Offer at a glance
- Maximum bonus amount: 60,000 Chase Ultimate Rewards
- Availability: Nationwide, in branch Must be a Chase Sapphire customer
- 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: None listed
Contents
The Offer
No direct link, in branch only
- Chase is now offering a bonus of 60,000 Chase Ultimate Rewards points to Chase Sapphire cardholders (No annual fee, Preferred & Reserve) that start or upgrade a Sapphire Banking relationship. To receive the bonus you must:
- Open or upgrade to a new Sapphire Banking relationship and bring $75,000 in new qualifying deposits and/or investments to Chase
- Deposit funds into the account within 45 days and maintain that balance for at least 90 days
The Fine Print
- Points will post to the account within 45 days of meeting the requirements
- Clients may participate in only one Sapphire checking or Chase Private Client checking new money bonus per 12 month period
- 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.
Our Verdict
For most people the best option would be to put $75,000 in investments (keep in mind You Invest offers free trades). Just be sure to be aware of any tax implications when transferring investments. If you just put $75,000 in straight cash you’ll be losing out on a lot of interest. This offer will be available online starting October 15th, they will also be offering a $750 bonus to some non-cardholders and a $1,250 bonus for upgrading to Chase Private Client. Might make sense to just wait for the bonus to be available online to save yourself a trip to the branch. I won’t be adding this to our best checking bonus page purely because it seems not all Sapphire cardholders will actually be eligible for this bonus.
If you have $75,000 in investments you can easily move then I do think this is a good bonus. If you moved $75,000 in cash over you’d really need it in the account for six months. If you put those same funds in a 2.25% APY account you’d earn $840+, because of that I don’t think it’s worth doing if you’re moving cash. I really see this as more of a brokerage bonus than a checking one.
Big thanks to our Chase source for this information
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
DP: Just received a 1099-INT from Chase. They say I had $600 in interest income from the 60k UR bonus points. Honestly, a fair valuation since you can redeem for cash at $0.01/point.
Does it have to be one time transfer of 75000$ or can be multiple transfers to total 75000$?
I went to my local branch today to open a new business account. I asked about this deal and the banker didn’t know anything about it.
You can typically transfer stock investments without selling them through ACATS. Also relevant for avoiding taxes is whether or not You Invest supports IRAs and whether they count towards the required asset level.
So yeah, likely the best course of action is taking a brokerage and/or IRA account, doing an account transfer to You Invest, and using that to qualify for the bonus.
The Points Guy is reporting that retirement accounts are not eligible as part of the $75k.
“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.”
https://thepointsguy.com/news/faqs-chase-sapphire-banking/
Was thinking of hitting the $500 Chase checking bonus, but would like the UR bonus even more. Any idea if signing up for the standard account now helps/hurts chances to be targeted for Sapphire?
What are the money market options at Chase if you do move cash over? Anything in You Invest? thanks
You Invest has pretty much any ETF you’d like, and there are various short-term bond funds and money market ETFs available. VGSH has a duration of just 2 years and a SEC yield of 2.67% and would be an appropriate choice – it takes some interest rate risk, but a massive 1% rise in rates would only hit the value of the ETF by 2%.
Does Chase allow more than one checking account? I have CPC Checking and Savings and thinking of jumping into this. Will they allow Sapphire and CPC Checking open and active simultaneously?
This DOC website is so amazing, with vast information related to CCs, bank accounts and some. The users are amazing and so are the moderators. I am addicted already
Glad you like the site
Curious how the “new money” is determined. How long must the money be outside of the Chase ecosystem? Any experts know?
It just means money not currently held in a Chase account of some type. You can transfer it in from any other source.
the question is – what if I have this money in a Chase account now, transfer it out – for how long I need to wait before transferring it back
Should be instant.
Would it make sense to take 75k from my high yield savings and put in a a mmf etf? From what i can tell 2% in these is reasonable.
Problem would be that it would incurr a $75 transfer out fee. Anyone else thinking along these lines?