Chase Business Checking Bonus July 2016
Back in May I wrote about my experience opening a Chase business checking account in order to take advantage of a targeted $300 checking account offer. At the time I needed an account anyway, so I went ahead and opened one. Then, my wife was targeted for a $500 offer and she opened an account for her business as well.
Eventually a link surfaced allowing everyone to generate a code for the $500 business checking offer and I was able to get Chase to match me to it! I know many of you were able to open up business checking accounts during that promotion, but if you missed out, the deal appears to be back. Let’s take a look.
The Offer
- Get $500 when you open a Chase Performance Business Checking® account and deposit $500 within 10 business days of account opening, and maintain that balance for 60 days.
Key Terms
- Checking offer is not available to existing Chase business checking clients, local, state or federal Government entities or agencies, Not for Profit organizations, Political Action Committees, or those with fiduciary accounts, campaign accounts, or whose accounts have been closed within 90 days or closed with a negative balance.
- You can only receive one business checking account- related bonus per calendar year.
- Bonuses are considered interest and may be reported on IRS Form 1099- INT (or Form 1042-S, if applicable).
- If the checking account is closed by the client or Chase within six months after opening, we will deduct the bonus amount for that account at closing.
How to Get Generate a $500 Bonus Code
To generate a code do the following:
- Click this link
- Login to a Chase account (Business or personal)
You will then be given a code which can be printed. The account needs to be opened in a branch. I recommend making an appointment since a business specialist needs to open the account and you may have to wait or come back if they are busy. When you open the account, the Chase specialist will give you a printed confirmation of the bonus. As a bonus, check to see if you have been pre-qualified for any credit card offers. Some reports suggest pre-qualified in-branch offers avoid Chase’s 5/24 guidelines.
Analysis
In my opinion this is a great deal considering all you need to do is open the account and park $500 in it for 60 days. You don’t need to jump through any hoops, but you do need some sort of a business. This account does come with a $20 monthly fee, but it is waived the first two months and I am told by my local banker that you can downgrade after receiving the bonus.
How to Get $1,000
Yesterday I wrote about an expiring $500 for Chase personal accounts. That offer expires tomorrow, so it should be possible to generate a code for that offer and a code for this one and open all of your accounts in one appointment. That should ultimately result in $1,000 in bonuses for about an hour of your time spent opening the accounts. Probably not a bad deal.
Conclusion
If you weren’t able to get in on this very good Chase Business Checking bonus the last time, then thankfully you have another chance. Even if you aren’t able to combine it with the personal account bonus I think this is worth doing if you qualify given the low barrier to entry and overall ease of getting the bonus!
HT: Danny Deal Guru
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Fine print says must leave money in account for 60 days and you will be charged $20. per month. unless you have a balance of $50,000. Most of us don’t roll that way!!
They don’t charge the fee the first two months and you can downgrade after that to an account that only requires a $1,500 minimum balance to avoid the monthly fee.
Tried this link for the business offer but it says that the coupon code is unavailable even though there’s an expiration date for the offer printed right next to the “unavailable” message. Has anyone actually had any luck getting a code?
I got the same error. Any ideas Shawn?
It seems whatever they are using to generate codes is broken. Hopefully they will fix it.
I did this today. Did both the personal and business accounts. Took about 45 mins. No issues!
If I obtain the EIN, do I need the LLC documentation as a sole proprietor? I have a full time job but I do freelance development work.
No Chase banks here in Missouri. I don’t suppose I can do it over the phone.
No in-branch only unfortunately.
Already opened one under the last promo for my main business. Afterwards wondered why I didn’t think to open one for my other business as well. Both are legitimate businesses, registered with the State and Federal government and already have business checking accounts elsewhere. Wondering if the bonus qualification/limit of 1 per year is tied to the Federal Tax ID for the business or to the SS# of the person opening the account. Has anyone successfully opened 2 or more business accounts and gotten a bonus in each account? My docs from the business account I already opened only show the Federal Tax ID for the business, not my SS#, so maybe one per business is possible? Makes sense that if they want to attract new business accounts, this would be the case.
Just so I know.. will I need an EIN or some sort of Business Id to open an account? Or is it as simple as getting a Biz CC?
You will need some sort of proof of your business similar to what you would need to open a business credit card. My wife opened her account with a business license as a sole proprietor. I opened mine with an EIN and my LLC documentation.
It is very easy to get an EIN online from the IRS.
So do you really need to have a real business in order to apply ?