Get $1,250 When You Upgrade to Chase Private Client
Chase has a huge bonus offer of $1,250 that was sent by mail to some current customers. The offer is to upgrade your account to Chase Private Client. This account needs a balance of $250,000 or more, so this is not a deal for everyone. let’s look at the details and whether it makes sense.
Save time and money with better banking benefits and special services, plus a $1,250 Welcome Bonus. Hereʼs how to get started:
- Meet with a Private Client Banker by September 28, 2019 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, and maintain the balance for at least 90 days.
- Receive $1250 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.
Not a great deal. 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 2% return. Not very exciting, as you can usually do a bit better with other high yield accounts that do not have such a large balance requirement. But could be worth it for someone who wants the Chase Private Client relationship.