Looks like Chase pulled the links for this one quickly, no longer working. If anybody finds any working links, let me know in the comments.
Offer at a glance:
- Maximum bonus amount: $500
- Availability: Nationwide (not truly nationwide as not all states have branches)
- Direct deposit required: None
- Additional requirements: Deposit $1,000 & maintain it for 60 days. Complete five qualifying transactions
- Hard/soft pull: Soft
- ChexSystems: No
- Credit card funding: Not available when opening in branch
- Monthly fees: $30, avoidable
- Early account termination fee: Six months, bonus forfeit
- Household limit: None
- Expiration date: June 28th, 2018
The Offer
- Chase is offering a bonus of $500 when you open a new Chase Performance Business checking account, you need to complete the following requirements:
- Deposit $1,000 in new money within 10 business days & maintain that balance for 60 days
- Complete five qualifying transactions within 60 days of account opening. Qualifying transactions are:
- Debit card purchases
- Checks paid
- Chase QuickDeposit
- ACH (Credits)
- Wires (Credits & debits)
The Fine Print
- 1) Open a new Chase Performance Business Checking® (or Chase Performance Business Checking® with Interest) account or Chase Platinum Business CheckingSM account, which is subject to approval;
- 2) Deposit $1,000 or more in new money into your new checking account within 10 business days of account opening; and
- 3) Maintain at least $1,000 balance for 60 days from the date of deposit. The new money cannot be funds held by Chase or its affiliates.
- 4) Complete 5 qualifying transactions within 60 days — debit card purchases, Chase QuickDepositSM, ACH (Credits), wires (Credits and Debits).
- After you have completed all the above checking requirements, we’ll deposit the bonus in your new account within 10 business days.
- You can only receive one new business checking account opening related bonus per calendar year and only one bonus per account.
- Employees of JPMorgan Chase Bank, N.A. (“Chase”) and our affiliates are not eligible. Chase reserves the right to withdraw this offer at any time without notice. Bonuses are considered interest and may be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
- Bonus/Account Information: Checking offer is not available to existing Chase business checking clients, local, state or federal Government entities or agencies, Not for Profit organizations, Political Action Committees, or those with fiduciary accounts, campaign accounts, or whose accounts have been closed within 90 days or closed with a negative balance.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
This account has a $30 monthly service fee. This is waive if you maintain a combined average daily balance of $35,000 or more in linked business savings (excluding Client Funds Savings accounts), business CDs and other Chase Performance Business Checking® accounts. Monthly service fees cannot be waived on Chase Performance Business Checking® with Interest accounts.
Account also needs to be kept open for at least six months or the bonus will be forfeit at account opening.
Our Verdict
Basically the same requirements as the total business checking account, that is currently offering a bonus of $300. The downside to this $500 bonus is that it’s so difficult to keep the account fee free (e.g $35,000 in combined balances and Chase offers terrible savings account rates). What has worked in the past on personal accounts is signing up for the more expensive account, getting the bonus and then downgrading to the lower monthly fee account. Usually the first two months fees are waived as well. I’m not sure if this will work with this bonus as well or not. Last time we publicly saw this bonus was back in 2016. I don’t expect this to last long, so if you’re interested then e-mail yourself a code sooner rather than later.
If downgrading the account works then I’d say this is better than the $300 bonus, if it doesn’t work then I’d just stick to the $500 bonus. We won’t know for sure until after this bonus ends, so it’s really up to you to decide if it’s worth the risk or not. I’m always more conservative, especially with what I recommend readers do so I’d probably just settle for the $300 checking bonus. When you go in branch don’t forget to see if you’re pre-approved for any Chase cards (including business) as these bypass the 5/24 rule. For now I’m not adding this to our list of the best business checking bonuses due to how difficult it is to keep fee free. But as I mention, really up to you to decide.
Big thanks to reader, bplturner who let us know. Learn how to find bonuses and contribute to the site here.
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
