Offer at a glance
- Maximum bonus amount: $600
- Availability:Â Â Nationwide
- Â Direct deposit required:Â Yes, no minimum. Click here to view what triggers this bonus.
- Additional requirements:Â None for checking; $15,000 balance for savings
- Hard/soft pull:Â Soft
- Credit card funding:Â Can fund up to $50 with a debit card online (prepaids do not work). Cannot fund with debit or credit in branch.
- Monthly fees:Â $12, waivable
- Early account termination fee:Â Bonus taken back if closed within six months
- Household limit:Â None listed
- Expiration date:Â None
Contents
The Offer
No direct link to offer, sent out via e-mail. Subject line is ‘<name>, we want to reward you with an up to 35,000 Southwest Rapid Rewards points offer.’
- Chase is offering up to 35,000 Southwest points for opening a new checking & savings account. The following offers are available:
- Get 15,000 points when you open a new Chase Total Checking and set up a direct deposit
- Get 15,000 points when you open a new  Chase Savings account and deposit $15,000+ and maintain $15,000 balance for 90 days after enrollment
- Do both of the above and receive 35,000 Southwest points
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
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
Normally we see a bonus of up to $600. I think most people would prefer that cash bonus that only 35,000 Southwest points, especially with the recent Southwest devaluations.
Hat tip to MtM
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
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This offer makes sense if you aren’t eligible for a cash bonus for a year or two (depending on the last time you got one). We need to know if a recently closed CHASE account mandates the same 90 day waiting period stipulated for cash bonuses. There’s also no guarantee CHASE will offer the same cash signup bonuses as in the past. So, you get a sure thing (with no $15K tied up in dismal savings for 3 months).
I have a positive 2cents message, too. (if no tax implications)
To be able to have a WN nonstop from my area on points without worrying about another tax document and amount to hold to until next year would be a happy face event. I can’t seem to obtain anything worthwhile from Chase, so, if I got this email, my next stop: SWA.com
If checking account bonuses are paid as miles, doesn’t that make them your property? They’re treated as interest, you pay tax on them, etc. Would make for an interesting case against shutdowns (take note AA…)
Do you pay taxes on airline miles? I thought IRS determined that airline miles are not taxable unlike cash bonuses.
I’ve definitely received 1099-INTs from Chase for points accrued from referrals, at least. I’ve similarly been taxed on these account opening bonuses when they were paid in cash. I kind of expect that’ll apply here too.
You don’t pay taxes on airline miles when earned with a credit card because the IRS considers them a rebate on money spent. Now if you get airline miles on credit card referral bonuses, they will be taxed if you have more than $600 worth. Chase values them at 1 cent per point. This is because these points do not require spending any money. Since no money is spent, it can’t be considered a rebate. Because of this, I would assume Chase would consider any miles earned for a checking/savings account bonus money earned and therefore taxable.
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If the points awarded counts toward companion pass then it might make sense to do this one.