Update 3/7/20: Deal extended until April 27th, 2020.
Update 1/12/2020: Extended until March 6th, 2020. Hat tip to reader Betelgeuse
Update 11/20/19: Deal has been extended until 01/17/2020.
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
Contents
The 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:
- 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
Did anyone receive tax form 1099 for a $1000 bonus?
Yes. I did by mail.
Thanks, Betelgeuse. When did you receive it?
I think in early Jan. It was one of the first 1099 I received.
how long do i need to pull money from chase before it will count as new money when i put it back?
Here’s the new link:
https://account.chase.com/consumer/banking/XG22496?
Offer is back until 01/20/2021, expect bonus is $750 now
This one seems to be only for new checking customers. You cannot upgrade your existing total checking to Sapphire checking and get the bonus…
“Offer is not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance.”
Any updates on end game strategy? I opened the Chase Sapphire Checking for six months, and new money requirement met as of March 5. So I plan to liquidate VMFXX in YouInvest, and transfer to checking, then ACH out on September 8. Yes, I realize that there are no documented data points showing less than 6 month clawback on this particular offer, but I still don’t trust them and I’m already this close.
What is the best way to pull out the $75K plus change and close accounts? Will they get me for $25 for the month that I make that final ACH out from checking? Does downgrading to Total Checking prevent that?
They shouldn’t charge the fee if you close it soon after statement closes. Sapphire checking has free wire than can be done online to move the money out. Downgrade will work too if you leave 1500$ to waive the fee.
Thanks for the reply. But even if I close the account the day the statement closes, that means there is a new month in which the average daily balance is less than the threshold for having a fee waived. Perhaps when I get to that point, I’ll do a chat with Chase to make sure I’m not getting charged.
Got the bonus after squeaking in almost at the April deadline and scouring the internet for a bonus code. Lesson code yet again do not procrastinate if a good bonus is around. Can be pulled any time. And thanks for the idea to combine the checking with the savings bonus ! Got both at the same time.
My code expired…has anyone have any success to get the branch manager or personal banker to generate a new code? Most of the good bank bonus had been pulled since covid
Don’t think any manager can generate that code, must be done by the system. I’m waiting for this come back too. Anytime soon?
I’d be surprised this returns any time soon but you never know. Let’s hope it does.
Need help!!! I have two total checking now. One opened a few years ago, the other was from downgrade yesterday from Sapphire checking after getting $1000 bonus. ( this downgraded total checking was still linked to YouInvest account with $75000 tied on Money market fund.) Can I close the second total checking account now without being taken away the bonus. I know I could close the first total checking without incurring any loss, but I have everything set up and check book with this account, it’s kind of inconvenient to touch this one. Any suggestions? Thanks.
I liquidated my youvest account, transferred the money out, and downgraded the checking account to total checking.
A banker told me today that the bonus would be clawed back if the account is closed within six months. I don’t remember that at all when I opened the account, and I don’t see it in the paperwork received at account opening.
1. Is there such a clause that I’m overlooking?
2. If the account does need to stay open for six months, could I transfer out all but $1, then close the account at the six-month mark? (I still qualify for Sapphire checking from other Chase accounts, so I’m not worried about fees.)
There is an early account termination fee. See the post: ‘Early account termination fee: Bonus taken back if closed within six months’
Yes, I had seen that part of the post, but I can’t find it in any of the papers received at opening. I just got off the phone with Sapphire Banking, and the CSR said that she does not see a 6 month requirement and that I can close the account without clawback. There was no mention of this when P1 and P2 opened accounts at different times and with different bankers.
Can anyone who signed up for this offer tell me where to find the six month requirement? Alternatively, is there a DP of a clawback on this offer specifically?
This offer might be different in that case, but it’s standard language on other Chase bonuses.