Update 1/18/21: Deal is back, but has been reduced to $2,000. Valid until 4/14/21.
Offer at a glance
- Maximum bonus amount:Â $2,000
- Availability:Â Nationwide in branch
- Direct deposit required:Â None
- Additional requirements:Â Deposit $250,000 and maintain for 90 days
- Hard/soft pull:Â Soft
- ChexSystems:Â No
- Credit card funding:Â Cannot fund with debit or credit in branch.
- Monthly fees:Â None
- Early account termination fee:Â Bonus taken back if closed within six months
- Household limit:Â None listed
- Expiration date:Â
April 23rd, 2019 June 15th, 2019 August 6th, 2019 September 28th, 2019November 19th, 2019
Contents
The Offer
- Meet with a Private Client Banker by April 15, 2021 to upgrade 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 $500,000 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 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.
I withdrew the 250k after bonus posted and just left the account as is. Just got a letter in the mail today that they will be converting me to Premier checking on 2/20 as a courtesy so I don’t get charged the monthly $35 fee for not having 150k in there.
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Also, those money can stay either checking, saving or investment. You can also invest in their diverse portfolios
It seems that if your account got Sapphire upgrade bonus before, you cannot get this CPC bonus even after 12 months.
When I did this a couple months ago, the banker told me he wasn’t able to add the bonus code to my account because it already had a code associated with it (I had opened Total Checking a while ago with a bonus, and then did the Sapphire upgrade bonus (got over a year ago)). So he just opened a new checking account for me, and added the CPC bonus code to that. I got a printout with a bonus tracking number, so I think it’ll work (though I can’t say for sure since I haven’t had the account long enough for the bonus to post yet).
Seemed odd for all the wait times and my banker definitely didn’t give me an option to upgrade, curious how your experience was.
The terms say it must be “new money”. But you shouldn’t need to close your account. If your account already had an offer code attached to it, you might need to open an additional account (but you can leave the old one open). if you currently have $50k in your account, you would need to deposit $250k more, i.e., your total balance would then be $300k. Or, you could withdraw the $50k and later deposit $250k; it’s unclear how you long you’d need to wait in between, but I doubt that 90 days are needed (other people on here have given different answers; personally, I’d wait 30 days).
Money currently at Chase is not “new money”. If you don’t have enough money at other banks, then you should be able to withdraw from Chase, wait some amount of time, and deposit it back into Chase. But the amount of time to wait isn’t defined in the terms, so it has some risk.
My banker told me to put new money in the new savings account. Existing money in existing checking account can be withdrawn without impacting the bonus. Did anyone confirm with their banker whether existing fund in the checking account can be withdrawn without impacting the bonus?
Hi Doc, do you have any info on this?
My banker said it’s okay as long as you deposit 250k new money and then keep the total balance above that amount until you get the bonus. That sounds reasonable. Otherwise you could not use the existing money to pay bills, etc.
I just got the bonus. The money was sitting in savings (dumb, i know.) So I want to put this in stocks now. I want to invest in some index funds.
Should I open YouInvest or Full Service Brokerage? I already got the bonus.
Does it even matter which one I put it in? My goal is to keep the bonus (that I already got) and have $0 trading fees.
How many days (business days) after you meet the requirement to see the bonus posted?
My banker told me we can actually have the account downgraded to a regular checking account once the bonus is posted.
You Invest should count towards the CPC balance requirement to waive fees (even though You Invest doesn’t count for the CPC bonus offer).
Both the full service brokerage & You Invest let you trade online for free. You open You Invest online, vs. the full service brokerage you need to talk to an advisor to open it. So, in your case I’d say do You Invest since it’s easier to open.
Any bonuses around for a new youinvest account?
Not that I know of. This one expired: https://www.doctorofcredit.com/chase-you-invest-bonus-200-625-bonus-with-25000-250000-investment-account
But anyway, the fine print for these bonuses say “You can receive only one Chase Private Client Checking, Chase Sapphire Checking or You Invest new money bonus in a 12 month period from the last bonus coupon enrollment date.”
Have to see if they can apply the bonus for a CPC even though the account was open for a few months already.
Wonder if I take the money in and out of the account would it trigger the bonus?
Or does one need to add new money?
So, can we downgrade the account to a regular one and move out the $250k after it has been deposited for 3 months?
I’ve been told the bonus would be forfeited then.
If you try it, please report back.
Does that mean we have to keep the 250k for another 3 months? When I did the upgrade, the banker told me we would discuss what to do after 3 months of upgrade/deposit.
Does that mean we have leave the $250 for another 3 months? When I upgraded my account, the banker told me to call him up once it’s 3 months to discuss what would be the option.
So call him after 3 months and inquire.
You can leave in $150k for the additional 3-4 months and not pay a monthly fee, or you can withdraw it all and pay the monthly fee (without downgrading the account).
It’s possible your banker has the ability to waive monthly fees for a few months, so you can inquire (though if they know you’re just trying to churn the bonus, I’m not sure they’ll necessarily bend over backwards to help you).
Link isn’t working any other update to a new one
I don’t know, perhaps the $3000 one is done? Here is link for $2000. https://account.chase.com/consumer/banking/chaseprivateclient
If you have $500K and are married, when not just set up two $250K accounts and get $4000 instead of $3000 bonus?
That is what I am trying to do. But I can’t even get a call through to the branch to set up a meeting to start up the Private Client accounts. Phone just keeps telling me no one is available and to call back later. I have been trying for a week.
Just a thought. If you actually have 500K to invest here, perhaps better to do one $250K for yourself and another $250K for your spouse. That is what I plan to do, if I go this route. May as well make $4K than $3K. Though I am not sure the Private Banker will allow us both to open if we come in at the same time.
The other piece of this is that FDIC insurance is up to $250K, so less insured with a single $500K account. Certainly not something to normally consider, but I think more important now with a possible economic crisis ahead.