Update 4/8/19: It seems like the new two year rule is not backdated for people who received a bonus before the new rule went into effect (late September 2018. Around the 20th). For example a reader received a bonus in February 2018 and then closed the account in September 2018. They then signed up for the account again in January and received the sign up bonus. Going forward they will not be able to get the bonus until after January 2021. As always do this at your own risk, but might be worth considering for some people.
Original post: Yesterday we posted a new deal offering $600 for opening a Chase checking & savings account. Several readers pointed out that they have updated the language describing who’s eligible, it now clearly states (emphasis ours):
- You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date and only one bonus per account. Bonuses are considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
The older bonus for $500 contains the old language that states (emphasis ours):
- You can receive only one new checking and one new savings account opening related bonus each calendar year and only one bonus per account.
As you can see the new wording states you can get the bonus every two years from the last enrollment date (when you signed up) and the old wording states you can get the bonus each calendar year. Honestly this just sucks, this was always one of the top rated bank account bonuses out there. Even if you only did the checking bonus for $300, it was an easy $300 each year. Now it looks like you’ll be limited to doing it every two years.
If you’ve done a chase checking/savings bonus in the last two years but haven’t received a bonus this calendar year, I’d strongly recommend doing the $525 bonus now before that offer expires and the new language gets implemented across all Chase bonuses. All bonuses now contain the two year language
It’s possible this new language only relates to the higher $600 offer, but I’d be betting that it will become standard across all Chase deposit account bonuses sooner rather than later. It’ll be interesting to see if the new Sapphire Banking bonuses also contain this new language or not.