Posted by William Charles on October 16, 2018
Bank Account Bonuses

Published on October 16th, 2018 | by William Charles

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Chase Sapphire Banking 60,000 Chase Ultimate Rewards Upgrade/New Account Offer – Publicly Available

Reposting as there is now a link for new accounts as well. As we mention in the our verdict section I still think it makes sense to do the $600 Chase checking/savings bonus and then upgrade to this bonus/account down the line. Hat tip to reader Pat

Offer at a glance

  • Maximum bonus amount: 60,000 Chase Ultimate Rewards
  • Availability: Nationwide, in branch must be a Chase Sapphire or Chase Freedom customer and existing chase deposit account holder for the upgrade offer. New account offer is available online but requires a Chase Sapphire or Chase Freedom
  • Direct deposit required: None
  • Additional requirements: Deposit $75,000 and maintain that for 90 days
  • Hard/soft pull: Soft
  • ChexSystems: No
  • Credit card funding: Cannot fund with debit or credit in branch.
  • Monthly fees: $25, avoidable
  • Early account termination fee: Bonus taken back if closed within six months
  • Household limit:  None listed
  • Expiration date: January 11th, 2019

The Offer

Direct link to offer to offer for upgrades | Direct link to offer for new accounts

  • Chase is offering existing deposit account holders that also have a Chase Freedom (including Unlimited) or Chase Sapphire (including Preferred/Reserve) card 60,000 Chase Ultimate Rewards points when they upgrade to a Chase Sapphire Banking account and complete the following requirements:
    • Within 45 calendar days transfer a total of $75,000 or more qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts, and maintain that balance for at least 90 days (irrespective of any losses or gains due to trading or market fluctuation)

The Fine Print

  • To be eligible for this offer:

    1. Customers must have a Chase Sapphire® or Chase Freedom® credit card that is open and not in default at the time of enrollment and at points fulfillment, and be the primary cardmember on the account.

    2. Offer not available to existing Chase Sapphire Banking and Chase Private Client customers.

  • To receive the Ultimate Rewards bonus points:

    1. Meet with a banker to upgrade your existing account to Chase SapphireSM checking account

    2. Within 45 calendar days, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or J.P. Morgan investment accounts (excluding insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts including but not limited to Traditional and Roth IRAs, Keogh, Simple IRAs, and 401(k) Plans). The qualifying new money cannot be funds or securities held by Chase or its affiliates. AND,

  • 60,000 Ultimate Rewards points will be posted to the primary cardmember’s account up to 45 days after qualifying for the offer. Credit card product changes during the promotional period or prior to the fulfillment of the bonus will forfeit this bonus offer. This offer is not transferable, and is subject to change. Chase credit cards are issued by Chase Bank USA, N.A
  • The Ultimate Rewards bonus points transferred to you under the terms of the Program are considered miscellaneous income received from Chase, and may be reportable to you and the IRS on Form 1099-INT (or Form 1042-S, if applicable) for the year in which the points are posted to your account. You are responsible for any tax liability related to participating in the program.
  • You can only participate in one Sapphire Checking, Chase Private Client Checking or You Invest new money bonus in a 12 month period. Coupon is good for one time use.
  • Please consult your tax advisor if you have any questions about your personal tax situation.

Avoiding Fees

Monthly Fees

Sapphire Banking has a monthly fee of $25. To avoid this you need to keep $75,000 in the accounts

Early Account Termination Fee

Normally Chase claws back the bonus if the account is closed within six months. Isn’t clear if that’s the case here or not.

Our Verdict

This is only an upgrade offer, you’re not eligible if you don’t have a Chase checking/savings account from what I can see. That being said you could sign up for a $600 checking/savings bonus and then wait six months and then do this 60,000 Chase Ultimatee Rewards deal. 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.

Onto the deal itself, for most people the best option would be to put $75,000 in investments (keep in mind You Invest offers free trades). Keep in mind the exclusions (including retirement accounts) listed in the fine print. Just be sure to be aware of any tax implications when transferring investments. I’m sure this could be a great deal, I’m usually hesitant about moving around investment accounts but I know some readers love doing these brokerage style bonuses. I’d recommend waiting a bit until we work out all of the ins and outs of this promotion before jumping on it. Brokerage experts, help us out in the comments below!

One annoying thing is that Chase doesn’t list how they will value the Ultimate Rewards points come tax time, you can always dispute the amount they list but it’s nice knowing ahead of time if it will be necessary or not. Also keep in mind that $750 bonuses are coming and $1,250 for Chase Private Client.

Big thanks to reader, Kyle L who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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any guess how much they 1099 these?

