[Expired] [Targeted] Chase 40,000 Avios Checking & Savings Bonus

Deal has ended, view more bank account bonuses by clicking here.

Offer at a glance

• Maximum bonus amount: 40,000 Avios
• Availability: Nationwide but targeted
• Direct deposit required: Yes, no minimum. Click here to view what triggers this bonus.
• Additional requirements: None for checking; $15,000 balance for savings
• Hard/soft pull: Soft
• Credit card funding: Can fund up to $50 with a debit card online (prepaids do not work). Cannot fund with debit or credit in branch.
• Monthly fees: $12, waivable
• Early account termination fee: Bonus taken back if closed within six months
• Household limit: None listed
• Expiration date: August 18th, 2020

The Offer

No direct link, sent out via e-mail. Subject line is ‘Friendly note: <name>, we want to reward you with an up to 40,000 Avios offer’

• Chase is offering a checking & savings bonus of up to 40,000 Avios. Bonus is as follows:
  • Receive a bonus of 20,000 Avios when you open a Chase Total checking account and have a direct deposit post to the account within 90 days.
  • Receive a bonus of 12,500 Avios when you open a Chase savings account and deposit $15,000 or more in new money within 20 business days and maintain a balance of $15,000 for 90 days.
  • Receive an extra 7,500 Avios bonus when you complete both of the above bonuses.

The Fine Print

• Checking offer is not available to existing Chase checking customers.
• Savings offer is not available to existing Chase savings customers.
• Both offers are not available to those whose accounts have been closed within 90 days or closed with a negative balance. T
• o receive the 20,000 Avios checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposit made to this account within 90 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Chase QuickPay® with Zelle®) are not considered a direct deposit.
• After you have completed all the above checking requirements, 20,000 Avios will be posted to the primary cardmember’s account up to 8 weeks after the eligibility criteria have been met.
• To receive the 12,500 Avios savings bonus: 1) Open a new Chase SavingsSM account, which is subject to approval; 2) Deposit a total of $15,000 or more in new money into the new savings account within 20 business days of account opening; AND 3) Maintain at least a $15,000 balance for 90 days from the date of deposit.
• The new money cannot be funds held by you at Chase or its affiliates.
• After you have completed all the above savings requirements, 12,500 Avios will be posted to the primary cardmember’s account up to 8 weeks after the eligibility criteria have been met.
• To receive the extra 7,500 Avios bonus: You must open the checking and savings account at the same time and complete all requirements above for BOTH the checking bonus and savings bonus.
• After you have completed all requirements, 7,500 Avios will be posted to the primary cardmember’s account up to 8 weeks after the eligibility criteria have been met.
• 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.
• Coupon is good for one-time use.
• The Avios transferred to you under the terms of the Program are considered interest received from Chase.
• Therefore we will send you, and file with the IRS, a Form 1099-INT (Interest Income) or, if applicable, a Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for the year in which the Avios are posted to your account.
• You are responsible for any tax liability related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation.
• Customers must be a British Airways Visa Signature® cardmember prior to enrolling to be eligible for this offer.
• To qualify for this bonus offer, British Airways Visa Signature® cardmember personal account must be open and not in default at the time of fulfillment.
• Credit card product changes during the promotional period or prior to the fulfillment of the bonus will forfeit this bonus offer.
• This offer is not transferable, and is subject to change.

Avoiding Fees

Savings Account

The Chase Savings Account comes with a monthly service fee of $5. Monthly fee is waived with any ONE of the following:

• Keep a minimum daily balance of $300 or more
• Have at least one repeating automatic transfer from your Chase checking account of $25 or more; one time transfers do not qualify
• Have a linked Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking account

Checking Account

The Chase Total Checking account comes with a monthly service fee of $10-$12 which is waived if complete any of the following:

• Have monthly direct deposits totaling $500 or more
• Keep a minimum daily balance of $1,500 or more in the checking account
• Keep an average daily balance of $5,000 or more in any combination of qualifying Chase checking, savings and other balances

Early Account Termination Fee

If you close either account within 6 months of account opening, you will forfeit the bonus.

Our Verdict

The standard Chase bonus is $300 checking, $200 savings & $100 for doing both. There was a $900 bonus earlier in the year, but I’m not sure we will ever see that again. In comparison to the standard $600 bonus you need to value Avios at 1.5¢ or more for this offer to be better. Frustratingly Chase doesn’t provide any guidance on how the Avios will be valued for tax purposes. We won’t add this to the best bank bonus page as it’s targeted.

Hat tip to reader V S

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