Updated August 30, 2017
Changing bank accounts can be painful, but lucrative. Chase understands that some people will only go through the hassle of changing banks if they are paid to do it. To encourage people to switch, Chase has introduced a bonus offer that will pay customers up to $350.
In the rest of this post, we will explain the details:
- Get up to $350 when you open a Chase Total Checking® account* with Direct Deposit and open a Chase SavingsSM account*, deposit $10,000 or more in new money and maintain a $10,000 balance for 90 days
- Get a $200 bonus when you open a Chase Total Checking® account* and set up direct deposit
- Get a $150 bonus when you open a Chase SavingsSM account*, deposit a total of $10,000 or more in new money within 10 days, and maintain a $10,000 balance for 90 days
- Access 16,000 Chase ATMs and 5,100 branches
- Chase QuickDepositSM lets you deposit checks almost anytime, anywhere with the ease of taking a picture. Just point, snap, and deposit.
The checking account does have a monthly service fee of $12. However, that fee is waived if you have direct deposits totaling $500 or more made to the account. If your direct deposit is less than $500, there are two other ways to avoid the fee. You can either keep a minimum daily balance of $1,500 or more in your checking account or keep an average daily balance of $5,000 or more in any combination of qualifying and linked Chase deposit or investment accounts. You should speak to a branch employee to understand in more detail.
The savings account has a $5 monthly fee. That monthly fee can be waived with one of the following during a monthly statement period:
- $300 or more minimum daily balance
- OR, at least one repeating automatic transfer of $25 or more from your personal Chase checking account (available only through Chase Online Banking)
- OR, account owner is younger than 18
- OR, when linked to a Chase Premier Plus CheckingSM, Chase Premier Platinum CheckingSM or Chase Private Client CheckingSMaccount
How To Get The Bonus
You will need to visit a Chase branch in order to open the account. Here is how the process works.
- Visit the Chase website and sign up to receive your bonus offer coupon by email. You will be asked for your email address, and a coupon will be sent to you.
- When you receive the coupon, print it out and take the coupon to your local branch.
- Sit down with a banker and open the account. You will need at least $25 to open the checking account.
- Make sure you set up the direct deposit with your employer. After you open the account, you will have your routing number and account number that can be used. And don’t forget to deposit $10,000 (or more) within 10 business days of account opening to be eligible for the savings account bonus.
Is Chase Right For Me?
Chase is one of the largest banks in the country. The bank has been investing aggressively in its mobile app, and was recently named the Best Mobile Banking App for Large Banks by MagnifyMoney. But Chase is not right for everyone. Here are the pros and cons.
- There are over 16,000 Chase ATMs and 5,100 branches. When Chase enters a region, it tries to be everywhere. In places like New York and Florida, it is very easy to find either a branch or an ATM, to avoid fees.
- Chase’s mobile banking app has the highest level of user satisfaction among big banks.
- It is easy to avoid a monthly account service fee, with a low direct deposit requirement of $500 per month.
- Chase also offers some of the best credit cards in the market, like Chase Slate® and Chase Freedom®. You might find combining your accounts into one place to be convenient.
- Chase has developed a wide range of alerts to keep you in control and manage the risk of fraud. You can receive customized text messages, email messages or even push messages to your iPhone whenever there is activity on your account.
- The savings account only pays 0.01% interest. It can be a convenient place to keep money, but interest rates at internet-only banks are much higher. You can find the best online savings accounts, which are paying more than 1.00% APY, here.
- The checking account can be expensive if you do not live or work near a Chase branch. Although you might be reading about this deal online, it does not make sense if you do not live near a branch. Chase will charge you $2.50 for any withdrawal from a non-Chase ATM in the US, Puerto Rico and the US Virgin Islands. The fee for international withdrawals is $5. If you do a lot of international travel, you might want to consider a bank (like Charles Schwab) that waives and reimburses all ATM fees.
- If you do not link your savings account or credit card for overdraft protection, it can get expensive quickly. You would be charged $34 per incident, up to three times per day. This is an easy charge to avoid if you link your savings account or credit card.
The Final Verdict
If you live and work near Chase branches, it can be a good choice for your everyday banking needs. Changing accounts can be painful, but that is why Chase is offering up to $350 for the trouble. It will take you less than an hour to get the accounts open and give it a try.
Other Key Terms
- Chase Savings APY: 0.01% effective as of 8/30/17. Interest rates are variable and subject to change
- Minimum Balance to Open: $25 Chase Total Checking®, $25 for Chase SavingsSM
- Monthly Service Fee: $12 for Chase Total Checking® and $5 for Chase SavingsSM
- NSF Fee: $34
- ATM Surcharge: $2.50 (in US), $5 (outside US)