Where do I mind the link online? I don’t see anything in mentioning this on my account.

Do you think they would scratch back the bonus offer if I have an estate checking account mixed in with my chase premium plus that is about to be closed out and will have about 35 thousand taken out and going to other family members?

I do have the 75 to put in now or should I wait till the estate checking is closed out?

Doc,

Might want to elaborate or clarify timing.

1) You say may want to sign up for the $500/600 offer, then “wait six months”. Why would you need to wait six months? The way I read the $500/600 deal, you get the last bonus 100 days from the date you put the $15k into Savings. The six months is the time you still have to keep the accounts open (or risk forfeit). But why can’t you sign up for the Sapphire as soon as you get your bonus (maybe even before) since you are upgrading and NOT closing the accounts? In fact, I think the checking and savings bonuses are completely separate for the $500/600, so you should be able to upgrade your checking as soon as they pay the bonus on that (which should be quicker than the savings), right?

2) If there is a 6 month window, then many aren’t going to be able to go for the 60k Sapphire as well, since the coupon expires on 1/11/19. Possible it stays after that date, but no means a guarantee (especially the say Chase has reduced Sapphire bonuses on their credit cards). It may still be prudent to try to get the $500/600 now and upgrade later, but if someone wants the Sapphire more, then they should probably lock-in the Sapphire and forego the $500/600 offers.

I have the same question.

Great point #1…. at least worth trying, worst case scenario – they will take away simple checking bonus.

Also glad I read comments first, because I wanted to make the same point about “waiting 6 months” on checking bonus, which does not work with the expiration date of this offer.

Will Chase claw back the points if I downgrade to regular checking after 3 months but keep the checking more than 6 months?

My bad, didn’t see that you already asked the same question. At least I’m not alone in wanting to know the answer. Hopefully we’ll see data points come in over time from those who are in the process of doing this.

What I’d really want to know is if we can downgrade after the 90 days and avoid fees or penalty.

I also wonder.

ChexSystems is actually used – banker asked if it’s okay to do a banking and soft credit check at opening. He mentioned it was through Chex and if I had any questions I could reach out to them.

Bah..I guess no offer for those of us without a chase checking and not carrying a sapphire card. I have 2 Freedoms and 75k though, just waiting for Chase to take start making offer for new customers without Sapphire cards.

Why not apply for a Sapphire right away? Or upgrade one of your 2 Freedoms?

I’m around 22/24 lol. They reject me even for Marriott business. I did try to upgrade to sapphire through customer service. They put me on a super long hold….then came back and said no. Even when something is not subjected to the 5/24 rule, I’m pretty sure when a human is involved and see LOL/24, the result is the same.

I think the post says you are eligible if you have Chase Freedom card

Yeah yesterday it said upgrade accounts only even if you have a freedom, today a new link is for new accounts with freedom. So im eligible yay!

ROTH/IRA accounts do not count. What a load of s***.

Agree! I would have done this deal and probably even stayed with them long term. But no taxable investments here. I suppose I could cash out my IRA to reap the wonderful benefits of chase. NOT!

Waiting for a better offer on the Reserve. I can feel it coming…

says offer expires 1/11 and I’m wanting to max out the $1k Ally offer.. so if I open by 1/11 then I have 45 days after that to get the $75k to chase to get this bonus correct?

also who knows about opening a sapphire checking account for the bonus and opening the $300 bonus checking account? what is the for sure terms and conditions on that? thanks, John

Im doing the exact same thing. Open Ally now, open chase 1/10, move Ally to Chase 1/16

What $1K Ally offer are you referring to?

I wonder if margin on taxable investments prevents overdrafts.

Does having $ at Chase help in the approval process? Any other impact in the credit card world?

Having $ at Chase will help you open your FIRST credit card especially for those with a short/bad credit history.

It looks like it would not have a significant impact since I am not looking for my first card.

I have CSR, CIP, CFU, United Explorer and a Marriott card. Credit score = 810 (credit karma)

I wonder if they’ll ever come through with that 10k annual bonus point offer that was rumored for those who have both credit/deposit accounts.

That would convince me to move from BoA.

anyone knows how “new” must be new money? I mean, if I already have funds at Chase and move them out now – how long I should keep them outside before transferring back?

I’m pretty sure you can transfer them back immediately. However, I always transfer the money out before opening a new account.

you cant transfer them back immediately, there are stipulations regarding that specifically. ask the banker, you can be honest about it. I did the same a year ago and the banker told the timing so i would still qualify for the bonus

thanks for confirming TheMonkeyTech I remember having the same couple years ago, just can’t remember what exactly was their requirements for the money to be outside – something like 60 or 90 days…

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