It’s possible for everybody to get this bonus now, click here for more info.
- Maximum bonus amount:Â $300-500
- Availability:Â Nationwide (must open account in branch)
- Direct deposit required:Â None
- Additional requirements:Â Deposit $500 in new to Chase funds and maintain that balance for 60 days
- Hard/soft pull:Â Soft
- Credit card funding: Not available when opening in branch
- Monthly fees:Â $10-12, waivable
- Early account termination fee:Â Bonus taken back if closed within six months
- Expiration date:Â Varies based on coupon purchased
Contents
The Offer
- There are actually three different offers available. All of the offers require you to deposit $500 (funds must be new to Chase) and maintain that balance for at least 60 days. Here are the different offers:
- Receive $300 when you open a Chase Total Business Checking account
- Receive $300 when you open a Chase Performance Business Checking account
- Receive $500 when you open a Chase Performance Business Checking account
How To Find These Offers
- It’s possible to purchase these offers from eBay (although very limited supply at the moment)
- Receive a mailer
- Log into your Chase account, people with business cards are being targeted
The Fine Print
- Offer not available to existing Chase business checking customers and those who have closed accounts within the past 90 days
- Bonus will post 10 days after all the requirements are met
- Coupon cannot be transferred to others (this hasn’t been enforced in the past, but see Citi for how this can change quickly)
- Account must stay open for six months, otherwise bonus is forfeit
- Limit of one business checking bonus per calendar year
- All bank account bonuses are treated as interest, as such you must pay taxes on them.
Avoiding Fees
Depending on your offer, you’ll need to open a total or performance business checking account. They have very different fee requirements, so keep that in mind.
Chase Total Business Checking $10-$12 Fee
This account has a monthly fee of $10 ($12 if you opt for paper statements) and that’s waived if you maintain a minimum daily balance of $1,500
Chase Performance Business Checking $20 Fee
This account has a monthly fee of $20, that’s waived if you maintain qualifying business deposits of $50,000+.
Early Account Termination Fee
Accounts need to be kept open for a minimum of six months, otherwise the bonus will be forfeit.
Our Verdict
Chase products basically earn no interest, so keeping $50,000 in an account isn’t going to be a good option (if you put $50,000 in a 1% account you’d earn $250 in interest in six months. Not to mention it’s possible to earn 5% APY). That being said, you could just pay the $120 in fees (and usually the first two months is waived for most bank accounts). In that case you’d net $380 (maybe $420) after fees on the $500 offer, but you’d need to pay taxes on the full $500.
The other option is the $300 total business checking account, this is much easier to keep fee free with a balance of only $1,500 required. I think both the $300 total checking and $500 performance checking are worth doing, but I’d stick clear of the $300 performance checking offer.
We’ve added this bonus to our list of the best business bank bonuses currently available. There are also Chase personal coupons for up to $500 as well that are worth checking out.
Hat tip to Miles to Memories & /r/churning
