JPMorgan Chase has introduced a new premium checking account, dubbed Sapphire Banking, to deliver more services to its elite customers.

The new service is available free of cost for customers who can maintain an average balance of $75,000 in qualifying deposits or investments.

The bank will charge a monthly service fee of $25 for those who cannot meet this requirement.

All customers are entitled to free ATM withdrawals globally, free foreign exchange transactions and ongoing wire transfers.

They will also receive access to Sapphire lounges at special events as well as financial guidance services from Chase banking specialists.

The Sapphire Banking debit card also provides higher ATM limits to the customers.

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Furthermore, the bank also announced that soon all Sapphire credit card holders will be able to earn 60,000 Ultimate Rewards points when they open or upgrade to a Sapphire Banking account.

Chase consumer banking CEO Thasunda Duckett said: “We believe we can drive the same fierce loyalty we built for the Sapphire card to a Sapphire bank account.

“This new account already comes with the assets of Chase – our mobile app and, 16,000 ATMs, 5,100 branches, and over 50,000 of our branch employees.

“On top of that, Sapphire Banking customers get new benefits and experiences across Chase, and we’ve committed that we will add more so the product gets better over time.”

The lender also noted that Sapphire Banking service provides the customers a commission-free stock and ETF trades with digital investment platform You Invest.