Posted by Chuck on January 10, 2019
Bank Account Bonuses

Published on January 10th, 2019 | by Chuck

63

[Expired] Chase You Invest $200 Bonus with $25,000 Investment Account

There is now a bonus for $200-$625.

The Offer

Direct Link to offer

Chase launched their You Invest investment product which offers free trades to some customers, plus some other benefits. They now released a special signup offer:

  • Get $200 when you open a new Chase You Invest account and fund it with $25,000+ in new money.

The Fine Print

Our Verdict

A dive into the fine print indicates that Chase limits us to “only one You Invest, Chase Private Client Checking, or Sapphire Checking new money bonus in a 12 month period”, so apparently the You Invest bonus will negate the possibility of getting a Sapphire checking bonus, but it will NOT negate the possibility of getting a regular Chase checking or savings bonus.

  • Technically, you can do this bonus even without any risky investments: simply open a new You Invest account, fund it with $25,000, and leave it there for 90 days in the general account without investing it in any specific stock or fund. That said, $200 bonus for $25,000 outlay (90 days) may not be worth it. At best, you’ll land up with just over a 3% interest rate over the course of the 90 days, which is pretty good, but may not be worth the effort if you’re earning 2%+ in other accounts. ]
  • A much better option is to move your liquid funds to the You Invest account and put it in a money market fund like VMMXX or VUSXX which has been yielding 2%+ return. It’s not quite like a FDIC insured account, but overall it’s considered very safe.
  • This deal will also be interesting for someone actually interested in the You Invest product, e.g. if you want to take advantage of their 100 free trades for the first year, or – more likely – if you use Chase as your regular bank and want to use them for investments (plus, Chase Premier, Sapphire, and Private clients get free trades as a continuous benefit).
  • Reader Ben points out that the Sapphire Banking offer does not allow IRA funds to count to the funding amount while this You Invest offer does allow that. So if you don’t have non-IRA funds to move over and thus can’t get the Sapphire bonus, this You Invest bonus can really be cost free by simply transferring over IRA funds (I’ve never actually transferred an IRA, personally, but I assume it’s not difficult). Another reader points out that there are often fees for transferring an IRA, check with your original institution and with Chase to find out if there are fees to transfer in or out.

Worth noting that many brokerages offer similar bonuses, often even higher bonuses, so it’s not a unique proposition, but something new to Chase, a large bank which many people have a banking relationship.

RELATEDPSA: Don’t Use ACH-Pull for Chase Bank Account Openings, Avoid Account Lockup

Thanks to reader Kelvin for sharing this offer



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Jalen
Jalen

Just opened a sapphire checking for 60k UR bonus. Can this stack with that checking offer? Since I wouldn’t put any money in the checking, as long as the fund is in your porfolio

Debit
Debit

You can participate in only one You Invest, Chase Private Client Checking, or Sapphire Checking new money bonus in a 12 month period.

Ben
Ben

If you’re eligible again for the Sapphire signup bonus again in 12 months, and this one counts IRA transfer (the Sapphire one seems to exclude those), this is valuable to a lot of people.

If they start reducing the investment signup bonus to every 24 months like checking bonuses, or every 48 months like Sapphire credit cards, this might have a much higher opportunity cost.

Matt
Matt

Considering there are Chase savings bonuses of $300, I’m willing to bet this will go up to that at some point in the next 12 months so I’ll wait (aside that the effective interest rate isn’t that special).

Kenneth Li
Kenneth Li

I opened a youInvest account a few months ago with 2000$. they say they dont offer margin account. is this true ?

Melon Gain
Melon Gain

I signed up for You Invest for the 60k UR promo, and it’s actually a good product from what I can tell so far. They’re going to really give Schwab and Acorns a run for their money. I’m looking forward to seeing what their Robo offering will be.

If you do this promo you can invest your cash in VMMXX to keep earning a decent return.

https://investor.vanguard.com/mutual-funds/profile/VMMXX

Extremely low risk, 2.4% return, no fee to buy or sell, and every share is fixed at $1 (so you’re not going to lose anything to a bid-ask spread).

Nik
Nik

Thank you. This is a good option.

Peter
Peter

Thanks for sharing.

Peter
Peter

Dumb question, what is the 60k UR promo? Is it the Chase Sapphire Banking 60,000 Chase Ultimate Rewards?
Then, there is no $200 signup bonus.
Am I right?
Thanks

Melon Gain
Melon Gain

60k UR Sapphire works for upgrading. You can maybe get the $200 sign up first and then upgrade to Sapphire and deposit the $75k later.

Peter
Peter

You can participate in only one You Invest, Chase Private Client Checking, or Sapphire Checking new money bonus in a 12 month period.

Dan
Dan

Basically, if you don’t have 75k to move to Chase for the 60,000 UR bonus, then this is a good alternative.

If you do have 75k, you better off doing that.

el_pistolero
el_pistolero

I am assuming we are eligible even if we have done the regular Chase checking/savings bonus in 2018.

el_pistolero
el_pistolero

Is my assumption correct?
I want to apply for this but I got a bonus for Chase checking/savings in 2018.

Andrew D
Andrew D

Yes, should be fine to get this bonus.

TomTX
TomTX

For someone primarily with IRA assets this could make sense – typically you shouldn’t even need to liquidate (sell shares) to transfer cash. Perform an “in kind transfer” of your investment (lets say VTI – Vanguard Total Stock Market ETF). The VTI shares are transferred directly, no sales, no trading fees, no missed growth.

One caveat: Your existing brokerage may charge fees for the outgoing assets, or Chase may do so when you want to pull the assets out after you get the bonus. Read your T&C.

bax
bax

Going to ask Chase if they reimburse the fees charged by Ally Invest for transferring assets out.

