Posted by Chuck on September 13, 2018
Bank Account Bonuses

Published on September 13th, 2018 | by Chuck

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Coming October: Chase Sapphire Banking 60,000 Ultimate Rewards Signup Bonus with $75,000 in Deposits/Investments

The Offer

Press Release

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. 

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.



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Max
Max

There aren’t any tax implications for moving taxable assets in-kind between brokerage accounts, are there?

Snorlax
Snorlax

Nope, there isn’t.

If you didn’t know what you were doing and you sold off all your investments and re bought them again there would be.

Sherman
Sherman

There can be since you will often need to sell fractional stocks when transferring, which could result in tax forms.

Justin

Taxes would be minimal IF you sold fractional shares. Or you could simply transfer only the whole shares. Or more exactly, # whole shares minus 1, so you’re left with 1.xxx shares in your original brokerage account. Usually brokerages will liquidate anything less than 1 whole share, so you need to keep 1 whole share in the account so the fractional share won’t get liquidated.

Dan Thomas
Dan Thomas

75k isn’t that much

frogger
frogger

Ok then lend it to me.

joE
joE

forget lending it, sounds like he wants to give it to you!

Ed. C
Ed. C

Does Chase have online checking accounts that might qualify? No Chase branches within 150 miles of where I live….

Tim
Tim

Be wary of that. I opened an account out of state and have no branches near me. They had some funky stuff happening w/ verifying my identity trying to push the funds into the account and i eventually had to go back out of state to a branch to close the account. but YMMV

Unclesam
Unclesam

I am assuming you cant transfer stocks worth $75 directly into You Invest account to qualify for this but once $75K cash is there can you then transfer stocks into You invest and withdraw money from Sapphire Bank Account while maintaining a combined balance

Freddy thibo
Freddy thibo

was thinking the same thing but need more info to decide if qualifies

TomTX
TomTX

You should be able to perform an “in kind transfer” of stocks or ETFs from your current brokerage. Unless your current brokerage or Chase has a policy against it.

Steve
Steve

Why do you assume that? Other brokerage offers don’t have that restriction, and the CNBC article says “deposits or investments” for the bonus (though to tell for sure we need to wait for the official terms of the offer from Chase).

tolikfox
tolikfox

why don’t they offer a bonus for Private Client?? I am thinking of just doing that to get the free trades in their brokerage account.

Patrick
Patrick

FYI, only mutual fund trades are free on the JPMorgan platform that you get with CPC.

Share trades are $24.95.

You can open a You Invest online for free trades.

It’s a bit … odd.

David
David

same. I’m on BofA for their free trades at over 100K but wife is with TD but paying for trades. I might just do 2 of these, at 150K mainly via investments to qualify for both of us. Would be a nice 120K UR.

Just wondering around how this compares against BofA perks and how JPM trading system looks and feels.

J
J

FYI – Merrilll / BofA is supposedly doing away with trading shares of any stock that is under $1 at the end of the month. When I talked to a rep (considering opening an account with them), they said that folks with any penny stocks won’t even be able to sell them starting in October. This was what I was told near the beginning of the month. Not sure it still holds true.

red
red

what a good way to laugh at their old customers. I just called in to downgrade to total checking account

Mark
Mark

If Chase won’t give you a Sapphire credit card due to 5/24, what can you do with these 60000 points from the bank?

Cody
Cody

You wouldn’t be eligible to get the sapphire Banking or the points. Must have one of the cards.

Justin

Wait, you MUST have a CSR/CSP card to qualify for Sapphire Banking? That’s not what their landing page says as far as I can tell. It looks like you can apply for CSR/CSP but it’s not required.

Ann
Ann

I haven’t messed with UR points in years, but it used to be that you could redeem them if you even had a Chase debit card. (Originally the debit cards earned UR points too, at lower rates. Once the debit cards stopped earning, you could still redeem prior points on the UR portal without a linked Chase CC.) Don’t count on it still working this way, but it’s worth looking into.

Will Ryan
Will Ryan

I just got the $300 checking bonus a few weeks ago. Are we sure we can upgrade and also get this 60k points?

Usually there is language that you can’t have received a bonus in the last X days/months.

Dumitru
Dumitru

I’m thinking how I can make this work. I have a Chase Plus Savings account with over $100k.
If I open this new Sapphire Banking account (instead of “upgrade” my existing savings one), and transfer $75k from Plus Savings to it, will it count?
If not, I could probably transfer $75k to a different bank, open the Sapphire banking, and then transfer those $75k back into it.
Thoughts?

Ron
Ron

Questions
1. I am Chase Sapphire card holder (not Sapphire preferred or reserve) and a Chase total checking customer as well – will I be eligible to upgrade and earn 60K points with 75K USD deposit ?
2. How best can I use the 60K UR points if I don’t travel that much ? I know for flight and hotel bookings it gives the best value but what about cash ?

Celia
Celia

To answer your second question, unless you’re a preferred or reserve card holder, the points are not worth more when using for travel. So each point is worth 1 cent in your case.

Ron
Ron

Thanks!.. If I am understanding you correctly what you are saying is that as a regular Sapphire card holder whether I use it for travel or cash out either way its going to be the same $600 for 60K points right?

ThaigerNation
ThaigerNation

Do IRAs qualify?

icemule1
icemule1

For those of us that are Chase Private Clients, can we still get this account if we move $75K of new money there?

DaveC
DaveC

I am a CPC. Can I get the 60K if I downgrade to Sapphire Banking and put in $75K new deposits? Can I downgrade my account to basic banking now so I can upgrade to Sapphire?

David
David

What does it mean for chase private client? Any way to get this bonus?

Justin

The $75k balance – does it have to be invested in Chase Investment products (which probably suck hard core vs good alternatives like Vanguard ETFs)? Or can it by any investment?

The language for what qualifies as an investment:

“Qualifying personal investments include the following: Prior end of month balances for investment and annuity products offered by JPMorgan Chase & Co. or its affiliates and agencies. Balances in certain retirement plan investment
accounts, such as Money Purchase Pension and Profit Sharing Plans, do not qualify. Investment products and related services are only available in English. JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”)
offer investment products, which may include bank managed accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through
J.P. Morgan Securities LLC (JPMS), a member of FINRA and SIPC.”

If a brokerage account is the “investment product” then it stands to reason that any holdings within it should count, right?

Celia
Celia

I have all my Chase account investments in Vanguard and individual stocks. As those qualify me for no fees, I imagine the same would be applicable here.

Justin

Cool. Thanks for the DP. I have some vanguard ETFs I could move over for an easy bonus.

Patrick
Patrick

Any investment.

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