Chase $1,250 Bonus For Upgrading To Chase Private Client
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, 2019June 15th, 2019
Contents
The Offer
- Meet with a Private Client Banker by April 23rd, 2019 to upgrade your Chase account to Chase Private Client and receive a bonus of $1,250 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:
- 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
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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.
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.
How much will they charge you to be your advisor for those investments?
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.
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.
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.
You’re saying i can transfer in my VTSAX?
worst bonus ever. 250k in shitty investments or 0% interest will do a lot more damage in 3 months than $1,250
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”
You can invest in anything, there isn’t some limited roster.
dude, you don’t have to invest with chase funds.
^
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.
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.
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 😉
I guess if you like dealing with people who are one step removed from timeshare salesmen.
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…
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?
“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”
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.
Actually, with CPC you CAN have your funds in a You Invest account and pay NO fees or commissions to trade.
$250,000 in a 2.25% APY online saving account such as marcus and ally will earn $1406.25 interest for a 90 day period. Stay away.
This! Probably Chase doesnt expect us to do this calculation. Simply parking the funds in ally comes out to be more.
CPC is a better deal because you will get market returns + 1250
Yes, for investments, makes sense, but not a risk free 1250 . But with 250k, worth taking the risk but with 250k, will I be worried about the SUB, dont know, dont have 250k.
There are risk free “investments” out there, e.g. a treasury bond mutual fund like VUSXX (2.3% yield)
You can buy treasuries
I agree it only makes sense to transfer security, if possible. But it says You Invest account does not qualify. Is You Invest the only type of account that is eligible for free trades in Chase for private client (and also Sapphire checking)? I guess I am trying to see if it also makes sense to transfer security to Chase. What other benefit (in addition to the 1250$ 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?
it clearly stated that any You InvestSM accounts is ineligible
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.
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.
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.
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)
So the plan for today is:
1. Get a free bagel at panera
2. Transfer 250k to CPC
=), you don’t get rich by wasting money
What’s the reason to wait 6 months after opening total checking/saving before upgrading to CPC?
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?
Take the promo. Keep for 90 days. Then close checking/savings accts & RUN 🏃. Don’t stay.
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.
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?
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.