Update 1/16/24: Extended to 04/17
Update 10/6/23: Extended to 01/24/2024.
Offer at a glance
- Maximum bonus amount: $3,000
- Availability: Nationwide, in-branch only
- Direct deposit required: None
- Additional requirements: Deposit $500,000 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 monthsNone - 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 There is no longer any early termination fee.
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 7/23/23: Extended until 10/18/2023.
- 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.
- 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.
Wondering if anybody has a “willing” advisor recommendation to open the account near Seattle or Eastside? TIA!
I didn’t have any issues opening the no-fee brokerage account with advisor.
Transferred funds in by 45 day deadline and got bonus 6 days after the 90 day mark. Very quick and easy bonus (for me).
Is HTSXX the best treasury fund the full-service account has to offer with online trades? 4.79% isn’t exactly competitive.
I’d still like to know if anybody knows of a better fund than HTSXX, but I ended up calling my advisor to buy a T-bill off the secondary market.
My advisor told me he doesn’t charge a fee for those and indicated he was not able to get me a fresh T-Bill off auction. I assume JP Morgan acts as the middle-man in their secondary market so they can make their money of the bid/ask spreads.
Looks like MJLXX has a slightly higher yield at 4.96 7 day yield as of today.
PTAXX looks to be the best option at 5.08 7 day yield, but I was getting an error that minimuim was not met for purchase. From what I can tell, 25,000 is the minimum. So I sold some of my current MMF and plan to buy PTAXX tomorrow.
Regarding T-bills, you can purchase yourself by calling in. They will tell you that they cannot do it and to go through your advisor, but if you push back they can definitely do it. I bought several t-bills off auction from them last year. Not sure how much better the yield is off auction vs secondary, but its definitely possible to buy off auction, and definitely more of a hassle.
This time around I am just sticking to MMF to avoid the hassle.
Thanks for weighing in. Maybe I’ll try to push for a T-bill off auction next time, though the secondary market loss on my 8-week bill is less than 0.2% and just required a 5 minute call with my advisor.
It looks like MJLXX and PTAXX are pretty much fully taxable, so HTSXX is still worth looking at if you have state income tax since you don’t pay the state taxes on it.
I find the MM Optimizer All Funds Edition tool from this thread really helpful for analysis: https://www.bogleheads.org/forum/viewtopic.php?t=401821
I know that they are some DPs on advisors refusing but I want to ask again with a different ?.
Fortunately for me, the Banker didn’t want to apply the last year CPC coupon to my existing checking account until I spoke to an advisor which is the same person in that area across different branches.
I should have seen that as a sign but anyway, after playing along with the whole financial assessment(entered my info in their system) it ended up with the same “I only really take on full-service clients”.
I have a new CPC coupon so here I am .. I see the advice is to find another advisor.
1) My assessment with a previous advisor shouldn’t come into play, right?
2) Also would scheduling via the app give me a better chance OR would it just assign me an advisor closest to me aka same advisor?
No Chase branches here… but I saw in the news that I will be getting one… I think in 2025.
I would just rip the Band-Aid off: Schedule an appt in the app or call the specific branch you want to deal with to make the appt. If you don’t like where the app assigns you, then cancel the appt.
If the advisor reviews the old assessment, nothing you can do about it. I would assume they go with the most current data.
Thanks Gadget, really appreciate the feedback! I guess that’s the only option so that’s what I’ll do. I will also call branches to see if I can get away from current advisor’s area
Finally, I found a willing advisor, who himself told me that he is opening account for me so I can get a bonus, but I can just operate it as a self-directed account. Told me that if you need a help then call me else you are on your own. Since most of my monies are at ETrade in SGOV, he told me that it would be better to just liquidate it, wire the monies to Chase and invest it again at JPMC brokerage account. He said since CPC checking and brokerage accounts are linked, I have to bring in monies into CPC checking and when I will place a trade, Brokerage account would automatically pull monies from checking account. Does this sound accurate, or is there a way to bring cash directly into the Brokerage account?
You can do an ACH pull into the Chase brokerage (but there’s a risk of Chase locking your account until you call). Or do an ACH push from the other place into Chase checking (not sure if it’s possible to ACH push directly to brokerage.) I’m guessing there’s a way to send a wire transfer to the brokerage, but I don’t see info about that on Chase’s website (maybe the advisor can tell you). I’m doubtful of trades automatically pulling cash from the checking account, but I never tried it. I would move the cash from the checking into brokerage.
But I’d prefer to not sell SGOV, since you’ll lose interest for a few days. An ACAT transfer of SGOV seems best. The Chase brokerage has a way to do ACAT transfers yourself online, it least from some specific brokerages (and I see E*Trade listed), though I’ve never done a transfer that way (I started to try it from Apex Clearing but the Chase website hanged after logging in).
I did an ACAT through the advisor (and he said transfers must be done by him, but maybe that isn’t true). He sent me a message online so I could reply to it, and I attached a statement from the other brokerage and told him which stocks to transfer. He filled out a form and sent it to me via Docusign to sign.
Thanks! Does Reward tracking show up in the app for CPC bonus, like total checking and savings bonus?
