Chase Private Client: "Enjoy Up To A $3,000", Is There A BONUS?

IGR | Jul 3, 2023 | 580 posts since 2020

Is there anyone who actually enjoyed the Reward of becoming Private Client of Chase?

I consider having a run at this, but cant figure out the formula of actually seeing a Bonus as the Benefit.

With a Bonus being relatively small, every spin of this engagements looks like a Money loosing proposition.

Along with the Restrictions and Conditions, it appears that invitation is designed to Reward the Arrogance of Chase at the expense of Private Client.

Any other way to look at this?

(not to launch endless thread about Chase in generality, or Private Banking in general)

Post an answer

Answers

enduser | Jul 4, 2023 | 711 posts since 2015

No you pretty much summed it up. It is a reward for arrogance. Not a good deal at all. The longer you go beyond the minimum time the worst your earnings degrade. This is a very foolish investment.

On face value the $3000 sounds amazing, but when you decode the deal you will quickly realize that it is not worth it at all.

In the calculations I'm using a realistic 100 days. 10 days to fully fund the account, and 90 days to hold the funds deposit.

$3000 Bonus Analysis
Initial Balance: $500,000
Final Balance: $503,000
Term Days: 100
Equivilent Bonus Interest APR: 2.19%
https://www.omnicalculator.com/finance/apy

Chase Private Client Checking account
Enjoy up to a $3,000 bonus
https://account.chase.com/consumer/banking/chase-private-client-checking-account-seo/TM32227

John19 | Jul 4, 2023 | 394 posts since 2022

It's a pretty confusing bonus with not a lot of data points. It's an investment bonus so you can transfer securities/buy money market funds to meet the 500k. But there is confusion over the management fees and self-directed aspects of the brokerage account. I haven't done it yet, it's definitely worth looking into. I'm doing the Wells Fargo Premier bonus right now for $2500 by transferring 300k in brokered CDs. We'll see if it works

IGR | Jul 4, 2023 | 580 posts since 2020

Wells Fargo Premier bonus offer is currently expired...
Anyway, i dont want to be drawn into general discussion about bonuses or how Particular Chase Bonus works... Sorry.
I know there is a way to turn Chase Bonus into gain, but cant figure out how exactly.

BTW, It is 45 days maintenance period, +settlement times...-fees.
And, there is no way, one time 0.6% cash bonus can be reliably presented as 2.19% APR.
It is a misuse of the calculator, nothing more than the Annualization based on arbitrary Assumptions.
The same "Analysis" would show that $5 win on $1 lottery ticket has "Equivalent" Annual Gain of 7300%

CDMD | Jul 6, 2023 | 141 posts since 2022

I am not sure if this is the same offer I was given a few years ago but since I was already a Chase checking account customer I was able to obtain my threshold bonus successfully by transferring some securities into a no fee self directed brokerage account. Securities I am holding long term anyway. I had no problems with the transfer. No fees. Bonus was posted promptly. and now enjoy other private client fee waivers and more personalized attention.

IGR | Jul 6, 2023 | 580 posts since 2020

thanks
Probably not, self directed brokerage is excluded from current offer.
personalized attention. from Chase would scare me most.
for some weird reason i have Regular and Sapphire Checking with Chase for years.
I still have absolutely no clue what is the difference nor i got to enjoy it

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.