Chase Sapphire Banking $1,000 Upgrade & New Account Offer

Offer at a glance

  • Maximum bonus amount: $1,000
  • Availability: Public
  • Direct deposit required: None
  • Additional requirements: Deposit $75,000 and maintain that for 90 days
  • Hard/soft pull: Soft
  • ChexSystems: No
  • Credit card funding: Cannot fund with debit or credit in branch.
  • Monthly fees: $25, avoidable
  • Early account termination fee: Bonus taken back if closed within six months
  • Household limit:  None listed
  • Expiration date: November 19th, 2019

The Offer

Direct link to offer

  • Chase is offering existing deposit account holders $1,000 when they upgrade to a Chase Sapphire Banking account and complete the following requirements:
    • Within 45 calendar days transfer a total of $75,000 or more qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts, and maintain that balance for at least 90 days (irrespective of any losses or gains due to trading or market fluctuation)

The Fine Print

  • Offer not available to existing Chase Sapphire Banking and Chase Private Client customers. To receive the $1,000 bonus: 1) Meet with a banker to upgrade your relationship or open a new Chase SapphireSM Checking account. 2) Within 45 calendar days, transfer a total of $75,000 or more in qualifying new money or securities to a combination of only eligible accounts:
    • Eligible Accounts: personal checking, savings and/or J.P. Morgan investment accounts (You Invest Brokerage and accounts opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor or Financial Advisor).
    • Ineligible Accounts: any J.P. Morgan retirement accounts (such as Traditional and Roth IRAs, Keoghs, SEP and SIMPLE IRAs, and 401(k) plans); CDs; insurance products; fixed and variable annuities; J.P. Morgan Fund Accounts; 529 College Savings Plans.
  • The qualifying new money cannot be existing deposits, funds or securities held by you at Chase or its affiliates. AND 3) Maintain at least a $75,000 balance for 90 days from the date of funding. Gains, losses, or market fluctuations will not be counted when determining if you have maintained the $75,000 net new money for 90 days. After you have completed all the above requirements, we’ll deposit the bonus in your new account within 10 business days. The Annual Percentage Yield (APY), for Chase Sapphire Checking effective as of 09/09/2019 is 0.01% for all balances in all states. Interest rates are variable and subject to change. Additionally, fees may reduce earnings on the account. You can only participate in one Chase Private Client CheckingSM, Chase SapphireSM Checking or You InvestSM new money bonus in a 12 month period. Coupon is good for one time use and only one bonus per account. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Sapphire Banking has a monthly fee of $25. To avoid this you need to keep $75,000 in the accounts

Early Account Termination Fee

Normally Chase claws back the bonus if the account is closed within six months. Isn’t clear if that’s the case here or not.

Transfer Out Fee

$75 Applies when any securities are transferred out of the account

Our Verdict

Previously this was a $750 bonus, so this is an extra $250. If you did the other bonus I doubt you can match to this one, but might as well try. They have offered a bonus of 60,000 Chase UR points in the past as well, will be interesting to see if they increase that bonus.

Keep in mind getting this bonus can only be done once per 12 month period, you can do a Chase checking/savings bonus every 24 months and they are on different clocks (e.g doing this bonus doesn’t make you ineligible for the Chase checking/savings bonus). I will be adding this to our list of the best bank account bonuses.

Hat tip to  cookie_monster32

Useful posts regarding bank bonuses:

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