Chase You Invest℠ Review
Matt is a Certified Financial Planner® and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice, and in 2017 he received the SABEW Best in Business Award.
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Competition in the online brokerage industry has never been more fierce, and investors are the biggest winners. Zero-commission stock trading is now the industry standard, and many brokers offer features that would have cost significant money years ago.
One of the newer players in the online broker arena is Chase You Invest℠, which offers an app-based stock trading platform as well as a robo-advisory service. In this review, we'll take a deep dive into the Chase You Invest℠ platform and explore the pros and cons, fees, and other key facts investors need to know.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
To go with no minimum balance and industry-standard commission free trades, offering no mutual fund commissions makes this a very smart choice for some investors.
$0 per trade
No minimum: Chase You Invest℠ has no minimum balance requirement for a trading account. You can start investing for the price of a single share of whatever stock or ETF you want to buy. However, the Chase You Invest Portfolios robo-advisory service has a $500 minimum initial deposit requirement.
Commission-free trading: Most brokers, especially those that are app-focused, offer free online stock trading. Chase You Invest℠ offers $0 commissions on online and mobile stock and ETF trades, and has a competitive per-contract commission for options trading.
No mutual fund commissions: Chase You Invest℠ is one of the only brokers with $0 commissions on all mutual funds, not just on a select group of no-transaction-fee (NTF) funds. Rivals have mutual fund commissions of as much as $49.99, so this can be a big money saver and is a major differentiator for Chase You Invest℠.
Portfolio Builder: Clients with at least $2,500 in their accounts can use Chase's Portfolio Builder tool to help design an asset allocation for their risk tolerance and investment goals. It can also help clients find individual securities to invest in.
Links with Chase accounts: It can be convenient to have your bank accounts and brokerage assets with the same company, as it makes for generally smoother money transfers. Plus, you can manage your Chase credit cards, bank accounts and any other J.P. Morgan investment accounts all in the same place.
Customer support: Chase's customer support is available by phone from 8 a.m. to 9 p.m. EST on weekdays and 9 a.m. to 5 p.m. on Saturdays. However, the real differentiator is that Chase You Invest℠ customers can also get assistance at any of the nearly 4,900 branches in Chase's network.
What could be improved
Lack of account types: Chase You Invest℠ supports individual and joint brokerage accounts, as well as traditional and Roth IRAs. And to be fair, this is sufficient for the majority of investors. However, if you want to open a SIMPLE IRA, SEP-IRA, trust, custodial account, solo 401(k), or any other specialized account type, you can't do it with Chase You Invest℠.
Trading platform: Chase You Invest℠ is a primarily app-based trading platform and isn't quite as feature-packed or as well-suited to active traders as some of the desktop trading platforms offered by rival brokers. While the app is highly rated, many investors might prefer a broker with a more feature-rich platform.
Research: Chase You Invest℠ clients have access to J.P. Morgan stock research on more than 1,200 U.S. companies, but many rivals offer significantly more options when it comes to research access.
Fractional shares: Some of Chase's rivals offer the ability to buy and sell fractional shares of stocks and ETFs -- say, one-half of a share of Apple. This can be an especially valuable feature for newer investors and those without tons of money to commit to stock investing.
|Stocks and ETFs||Stock Options||Mutual Funds|
|$0||$0.65 per contract||$0|
A couple of notes. First, keep in mind that these commissions are for online trades. Commissions are significantly higher for representative-assisted trades made over the phone.
Second, note that Chase You Invest℠ has a $0 mutual fund commission, which is virtually unheard of in the brokerage industry. Many competitors have thousands of no-transaction-fee funds available, but it's rare to see a flat $0 mutual fund commission for all transactions. It's worth mentioning that there are other costs involved with mutual fund investing, such as the ongoing expense ratios charged by each fund. Plus, some may have upfront sales charges or short-term redemption fees if you sell within 90 days. Even so, a $0 commission on all mutual fund trades can be a major money saver, especially if the funds you're interested in are not offered commission-free elsewhere.
