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Chase Checking and Savings Bonuses of Up to $400

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Chase has a long history of checking and savings account bonuses. The deals have improved over the years, and now there’s one that pays up to $400 for new customers. To get the first $200 requires opening a Chase Total Checking Account and setting up direct deposit. To get the second $200 requires opening a new Chase Savings Account, depositing at least $15,000 in new money, and maintaining a $15,000 balance for 90 days. Here's the link to the Chase promotions page. This promo instructs you to print the promotions page with the coupon code and to take it to your local Chase branch. The promo is scheduled to end on 7/15/2014, but these promos often end early. Thanks to DA member Hustler for posting on this promo in the DA forum. Below is the small print of the offer:

Bonus/Account Information: The checking offer is not available to existing Chase checking customers, those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance. To receive the $200 checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval. 2) Deposit $100 or more within 10 business days of account opening; AND 3) Have your direct deposit made to this account within 60 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. After you have completed all the above requirements, we’ll deposit the bonus in your new account within 10 business days. The bonus cannot be used as the opening deposit. To receive the $200 savings bonus: 1) Open a new Chase Savings account, which is subject to approval. 2) Deposit a total of $15,000 or more in new money into the new savings account within 10 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 Chase or its affiliates. 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 Savings effective as of 5/12/14, 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 receive only one new checking and one savings account opening related bonus per calendar year. Bonuses are considered interest and will be reported on IRS Form 1099-INT.

History of Bonus Payouts

Chase does have a good reputation at honoring the bonuses. According to my poll that asked whether Chase paid you the bonus as promised, 86% of the readers who took the poll said that Chase paid as promised and no call was required. This is based on 152 readers who took the poll. If you have experience with past Chase promotions and you haven’t taken the poll, it’s still active. Just click here to take it.

Will an ACH Transfer Count as a Direct Deposit?

The $200 checking account bonus requires direct deposit, and according to the small print "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." In addition, direct deposit can be used to avoid a monthly service fee. For those who don’t receive their pay via direct deposit, an ACH transfer may be used. However, this should be considered a "Your Miles May Vary" (YMMV) option. I wrote about this back in 2011. I’ve seen recent reports saying that transfers from banks like Ally and USAA did not work. However, I’ve also seen reports that said transfers from places like Navy Federal Credit Union did work. If you have received Chase bonuses in the past by using ACH transfers instead of direct deposits, please leave a comment.

Is a $200 Bonus Worth a $15K Deposit?

Anytime there’s a bonus for depositing a certain amount of money, you should determine how much interest will be lost. The Chase Savings Account essentially pays no interest. So you’ll lose out at least 90 days of interest for a $15,000 balance. If you kept that $15,000 in an internet savings account that was paying 1%, you’ll miss out on about $37.50 in interest over those 90 days. So a $200 bonus is a good deal in this interest rate environment.

Account Fees

Another thing that can hurt a bonus is an account that has fees, and as you would expect, these Chase accounts have potential monthly services. These can be avoided if you’re careful.

The Chase Total Checking has no monthly service fee when you do any one of the following each statement period:

  1. Have monthly direct deposits totaling $500 or more made to this account; OR
  2. Keep a minimum daily balance of $1,500 or more in your checking account; OR
  3. Keep an average daily balance of $5,000 or more in any combination of qualifying Chase checking, savings and other balances.

Otherwise a $12 Monthly Service Fee will apply in most states ($10 Monthly Service Fee for CA, OR and WA).

Chase Savings has no monthly service fee when you do at least one of the following:

  1. Keep the minimum daily balance of $300 or more in your savings account; OR
  2. Have at least one repeating automatic transfer from your Chase checking account of $25 or more each month. One-time transfers do not qualify; OR
  3. Have a linked Chase Premier Plus Checking or a Chase Premier Platinum Checking account.

Otherwise a $4 Monthly Service Fee applies in most states ($5 for accounts opened in CA, FL, GA, ID, NV, OR and WA).

Other Bank Bonuses

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 bank deals forum.


