Posted by William Charles on August 8, 2019
Deals

Published on August 8th, 2019 | by William Charles

109

Chase Sapphire Banking $750 Upgrade & New Account Offer

Update 8/8/19: Deal has been extended until September 28th, 2019. Hat tip to reader Martin

Update 6/19/19: Deal has been extended until August 6th.

Update 4/20/19: This is now available as a public upgrade or new account offer. Keep in mind there is also an offer for 60,000 points. Hat tip to reader Nick

Update: That didn’t last long, that public link now reverts to the 60,000 point offer.

Update 10/24/18: Reposting as there is now a direct link, so no longer targeted. This is still an upgrade offer, if anybody finds a link for new accounts as well let us know. Thanks to reader Bildge for sharing the current direct link.

Offer at a glance

  • Maximum bonus amount: 60,000 Chase Ultimate Rewards
  • Availability: Targeted, must have received an e-mail with offer
  • Direct deposit required: None
  • Additional requirements: Deposit $75,000 and maintain that for 90 days
  • Hard/soft pull: Soft
  • ChexSystems: No
  • Credit card funding: Cannot fund with debit or credit in branch.
  • Monthly fees: $25, avoidable
  • Early account termination fee: Bonus taken back if closed within six months
  • Household limit:  None listed
  • Expiration date: January 11th, 2019 June 15th, 2019 September 28th, 2019

The Offer

Direct link to offer

  • Chase is offering existing deposit account holders $750 when they upgrade to a Chase Sapphire Banking account and complete the following requirements:
    • Within 45 calendar days transfer a total of $75,000 or more qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts, and maintain that balance for at least 90 days (irrespective of any losses or gains due to trading or market fluctuation)

The Fine Print

  • Offer not available to existing Chase Sapphire Banking and Chase Private Client customers.
  • To receive the $750 bonus: 1) Meet with a banker to upgrade your existing account to a Chase Sapphire℠ Checking account 2) Within 45 calendar days, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or J.P. Morgan investment accounts (excluding insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts including but not limited to Traditional and Roth IRAs, Keogh, Simple IRAs, and 401(k) Plans). The qualifying new money cannot be funds or securities held by Chase or its affiliates. AND 3) Maintain at least a $75,000 balance for 90 days from the date of funding, irrespective of any losses or gains due to trading or market fluctuation. After you have completed all the above requirements, we’ll deposit the bonus in your new account within 10 business days.
  • The Annual Percentage Yield (APY), for Chase Sapphire Checking effective as of 9/14/18 is 0.01% for all balances in all states.
  • Interest rates are variable and subject to change. Additionally, fees may reduce earnings on the account.
  • You can only participate in one Sapphire Checking, Chase Private Client Checking or You Invest new money bonus in a 12 month period.
  • Coupon is good for one time use.
  • Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).

Avoiding Fees

Monthly Fees

Sapphire Banking has a monthly fee of $25. To avoid this you need to keep $75,000 in the accounts

Early Account Termination Fee

Normally Chase claws back the bonus if the account is closed within six months. Isn’t clear if that’s the case here or not.

Transfer Out Fee

$75 Applies when any securities are transferred out of the account

Our Verdict

Chase Freedom/Sapphire cardholders can receive 60,000 Chase UR points for the same requirements. This offer seems to be targeted towards Chase deposit account holders without those cards. If you value Chase UR points at 1.25¢ or more then you’re better off with that offer (if eligible) otherwise this offer is better, although this offer is not public. Keep in mind getting this bonus can only be done once per 12 month period, you can do a Chase checking/savings bonus every 24 months and they are on different clocks (e.g doing this bonus doesn’t make you ineligible for the Chase checking/savings bonus). I won’t be adding this to the best bank account bonuses because I think the public 60,000 point offer is better for most people, most people have an eligible card and most importantly this $750 offer is targeted.

Hat tip to reader David C



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LDoc
LDoc

I got this offer via direct mail.

Kris
Kris

Ditto

farcraw
farcraw

Does the sapphire checking include discounted safe deposit boxes?

Lightspeed
Lightspeed

One free small 3×5″ box, 20% discount on larger sizes, same as Premier Plus.

Matt E.
Matt E.

Interesting thought here – if UR is awarded, does that mean a 1099 is really issued? I know the fine print says it, but idk..

What would they value the UR at for 1099 purposes?

If nothing issues, this makes the bonus worth a good bit more than stated (+ tax rate)…

John S
John S

1099 Issued- Valued at 1c per UR.

Brad
Brad

so when i went into the branch for the sapphire banking upgrade, the banker said i could choose either 60k UR points or $750 cash, and i never got a $750 offer targeted email. He also suggested the points b/c if you select the cash, you will get taxed on it.

