FAQs About Chase’s New Premium Sapphire Banking Account and 60k Bonus
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Update: Some offers mentioned below are no longer available – View the current offers here – Chase Sapphire Preferred® Card
Available exclusively to Chase Sapphire card holders who meet certain requirements which we’ll discuss below, this premium checking account is now offering a 60,000-point sign-up bonus in-branch. Some existing Chase checking and savings clients who don’t have a Sapphire card yet are being targeted for a $750 offer instead, though note that the points are worth more than this cash bonus, according to our valuations.
This offer can be stacked with the 50,000-point sign-up bonus from the Chase Sapphire Preferred Card or Chase Sapphire Reserve if you don’t have either card yet, meaning if you qualify for this account and earn the bonus for one of those cards, you’d earn more than 110,000 Chase Ultimate Rewards points. This is a limited-time bonus, though Chase hasn’t shared details on when the offer will end yet.
Since this Sapphire Banking offer is a little more complicated than a credit card sign-up bonus (spend this much money, get this many points, travel the world, rinse and repeat), we’ve rounded up some of the most frequently asked questions from readers and reached out to Chase for clarification. If you have a question that wasn’t addressed here, ask it in the comments and we’ll do our best to get you an answer.
Q: What is Sapphire Banking?
A: Sapphire Banking is a replacement for Chase’s Premier Platinum Checking account for customers who have an average of at least $75,000 in monthly balances.
Q: What benefits will I get with Sapphire Banking?
A: Customers who meet balance requirements will enjoy no ATM fees, as well as free online stock and ETF trades with You Invest by J.P. Morgan, no exchange rate fees, no fees on outgoing wire transfers, and access to exclusive experiences including lounges at sports events and concerts and access to early ticket sales for certain events.
Q: When can I sign up for the checking account with a sign-up bonus?
A: The checking account has been available since Aug. 27, but customers can also sign up with the sign-up bonus offer in-branch. You can also apply online.
Q: What are the requirements for earning the 60,000 Ultimate Rewards points bonus offer?
A: Eligible Sapphire card holders who open or upgrade to a new Sapphire banking account with at least $75,000 in new qualifying deposits and/or investments will receive 60,000 Ultimate Rewards points, worth $1,200 based on TPG’s latest valuations. Eligible customers must have a valid coupon code and meet terms and conditions of the offer to redeem the 60,000. To determine eligibility, please visit a local Chase branch and speak with a banker.
Q: Is the Sapphire Banking Ultimate Rewards 60k offer available to everyone?
A: The Ultimate Rewards offer is available to select Sapphire credit card customers (Chase Sapphire, Chase Sapphire Reserve or the Chase Sapphire Preferred). You will need a valid offer code to apply. If you didn’t receive an offer, please visit your Chase branch to determine if you are eligible.
Q: How can I get an offer code?
A: Eligible customers will receive instructions from Chase on how to apply after Jan. 7, 2019. Sapphire card members can also visit a branch to determine if they are eligible.
Q: What counts toward the $75,000 balance requirement?
A: You need to bring in $75,000 in new assets, including:
- Checking accounts (up to nine personal checking accounts, excluding Chase Private Client checking)
- Personal savings accounts (excluding Chase Private Client Savings)
- Liquid cards
- Certain retirement CDs
- Certain retirement money market accounts and investment and annuity products offered by JPMorgan Chase & Co. or its affiliates and agencies
On that last point, cash transfers and securities (like ETFs and mutual funds) from other non-retirement brokerage accounts like Vanguard will count toward the $75,000 requirement.
As for what does not qualify, Chase says 529 college savings plans; any retirement accounts including traditional Roth and IRAs, Keogh, Simple IRAs and 401(k) plans; fixed and variable annuities; and insurance products are excluded.
Q: How long do I need to maintain the $75,000 requirement to earn the bonus?
A: Your account must maintain $75,000 in qualifying deposits for 90 days to earn the bonus.
Q: When will the bonus points post?
After you’ve met this requirement, Chase will credit the points to your account within 45 days.
Q: Is the Sapphire Banking Ultimate Rewards offer available to everyone?
A: The Ultimate Rewards offer has been designed specifically for Sapphire credit card customers (Chase Sapphire Reserve or the Chase Sapphire Preferred). You will need an offer code to apply, and if you don’t currently have a Sapphire card, you’ll need to apply for one first.
Q: How can I get an offer code?
A: Eligible customers will be sent instructions on how to apply beginning on October 15. Sapphire card members can also visit a branch to determine if they are eligible, and begin signing up in person on October 1.
Q: Are there any Sapphire card holders who are not eligible?
A: This offer is designed for new Sapphire Banking relationships. Some Sapphire card members may not qualify based on their existing relationship with J.P. Morgan Chase — including existing Private Banking, Chase Private Clients, and the original Premier Platinum customers who were converted to Sapphire Banking on August 26. Sapphire credit card customers who opened or upgraded to a Sapphire Banking account before the offer was available — on and after August 27 — are eligible, but will need to talk with a banker or visit a Chase branch to get the offer.
Q: If the account is closed after 90 days, will the points still be awarded?
A: The account must stay open for 90 days plus (up to) 45 days until the points post. However, if the account is closed within six months from opening, the value of the points will be deducted from the account at closing. This product and offer are designed for customers who are looking for a primary bank account that will serve them long-term; not just as a way to quickly earn points.
Q: Is there a minimum account balance after the bonus has been earned?
A: There is no minimum balance to maintain the account, but customers with under $75,000 in average monthly balances will be charged a $25 monthly maintenance fee.
Q: Can I upgrade my checking account online to take advantage of the offer?
A: While new Sapphire Banking accounts can be opened online, customers looking to upgrade their existing Chase checking accounts to Sapphire Banking and receive the offer will need to visit a branch.
Q: Will I owe taxes on the 60,000-point bonus?
A: Unlike credit card sign-up bonuses which are generally not taxable, Sapphire banking customers will be issued a 1099-INT form for their bonus points. Chase values the points at 1 cent each, so customers will owe taxes on the $600 value of the bonus. Both Chase and TPG recommend consulting with a tax professional.
Q: Are authorized users of a Sapphire card eligible for this offer?
A: No, the offer is only available to the primary card holder.
Q: Can I apply online now if there aren’t any Chase branches in my state?
A: No, if you don’t live in a state with Chase branches you’ll still have to visit a branch in person to take advantage of this offer. Sapphire Banking is a checking account and only available to customers who live in states with a branch, or who have a branch within driving distance.
Q: Does Chase have plans to offer similar points incentives to Chase Private Client customers?
A: Chase says, “We’re always looking at ways to reward our clients across our many products. We’re continuing to explore future offers, including for CPC customers on top of the many benefits they get already.”
Q: Can these points be transferred and redeemed like regular Ultimate Rewards points?
A: Yes, you’ll enjoy all the lucrative redemption options that come with Chase Ultimate Rewards points, including transferring them to 13 hotel and airline partners, or redeeming for travel directly through Chase with a 25% or 50% bonus (depending on whether you have the Sapphire Preferred or Sapphire Reserve).
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