Update 2/21/23: At some point the terms changed slightly so that you only need to have the funds in the account from day 45 through day 90. There has also been some discussion in the comments about using J.P. Morgan investing without paying fees. And so there might be ways for this offer to make sense.
Update 2/20/23: There’s a new link (open incognito) with a tiered deposit requirement – $1,000 bonus with $150,000; $2,000 bonus with $250,000; $3,000 bonus with $500,000. Still none of these are very interesting IMO given the loss of interest on the funds.
Update 1/13/23: Offer extended to 4/19/23.
Offer at a glance
- Maximum bonus amount: $2,000
- Availability: Nationwide, in-branch only
- Direct deposit required: None
- Additional requirements: Deposit $250,000 and maintain for 90 days
- Hard/soft pull: Soft
- ChexSystems: No
- Credit card funding: Cannot fund with debit or credit in branch.
- Monthly fees: None
- Early account termination fee: Bonus taken back if closed within six months
- Household limit: None listed
- Expiration date:
April 23rd, 2019 June 15th, 2019 August 6th, 2019 September 28th, 2019November 19th, 2019 October 19, 2022April 19, 2023
Contents
The Offer
Direct link to offer (incognito)
- Meet with a Private Client Banker to upgrade (or open) your Chase account to Chase Private Client and receive a bonus of up to $2,000 when you meet the following requirements:
- Within 45 days transfer a total of $250,000 or more in new money to a combination of eligible check, savings and/or eligible investment accounts (deposit $250,000 for $2,000 bonus or $150,000 for $1,000 bonus)
- Maintain that balance for at least 90 days
The Fine Print
- Offer not available to existing Chase Private Client customers.
- To receive the $1,250 bonus: 1) Meet with a Private Client Banker to upgrade your existing account to Chase Private Client CheckingSM account. 2) Within 45 calendar days, transfer a total of $250,000 or more in qualifying new money or securities to an eligible checking, savings and/or J.P. Morgan investment accounts (opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor or Financial Advisor).
- Ineligible accounts: any You InvestSM accounts, Certificates of Deposit, insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts such as Traditional and Roth IRAs, Keogh, Simple IRAs, and 401(k) Plans.
- The qualifying new money or securities must be transferred from non-Chase or J.P. Morgan accounts and cannot be funds or securities held by Chase or its affiliates. AND 3) Maintain at least a $250,000 balance for at least 90 days from the date of funding (gains and losses to qualifying investment balances from trading or market fluctuation will not be counted for purposes of meeting the balance requirements).
- After you have completed all the above requirements, we will deposit the bonus in your existing Chase Private Client Checking account within 10 business days.
- The Annual Percentage Yield (APY), for Chase Private Client Checking effective as of 01/22/19 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 Checking, Sapphire Checking or You Invest new money bonus in a 12 month period.
- 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).
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
As far as I know there is no monthly fee, but if you don’t maintain the $250,000 balance requirement they might downgrade your account to something else
Early Account Termination Fee
Bonus taken back if closed within six months
Our Verdict
You could sign up for a $600 checking/savings bonus and then wait six months and then do this $1,250 deal in branch. The fine print says you’re not eligible for this bonus if you’ve done any Sapphire Checking, Chase Private Client Checking or You Invest new money bonus in a 12 month period, rather than every two years on the regular Chase checking/savings bonus.
For most people this $2,000 Chase Private Client bonus isn’t worth considering because YouInvest balances do not qualify and Chase deposit accounts earn a very low APR and the other investment accounts have higher fees than other options. Because of that I wouldn’t recommend signing up for this deal.
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
Post history:
- Update 10/15/22: Offer extended to 1/25/23
- Update 8/15/22: Deal is back at this link (incognito) and valid through 10/19/22. The fine print indicates it works for new Chase checking customers or existing checking customers who upgrade or existing Private Clients who make a $250,000 deposit. Requires Chase branch visit.
- Update 1/18/21: Deal is back, but has been reduced to $2,000. Valid until 4/14/21.
- Update 11/22/20: Deal has been increased to a maximum $3,000 bonus. Hat tip to reader EW
- Update 9/27/20: Deal extended until 11/23/20.
- Update 8/10/20: Extended until 10/1/20.
- Update 5/26/20: Deal might be better than we originally thought. Normally there is a 1.25% fee, YouInvest doesn’t have this fee but is excluded from counting for this bonus. They have another self directed account called “Full Service“, this has no management fee if your a Chase Private Client (CPC). There is an annual fee of $50, but this is waived if you are CPC or have $25,000 in investments.
- Update 5/25/20: Deal is back and valid until 8/10/20. Hat tip to reader Don
- Update 1/19/20: Deal has been extended until March 6th, 2020.
- Update 11/20/19: Bonus has been extended until January 17th, 2020.
- Update 11/8/19: Bonus has been increased to $2,000 (up from $1,250).
- Update 8/15/19: Deal has been extended until September 28th, 2019. Hat tip to MtM
- Update 6/17/19: Deal has been extended until August 6th, 2019.
- Update 4/24/19: Deal has been extended until June 15th, 2019.