I’m not aware of any tracking for the CPC bonus, though I didn’t look around for it. The bonus posted for me 95 days after enrolling in the offer (i.e., 5 days after the 90 day hold period).
How did you find this willing advisor .. via the app or by going to different branches? How many did you go thru to find this one?
Does JMP full-service brokerage account have a transaction fee? According to this guide, it’s 1%, is it accurate or am I missing something?
Guide_to_Investment_Services_and_Brokerage_Products.pdf (jpmorgan.com)
That fee doesn’t apply to trades you make yourself on the website. Maybe it applies if you ask the advisor to make a trade for you.
It was not as smooth for me to open the account in a way that the guy pretty much was pushing for his involvement with trades and at the same time I didn’t want to tell him that I want to do the trades myself because I thought he might not agree to open an account.
The guy said that there are basically 3 different levels of accounts – first one, I can tell him which ETF/Funds etcl, I want to buy and he will place the order and there is a flat fee per trade. The second one, he will recommend and it will be fee based and the last tier where it is a fully managed with 1% + management fee (not 1% but 1% or higher). Anyway, since I wanted to open the account anyway I asked him to place in in the first-tier and if I am interested then I will move to the next level.
I haven’t signed the docusign yet and At this time I do not know yet if I can actually buy sell ETF/Funds without any fees or without placing trades through him – is it actually possible to buy/sell directly from the website? Could someone please tell me if it is possible to trade without his involvement? Thanks!
Does Chase allow “Partial” Asset Transfers fully online (without submitting any paperwork)?
You cannot do ACAT online with a full service brokerage account. It has to go through your advisor.
You can do full account transfers but not partial. Partial requires filing up the form and submitting it.
DP: Opened a CPC Checking account today with the Branch Manager of my local branch. Initially scheduled an appointment through the app but the Relationship Manager I was assigned to called to reschedule because he couldn’t open CPC accounts.
Entire process took just under an hour. Requires two forms of ID even if you have an existing relationship; a DL or passport and a credit/debit card works (https://www.chase.com/content/dam/chase-ux/documents/personal/checking/acceptable-forms-of-identification.pdf). Banker entered the coupon code for the promotion and at the end of our transaction printed a document confirming the offer.
No requirement for any initial deposit. Told the banker that I intended to wire funds in. No monthly fee applies for two statement cycles (top of pg 16, https://www.chase.com/content/dam/chase-ux/documents/personal/checking/ABSF-en.pdf).
Branch Manager wasn’t licensed to open a JPM account, but I have a Zoom call set up next week to take care of that.
I got the Chase Private Client udgrade bonus in 2023, but I closed my Chase Checking account in early January 2024. I am still waiting for the 1099 form. When I log into my Chase account now, I can’t find the tax form. Anyone in the same situation or anyone has received paper 1099 for this? If so do you still have checking account open? Thanks.
Probably in the mail. Regardless easy enough to put the $2k or whatever and list JPMorgan Chase Bank NA as payer.
I am trying to do this bonus by transferring my investment account. I opened my chase private client checking account yesterday. Now, I have a brokerage from a couple of years back. I am not sure if that qualifies for the bonus. How can I find out if it is a full service brokerage account or not? I really appreciate advice from you guys
Did you open it with an advisor? Does it say JPMorgan on your dashboard and on statements? If you’re unsure call the JPMorgan wealth management general support number https://www.chase.com/personal/investments/advisor
Thank you very much for your response. I did open with an advisor and it says JPMorgan and full service brokerage on the statement from 2 years back. On the dashboard it displays as just “Brokerage”. But I will contact the support and get back here so others could use my datapoint
It’s (still) the full service brokerage. It’s just called a brokerage account. By being under the JPM side it’s full service.
Of course you can confirm still .
Jaya @ Jay
Any update on this?
My private banker detached themselves from the account, and it just says “Financial Advisor” on the statement and also when clicking on the “i” symbol in online banking.
Does that mean that ACAT account transfers, etc can now be handled by any banker? That would actually be an improvement, as my previous person was non-responsive and wanted me to come into the branch for everything. That’s why I emptied out the account so that I could get access to the general customer service again.
They said they will research it and get back to me in 6 business days. I will update here once I hear anything back.
Jaya
Is there an update that are able to share? Does the brokerage account now have an advisor attached (assuming that the previous advisor detached themselves).
No, it still does not have an advisor attached. But I received a secure message confirming that this account qualifies for the bonus and I saved that message.
I am not yet at 90 day mark for the bonus. I will confirm if the bonus posts automatically.
Jaya
Thank you for providing the DP we are all waiting for 🙂
Who did you contact via secure message (CPC checking account person, or brokerage customer service)?
Did you ask them whether the brokerage account qualifies for the bonus, or whether the brokerage account balance qualifies to waive the monthly CPC checking fee (I think there is a difference).
CPC banker is not who manages your investment account. Just call the general JPMorgan wealth brokerage support number. You can also initiate ACATS online for existing brokerage accounts.
From my experience, you have to go through an advisor to have it done for a full service brokerage account.