topic Re: Chase Bank Offer in Personal Finance

Chase Bank Offer

House1204 — Mon, 17 Jul 2023 17:29:33 GMT

I received this email from Chase. Wonder what you guys think.

Re: Chase Bank Offer

Brian_Earl_Spilner — Mon, 17 Jul 2023 17:41:05 GMT

You just gotta deposit between 250k and 1 MM and let it sit there for 90 days to get that $900.

Re: Chase Bank Offer

SouthJamaica — Mon, 17 Jul 2023 18:07:59 GMT

@House1204 wrote:
I received this email from Chase. Wonder what you guys think.

It depends what the "qualifying activities" are.

Re: Chase Bank Offer

Horseshoez — Mon, 17 Jul 2023 18:16:43 GMT

I took Chase up on basically the same offer in December, however, the $400 kicker was only $100 back then.

If I recall correctly, to get the $300 for the Total Checking account you need to set up direct deposit for a minimum of $500 per month. To get the Savings bonus you need to deposit $15,000 and leave it there for 90 days. There is no need to up the ante to a quarter of a million to get invited into their Private Client class.

Re: Chase Bank Offer

iced — Mon, 17 Jul 2023 19:19:58 GMT

@Brian_Earl_Spilner wrote:
You just gotta deposit between 250k and 1 MM and let it sit there for 90 days to get that $900.

I think you're thinking of this offer:

Re: Chase Bank Offer

AndySoCal — Mon, 17 Jul 2023 20:12:20 GMT

@House1204 Per Depositaccounts.com the savings rate for Chase private bank savings is .02% the same rate as everyone else recieves. One of my credit unions is paying 4.00% which is around 833.00 a month if my math is correct. Why even bother? IMO I am money ahead by not banking with big banks.

Re: Chase Bank Offer

Horseshoez — Mon, 17 Jul 2023 20:50:50 GMT

@AndySoCal wrote:
@House1204 Per Depositaccounts.com the savings rate for Chase private bank savings is .02% the same rate as everyone else recieves. One of my credit unions is paying 4.00% which is around 833.00 a month if my math is correct. Why even bother? IMO I am money ahead by not banking with big banks.

Ummm, not sure what you're referring to, but the offer @House1204 is referring to only requires a savings deposit of $15,000.00; ain't no way Chase is going to pay $833.00 per month on fifteen grand.

Re: Chase Bank Offer

Citylights18 — Mon, 17 Jul 2023 21:52:58 GMT

The only way the switch to new bank account offers are worthwhile is if you plan to use them as intended.

As intended meaning to move your banking over there permanently and make deposits. If you already want to do that anyways the bonus is another reason to do that now.

To chase these bonuses around like they are credit card SUBs just isn't worth the hassle.

Re: Chase Bank Offer

Brian_Earl_Spilner — Mon, 17 Jul 2023 22:36:47 GMT

@iced wrote:
@Brian_Earl_Spilner wrote:
You just gotta deposit between 250k and 1 MM and let it sit there for 90 days to get that $900.
I think you're thinking of this offer:

Oh yeah, my bad. Those are the ones they send me all the time.

Re: Chase Bank Offer

AndySoCal — Mon, 17 Jul 2023 22:50:58 GMT

@Horseshoez My calculations were on the 900 SUB. The simple point is where you better off financially earning .02% or 4% in the long haul.

Re: Chase Bank Offer

Horseshoez — Mon, 17 Jul 2023 23:37:50 GMT

@AndySoCal wrote:
@Horseshoez My calculations were on the 900 SUB. The simple point is where you better off financially earning .02% or 4% in the long haul.

I still don't understand your math, a $900 SUB for parking $15,000 in an account for three months seems like a pretty good rate of return. What am I missing?

Re: Chase Bank Offer

AndySoCal — Tue, 18 Jul 2023 02:05:07 GMT

@HorseshoezSee the second post by Brian Earl Spillner

Re: Chase Bank Offer

Horseshoez — Tue, 18 Jul 2023 03:50:05 GMT

@AndySoCal wrote:
@HorseshoezSee the second post by Brian Earl Spillner

I saw that post, it has zero relationship to the offer posted by the OP; the offer in @Brian_Earl_Spilner's post was for Private Client, and trust me, you ain't gonna become a Private Client if you only deposit $15,000.