Can we trade treasury by call them under this non-fee full service account? Anyone has experience? thanks.
I’m looking to do this after WellsFargo WellsTrade promo. Would transferring treasury bills from the broker over work and count?
Which JP Morgan wealth management non-retirement accounts would qualify? I’m looking for one that doesn’t have any fees and one that I could manage on my own (mostly buying t bills)
I’m trying to understand what accounts are Eligible J.P. Morgan Wealth Management non-retirement accounts (opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor)
Full service brokerage is what you want. Some folks have gotten pushback from the investment advisors at their local branches, YMMV.
What’s the strategy to get them to open a full service brokerage? Do you ask before you even present the code to them? That way you don’t waste time opening the upgraded checking account? What did you write in your appointment details?
Would saying that you know what you want right now but down the road you might need their help with placing trades on different investments get them to open the full service brokerage for you?
I emailed with a banker at my branch and told him what I was looking to do before I even made an appointment. He checked with the investment advisor and then made the appointment.
Appointment today to try to open a ‘full service brokerage’ not the managed one. I’ll report back on my experience and success or lack thereof.
Success! I think I got lucky with an awesome investment advisor, he didn’t push the managed account he just listened to what I wanted and made it happen.
Looking into the fee schedule on the brokerage it appears that if the advisor makes a stock/ETF trade for you it’s a 1% fee on the transaction. If you do it yourself on chase.com then it’s free. Also there’s no add’l fee for mutual fund buying/selling.
I still have not found an investment advisor who doesn’t require managed account. I need to fully fund my account soon so I may have to do a managed account. I don’t have a choice.
Anyone tried to compare the T-Bill rates on Chase with those on Fidelity? I remember someone mentioned here that Chase has big markup so that the yield is not as competitive as what we can get from other brokerages. Is this true? Thanks.
No real difference, they never marked up T-Bills in my account but the secondary market selections differ from broker to broker.
I am told by a JPM advisor that there is an annual fee of 1.2% for private client advisor. The fee would be $3k for a deposit of $250k. How are you guys getting around that? Otherwise, it won’t make this deal worth doing for me.
That’s for a “Managed” account (and also 1.2 is VERY high, most advisors would open one for you with a lower % fee like .5).
The account you want is the no-fee brokerage account opened through the JPM advisor. Advisors will push you towards the fee version, you have to sweet talk them in to opening a no-fee brokerage.
If you were able to open a no-fee brokerage account through the JPM advisor, are you able to avoid the advisor fee completely? How about transaction fees?
No annual fees, no transaction fees. I’ve been with them for a few years and received this bonus a few months ago.
What’s the best excuse to have them open a no-fee brokerage account for you? Can you buy CDs in there?
You can buy secondary market securities through almost any brokerage, but I never bought CD’s through Chase, even though I do see they have very competitive rates on Chase issued CD’s available at Etrade. So Chase would very likely also sell them.
Terms says:
– Ineligible Accounts: Chase business checking and savings accounts, any J.P. Morgan Self-Directed Investing & Automated Investing accounts,
Do you also have to sweet talk them into overriding this and give you the bonus anyways even for a self directed account?
The terms are referring to the self directed account that you open yourself. The one opened by a JP Morgan Advisor is eligible for this bonus.
General rule for this bonus….
If you are filling things out yourself and to open the brokerage account, it is ineligible. If the JP Morgan advisor is setting it up and all you have to do is DocuSign, then its eligible.
How long do you have to keep the funds in there? For 90 days after funding or just to day 90 after opening? The wording is kind of confusing.
thanks!
DocuSign as in you were able to do it without going into a branch? Was it for the current iteration of the bonus?
@Brian C it says only wealth management accounts are eligible though in the terms
Eligible
• Personal Checking and Savings accounts
• Eligible J.P. Morgan Wealth Management non-retirement accounts (opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor)
Right, what I mentioned is that.
Thanks @brian C, I was able to get it!
I recently got $900 from chase for opening up a checking and savings account – would I be eligible to upgrade to this now?
If the email confirming offer enrollment states that deposit must be made “by June 16”, does that mean I can deposit a check at a branch on June 16 also, or does that mean deposit a check at a branch on June 15 at the latest?
Can you invest in high yield money market funds with Chase like with Wells Fargo’s WellsTrade? What are some of the highest yielding money market funds available through CPC?
I bought MLJXX which is currently returning about 4.7%.
Just noticed this offer has been extended to July 19, 2023
https://account.chase.com/consumer/banking/chase-private-client-checking-account-seo/TM32227
I’m just transferring my assets in and wanted to verify I had 45 days to do the transfer, so Googled the terms. First hit happened to be the updated offer link
Trying to do this with a Full Service Brokerage account has been really difficulty between the bankers who don’t know what that account is and ones that do but refuse to open it.
What do you mean by – refuse to open it? What do they say and what is the reason? What do they want from you ie. a higher net worth or higher investments?
I have a similar problem. The JPM banker requires me to have at least half of my funds under his management, or he won’t open a brokerage account for me. Should I try to switch to another banker?
Yes, don’t waste your time with that investment advisor, just schedule a new appointment with a new one