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Chase Saving Account 25K Deposit Offer

Wednesday, September 26, 2012 - 9:29 AMChase Manhattan Bank - Details
I opened up a Chase checking account with a $200 bonus  and Saving account with a $ 150 last month.  I did it at my local Chase branch, and today i got the call from the same branch and said  I will get  an additional $200 bonus  if I deposit $25,000 dollars to my existing Chase savings account and  keep them for at least 6 months. I must say I am tempted! But I am still thinking. Is this the good offer?
2
RitaRita7 posts since
Jul 19, 2011
Rep Points: 18
1. Wednesday, September 26, 2012 - 10:46 AM
Only you can decide if it's a good offer, but here is some food for thought:  Earning $200 guaranteed on $25k for 6 months = earning $400 guaranteed on $25k for 12 months = 1.6% rate guaranteed.  Can you earn 1.6% (guaranteed) anywhere else on what amounts to a $25k 6-month CD?  

Using the 6-month rate tables on DA, the best nationally available $25k CDs paying more than 1.6% are at Rich-Seapak Credit Union (2.01% on a jumbo CD), and at two credit unions (Southern Gas and Trouvaille), 1.75% each.   If you don't have access to one of these three institutions and you can afford to keep the money tied up for 6 months, the Chase offer would be a good deal. 

Something else to consider:  a reward checking account in your area might give you a better rate.  Of course there are requirements to meet and there are no guarantees on how long the RCA rate (and cap) would hold, but you have immediate access to your money at any time. 

Your money, your choice!
Good luck to you~

 
3
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
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