It's also worth mentioning that like many brokers, Chase You Invest℠ offers a robo-advisory service for investors who'd rather not pick their own stocks, ETFs, and mutual funds. Known as You Invest Portfolios, Chase will invest your money in an appropriate portfolio for you for an all-inclusive 0.35% annual management fee.
Buying mutual funds
Buying mutual funds is one of the major differentiators of Chase You Invest℠. Not only is it one of the only app-based trading platforms to offer the ability to buy and sell mutual funds, but it is one of the only brokers of any kind with no mutual fund commissions whatsoever.
Many rivals offer large numbers of funds (even thousands) that trade with no transaction fees. These are known as NTF funds. However, if the fund you want to buy or sell isn't on the broker's NTF list, you'll pay a commission, and these can be as high as $49.99 among online brokers. Therefore, depending on what mutual funds you're buying, the commission-free mutual fund pricing structure offered by Chase You Invest℠ can be a very attractive feature.
Most investors won't encounter any fees on Chase You Invest℠ platform, unless they choose to use the robo-advisory service or are involved in options trading. However, there are a couple of fees that are worth mentioning:
- Account transfer fee: Chase charges $75 to transfer any securities out of the account. For example, if you want to move your entire stock portfolio from Chase to another broker, it'll incur this fee. This does not apply to cash withdrawals, just transfers of securities.
- Broker-assisted trades: If you choose not to use the online portal, and would prefer to place trades over the phone with assistance of a broker, it'll cost $25 per stock trade and $20 per mutual fund investment.
Chase You Invest℠ is primarily an app-based trading platform. The Chase Mobile® App provides a way for Chase You Invest℠ customers to trade on the go. And unlike some of the other leading app-based trading platforms, such as Robinhood, Chase You Invest℠ offers a range of investment products including mutual funds and individual bonds.
The Chase Mobile® App is one of the best-rated apps in the banking world. As of March 2020, the app has a rating of 4.8 out of 5 on the App Store and a 4.4. out of 5 on the Google Play Store.
Unlike many competitors, Chase does not publish its margin interest rates on its website. However, the Chase You Invest℠ platform does offer margin trading at what Chase refers to as "competitive" interest rates.
Access to stock research can be a valuable tool for seasoned investors as well as beginners. Chase You Invest℠ clients have access to J.P. Morgan's proprietary stock research, which covers more than 1,200 publicly traded companies.
Alternatives to consider
There are several excellent online brokers to choose from, and while Chase You Invest℠ is one of our top picks, it may not be the best choice for everyone.
Specifically, if you want a full-featured trading platform and access to third-party stock research from several firms, you might want to look for a desktop-oriented broker like TD Ameritrade that offers those things. TD Ameritrade offers $0 commission online stock trades, but also has a top-rated desktop trading platform (thinkorswim) and extensive research available for many U.S. stocks. It's also a leader when it comes to educational tools for investors.
However, TD Ameritrade doesn't offer the comprehensive $0 mutual fund trading that Chase You Invest℠ does, and if you have other Chase accounts, you won't get the convenience of being able to manage all of your financial accounts in one place.
|Feature||Chase You Invest℠||TD Ameritrade|
|Stock and ETF Commissions||$0/trade||$0/trade|
|Options Trades||$0 base, $0.65/contract||$0 base, $0.65/contract|
|Mutual Funds||$0/transaction||More than 1,900 NTF mutual funds; $49.99/transaction|
This brokerage is right for you if:
- You want to start investing in stocks, ETFs, bonds, and/or mutual funds and don't have a ton of capital to get started.
- You are a mutual fund investor who doesn't want to be limited to a broker's no-transaction-fee (NTF) fund list.
- You are a Chase banking or credit card customer or already have J.P. Morgan investment accounts.
- You don't need a fancy trading platform, access to extensive stock research, or an otherwise feature-rich experience.