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 8/11/20: This deal has been extended until 10/1/2020.
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 October 1, 2020 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.
- 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.
This $2,000 bonus is the best we have seen. It could make sense for those who have $250K laying around in other banks. 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 any other bank out there for large amounts. Plus you get some extra perks.
It is probably better to go for the $600 bonus first for a checking and savings account, and then upgrade to Chase Private Client for this $2,000 bonus.