Is it worth opening a checking account with Chase/BofA to get the10% annual bonus?

[LosAngeles007]

Hi,

I currently have a Chase Sapphire Preferred, Chase Freedom, and BofA Cash Rewards. I also have three checking accounts: 1 BofA 2 Schwab (Interest bearing) 3 Credit Union

I was wondering if it is worth opening another checking account, this time with Chase, to get the 10% points back at the end of the year. I was also debating on just closing the BofA account (they have horrible customer service).

Thanks!

[14Fiesta]

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@LosAngeles007 wrote:

Hi,

I currently have a Chase Sapphire Preferred, Chase Freedom, and BofA Cash Rewards. I also have three checking accounts: 1 BofA 2 Schwab (Interest bearing) 3 Credit Union

I was wondering if it is worth opening another checking account, this time with Chase, to get the 10% points back at the end of the year. I was also debating on just closing the BofA account (they have horrible customer service).

Thanks!

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I would say it's not if you don't already have one with them. They way I was told is the 10% is on the percentage you earned not totally. So if you got 5% back, it wouldn't now be 15%, it would be 5.5% back. Same with 1%=1.1%. Not really worth it IMHO

[hyp0luxa]

I think it's worth it, for the extra 10%, and the $200 bonus they are running. I'm planning on doing this myself at the end of this month.

[nachoslibres]

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@LosAngeles007 wrote:

Hi,

I currently have a Chase Sapphire Preferred, Chase Freedom, and BofA Cash Rewards. I also have three checking accounts: 1 BofA 2 Schwab (Interest bearing) 3 Credit Union

I was wondering if it is worth opening another checking account, this time with Chase, to get the 10% points back at the end of the year. I was also debating on just closing the BofA account (they have horrible customer service).

Thanks!

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I think it is worth it.  Personally, my local Chase bank has been awesome.  I was using a local regional bank before and while I liked their customer service - I hated their outdated technology (no mobile check deposit, online banking was down a lot, etc.).  I love how Chase not only has mobile check deposit - but I can deposit checks that are too big or cash anytime at their ATMs.

The bonus of 10% on the Freedom (so 5.5% on the bonus categories - which is about all I use the Freedom for) means an extra 3000 miles a year if I max out the bonus categories, which isn't life changing, but is still better than the paultry interest I was getting on my old bank account.  I also recently upgraded my checking account to premier - which gives me free checks and a safety deposit box for free, something my previous bank didn't do no matter how much money I had in their account.

Also, I got $150 for opening my account (which was the best I could find at the time without having to pay for an offer off eBay) but you can buy offers up to $300 for opening an account from people on eBay who get them mailed to them.  I plan on opening a savings account as well once I can get a good enough offer.

[bk510]

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@LosAngeles007 wrote:

Hi,

I currently have a Chase Sapphire Preferred, Chase Freedom, and BofA Cash Rewards. I also have three checking accounts: 1 BofA 2 Schwab (Interest bearing) 3 Credit Union

I was wondering if it is worth opening another checking account, this time with Chase, to get the 10% points back at the end of the year. I was also debating on just closing the BofA account (they have horrible customer service).

Thanks!

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Why?  you think Chase has any better customer service?

NOTTTTTTT........

[JGuz]

I highly recommend it! I love chase and the customer service has been excellent for me ( I also have BoA and no complaints there). 

With the sign up bonus theres really no reason not to!

[maiden_girl]

As a new customer...not really worth it if you're not getting10-10 program which is no longer offered.

[Revelate]

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@bk510 wrote:

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@LosAngeles007 wrote:

Hi,

I currently have a Chase Sapphire Preferred, Chase Freedom, and BofA Cash Rewards. I also have three checking accounts: 1 BofA 2 Schwab (Interest bearing) 3 Credit Union

I was wondering if it is worth opening another checking account, this time with Chase, to get the 10% points back at the end of the year. I was also debating on just closing the BofA account (they have horrible customer service).

Thanks!

---

Why?  you think Chase has any better customer service?

NOTTTTTTT........

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That hasn't been my experience, Chase is going to have to do something horrendously stupid to chase me away.  Granted I keep non-trivial (comparitively) deposits there and am a profitable customer, but I was even more so for BOFA over my near 2 decade experience with them.

[wHiTeSoL]

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@Revelate wrote:

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@bk510 wrote:

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@LosAngeles007 wrote:

Hi,

I currently have a Chase Sapphire Preferred, Chase Freedom, and BofA Cash Rewards. I also have three checking accounts: 1 BofA 2 Schwab (Interest bearing) 3 Credit Union

I was wondering if it is worth opening another checking account, this time with Chase, to get the 10% points back at the end of the year. I was also debating on just closing the BofA account (they have horrible customer service).

Thanks!

---

Why?  you think Chase has any better customer service?

NOTTTTTTT........

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That hasn't been my experience, Chase is going to have to do something horrendously stupid to chase me away.  Granted I keep non-trivial (comparitively) deposits there and am a profitable customer, but I was even more so for BOFA over my near 2 decade experience with them.

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Pun intended? As a side note there are bonuses of $125-$250 for new checking accounts with DD. May be worth it when you factor in both. 

[takeshi74]

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@LosAngeles007 wrote:

I was wondering if it is worth opening another checking account, this time with Chase, to get the 10% points back at the end of the year.

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Subjective matter just as worth is with any topic..  It's not worth it to me since the fees would far exceed the 10% and I have no need for a Chase checking account.  However, that means nothing with regard to whether it's worth it to you or not.  Do the math based on your spend to determine what 10% means for you in dollars and use your situation, priorities and preference to make your own decision versus polling other people.  If you can avoid the monthly fee for checking that would probably help to make it worth it to you.