Deal has ended, view more Chase deals by clicking here.
Update 11/29/20: Deal is back until 1/15/2021, probably still worth waiting for the $600 bonus to return.
Update 10/18/20 Deal is back through November 23, 2020; updated the link below. A lot of people will hold off with hopes of the $600 deal coming back. Hat tip to reader Jo
Offer at a glance
- Maximum bonus amount:Â $500
- Availability: Nationwide, though the online link won’t work unless you have a branch in your state.
- Â Direct deposit required:Â Yes, no minimum. Click here to view what triggers this bonus.
- Additional requirements:Â None for checking; $15,000 balance for savings
- Hard/soft pull:Â Soft
- Credit card funding:Â Can fund up to $50 with a debit card online (prepaids do not work). Cannot fund with debit or credit in branch.
- Monthly fees:Â $12, waivable
- Early account termination fee:Â Bonus taken back if closed within six months
- Household limit:Â None listed
- Expiration date:Â
August 10th, 2020November 23, 2020January 15, 2021(often pulled early)
Contents
The Offer
Direct link to offer | New Link
- Chase is offering a checking & savings bonus worth up to $500. Bonus is as follows:
- Receive a bonus of $200 when you open a Chase Total checking account and have a direct deposit post to the account within  90 days.
- Receive a bonus of $200 when you open a Chase savings account and deposit $15,000 or more in new money within 20 business days and maintain a balance of $15,000 for 90 days.
- Receive an extra $100 bonus when you complete both of the above bonuses.
The Fine Print
- Checking offer is not available to existing Chase checking customers.
- Savings offer is not available to existing Chase savings customers.
- Both offers are not available to those whose accounts have been closed within 90 days or closed with a negative balance.
- To receive the $200 checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposit made to this account within 90 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Chase Quickpay® with Zelle®) are not considered a direct deposit.
- After you have completed all the above checking requirements, we’ll deposit the bonus in your new account within 10 business days.
- To receive the $200 savings bonus: 1) Open a new Chase SavingsSM account, which is subject to approval; 2) Deposit a total of $15,000 or more in new money into the new savings account within 20 business days of account opening; AND 3) Maintain at least a $15,000 balance for 90 days from the date of deposit.
- The new money cannot be funds held by you at Chase or its affiliates.
- After you have completed all the above savings requirements, we’ll deposit the bonus in your new account within 10 business days.
- To receive the extra $100 bonus: You must open the checking and savings account at the same time and complete all requirements above for BOTH the checking bonus and savings bonus.
- After you have completed all requirements, we will deposit the remaining bonus due in your new checking account within 10 business days.
- You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date and only one bonus per account.
- Coupon is good for one-time use.
- Bonuses are considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
- If either the checking or savings account is closed by the customer or Chase within six months after opening, we will deduct the bonus amount for that account at closing.
Avoiding Fees
Savings Account
The Chase Savings Account comes with a monthly service fee of $5. Monthly fee is waived with any ONE of the following:
- Keep a minimum daily balance of $300 or more
- Have at least one repeating automatic transfer from your Chase checking account of $25 or more; one time transfers do not qualify
- Have a linked Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking account
Checking Account
The Chase Total Checking account comes with a monthly service fee of $10-$12 which is waived if complete any of the following:
- Have monthly direct deposits totaling $500 or more
- Keep a minimum daily balance of $1,500 or more in the checking account
- Keep an average daily balance of $5,000 or more in any combination of qualifying Chase checking, savings and other balances
Early Account Termination Fee
If you close either account within 6 months of account opening, you will forfeit the bonus.
Our Verdict
The standard offer we see is the exact same, but the checking bonus is for $300 instead of $200 (meaning you can get a total of $600 instead of $500). Earlier this year we saw a bonus of up to $900 (you got an extra $400 for doing both the checking & savings), I don’t think that was ever supposed to be public and I highly doubt we will ever see that offer again. I assume Chase is reducing the bonus due to COVID-19, keep in mind if you do this bonus then you’ll be ineligible for future bonuses two years (but also doing this bonus would reset that clock earlier than waiting).
It’s difficult to decide if you should go for this bonus or not. My gut feeling would be to wait to see if this offer gets extended or if we see the $600 bonus return after August 10th. But the bonus could also drop. The safe play is to probably just go for this bonus if you can. Hopefully most readers aren’t eligible due to doing the bigger $900 or $600 bonuses earlier in the year. I’ll add this to the best bank bonus page with the caveats that we’ve seen bigger bonuses recently.
Hat tip to reader devyanks90
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
New promotion expires 07/14/21
Enjoy $225 when you open a new Chase Total Checking® account
and set up direct deposit within 90 days of coupon enrollment.
Details:
https://account.chase.com/consumer/banking/seo?jp_aid_a=T_65596&jp_aid_p=chasehome_3/hero
DP
03/02/21 Opened chase checking for $200 bonus
03/11/21 Transferred $505 from Penfed checking to chase checking
04/01/21 Still nothing is happening
04/02/21 Used Square to get direct deposit into chase
04/13/21 Chase deposited $200 bonus
nes How did you use Square to get a direct deposit into Chase? Did you use the Cash App?
How did you deposit/transfer money from Square to Chase, instant, manual or another way?
Late Dec ’23: Opened chase checking + saving. Transferred several hundred from Penfed checking to Chase checking but no change to the Chase bonus tracker. Few days ago I transferred less than $100 from Square checking and it was accepted as direct deposit. Tracker says bonus should arrive within a week.
Elements activated the bonus dd on the app. thanks William.
The current promotion (expires 4/14/21) is only for a $200 checking account bonus. You may want to post that one.
I was holding out for the $600. It doesn’t look like that it will be available before 4/14/21 – if at all…..
I was holding out too. Thanks for this info, Erik.
I just had crs tell me ” external ach doesn’t count as new money” ”only cash deposits count as new money” where do they find these people
Bring $100 worth of pennies…. It’s cash after all..
I hung up and called again, the other csr said its all good while the first one insisted that it had to be a cash deposit lmao.
Does anyone get payments from VRBO and tried using one of them as a DD option with Chase? I’ve seen Airbnb doesn’t work, but VRBO might be my last possible option to trigger this bonus next time I try it (if I try it).
Wow, chase really doesnt have many methods that trigger DD anymore. Any services I should invest in to trigger? Ive relied on vanguard in the past but they dont see to trigger anymore.
I tried Ameritrade that in the past others said worked. Did not work for me.
I opened both Checking and Saving accounts at the same time back in JULY. I got the bonus for checking, I assumed the saving bonus was easier to achieve since it’s just leave and forget about them, and not worrying what would count as DD.
As usual, I deposited checks and transfer money to my Checking and then transfer the fund (15k) to my Saving (ALWAYS DID THE SAME THING IN THE PAST). I did everything I was supposed to do, after about 90 days, and then 30 more days, I did not see any bonus posted. I freaked out and tried to ask what was wrong. They said they want “NEW MONEY” (The new money cannot be funds held by you at Chase or its affiliates.) and the checking account did not count. I’m not sure if I should just leave it or complain about it.
Please shed some light.
Beware that most ACH no longer trigger DD.
I’m assuming that those of you who are eligible for this offer are going to wait until the >=$600 promo?
I’m coming up on being eligible for both this and Citi and will likely do this one first since my DD is available and its an extra $100. Hoping Citi adds back the extra $100 for DD by the time I’m ready for it.