Posted by William Charles on September 24, 2018
Bank Account Bonuses

Published on September 24th, 2018 | by William Charles

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Sign Up For Chase Deposit Accounts Now – Before Two Year Rule Applies

In case you missed it Chase has introduced a new rule on some deposit account bonuses that 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).

Previously the rule stated was (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.

According to a source familiar with the matter the new two year language will be standard on bonuses going forward across both personal & business accounts. If you haven’t received a bonus in 2018 it’s worth signing up now, these bonuses still have the old language:



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parrothead
parrothead

Its worth noting, that I just got the in branch coupon from the link above and it expires on 10/13/18. There are ones on eBay that have further out deadlines, like I won’t be in a branch until 10/26/18 so I had to buy one on eBay for about $3.00

VM
VM

Last checking account opened Dec 8th. Bonus received on Dec 19th. Closed my account on June 9th.

Its been little over 100 days since I closed my account – so I should be all set to open account again, right?

parrothead
parrothead

Yup, I waited 92 days after closing once.

Tim
Tim

So we should sign up for the 600 and then the 500 if it’s still available int ’19

Drew Whitford
Drew Whitford

If I just opened my first ever personal and biz chk July and August of this year…it would seem like I need to wait 2 years (from bonus signup/acct open) before hitting them again right?

Josh
Josh

That’s correct.

Alex
Alex

Any updates on the sapphire banking bonus? For example, if we received a new checking account bonus this year, would we still be eligible to upgrade to sapphire banking and get the 60k UR? Also wondering if I can simultaneously do a savings account bonus and sapphire banking bonus. Current savings bonus is $300 for $25k deposit. Thinking that $25k deposit should also count for the sapphire’s $75k requirement (will need to deposit an addition $50k into an investment account, for example).

Celia
Celia

I would think it needs to be new money in both cases. Don’t think the first 25k would count toward the 75k of new money for the sapphire bonus.

Alex
Alex

I agree, but I’m wondering if you could open up both accounts on the same day (new savings bonus date is November 10th) to have the $25k count for both accounts.

Dan
Dan

will the 2 year rule apply to Sapphire 75,000 bonus? ideally was gonna hold off on that for a few months, but now i dont want to miss it cause i just signed up for a chase total checking $300 offer and dont want that to disqualify me

Yet Another Redditor

From what I have read on the Sapphire Banking 60K UR bonus on $75K deposit, we should be able to “upgrade” to Sapphire Checking for Total Checking and get the 60K URs.

Note that it is 60K URs for $75K deposit.

https://www.doctorofcredit.com/coming-october-chase-sapphire-banking-60000-ultimate-rewards-signup-bonus-with-75000-in-deposits/

bbug1
bbug1

It’s only worth signing up now if you have received a bonus between a year from when you sign up and the last two years.

Duke I.

Thanks for the info! I need to go in today before I miss out on the $500.

Bruce
Bruce

Why would signing up now in a rush matter? If they apply the new terms going forward, you won’t be able to do it again for another 2 years since the terms on your future sign up will block you

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Because if you got the bonus 13 months ago you could get it now as opposed to 11 months from now.

Duke I.

The old terms still applies if you have the offers with the one year language. I have one business and one personal checking offer that I’ve been holding on to.

anthonyjh21
anthonyjh21

Because many of us churn this bonus once each calendar year and would be ineligible for 1+ years under the new terms. For those who have never signed up for a Chase Bank bonus (or if it’s been 2+ years) this change is irrelevant.

Frankie
Frankie

If my wife is the primary on an account from years ago and i’m joint owner, am I eligible for new bonuses on new Chase accounts? I always assumed no, due to having the existing account. Thank you.

Ro
Ro

I guess Chase wasn’t impressed with the every calendar year churners!

David
David

Important Question: Whats the point of signing up now vs. later? Because REGARDLESS of what CURRENT language says – your NEXT one will make you wait 2 years.

So for instance, I signed up earlier in the year (Around March). It had the 1 year language. That won’t matter – because regardless of what my current offer says, the next offer says I can’t have had a bonus in the last 24 months. Either way, you have to wait 24 months since it’s in the CURRENT/FUTURE contract language.

