Chase You Invest Review
Chase You Invest
If you’re a beginning investor and want an easy-to-use, low-cost investment platform, Chase You Invest is worth looking into.
- Easy to use platform
- Low fees
- Free robo advising service
- Fewer investment options
You Invest by J.P. Morgan is Chase Bank’s online investment service. As a customer, you can trade stocks, invest in ETFs, and purchase options using the platform.
You can also have your portfolio managed by the company for a small fee.
These days, it seems as if every big bank is scrambling to keep up with the trend of online-only investing—and You Invest by J.P. Morgan is no exception.
Keep reading to learn everything you need to know about the service, including the investment options they offer, the fees they charge, how to sign up, and more.
About Chase You Invest
Chase You Invest is a low-cost online investing platform that was launched in 2018. The service is backed by J.P. Morgan—the holding company of Chase Bank—which has over $2.5 trillion in assets. Yes, that’s trillion with a “t.”
Chase You Invest offers customers an easy way to invest online. If you’re already a Chase customer, the service is a breeze to use because you can manage all of your finances within the same platform (e.g., your checking account, savings account, auto loan, home mortgage, and investment account).
The service might be particularly attractive to new investors because there are no minimum balance requirements to get started.
Let’s take a look at the specific ways you can manage your money with You Invest.
Chase You Invest Features
You Invest App
You Invest transactions can be handled within the top-rated Chase Mobile app, which has a 4.8-star rating (out of 5) in the App Store and a 4.4-star rating (out of 5) in the Google Play Store. Between the two app stores, the app has over 3 million reviews. Wow!
You Invest Trade
With a You Invest Trade account, customers get unlimited commission-free trades on stocks, ETFs, options, fixed income assets, and mutual funds. Keep in mind the free trade policy only applies to online trades; if you need help from a representative, fees may apply.
Also, while trading options are free, options contracts cost $0.65.
There are three types of trade accounts that you can open:
- Brokerage Accounts let individuals or couples invest their taxable income into a You Invest investment account. This account offers unrestricted access to your funds. So, in the event you need to, you may withdraw them any time—which isn’t always the case for other kinds of investment accounts.
- Traditional IRA is a tax-deductible retirement account for long-term investors. As with all IRAs, you shouldn’t plan to access this money until you retire. If you withdraw funds from this account too soon, you will incur a tax penalty.
- Roth IRA is where you can invest your post-tax income, but—unlike traditional IRAs—you won’t have to pay taxes on any earnings that accumulate. If you need to take out money before you retire, you’ll be able to withdraw your contributions at any time. However, you will likely have to pay a penalty if you withdraw your earnings.
INVESTMENT PRODUCTS: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
You Invest Portfolio Builder
If you have at least $2,500 in your You Invest account, you’ll be able to use their Portfolio Builder, a tool that helps you select investment funds and build a portfolio based on your goals and risk tolerance. This is basically Chase’s robo-advising service.
But the best part is—if you do it yourself—there aren’t any fees. Keep in mind that, if you use this service, you’ll only be able to choose from stocks and ETFs as you build your portfolio (which seems pretty standard to me).
You Invest Portfolio
If you have at least $500 to invest and would like more guidance about where to allocate your funds, a You Invest Portfolio account might be a good call. When you sign up for this kind of account, you’ll be asked about your investment goals and risk tolerance. The company will then suggest an investment portfolio for you based on these responses.
You Invest Portfolio accounts are similar to a hybrid robo-advisor service that many other financial firms offer. The advisory fee is a reasonably low 0.35%—regardless of how much money you have invested.
Chase You Invest Fees
There’s no cost to sign up for You Invest, and no monthly or annual account fees, either.
There are also no fees to trade funds online. If you want to open a You Invest Portfolio account, you’ll pay an annual asset under management fee of 0.35%.
To get started investing with Chase You Invest, select the type of account you want to open: Trade Brokerage, Traditional IRA, Roth IRA, or Managed Portfolio.
Taking the brokerage route, confirm if you want to open an individual or joint account and if you’re already a Chase customer.
If you’re a Chase customer, it’s time to sign in to your account. The sign-up process will be much quicker because Chase already has your personal information on file.
If you’re not a Chase customer, you’ll need to enter your first name, last name, country of citizenship, address, date of birth, phone number, email address, driver’s license number, and Social Security number.
Once that’s done, enter your preferred username and password. Next, enter your job information.
After that’s done, you can elect a trusted contact and beneficiary, although this isn’t required.
At the next step, you’ll have to agree to the terms and conditions. Voila! You’re all set.
As you can see, it’s pretty easy to sign up for an account—even if you aren’t already a Chase customer. The whole process should be pretty intuitive and shouldn’t take more than a handful of minutes.
Chase You Invest Bonus Offer
You Invest is offering a bonus of $725 for new customers that deposit $25,000 or more from a non-Chase or non-J.P. Morgan account.
Once you maintain the balance for 90 days, they’ll add your bonus within 10 business days.
This offer is valid until 07/02/2020.
INVESTMENT PRODUCTS: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
You Invest is backed by the largest bank in the U.S., so you can assume that the platform is safe to use.
The company has a variety of security measures in place that are designed to protect your account, including multi-factor authentication, continuous monitoring of suspicious activity, and 128-bit encryption technology, among other things.
You Invest has phone agents standing by Monday through Friday from 9 a.m. to 9 p.m. Eastern Time. On Saturday, phone support is available from 9 a.m. to 5 p.m. Eastern Time.
The number to call is 1-800-392-5749.
Pros and Cons
- Easy to use and low cost
- Portfolio builder is a a free robo-advising service
- Appealing to a wide-range of beginning investors—especially if they’re already Chase customers
- Lacks advanced tools that experienced investors might want
- Fewer investment options than main competitors
- Need a minimum of $500 to invest in a managed portfolio account and at least $2,500 to use Portfolio Builder.
Alternatives to Chase You Invest
The most popular alternatives to You Invest are:
- Charles Schwab
- TD Ameritrade
- Ally Invest
- Personal Capital
Is Chase You Invest Free?
Yes. In most cases, You Invest is free to use. However, if you want a managed portfolio account, you’ll pay a 0.35% assets under management fee.
What is You Invest by J.P. Morgan?
You Invest is J.P. Morgan’s new online investment and robo-advising service where you can trade stocks, ETFs, options, and mutual funds without having to actively manage your account.
What is Chase You Invest?
See above. You Invest is J.P. Morgan (aka Chase Bank’s) online investing and robo-advising service.
Does Chase You Invest Allow Options Trading?
Yes. You can trade options for free with You Invest if you conduct the trade online. Options contracts cost $0.65.
Is Chase You Invest Right for Me?
If you’re a beginning investor and want an easy-to-use, low-cost investment platform, Chase You Invest is probably worth a look.
The platform might be especially appealing to existing Chase customers who are looking for a hands-off investment option—without having to open up a new account with a separate financial institution.
Experienced traders, however, might find the lack of tools and available funds limiting. Then again, if you’re an experienced trader, you probably already know this. And you probably already have your funds invested with a more robust platform (like TD Ameritrade, for example).
Whichever investment platform you choose, make sure to go with one that you can trust and that you feel comfortable using. You Invest is likely going to be that platform for many new investors in the years to come, and hats off to them.
On the journey to financial freedom, the first step is getting your money in order. The second step is saving as much as you can and investing those funds so that your earnings compound—putting you on track for early retirement.
Here’s to making wise investment decisions that help you achieve financial independence!