Published on October 16th, 2018 | by William Charles82
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
- 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:
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.
Offer not available to existing Chase Sapphire Banking and Chase Private Client customers.
To receive the Ultimate Rewards bonus points:
Meet with a banker to upgrade your existing account to Chase SapphireSM checking account
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.
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.
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:
- 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