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Chase Bank IRA Accounts Review For 2021


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 2021. 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 Chase You Invest Trade

But the brokerage division of Chase does offer retirement accounts. With the launch of You Invest Trade 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 You Invest Trade.

You Invest Trade 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 (just 3,128 to be exact; TD Ameritrade has over 12,000). 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 Chase You Invest Review...


Chase IRA Review


IRAs at Chase You Invest Portfolios

And then there’s the company’s managed account service. Called You Invest 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 You Invest Trade, You Invest 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 You Invest Trade, You Invest 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


Comparison

Although Chase Bank has eliminated its IRA service, Ally Bank has not. It offers IRA CDs paying interest above 0.8% right now with FDIC insurance and no fees. Moreover, the bank offers SEP accounts.

On the brokerage side, the restriction of investment options at You Invest Portfolios to only JPMorgan funds seems a little peculiar. By comparison, M1 Finance uses multiple fund families.




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