||
/images/2025/05/02/0466c535-77ad-49b9-adab-f9b5ad447916.png)
5.0
|
3.50
With $0 min. balance4 <p>The Annual Percentage Yield (APY) as advertised is accurate as of July 23, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. </p>
%
APY
|
N/A | |
/images/2024/08/01/wa_logo_-_cropped.png){kind=logo}
4.9
|
4.30
With $1 min. balance5 <p>APY means Annual Percentage Yield. APY is accurate as of 07/30/25. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.</p>
%
APY
|
Use code BOOST to earn $75 for $10K, $250 for $25K, or $500 for $50K deposited6 <p>New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive $75 for depositing between $10,000 and $24,499, $250 for depositing between $25,000 and $49,999, and $500 for depositing $50,000 or more. To qualify for the bonus, your first deposit must be initiated by July 31, 2025, by 11:59 PM ET, and the promo code BOOST must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for this bonus. Bonus cash will be deposited by Raisin into the customer’s linked external bank account within 30 days of meeting all qualifying terms. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin reserves the right to modify or terminate this offer at any time.</p> | |
FAQs
Is J.P. Morgan the same as Chase Bank?
Yes and no. J.P. Morgan and Chase Bank are separate banks, but they're subsidiaries of the same company called, confusingly enough, J.P. Morgan Chase. While J.P. Morgan focuses more on corporations and wealthier people, Chase focuses more on everyday people.
How much money do you need for Chase Private Client?
To join Chase Private Client, you need at least a $150,000 daily average balance across your Chase accounts, including CDs, checking, savings, or other assets.
How much money do you need for J.P. Morgan Private Client?
You'll need at least $750,000 in deposits across your J.P. Morgan Chase bank and investing accounts to access J.P. Morgan Private Client services.
Is J.P. Morgan Private Client better than Chase Private Client?
Generally, yes. J.P. Morgan Private Client aims to provide better service to people with more money. However, since J.P. Morgan Private Client is a new division formed after Chase acquired another bank catering to wealthy clients, some customers have reported growing pains, such as long waits for customer support and problems with card payments.
Bottom line
If you're able to meet J.P. Morgan Private Client's minimum balance requirements, I would recommend it over Chase Private Client. Still, both options are strong neck-in-neck contenders. The base services should be roughly the same but with better holistic guidance on the J.P. Morgan side of things to bring it all together.
J.P. Morgan Private Client has three strikes against it with its limited availability, high minimum balance requirements, and new business model that could likely change in the future (hopefully for the better). J.P. Morgan says it'll fix at least two of those things going forward, so we'll see if it keeps its word.
/images/2024/07/31/sofi_logo_-_cropped.png){kind=logo}
2025 award winner Best Checking and Savings Combo
- Limited-Time Offer: Earn up to a $300 bonus and up to 4.50% APY on Savings (3.80% APY3 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 9/3/25. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
- No account, overdraft, or monthly fees7 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
- Get your paycheck up to two days early8 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
- Access additional FDIC insurance up to $3 million9 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