Steve
Steve

Do you have a Freedom or Sapphire credit card?

Also, most people are saying the points will be taxed too, with a 1099 valuing 1 point as 1 cent, though I think these are all guesses for now.

akjohnny
akjohnny

I really hope the sapphire checking bonus and chase total checking bonus are separate as I am looking to get both… I am willing to change my direct deposit at work for $300

Susan
Susan

did you get this to work? is the total checking bonus and the sapphire checking bonus separate??

Tigris23
Tigris23

I don’t see anything that says bonus taken back if account closed w/in 6 months? All I see is the account must be funded within 45 days of $75k and it be kept there for 90 days. Please advise. Thanks!

oinkster
oinkster

there’s no way to get this by opening a new account? i dont want to use an existing one to upgrade since if i close, id have to re-open the checking account which is what i usually for most of my other banking related stuff

Tigris23
Tigris23

You don’t have to close the acct…you can just downgrade it (from Sapphire to your current acct.).

Bildge
Bildge

You still need to have a checking account to qualify, but there is direct link to get the offer (so not really targeted). You can probably do it in 3 step. Open a Chase checking account, then hit the link to get the offer, then go visit your banker.

https://accounts.chase.com/consumer/banking/online?u1=16d1c0d8d7ad11e8932ca2e14e098be50INT&id=lw9MynSeamY&px=TX22729&jp_aid_a=66878011&jp_aid_p=chasehome_3%2Fhero

Chris
Chris

I only see the 60k points offer and I do have an existing Chase deposit account.

Bildge
Bildge

Brad above noted that he was not offered the $750 until he went to the bank and talked to someone to upgrade his checking account to Sapphire.

Bildge
Bildge

Also, the expiration is now 01/11/2019.

Sangu
Sangu

Fine print says this account I not protected by fed law and not insured. !!! Danger !!

Lei
Lei

INVESTMENT AND INSURANCE PRODUCTS ARE:

• NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

Read again, please…

Charlie
Charlie

Your checking and savings accounts are protected by FDIC. Your investment accounts are not. Same as every other bank in the US. Nothing new here.

Sangu
Sangu

Chase Sapphire banking is savings n checking right? Then y it’s mentioned that it’s not protected?

Bildge
Bildge

Because you don’t have to put the 75K in a protected account to qualify. Where you put it protected or not protected is up to you…

Rahul
Rahul

i’m closing my CPC account after my 2 current free wire transfers get done tomorrow to fund the Ally account.

SamL
SamL

If I am CPC now and downgrade today, and wait a month or so would I be eligible for this? Or no need to wait a month Do it in a week? I would not be “existing” anymore I have not done a personal checking or savings bonus since 2016 although I have done the biz bonus about 13 months ago.

Ann
Ann

I think nobody knows yet how long you’d need to wait after a downgrade, since this is a brand-new program. The only stated limits are not to be an “existing” Sapphire/CPC customer, and receiving “one Sapphire Checking, Chase Private Client Checking or You Invest new money bonus in a 12 month period”. So none of the regular personal or business account opening bonuses count against eligibility for this one, and a downgrade theoretically should make you eligible immediately.

SamL
SamL

Ok that is probably what I will do this tomorrow and speak with my banker. I’ll keep this thread updated.

Panda
Panda

Shows up as 60k UR…

mjs
mjs

DoC,

I think under “fees” you should mention that Chase terms state they’ll charge $75 to close the investment account tied to this.

For those planning to simply transfer some investment holdings, this could eat into the bonus (that $75 fee is equivalent to at least $100 of the pre-tax bonus), if they planned on transferring back out after receiving.

Charlie
Charlie

If you transfer an investment account, the new financial institution will often reimburse you for the closing fee of the old financial institution.

Fgf
Fgf

I have called Chase, and they mentioned that they do not reimburse the investment transfer fee.

Bildge
Bildge

You could liquidate, transfer, and rebuy to avoid the fee (since Chase offers free trades), but you take on the risk of market moves during this kind of “do it yourself” investment transfer. Plus, I guess trading fees would make this impractical in many cases…

calwatch
calwatch

You’d also pay the capital gains tax at that time and reset your holding period. But most brokers reimburse inbound transfers, or you can talk them into it for high enough assets (IB and Vanguard generally being the exceptions because of their business model).

Andrew
Andrew

Can you first transfer money from Chase to another bank, then transfer 75K from other bank to chase to qualify for this offer?

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