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tribesman55
tribesman55

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.

alice
alice

.

Sun
Sun

Also, those money can stay either checking, saving or investment. You can also invest in their diverse portfolios

api
api

It seems that if your account got Sapphire upgrade bonus before, you cannot get this CPC bonus even after 12 months.

sg77

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).

Shawn
Shawn

sg77 api Did you guys bring new money into chase? or how did it go with upgrading? I primarily bank with Chase already, and they told me I’d have to remove all funds, close my account, wait 90 days and I could reopen to get a bonus, I didn’t have the option to upgrade and it had to be “new money,” nothing currently in my accounts.

Seemed odd for all the wait times and my banker definitely didn’t give me an option to upgrade, curious how your experience was.

sg77

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).

Shawn
Shawn

sg77 Thanks for the info — I have enough between my chase accounts to be able to just upgrade it. The part that’s unclear is the new money. I essentially have to bring in funds from another bank and they won’t just allow for an upgrade, even though I have enough between my current Chase accounts. Does that make sense?

sg77

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.

Shawn
Shawn

sg77 Yeah — seems to hold true what the banker said. Withdraw funds and redeposit after 90 days. Thanks for the info — appreciate it!

nonimmigranth1b
nonimmigranth1b

Chuck $2000 bonus offer is being extended to 04/14/2021 as per this link https://account.chase.com/consumer/banking/chaseprivateclient

apy
apy

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?

Eric
Eric

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.

Charlie
Charlie

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.

Eric
Eric

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.

sg77

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.

Myi

Any bonuses around for a new youinvest account?

sg77

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.”

Myi

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?

Eric
Eric

So, can we downgrade the account to a regular one and move out the $250k after it has been deposited for 3 months?

s
s

I’ve been told the bonus would be forfeited then.
If you try it, please report back.

Eric
Eric

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.

Eric
Eric

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.

s
s

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).

Jake
Jake

Link isn’t working any other update to a new one

FlyingBoat
FlyingBoat

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.

FlyingBoat
FlyingBoat

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.