Chase Private Client $2,000 Bonus
Chase has a huge bonus offer of $2,000 for those who upgrade their accounts to Chase Private Client. This account needs a balance of $250,000 or more, so this is not a deal for everyone. But it has been extended again for those who can take advantage of it. Let’s look at the details and whether it makes sense.
Update 8/18/22: The offer is back
The Offer
Save time and money with better banking benefits and special services, plus a $2,000 Welcome Bonus. Hereʼs how to get started:
- Meet with a Private Client Banker by 10/19/2022 to upgrade your account to Chase Private Client.
- Within 45 calendar days, transfer a total of $250,000 or more in new money to a combination of eligible checking, savings and/or investment accounts (excludes any You Invest, J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.
- Your $2,000 will be deposited into your account within 10 business days.
The account has no fees, but you need to maintain the $250,000 balance. Otherwise, you will be downgraded to another Chase account.
Key Terms
- Offer not available to existing Chase Private Client customers.
- Ineligible accounts: any You Invest accounts, Certificates of Deposit, insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts such as Traditional and Roth IRAs, Keogh, Simple IRAs, and 401(k) Plans.
- After you have completed all the above requirements, we will deposit the bonus in your existing Chase Private Client Checking account within 10 business days.
- You can only participate in one Chase Private Client Checking, Sapphire Checking or You Invest new money bonus in a 12 month period.
- Coupon is good for one time use.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
- Account must be kept open for 6 months, otherwise bonus could be taken back.
- This bonus will be considered as interest, so you have to pay taxes.
Conclusion
This $2,000 bonus is the best we have seen. It could make sense for those who have $250K that they move around fairly easily (a small target I know). You Invest accounts would have been a good option to meet the balance requirement, but are excluded in the terms.
If you keep the $250K in the account for exactly 90 days, you get a 3.2% return. That’s better than most any other bank out there for large amounts. Plus you get some extra perks.
If you earn 0% on the money at Chase this is now a pass. A year or more ago when you could only get 1% or so on savings it made sense. Right now you can get 2.7% in a 90-day period. So for a small amount over that it isn’t worth it with Chase. They will definitely try to sell you on managed money etc. Its not truly a private client situation that requires millions, not 250K. Most of the so-called perks are ones you can get for free elsewhere like wires etc.
So they’re intentionally excluding retirement accounts, those same accounts that actually benefit the customer the most? And these guys are in the professional financial management business? I can just imagine the conversation: “We want to have you as a client unless you’ve shown the foresight to invest in tax-advantaged accounts that will help you instead of the IRS in your golden years.”.
Hard pass.
Does seem like a strange exclusion since that is where a lot of people have the bulk of their wealth.
They want people who have some money they can sell on private client investing. Not everyone has all their money in retirement accounts. They want higher net worth people and feel that is worth giving them $2K. Again if you are making 0% on the money, they are not giving up much.
I did this offer approx 1.5 months ago. As long as you put in $250K it can be in almost any mutual fund etc, I did an in-kind transfer from Vanguard in the form of a variety of Vanguard and non-Vanguard mutual/index/money market funds, all of my funds have remained EXACTLY the same – the only thing that has changed is they are now held by Chase.
For anyone that’s done this type of offer, does Chase have any money mkt accounts that pay over 0%? Do any of the accounts allow for the purchase of treasuries?
So CPC has these “money market” like products. But I wouldn’t take it. It’s tied to interest rate fluctuations so your principal can go down. Unfortunately, you’re going to make nothing off the money itself.