We recently told everybody that one of the best ways to get a high Chase bank account sign up bonus was by purchasing the coupons directly from eBay. The best offer at the time was for $400 ($200 for signing up to the checking account and another $200 for the savings account). It looks like Chase has started sending out even bigger coupons and you can now get a total of $600 ($300 from checking and another $300 from savings).
[Find these coupons for sale on eBay]Â
[Read: Chase Coupon Codes]
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Contents
$300 Chase Premier Checking Coupon
To be eligible for this deal you need to complete the following requirements:
- Apply for and be approved for a Chase Premier Checking account (not everybody is eligible, the only way to find out is by applying)
- Deposit at least $100 within 10 days of the account being opened
- Receive a direct deposit within the first 60 days of account opening (no minimum specified)
- Bonus will be posted to the account with 10 business days of the above being completed
The premier checking account comes with a monthly fee of $25. This is waived if one of the following is meet:
- Average daily balance of $15,000 or more in deposits or investments (this includes money you have in a Chase savings account) or
- Automatic payments set up to a qualifying Chase mortgage
$300 Chase Savings Plus Coupon
To be eligible for this deal you need to complete the following:
- Apply for and be approved for a Chase Savings Plus account (not everybody is approved)
- Deposit $25,000 of new money within 10 days of account opening
- Have an average balance of at least $25,000 for a period of 60 days
- Bonus is deposited within 10 working days of completing the above
The Chase Savings Plus account comes with a monthly fee of $20, this is waived if you complete any of the following:
- Have a minimum daily balance of at least $15,000 or
- Have a linked Chase checking account with Private Wealth Management
Terms & Conditions
Our Verdict
$600 is a lot of money, but remember you do have to pay taxes on bank account bonuses so most people will end up with far less. To take advantage of this, you’ll also need $25,000 in savings that can be transferred to the Chase Savings account. By doing this, you’ll hit the saving account bonus and both accounts will be fee free. You’ll also need to do at least one direct deposit and add an additional $100 to fund the checking account. Doing the direct deposit is quite easy, because there are a lot of different methods Chase counts as a direct deposit (even though they claim only a paycheck or government benefit will count).
Unfortunately Chase states that you need to keep this accounts open for a minimum of six months otherwise they will claw back the bonus (if you simply withdraw or transfer all the money and then cancel, you’ll be flagged and won’t be able to partake in future bonuses including credit card sign up bonuses).
This means you’ll have your $25,000 tied up for at least 8-9 months (must have it in the account for 2 months and then must keep the balance over $15,000 to avoid monthly fees). Chase is currently offering an interest rate of only 0.05%, meaning you’ll earn $10.42 in interest (0.0005 * 25,000 * (10/12)). Other banks offer rates at 1% which would result in interest of $208.33, meaning you’re actually making about $200 less than you think.
Another thing to consider is that you could have this money invested in the stock market, last years return was 20%+ which would’ve resulted in a gain of $4,166.67. There is obviously less risk in having your money tied in a savings account which is FDIC insured, and 20% is by no means the average return you should expect from the market.
We’d suggest only doing this deal if you plan to have a $25,000 or more tied up in a savings account. If you don’t, you’re likely to be better off investing it elsewhere.
Remember there is also a current $400 offer that only requires a $15,000 deposit and there is also a $150 offer for the checking account which doesn’t have the savings account and only requires a $100 opening amount and a direct deposit.
Click to find one of the $600 Chase coupon codes.
Did you receive one of these codes? Are you going to purchase one of these from eBay? Let us know in the comments.
Is doing a product change after the 60 day min balance an option? That way you can withdraw the principal after 60 days without fees or closing the account.
Not sure, Colin. Maybe another reader can help, I presume they consider that an account closure though.