The Offer
Chase has announced that in October they’ll be adding a 60,000 points signup bonus for new Sapphire Banking customers who start a Sapphire Banking relationship, bring $75,000 in deposits or investments, and keep it there for 3 months. Existing Chase Checking customers who upgrade to Sapphire Banking are eligible too, but they do need to bring in $75,000 of new money.
As a reminder, Sapphire Banking is Chase’s new premium banking product, an upgraded version of what used to be called Chase Premier Platinum checking. It’s available for all Sapphire Reserve or Preferred cardholders. It waives ATM fees, investment fees, and has a slew of other benefits.Â
The Fine Print
- Bonus will be awarded within 45 days after the 90 day bonus period
- Chase Premier Platinum checking members are automatically upgraded to Sapphire Banking and are not eligible for the bonus
- There will likely be terms that the bonus will be taken back if account is closed within 6 months
- Unknown if this will result in a 1099
Unknown if it’ll be available online or require a branch visit The offer will be available online and in branch, with the exact date to be announced shortly- Funds held in the following accounts count toward the $75,000 requirement: checking, savings, liquid card, CD, investment and retirement accounts
Our Verdict
You’ll need to tie up $75k to do this deal, and even after the first 3 months you’ll need to keep the $75k there to avoid the $25 monthly fee, or you can just pay that fee. A better option might be to put $75k in a Chase investment account to satisfy the $75k requirement. Just be sure to be aware of any tax implications when transferring investments.
Overall, I’d say it the investment option might be a good deal for some people, especially if Chase doesn’t consider it taxable due to being a points bonus. This bonus is certainly not for everyone, though.
The initial rumor was for there to be a 50k points bonus, so this 60k is better than expected. I wouldn’t be surprised to see the bonus lowered at some point later, Chase likes to make a splash when introducing a product.
If you don’t have any Sapphire card, you can, of course, apply for either the Sapphire Reserve or Preferred with their 50,000 points bonus and land up with both the card bonus and the checking bonus. And you can also get up to 75,000 bonus points when taking out a Chase mortgage.
Another good stack here can be to open now the $300 Chase Total checking bonus, then – after bonus hits – upgrade to Sapphire Banking in October. You can do the $225 savings bonus as well. (Update: not sure if this will work since there might be a clause about only earning one bonus per calendar year.) Just remember that you’ll need $75k in new funds for the Sapphire bonus, so you can’t count funds in the Chase checking toward the $75k. Should be possible to transfer out and then back in, just keep in mind the minimums you need to get the respective bonuses and to keep the account fee-free.
If I have two sapphires savings, do I need to maintain $75k in both accounts or $75k in each account. I know that the new $75k has to stay in new account to get the bonus, so can I use my $75 from the older sapphires savings account?
anyone can share experience to use Chase investment platform? Can I do Treasury bill auctions?
Anyone knows how long to wait for the bonus after the first 3 months (you’ll need to keep the $75k)?
I secured messaged Chase to ask when to expect my bonus. They told me 10 business days after my 90 days. That should have been today – but no points yet. I messaged them again today, but have not received a reply.
They told my husband he should expect his points 45 days after his 90 days.
75k new money, what already in your Chase account does not count!
The Points Guy is reporting that retirement accounts are not eligible as part of the $75k.
“As for what does not qualify, Chase says 529 college savings plans; any retirement accounts including traditional Roth and IRAs, Keogh, Simple IRAs and 401(k) plans; fixed and variable annuities; and insurance products are excluded.”
https://thepointsguy.com/news/faqs-chase-sapphire-banking/
tpg also said you must have a Chase Sapphire credit card to get the bonus… primary cardholder and not au… I called the Chase Sapphire number and they said that is not true. you just need $75k
I just got my $300 bonus from Total checkin a/c. CSR said I was ineligible to upgrade to Sapphire Banking & get 60k UR bonus. Howver Sapphire banking does show up fo rme.
What do you mean by it shows up for you?
When I login into chase , I can see option to open a chase sapphire account!
Nice, mind taking a picture and sending it to [email protected]?
Any update on when the offer goes live?
I am very interested in this. However, I would expect that only some mutual funds will be able to transfer in. ETFs should not be a problem.
I transferred my Schwab account over after being told in a branch that JPM reimburses for ACATS fees, but I was charged Schwab’s $50 fee and messaged JPM, who said they will not reimburse fees for You Invest accounts – so if you are doing this to get the 60k points it may end up being worth it, but be aware that they aren’t covering fees for these accounts.
How long after withdrawing funds from chase before it’s considered new money? If there is money in savings from the savins promotion can I withdraw it and upgrade to sapphire a week later?
90 days, per my chase banker
not true… transfer to a different bank then transfer back to Chase… VOILA… brand new $$$ to Chase
I was at a branch today and the banker showed me the email they received. It very clearly stated only select Sapphire card holders will be offered the 60K UR bonus hence it looks it will be targeted offer and not a public offer.
Hmm, certainly doesn’t sound that way from the press release. The release even notes clearly that it’ll be available online.
Banker just now told me on the phone that this is a targeted offer. For existing customers, which I am, he says you have to log on to chase.com and if you’re eligible the offer will show up for you. I get an option for Private Client but no Sapphire Banking shows up. Possibly it will happen in October but it’s not looking good.