Re: Chase Bank Offer

AndySoCal — Tue, 18 Jul 2023 05:01:15 GMT

@Horseshoez You asked about the math that is what it was based on yes it on the wrong offer. I receive via snail mail similair offers from Chase and Citi they all land in the recycle bin. My point is the same you make more money on the savings elsewhere. If the savings account is the Chase premier savings there is a $25.00 if the balance goes below $15,000. There is $5.00 fee on the regular savings if the balance falls below $300. Where my money is at there is no minimum balance fee on the savings account. The savings account will make somewhere around $30.00 in a year. The checking account has no minimum balance fees unlike Chase if you do not meet the requirements there is a fee of $12.00 if memory is correct. Why bank with a fee laden bank?

Re: Chase Bank Offer

Brian_Earl_Spilner — Tue, 18 Jul 2023 05:45:15 GMT

@Horseshoez wrote:
@AndySoCal wrote:
@HorseshoezSee the second post by Brian Earl Spillner
I saw that post, it has zero relationship to the offer posted by the OP; the offer in @Brian_Earl_Spilner's post was for Private Client, and trust me, you ain't gonna become a Private Client if you only deposit $15,000.

You need 150k minimum liquid and/or assets. I was only joking earlier but forgot the high amounts were for private client because of the offers they send me. You can, however, get a personal banker with far less. One was assigned to me 2 years ago and I've never kept more that 30k in my accounts.

Re: Chase Bank Offer

Anonymalous — Tue, 18 Jul 2023 14:28:45 GMT

@House1204 wrote:
I received this email from Chase. Wonder what you guys think.

Churning bank accounts can be even more lucrative than churning credit cards, but saving account offers have become a lot less attractive as interest rates have risen. However the limited time required and relatively modest amount of cash that you have to tie up makes that a pretty solid one. The $200 for the savings account alone is only a bit over 5% annualized (which you can get by investing in treasuries), but if you count the +$400 bonus for opening both, the APY jumps to about 16%, which is hard to beat. Just don't leave the money there too long, because Chase's long-term APY is terrible.

The checking account offer is also substantially better than other public offers. For comparison, a couple days ago I got a generic ("our neighbor") snail mail from Chase offering $225 to open a Total Checking account and set up direct deposit. Yours is substantially better.

Re: Chase Bank Offer

Anonymous — Sat, 22 Jul 2023 01:08:51 GMT

@AndySoCal wrote:
@Horseshoez You asked about the math that is what it was based on yes it on the wrong offer. I receive via snail mail similair offers from Chase and Citi they all land in the recycle bin. My point is the same you make more money on the savings elsewhere. If the savings account is the Chase premier savings there is a $25.00 if the balance goes below $15,000. There is $5.00 fee on the regular savings if the balance falls below $300. Where my money is at there is no minimum balance fee on the savings account. The savings account will make somewhere around $30.00 in a year. The checking account has no minimum balance fees unlike Chase if you do not meet the requirements there is a fee of $12.00 if memory is correct. Why bank with a fee laden bank?

The question is whether OP was looking for a new banking relationship, or a simple SUB. As @Horseshoez and @Anonymalous have said, treated as a SUB, ($900 for depositing $15K for three months and maybe setting up something for checking) it's pretty good. It may be more work to do and undo than a simple credit card app, but you (probably) don't get an HP and a hit to AAoA, just (probably) a Chex hit.

I agree that there are many better options out there for long-term banking, but that doesn't mean you can't get a decent SUB at a TBTF bank if that is your game!

Re: Chase Bank Offer

MarkintheHV — Mon, 24 Jul 2023 22:59:23 GMT

I tried that offer a couple of months ago, and closed everything out. I got so frustrated every transfer I tried to make out of my Chase accounts, they would label them as fraud and I had to call in and answer several questions before they would let the transfer go.

Re: Chase Bank Offer

mgood — Sun, 30 Jul 2023 16:24:42 GMT

I opened the checking account. For $300, why not? I only have to direct deposit $500 per month to avoid the monthly fee.

If I decide I like them, I might ditch my Wells Fargo account. If either one would open a branch in my town, I'd get rid of the other.

I don't have the money to park in a savings account to get the benefit from that.

Re: Chase Bank Offer

NoMoreE46 — Tue, 08 Aug 2023 01:20:24 GMT

I am going for the $300 SUB.