Kyle
Kyle

That is the data point I am waiting for. I have a small IRA at Vanguard that I’d like to bounce around this year to make some money.

Knight
Knight

DP at bogleheads indicates no transfer fee reimbursement.

Peter
Peter

I think Chase says if the amount is over $50,000, then they’ll reimburse the fee. I transferred over the $75k for the 60k UR bonus and was reimbursed the $50 transfer fee from Merrill Edge.

akjohnny
akjohnny

bummer… would be sweet to combo with Sapphire checking deal… I’m going to that one next after Ally gives me my bonus in Feb 🙂

acat
acat

this is only appealing to an incredibly naive investor who doesn’t understand the ACAT process or fees involved. Those in the know, would take a pass on anything You Invest

Melon Gain
Melon Gain

Transfer out fee is $75. If you put the cash in a mmf you can easily cash out and close the account for no fee (if it’s not an IRA). If you’re transferring enough assets the incoming broker will often reimburse the fee.

gary
gary

I don’t know about the fee structure on this particular account but chase charges $50 for any partial transfer out on their ira accounts through acats. Something that was hidden in their disclosure a few years ago and i found out the hard way when i transferred out through acats $600 from that ira to another ira at ameritrade. when i questioned it, they told me about the fee but it wasnt in their main disclosure but buried in the fine print. they refused to reimburse the fee so i closed the account and paid another $75 fee when closing the ira account and transfering it another brokerage. Luckily they reimbursed me for chase fee

hj
hj

the author of this website, has no idea what an ACAT even is. So he just pumps these bank products with wild abandon.

Looney Tunes
Looney Tunes

According to their current fee schedule: Retirement Brokerage Account Termination (IRAs and SEPs), a fee of $75 applies when all assets are distributed or transferred out of the account.

Doesn’t say that their is any fee for a partial transfer out of an IRA or SEP though a regular Brokerage Account Transfer fee is $75 that applies when any securities are transferred out of the account.

5150d
5150d

“A much better option is to move your liquid funds to the You Invest account and put it in a money market fund like VMMXX or VUSXX which has been yielding 2%+ return. It’s not quite like a FDIC insured account, but overall it’s considered very safe.”

+1
VUSXX = all us treasury bills – no repos. Also Vanguard has NO counterparty risk like other brokerages.
Yield is 2.32% and no state tax. So for CA effective yield is 2.58%

Peter
Peter

Just did the Sapphire banking promo and dumping a lot of money into a You Invest, so a little bummer to be missing this one out. I do want to share some frustration thought with the process… TL;DR: it was a struggle to get JPMorgan to take my money and the people were extremely unhelpful.

Had to go in branch to do the sapphire banking conversion. Chatted briefly with the investment advisor guy who described You Invest’s asset transfer as super easy with an online tool. Turned out to be false. In order to transfer securities I had to fill out a paper form and mail in it.

That feels dumb in today’s day and age, but fine since other brokerage firms require the same. JPM though, requires the form to be notarized which neither Fidelity nor Schwab does. What a pain, especially because I opened it as a joint account with my wife so both people need to be present for the notary. Scheduled it with my local Chase branch to do it to avoid a notary fee, but they kept flunking the schedule and we ended up having to return 3 times. (insert major eye roll).

Spent $12 to mail the form in and, a week later, an email pops up saying JPM could not complete our request. I called in about it and supposedly some obscure addendum should have been filled out for unintuitive reasons. I protested arguing that a Chase banker/notary had reviewed the form for completeness so how could they not honor my request? I was told too bad, we had to redo the form again.

I quit at that point asking the agent to not worry about it. I’d abandon the process of securities transfer and just figure out another path to meet my requirements. It came at a cost, too. Then this morning… they freaking completed the securities transfer!! AFTER telling me that they couldn’t proceed with my form! Now technically they took my ETF from Fidelity without my permission.

I thought if I were to move some 6 figures of assets to an institution, agents would be all over me to make sure it happens smoothly. In my experience everyone was getting in the way of me begging them to take my money. It was bizarre…

Andrew D
Andrew D

Thanks for posting this. Hoping I don’t have this poor of an experience. Glad I picked individual and not joint account. Signed up yesterday… Let me know if you have any advice to make it easier.

Newbie
Newbie

These kind of deals are good only if you have liquid cash, IMHO. A lot of paper work is needed to go thru the hoops.
I agree, these kind of experiences make you hate the bank 100 times more and cut business.
Thanks for posting, it was very helpful to the readers.

SMan
SMan

How about putting money in Brokered CDs, which are FDIC insured. No Risk and we will get little over 2% interest.

Ed
Ed

Opened sapphire checking with funds I transferred from E*TRADE instead of taking the 60k UR bonus points, I took the $750 offer. I’m using this to invest, I strongly believed a greater return would be in the market than the 60k bonus points.

SMan
SMan

Sorry do not do this for short term, there is a transaction fee of $1 for $1000, with minimum of $10. I called Chase and confirmed it.

Danno
Danno

“Commission for U.S. Treasury bills, notes and bonds is $0 per bond. There is no commission for new issue CDs, but the offering price includes a selling concession”.
So you could do a T-bill and get some interest for the 90 days, or possibly a new issue CD. I’ve yet to find a broker that charges for U.S. Treasury products, they just tend to hide that fact in their Terms for some reason.
https://www.chase.com/content/dam/chase-ux/documents/personal/investments/youinvest_trade_fee_commish_schedule.pdf

SMan
SMan

Thanks Danno.

I am not 100% sure, but Ally Invest charges for U.S. Treasury products trading.

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