  Tags: Chase Manhattan Bank, checking account

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Comments
18 Comments.
Comment #1 by Anonymous posted on
Anonymous
There is another targeted coupon for $175 for opening a savings account, bringing in $15K of new money. But you can transfer back out the $15K as soon as you get the $175 :)

1
Comment #3 by pattyb53 posted on
pattyb53
How long must you keep the $15K before rec the $175?

2
Comment #12 by Anonymous posted on
Anonymous
the $175 can be withdrawn as early as 2 weeks! My Bonus came in within a week of depositing $15K

1
Comment #2 by Anonymous posted on
Anonymous
I assume you must live in a state with a Chase branch to get the bonus?

1
Comment #5 by Anonymous posted on
Anonymous
It's not a 'bonus'. It's counted as interest and Chase sends you a 1099 at year end designating it as such.

1
Comment #6 by Anonymous posted on
Anonymous
One piece that is missed above is you must keep your accounts open for 6 months or they can deduct the amount back.  However after your 3 months you do not have to have the 15k in your account anymore, you can just make sure you meet the requirements to avoid fee's.  I don't live in a state with a local chase branch, however I am going to be out of state next week, only a block from a chase branch, going to try to opening one then. Wish me luck.

1
Comment #7 by Anonymous posted on
Anonymous
The "Chase promotions page" link within the blog post takes you to a Chase login page. Any other link available?

1
Comment #8 by Anonymous posted on
Anonymous
Looks like it's gone....

1
Comment #9 by Anonymous posted on
Anonymous
So much for the July 15th date :(

1
Comment #10 by Anonymous posted on
Anonymous
No wonder it's gone.  Anyone could link to the Chase "promotions"/offer page as many times as desired. A new, unique, coupon code would be generated by Chase each time the page was opened, regardless of whether or not the page containing the coupon code was printed (much less used to open account(s)).  By doing a Google search on "Chase promotions", and following the links from the search, I discovered that there is a "cottage industry" of people who apparently gather quantities of these Chase coupon codes, and then offer for sale a wide variety of these Chase promotion codes on e-Bay.  Bottom line appears to be that Chase allows a certain number of coupon codes to be generated for each of their promotions, and when that number has been reached, their system routes you to their login page.  Seems to me that their process for distributing these coupon codes is severely flawed.  Whether or not they care is an entirely diffferent matter.

4
Comment #11 by pattyb53 posted on
pattyb53
I piicked up a coupon page last week and I haven't opened the account yet.  Wonder if it's still good now.

1
Comment #13 by Anonymous posted on
Anonymous
Is this coupon code available for open the account online?
Thanks!

1
Comment #14 by Anonymous posted on
Anonymous
Can the direct deposit be a partial direct deposit of my paycheck. My employer allows it to be split. Since I do a lot of billpay from my current bank, I would only be sending a token amount to Chase.

1
Comment #15 by Anonymous posted on
Anonymous
How would the recipient know one way or the other?

1
Comment #16 by Anonymous posted on
Anonymous
offer says $500 direct deposit, so don't see why not.

1
Comment #17 by paoli2 posted on
paoli2
As a Chase customer for many years, let me give you some advice. If you want to play these money bonus games with Chase that is your business but if you make the mistake of becoming a customer, you will never see another bonus from them from my experience.  I have had IRAs, CDs, direct deposit checking account, and until recently a large savings account.  They all put me in the Premiere status.  However, recently when I asked why a dependable customer like myself never got one dollar in any bonus "ever" and could I put the $15,000.00  in my Chase checking which was money from "other" banks to get a bonus by opening a new savings account,  I was told "No" because it was not NEW money!  It certainly wasn't money I made off of Chase!  I just deposited it into my checking account because it is the only checking account we have.  They refused to budge so I am.  I took my CDs to other banks, and will be transferring our IRAs soon as they mature in July.  I will also be putting the bulk of that $15,000 in the checking to another bank or cu account and just ending up with nothing but the checking in Chase.  When I find another place I want for the checking, I will be kaput with them.  So take note and if you are going to play their "bonus" games with them, make sure "you" come out the winner! 

3
Comment #18 by Anonymous posted on
Anonymous
I read the "not too pleasant" comments (here and on the Chase "page") and wonder "why do I carry credit card(s) with them for use in connection with car rentals," i.e. "will they stand behind for collusion/comprehensive coverage...I'm really concerned about their business practices with long term customers.  Anyone else concerned?

1