Yet Another Redditor

It is for people who still have to do their 2018 bonus. If you haven’t gotten 1 this year or can apply by Oct 13 for a payout in 2019, then Oct 2-Oct 13 is the time to do it

David
David

Right… but doing it now, later this year, or next year won’t have any bearing on the fact that you will have to wait 24 months for the next one. Period.

Sam
Sam

In your example, if you were to do it in March 2018, than you need to wait a maximum until next year (2019) and at that point, you cannot get the bonus if they only do the new language (24 months language).

This is my situation. What DoC is saying that if you haven’t done it for this year, you can still sign up with the old language OR otherwise you’ll be disqualify from the new one with 24 month language. This is is assuming that you did it for 2017, and now want to do 2018. if you haven’t done it for 2017, none of this matter to you.

arizonapv
arizonapv

True, but if you got a bonus in 2017, then with the 2 yr language, you’d have to wait til 2019. With the one year language, you can sign up in 2018.

ChurningFast

Oh no, I have a decision to make here. Closed personal and biz in mid June this year. Had opened both in mid December, 2017, got personal bonus in 2017 end and biz bonus in Feb 2018. As far as I understand, I can sign up for the personal today (it’s been more than 3 months from account closure and I received bonus on Dec 26, 2017 so last calendar year). So am eligible for the personal now right since I have a coupon with old terms?

What about the biz though, anyone here can tell me? The last expiration dates with old terms on the biz coupons is October 2. Can I sign up on October 2, even though I received a biz bonus this year? I thought I can, because if I do that and deposit $1000 say on Oct 10, the 60 day period will end in 2019. Is that going to be possible, please enlighten me DoC community. I need to plan an NYC trip then!

Yet Another Redditor

You should be good to go for Personal checking now.

~~And, I think what you are doing for Biz should work. I have a similar case with P2 where Personal Savings account was opened last year and bonus received this year. We are going to wait until early October to sign them up.~~ Ignore this section. See my update below.

Update: Your 60 day period for Biz Checking will ending in 2018 itself (and not 2019) and you should receive your bonus since you haven’t gotten one for 2018. Our case is different in that P2 has received bonus in Jan 2018 and we are targeting next bonus to be received in Jan 2019.

ChurningFast

I’ve got a biz bonus in Feb this year that’s the problem. I was hoping if the 60 day period after initial $1000 deposit is in 2019 which will be if I put in $1000 say on October 10, will I still get the bonus? tia

Yet Another Redditor

60 days from anything in October is still going to be 2018…

Clinton
Clinton

I opened a personal checking for the bonus back in February, but botched the DD requirements. I should still be good to close this account, wait 90+ days and then open a new one for the bonus, correct?

Denis
Denis

The current 1y language offer expires in about 3 weeks so it’s hardly makes sense to close an account and wait 90+ days unless you have another coupon with an extended expiration date

Clinton
Clinton

My question pertains more to my ability to get a bonus at all, as I did not actually earn the bonus the last time I opened an account. I assume I’d still be eligible since I never actually received a bonus with them. I mention closing for 90 days, because as I understand it, you aren’t eligible to receive a bonus on any new account if you’ve had an account within the 90 days prior.

arizonapv
arizonapv

Yes, your thinking is correct. Close the account, wait 90 days, then you can open another account and get the bonus. I am in the same situation (botched the min bal requirement). I need to wait til mid November for the 90 days.

Clinton
Clinton

Thanks! I wasn’t sure if I was explaining my situation/question correctly, but your plan sounds similar to mine.

Yet Another Redditor

William Charles I posted this in the $225 Chase Savings bonus thread also. Re-posting here for visibility

The $225 Chase Savings offer I emailed myself still has the 1 year language. Even clicking the link in my email takes me to a page with the 1 year language. This is similar to the case when emailed Chase Sapphire referral links had the 24-month language instead of the 48-month.

Should we recommend that people email themselves a link/offer for eventual use instead of waiting to use the direct link?

Joseph Smith
Joseph Smith

Yes, I signed up for a Total Checking online Saturday after your post.

Do you think the 48 month language will apply to business checking bonuses?

Jason_08
Jason_08

William Charles Yet Another Redditor I want to say that they fixed this? Emailed myself the offer, and email AND link stated the 2 year language

Yet Another Redditor

Yup 🙁 Looks like it. I emailed myself at a new address and it gave me the new 2 year terms and a new expiry date of 11/20/2018.

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