This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.
While we typically focus on excellent credit card offers, we don’t want you to miss out on other great deals that we find, such as these new publicly available Chase checking and savings bonuses that can earn you up to $500 cash back. (And no, unfortunately there’s no option to take the bonuses in Ultimate Reward points.)
Here’s the deal: Now through November 15, open a new checking ($300) and/or savings ($200) account to earn up to $500 in bonuses. To get started, log into an existing Chase user account to generate a unique coupon code, which you can take into any Chase branch to open the account(s). Note that this offer may not be available for all customers.
Checking: In order to get the $300 checking bonus, you need to open a new Chase Total Checking account with at least $25. Then, within 60 days, a direct deposit must be deposited into this checking account. It’s that easy.
Savings: The $200 savings account is a bit harder to get. To get the bonus, you must open a Chase Savings account and deposit at least $15,000 into the account within 10 business days. Then, you must maintain at least a $15,000 average balance for 90 days to receive the bonus.
Checking: $12 per month — unless you qualify for an exemption. The easiest exemption is to have direct deposit(s) of at least $500 per month. If you’re unable to change your payroll direct deposit, you need to maintain a $1,500 average balance in the checking account — or $5,000 in all linked Chase accounts — to avoid the monthly fee.
Savings: $5 per month — unless you qualify for an exemption. You just need to keep a $300 average balance to get the monthly fee waived. You’ll need to have at least $15,000 in the account for the first 90 days, so you won’t have to worry about this fee for the first three months. If you withdraw the $15,000 after 90 days, there are a few other options to still avoid the fee.
No worries here. While Chase will check your credit history, doing so won’t affect your credit score. It’ll be similar to you checking your own credit score — rather than the inquiry that would appear during a credit card application.
Current customers: The $300 checking bonus isn’t available to current Chase checking customers. Similarly, the $200 savings bonus can’t be earned by customers who currently have a Chase savings account. However, if you only have one or the other, this is a great way to get a bonus just for opening a new account. Neither bonus is available if you have a fiduciary account with Chase.
Former Chase customers must have closed accounts more than 90 days ago to earn these bonuses. If you close an account within six month of opening, Chase reserves the right to withhold the bonus from your closing balance.
Unlike cash back credit card bonuses, these checking and savings bonuses are taxable. Chase will provide a Form 1099-INT to you reporting the bonus(es) you received. You’ll need to include this on your tax return.
Is It Worth It?
If you have less than $15,000 in available bank funds, you’re only going to be able to earn the $300 checking bonus. But, this is still a great deal. All you need is the bonus code, $25 as an initial deposit and direct deposit(s) of at least $500 per month for six months to net $300 fee-free.
If you have at least $15,000 sitting in another low-interest bank account, moving it to Chase can make a lot of sense. Assuming you have $15,000 in a 1% savings account, you’re only going to earn $75 of interest on that money in six months. Instead, you can move this money — and a direct deposit — to Chase for six months and earn $500 on the same balance.
Since the interest rate on the savings account is currently just 0.01%, the bonus is truly your only interest earnings. This makes the Chase Savings account a hard sell for long-term use.
H/T: Doctor Of Credit
The Points Guy Assessment:
The Chase Sapphire Preferred is a great pick for the beginner and the frequent traveler. The CSP has superb travel benefits, double points on certain purchases, and a 50,000 point sign up bonus. The $95 annual fee is waived the first year so this puts it as one of the less expensive cards, while still allowing you to earn one of the most valuable point currencies.
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
- Chase Sapphire Preferred® named a 'Best Travel Credit Card' by MONEY® Magazine, 2016-2017
- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- No foreign transaction fees
- 1:1 point transfer to leading airline and hotel loyalty programs
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
- No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards