4-star brokerage firm rating

Chase Bank IRA Accounts Review For 2023

JP Morgan Chase Bank IRA review: CD IRAs, Roth IRA, Traditional IRA, Rollover, Money Market IRA. Chase Bank IRA fees, rates, APY/APR, promotion offer for 2023. Is Chase Bank IRA good and safe way to invest?

Chase IRA Account Options

If you’re looking to open an Individual Retirement Account, Chase has several choices to pick from. This review will explain all the details you need to know and look at how Chase compares to some alternatives.

IRAs at Chase Bank

The banking division of Chase no longer offers Individual Retirement Accounts. This means you can’t get FDIC insurance with an IRA at Chase. It also means you can’t put your money in a savings account or CD.

IRAs at J.P. Morgan Chase Trade

But the brokerage division of Chase does offer retirement accounts. With the launch of J.P. Morgan Self-Directed Investing in 2018, the financial conglomerate now provides no-fee IRAs with zero commissions. If you have just a few thousand or few hundred dollars to invest, this may be a good way to get started. The broker-dealer offers trading in stocks, options, ETFs, closed-end funds, bonds, and mutual funds inside of self-directed accounts, which are provided by J.P. Morgan Self-Directed Investing.

J.P. Morgan Chase does have some drawbacks. First, its software is rather elementary. It doesn’t have a desktop program or browser platform. Second, it has a small selection of mutual funds (3,128 to be exact). Third, its library of educational materials is rather brief. And fourth, it doesn’t offer SEP or SIMPLE IRAs. You’ll be opening a Roth, Traditional, or Rollover IRA here. Learn more in J.P. Morgan Chase Review...

Chase IRA Review

JP Morgan Chase Promotion

Open Chase Account

IRAs at J.P. Morgan Chase Portfolios

And then there’s the company’s managed account service. Called J.P. Morgan Portfolios, it’s a robo system that buys and sells ETFs from JPMorgan with low expense ratios. ETFs from other fund families are not available.

Unlike J.P. Morgan Self Directed Investing, J.P. Morgan Portfolios does charge an annual fee. It is 0.35% of account value every year. The managed account service also has a $500 minimum to get started.

As with J.P. Morgan Self Directed Investing, J.P. Morgan Portfolios offers Traditional, Roth, and Rollover accounts only.

IRAs with a JPMorgan Advisor

You could open a SIMPLE IRA through the wealth management division of JPMorgan Chase (in addition to the other IRAs Chase offers). This option comes with a one-on-one working relationship with a traditional human advisor. However, Chase requires $50,000 in assets ($100,000 in some cases) to open an IRA through this channel.

Also, this option will cost you more. Chase typically charges anywhere from 1.3% to 1.5% in assets under management for traditionally-managed accounts. There are no other fees to be concerned with, however.

It’s also possible to open a self-directed brokerage IRA with JPMorgan Chase. Fees are negotiated at account opening, which takes place at a Chase Bank branch with a licensed investment advisor.

Chase Bank IRA Review

JP Morgan Chase Promotion

Open Chase Account



Continue Reading