Chase is one of the most common consumer banks and financial services organizations in the United States. Nationally, bank workers are paid about 15.68 dollars per hour, according to the Bureau of Labor Statistics. With this statistic in mind, this article will examine how Chase’s wages stack up to the national average.
Chase Pay Rate 2023
An average Chase bank teller makes about $17.00 per hour or about $33,150 dollars per year. Chase bank tellers make approximately $2.00 more per hour than their competitors nationally. Across all business functions, the average salary of a Chase employee is $80,000 per year.
As a major international financial institution, Chase employs a wide range of workers who work in various capacities from bank tellers to financial analysts. Earnings will vary greatly depending on the employees’ function at the company.
Read the next section for a breakdown of the wages for the most common positions at Chase.
Chase Pay by Position
At Chase, pay will differ greatly by business function. Bank tellers are entry-level positions with relatively low wages, while sales members and financial analysts can earn high yearly salaries. In this section, we compare the pay of the most common roles in the entire Chase organization.
Chase branch managers get an average salary of $86k in comparison to entry-level bank tellers of $33k. There is no yearly bonus for bank tellers, and branch managers normally get around a $17k year-end bonus.
The table below shows the most common compensation packages for Chase Employees.
|Job Title||Hourly/Salary||Average Yearly Wages||Average Yearly Bonus|
|Lead Teller Operations Specialist||Hourly||$37,440||N/A|
|Business Relationship Manager||Salary||$85,355||$33,919|
In the data, we see that there is a large gap between entry-level teller positions and more senior roles like sales (Business Relationship Manager) and people management (Branch Manager). However, bank tellers at Chase earn more than their counterparts at competing banks, and generally earn well over minimum wage.
Professional positions such as Business Analyst and Branch Manager not only earn high yearly salaries, but also are eligible for substantial bonuses ranging from $3000 – $33,000 per year.
In the next section, we will review the highest-paying jobs at Chase.
What is Chase’s Highest Paying Position?
According to Glassdoor the highest paying jobs at Chase are at the C-Level, such as Chief Executive Officer (CEO), Chief Technology Officer (CTO), and Chief Financial Officer (CFO). For example, Glassdoor estimates that the Chase CTO earns $635,000 per year including bonuses.
At the executive level, total compensation exceeds normal salary, bonuses, and benefits. In fact, the largest part of many executives’ compensations is usually in the form of stocks and equity.
As an example, the Chase Chairman and CEO earned $31.66 million in 2020, with $25.00 million coming from stock awards.
Other senior leaders such as Directors and Vice Presidents earn between $171,000 – $260,000 per year not including any stock benefits. These high-level workers also earn bonuses that can exceed $100,000 per year.
In the next section, we analyze how wages may differ across different states, so be sure to read on to see where your state might fall.
How Does Chase Pay Vary by State?
Wages tend to vary based on the cost of living in employment. Employees tend to get paid more in high cost of living cities such as Los Angeles, New York, and Boston. In this section, we will break down how Chase’s pay varies from state to state.
The table below shows a sample of US states and the average wage of a Chase bank teller in that state. The state’s minimum wage is used as a measure of the cost of living in that state.
|Average Yearly Wages by State|
|State||Yearly Salary||Minimum Wage by State|
Overall, in almost all of the states above, the salary of an entry-level bank teller exceeds the state’s minimum wages. We can also see that wages tend to be higher in states that have a higher cost of living or minimum wage.
Read on to the next section to see how often Chase pays its employees.
How Often Do Chase Employees Get Paid?
Chase employees get paid on a biweekly basis. This is the overwhelming standard in the United States, as it saves the company money on payroll. Some employees do prefer to be paid on a weekly basis, but this is relatively uncommon.
One example of a company that pays on a weekly basis is Kroger.
Another important part of compensation is bonus eligibility, so read on if you are wondering about Chase’s bonus system.
Do Chase Employees Get a Bonus?
Chase employees are eligible for bonuses, but the magnitude of the bonus will depend on the job function you are in. However, in 2020 all Chase employees received a $1,000 bonus as an incentive for frontline work during the pandemic.
As we saw earlier in the article, some other positions have bonuses as a central part of the compensation plan. For example, a Branch Manager is eligible for a bonus that exceeds $10,000 per year.
An often-overlooked part of a compensation package is benefits – so read to learn what benefits Chase has to offer.
What Benefits Do Chase Employees Get?
Like many other companies, Chase’s compensation package also includes essential benefits. These include quality of life benefits such as parental leave, flexible working hours, and more. Below is a comprehensive list of some of the best benefits Chase has to offer.
- Health Care and Insurance
- Retirement Plans & 401(k)
- Employee Stock Purchase Scheme
- Wellness Programs (health coaches, counseling, and more)
- Parental Leave
- Discounts on electronics, fitness programs, travel, and more
Heath insurance and 401(k)’s are standard but essential benefits for a well-rounded benefits package. But as we saw when examining executive pay at Chase, an opportunity to be provided compensation in stocks can be a huge advantage when compared to other companies.
How Much Does Chase Pay in 2023
All in all, Chase offers a generous compensation package with high wages, bonus opportunities, and a comprehensive benefits package. Entry-level employees at Chase earn more than their counterparts in the industry, as well as those in other entry-level jobs that pay minimum wage.
Also, senior employees are paid above the US median income, and qualify for generous bonuses. These high wages paired with stocks and benefits makes Chase an attractive place to work.
Benjamin is a certified financial advisor, with over 10 years of experience in the industry. He is knowledgeable about various business and financial topics, such as retirement planning and investment management. Ben has been recognized for his work in the financial planning industry. He has also been featured in various publications.