Published on November 20th, 2019 | by William Charles

Chase $2,000 Bonus For Upgrading To Chase Private Client

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.

Offer at a glance

Maximum bonus amount: $1,250
Availability: Nationwide in branch
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, 2019~~ November 19th, 2019

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
- 3.1 Monthly Fees
- 3.2 Early Account Termination Fee
4 Our Verdict

The Offer

Direct link to offer

Meet with a Private Client Banker by September 28th, 2019 to upgrade your Chase account to Chase Private Client and receive a bonus of $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
- 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 $1,250 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:

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YoniPDX

Hmm, real head scratcher here –

– I guess the marketing geniuses expect us to be noobs – and not run the numbers -perhaps none of marketing geniuses have $250k to park for below market cash returns and no perks of any value.

Spencer

Note: qualifying new money or securities. You don’t have to park cash to get the bonus. You can transfer investments that you already own and let Chase be the holder of them for 6 months.

Steve

How much will they charge you to be your advisor for those investments?

Ann

I’ve heard in previous CPC threads that there is a self-managed option. They will push for you to sign up for advisory service, but you can tell them no.

Steve

But the terms for this offer say “serviced by a J.P. Morgan Private Client Advisor or Financial Advisor”. So, even if you can have CPC without an advisor, it’s not clear to me whether that would qualify for this bonus offer.

Gary Leff

CPC accounts have advisors assigned even if you are directing investments yourself.

If you have $250k in securities you can transfer in whatever you have already, Vanguard mutual funds or whatnot.

All_In_VTSAX

You’re saying i can transfer in my VTSAX?

clayfu

nope can’t do VTSAX. No Admiral Shares. Tried before

m&m

convert VTSAX to VTI at Vanguard (non-taxable) and transfer VTI (in-kind)

Charles Mann

Nothing; their brokerage service is free.

Dan

worst bonus ever. 250k in shitty investments or 0% interest will do a lot more damage in 3 months than $1,250

Krista B

So how limited are Chase investments for Private Clients? I would have thought a low fee total market or S&P 500 would be standard option at most places. … Perhaps “Private Client” just means “Rich person to rob”

Ann

You can invest in anything, there isn’t some limited roster.

tig ol bick

dude, you don’t have to invest with chase funds.

Dan

Matt

The one case I’m not upset I don’t have close to $250,000 in liquid funds. A terrible deal. I hope someone with that kind of money is financially literate enough not to do this.

Patrick

How is it a terrible deal?

$1,250 on $250,000 for 3 months is ~2% APY which is a standard savings account.

If you do it with securities you already own you’re getting that on top of whatever return you’re getting.

It’s fine.

Abhirup

Patrick Bonus taken back if closed within 6 months, so technically it should be there atleast for half a year, the same amount in a savings like ally will earn you double of it- 2500$.
Yes, we have to park the funds for 90 days, but between transferring to and fro, we actually end up losing some change. Again, if it was UR, would have thought about it provided ofcourse if I had the funds 😉

calwatch

I guess if you like dealing with people who are one step removed from timeshare salesmen.

tig ol bitties

right but this is on top of what you’re already earning, so you could have 2%APY +1250

Thomas

I’m sure it’s a silly thought, but since they often interchangeably talk about USD vs URs (think Freedom), I wonder if there would be room for them to pay this bonus in UR rather than USD…

Rad

How can you transfer investments if you invest platform doesn’t count for the 250k?

Say you have 135k already from a prior transfer, can you transfer enough to get to 250k or do you need 250k in new money?

Any benefits from chase private client I don’t get now with chase sapphire checking?

AKSF

“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”

Patrick

With CPC you don’t use YouInvest. You get a normal JPMorgan brokerage account to which you can transfer 250k in securities or whatever.

So this is a great bonus if you just want to move some stock around.

5150d

Actually, with CPC you CAN have your funds in a You Invest account and pay NO fees or commissions to trade.

red

$250,000 in a 2.25% APY online saving account such as marcus and ally will earn $1406.25 interest for a 90 day period. Stay away.

Abhirup

This! Probably Chase doesnt expect us to do this calculation. Simply parking the funds in ally comes out to be more.

tig ol bick

CPC is a better deal because you will get market returns + 1250

Abhirup

Yes, for investments, makes sense, but not a risk free 1250 . But with 250k, worth taking the risk but with 250k, will I be worried about the SUB, dont know, dont have 250k.

