Chase Private Client vs J.P. Morgan Private Client [2025]: Is the Newly Launched Service Better Than the Old Standby?

Quick look: Chase Private Client vs. J.P. Morgan Private Client

Let’s take a quick tour to set the stage for some of the weirdness between these two banking options. First, 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.

It’s very confusing, but there’s a reason for all the madness. In 2023, J.P. Morgan Chase actually acquired First Republic Bank after its high-profile failure, one of the few times in recent years when the FDIC actually stepped in to protect people’s insured deposits.

Since then, it's 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). What worked well at First Republic was catering to the uber-rich with private banking services, and it developed a reputation for having the best customer service around. This led to the rebranding from the failed First Republic Bank to the rising-from-the-ashes phoenix, J.P. Morgan Private Client.

You’ll probably see these services change over the years, especially as J.P. Morgan Private Client tries to figure out its place in the world. But, as of this writing, here are some of the major differences between the two.

	Chase Private Client	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	Savings Checking Home lending Auto loans Personal banking Business banking Investment services	Savings Checking Credit cards Home lending Personal banking Business banking Investment 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	$35 per month if you don’t meet the checking account fee waiver requirements Annual fee of 1.45% of assets under management for investment advisory services	Potential monthly fee for a Chase Private Client Checking account Annual fee of 1.45% of assets under management for investment advisory services
Main features	Personal Chase Private Client Banker Personal investment advisor J.P. Morgan Wealth Plan Chase Business Relationship Manager 0.25% interest rate discount on auto loans More waived fees for ATM withdrawals, wire transfers, overdrafts, etc. Potential bonuses for new customers	Higher-end concierge service Special interest rates on savings products Personal relationship manager Personal investment advisor

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 — 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.

FAQs

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.

If you want to explore other options, our list of the best banks for high-net-worth individuals has some recommendations.

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