Dedicated to Deposits: Deals, Data, and Discussion

Chase Checking $200 Bonus, But Beware of Monthly Fees

POSTED ON BY

Chase Manhattan Bank

Update 7/30/2013: There's a new $200 Chase checking account bonus. It's scheduled to end on 8/15/13. Here's the Chase promotion page.

Update 7/30/2013: There's a new $150 Chase checking account bonus available online. It's scheduled to end on 10/5/13. Here's the Chase promotion page.

Chase bonuses are becoming larger, but beware that it's harder now to avoid monthly fees. The latest bonus is $200 for opening a new Chase Total Checking account and setting up direct deposit. Here's the link to Chase promotions page. You can apply online or you can request that a coupon be emailed to you so you can open the account at a branch. The offer is scheduled to end on 6/30/2012. Below is the small print of the offer:

Bonus/Account Information: Offer not available to existing Chase checking customers, those with fiduciary accounts, those whose accounts have been closed within 90 days or with a negative balance. Offer valid through 6/30/12. To receive the bonus: 1) open a new Chase Total Checking account, which is subject to approval; 2) deposit $100 or more within 60 days of account opening; AND 3) have your direct deposit made to this account within 60 days of account opening. Your opening deposit cannot be money held by Chase or its affiliates, nor can the bonus be used as the opening deposit. 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. After we receive your first direct deposit, we'll deposit the bonus in your new account within 10 business days. You can only receive one checking account-related bonus per calendar year. We may change the terms of the account, including any fees or features. Cash bonus is considered interest and will be reported on IRS Form 1099-INT.

Account Closing: If your checking account is closed within six months, we will deduct the bonus amount at closing.

The promotions page also describes the monthly fees of the Total Checking Account and how they can be waived. At least Chase is upfront with these fees:

Chase Total Checking has no monthly Service Fee when you do one of the following each statement period:

  • Option #1: Have monthly direct deposits totaling $500 or more made to this account; OR,
  • Option #2: Keep the daily balance in your checking account at or above $1,500; OR,
  • Option #3: Keep an average balance of $5,000 or more in your checking and other types of qualifying Chase accounts.

Otherwise a $12 monthly Service Fee will apply ($10 monthly Service Fee for CA, OR and WA). Credit for this find goes to FW member stormer who mentioned in this FW thread.

Chase also has a $200 business checking account bonus that's available at this Chase promotions page. You'll need a deposit of $5,000 or more. Offer expires 6/6/2012.

Not all Chase bonuses are online. Chase often mails targeted bonuses to customers. In January Chase mailed me a $100 offer for opening a new savings account with an opening deposit of $10,000 or more of new money. The promotion doesn't require that the $10K balance be maintained. As you might expect, the savings account rate is very low so you won't want to keep a large balance in this account. Hustler Money Blog reports of a $150 bonus for the savings account when the $10K balance is maintained for 90 days. The post also describes how you can find $200 coupons that don't require direct deposit.

Bonuses may be larger, but you have to be more careful to avoid monthly fees. All of Chase checking and savings accounts have monthly service fees. Most can be avoided if you meet certain requirements such as minimum balance or direct deposit. If you can avoid the fees, the bonuses can help offset some of this awful interest rate environment.

Other Bank Bonuses

We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.

You can view my latest bank bonus blog posts in this bank bonus page. I and DepositAccounts.com readers often post on bonuses in the checking account deals forum.


Related Pages: Chase Manhattan Bank, checking account

Related Posts

Comments
13 Comments.
Comment #1 by Anonymous posted on
Anonymous
I opened up a qualifying account and received the $200.00 bonus within the 10 days only to my shock find that $56.00 of that was withheld for IRS tax purpose. I understand it it considered income and as such will be reported but was not aware the tax was withheld immediately from my account. NOT HAPPY

10
Comment #2 by Anonymous posted on
Anonymous
The checking account rates are either 0% or 0.01%, so the bonus is really the only extra money that you are going to get from depositing the thousands of dollars into the account.  The bonus money is a pretty good deal if you keep a low balance in the account (avoiding fees) for at least 6 months or more.  $200 out of $1500 is a 13% return which is very good.  But if you keep the money in the account for many years, that 13% return starts to shrink (After 10 years, the bonus amounts to 1.3% annual return).

6
Comment #3 by Anonymous posted on
Anonymous
Is it possible to receive the $200 bonus for the personal checking account and the $200 business checking account in the same calendar year?

1
Comment #5 by Anonymous posted on
Anonymous
This deal is DEAD... :(

4
Comment #6 by Anonymous posted on
Anonymous
the personal $200 promotion is no more working.

 

How about the business checking acct promotion? do I have to have a real business to open it?

2
Comment #7 by CoronaAdvances posted on
CoronaAdvances
monthly fees are unacceptable

3
Comment #8 by Anonymous posted on
Anonymous
$2,000 deposit for 6 months with $200 bonus = 10% interest in 6 months.. woohoo!

3
Comment #10 by Anonymous posted on
Anonymous
Remember to look at the big picture.  If you read the terms and you follow them, then you usually will not get ****ed.  If you don't follow the terms or "give up" half way through the promotion process, then you'll lose money.  If you don't think you can handle the commitment, then don't "chase" these types of promotions.  If you can commit to spending what amounts to a couple hours over six months moving money into the right places to avoid all the fees, this is a pretty good payoff...$200 (taxable) for doing basically nothing.

3
Comment #14 by Anonymous posted on
Anonymous
The one additional benefit of the Chase account is that as long as you keep it open you get extra benefits with a Chase Freedom Visa card.  You not only get 1 point for every dollar spent but 10 extra points for every purchase no matter what the size. 

2
Comment #15 by Anonymous posted on
Anonymous
I was thinking of opening a Chase Total Checking account with Option #2: Keep the daily balance in your checking account at or above $1,500;  do I need to maintain it always above $1,500 to avoid fees, or just for that 6 month period to redeem the $200?

1
Comment #16 by Anonymous posted on
Anonymous
^^ That's for the life of the account, not just the 1st 6 months. On another note, If you're a profitable customer for your bank, you should get a fee-free account in my opinion. I'm a little surprised that so many people (many of which keep low balances in their accounts) feel entitled to a completely free service from these banks, that are FOR-PROFIT corporations. Why do you think minimum balances are put in place? It's a threshold an account must meet that provides the bank a profitable interest margin. Do you think operating expenses are 0 for a simple checking account? They actually cost quite a bit to open and maintain

/rant

1
Comment #17 by CapitalClimate (anonymous) posted on
CapitalClimate
So much for the August 15 expiration date:

"This product is no longer available for the ZIP code you entered."

1