Is it possible to convert Chase Total Checking to Premier Checking?

[Anonymous]

Long story short: I'm thinking of opening checking/savings accounts with Chase to get the bonus they are offering ($600 total if I open both Total Checking and Saving). However, I'm more interested in their Premier Checking/Savings, since I can meet the requirements to avoid service charges and I like the extra benefits. I believe the bonus doesn't apply for those types so... Could I open the "regular" checkings/savings accounts and later on convert them? Or would I have to close and open a new account?

[Anonymous]

I converted Total Checking to Student Checking after I got the bonus, so I see no reason why there would be an issue to go up in level.

What are all the details on your $600 offer? I've never seen anything that high for the combo. Usually when a Total Checking offer comes out, there's a slightly better counterpart for opening the Premier Checking.

Either way, I would ask what Premier Checking features are worth more to you than holding the $13.5k difference in minimum balance in a HYSA (e.g., Barclays at 1.85%)?

[Anonymous]

The details are: $300 for chase total checking account, $200 for the savings account, or $600 if I do both.

[Anonymous]

The worst part of Chase deposit accounts is that they pay next to nothing in interest. The best part of the Chase checking/savings SUB is that it's churn-able, 90 days after you close the accounts you will be eligible for the SUB again.

The best thing you can do is to deposit 15k into savings (maintain for 90 days) and perform direct deposit into checking (just about any ACH push will do), once both bonuses are obtained, leave $300 in savings and $1500 in checking, to waive the monthly fees, until 180 days from opening, close both accounts, wait 90 days, rinse and repeat. The worse you can do is to upgrade to the premier which will tie down even more funds than necessary to keep the accounts free, funds that should be elsewhere making interest or fulfilling another SUB.

[Anonymous]

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@Anonymous wrote:

The details are: $300 for chase total checking account, $200 for the savings account, or $600 if I do both.

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I've never seen the "both" be higher than the sum. Interesting.

[Anonymous]

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@Anonymous wrote:

The worst part of Chase deposit accounts is that they pay next to nothing in interest. The best part of the Chase checking/savings SUB is that it's churn-able, 90 days after you close the accounts you will be eligible for the SUB again.

The best thing you can do is to deposit 15k into savings (maintain for 90 days) and perform direct deposit into checking (just about any ACH push will do), once both bonuses are obtained, leave $300 in savings and $1500 in checking, to waive the monthly fees, until 180 days from opening, close both accounts, wait 90 days, rinse and repeat. The worse you can do is to upgrade to the premier which will tie down even more funds than necessary to keep the accounts free, funds that should be elsewhere making interest or fulfilling another SUB.

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I like Chase's service and also am concerned about ticking off EWS, so I'm not on the churning train for this.

That said, I doubt you'll use more services that are free with Premier Plus than you would earn on the $13.5k differential. The rate difference between that 0.01% and a 1.85% HYSA is about $250 per year before tax. That's a heck of a lot of free checks to order... I have a local bank that gives those for free with a lower minimum than even the Total Checking.

[Anonymous]

I am aligned more with Oldman on this.  I.e. my advice to our OP is that, far from viewing having to close these accounts as a problem, he should view it as an opportunity, namely the opportunity to make $500-600 per year. in signup bonuses.  Now many people don't find those valuable.  Bill Gates I am sure doesn't churn these Chase accounts -- $600 more in taxable income just isn't appealing to him.

But the $600 is appealing to our OP.  He is chasing that bonus.  If a person finds it worth doing once, he should find it even more appealing to know he can do every year.

[m3rge]

I recently opened a Chase account and I got the $200 bonus with direct deposit. I received before the time it was supposed.

Reason I opened chase is because the external account feature to move money from Chase to another bank including those that are not located in USA but are considered part of it because they are a territory.

I wish I could sign up for the saving account bonus!