Tim

There are risk free “investments” out there, e.g. a treasury bond mutual fund like VUSXX (2.3% yield)

Jeremy

You can buy treasuries

Lia

I agree it only makes sense to transfer security, if possible. But it says You Invest account does not qualify. Is You Invest the only type of account that is eligible for free trades in Chase for private client (and also Sapphire checking)? I guess I am trying to see if it also makes sense to transfer security to Chase. What other benefit (in addition to the 1250$ bonus and the dedicated advisor) will you have to invest as a private client? Also can anybody who worked with a Chase dedicated advisor share your experience—is it really helpful?

red

it clearly stated that any You InvestSM accounts is ineligible

sloebrake

I can’t speak to the advisory side.

But you do get a small safety deposit box fee waived every year and a phone call in the middle of the work day with a gracious offer to come in and talk about upselling your investments every couple months.

Mikey

Yes, you’re entitled to the safety deposit box. But I’ve never been at a CHASE that’s actually had one available. In other words, you get something at no charge except you can never get it. But the thought was nice.

EastsideBK

You get a free safety deposit box w/ their Premier Savings account. And, yes, they are available. 15k minimum. Big diff from CPC. And I have a banker too. Again, I’m not saying the box is worth it, but it’s a nice perk and I get similar service IMO as CPC.

Eric Chen

You don’t need an advisor. You just get a JPM brokerage account, and can buy whatever Vanguard funds you usually would. It’s not as bad a deal as people in here make it out to be.

Ben

You don’t need an advisor for Private Client, but you do need one for this bonus (if counting a JPM account toward the required new money)

Jab

So the plan for today is:
1. Get a free bagel at panera
2. Transfer 250k to CPC

William Charles

=), you don’t get rich by wasting money

Marshall

What’s the reason to wait 6 months after opening total checking/saving before upgrading to CPC?

Martin

I have the same question. Wouldn’t it be possible to upgrade to CPC or Sapphire Checking and get the bonus right after getting the regular checking/savings bonus?

Aaron

Take the promo. Keep for 90 days. Then close checking/savings accts & RUN 🏃. Don’t stay.

Aaron

Convert and downgrade to regular savings. Keep $300. Then shut it down after 6 months and 1 day and run away from them as fast as you can.

tuphat

Struggling to understand the shade being thrown. Why do I care which broker holds $250k worth of my long-term (“hold”) securities for 90 days, or 180 days? JPM Chase would like to pay me $1250 for the pleasure of doing so, why shouldn’t I oblige them?

Jim

Just set up my CPC checking and brokerage account and transferred over since assets to take part in this promotion. Took about an hour at the local branch, mostly due to the brokerage paperwork. I verified I had enrolled for the bonus offer via Chase SM.

Pretty straight forward process, and not unlike most other Chase bank/brokerage account bonuses. Encourage others to consider giving it a go, considering the generous $1250 for such a brief holding period.

My advisor refused to reimburse for the outgoing transfer fee charged by the delivering firm, so for folks looking to sign up, might want to consider doing a partial account transfer rather than a full one to minimize the hit.

Burton

You moved 250k to them and they wouldn’t cover the transfer fee?

Jim

Indeed, disappointing. The advisor said they’d reimburse if I converted to a managed account, but no way I want to pay their advisory fees when I’m happy with my index funds.

Just as a quick update, my CPC account was credited with the bonus at just over 90 days.

I’m transferring out to ETrade at the moment for another bonus.

What I’m unclear on is that it seems that this account would have to be professionally managed to qualify for the bonus. 1) Is this the case?* 2) If so, did you just absorb the management fees? Assuming 1.5% fees, over 3 months we’re talking about ~$900 in fees alone

* Based on your comment below:
> The advisor said they’d reimburse if I converted to a managed account

I’m guessing you opened a normal brokerage account. Does Chase offer normal brokerage account that’s not YouInvest (which is ineligible for the bonus)? What’s their product called?

Jim

Apologies for only responding to this now, but yes, request a self-directed full brokerage account, as opposed to the managed variety. This is a different JPM product from the YouInvest account.

Celia

If I already have over 250k in Chase in a you invest retirement account, can I just deposit another 250k in new money to qualify and then withdrawal it since I’d still maintain a 250k balance with the other money for the qualification period?

ben weiner

Our CPC made me an offer a few weeks ago and counted securities i already had in Chase investment account (that I earned $600 bonus). So,transferred enough securities (much less than $250K) to exceed $250K and will get $1250 bonus once hold time is up.

Tim

Could you please advise how much additional securities did you have to transfer for the CPC $1250 besides already having the youvest? I’m in the same situation and didn’t know about this bonus or else I would have probably done this instead of youvest?

Adam

You Invest accounts don’t qualify for this promotion.

Adam

Also, if you’re already private client, you’re ineligible…

Darrell

Why would anyone do this, the return on investment is just 1%. Put the 250000 in a 2% money market account and get $2500.

Chase $2,000 Bonus For Upgrading To Chase Private Client

The Offer

The Fine Print