Chase Sapphire Banking, 60K Bonus for New Accounts or Upgrades
Chase Sapphire Banking public offer for 60,000 Ultimate Rewards points for new accounts or upgrades has been extended. Let’s check the details.
RELATED: Chase Sending Out 1099’s For Ultimate Reward Bank Bonuses
New Chase Sapphire Banking Offer
Start with these three steps to get your 60,000 Chase Ultimate Rewards® Bonus Points:
- Open now or meet with a banker to open an account by 8/6/2019.
- Within 45 calendar days, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts, and maintain that balance for at least 90 days.
Within 45 business days of completing Step 2, 60,000 bonus points with be deposited to your Chase Sapphire card with Ultimate Rewards.
Chase Sapphire Banking Upgrade Offer
Start with these three steps to get your 60,000 Chase Ultimate Rewards® Bonus Points:
- Meet with a banker by 8/6/2019 to upgrade to a Chase Sapphire Checking account.
- Within 45 calendar days, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts, and maintain that balance for at least 90 days.
Within 45 business days of completing Step 2, 60,000 bonus points with be deposited to your Chase Sapphire card with Ultimate Rewards.
Key Terms
- Customers must have a Chase Sapphire® or Chase Freedom® credit card that is open and not in default at the time of enrollment and at points fulfillment, and be the primary cardmember on the account.
- Offer not available to existing Chase Sapphire Banking and Chase Private Client customers.
- $75,000 of new money can be deposited in a combination of eligible checking, savings and/or J.P. Morgan investment accounts (excluding insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts including but not limited to Traditional and Roth IRAs, Keogh, Simple IRAs, and 401(k) Plans).
- The Ultimate Rewards bonus points transferred to you under the terms of the Program are considered miscellaneous income received from Chase, and may be reportable to you and the IRS on Form 1099-INT
- You can only participate in one Sapphire Checking, Chase Private Client Checking or You Invest new money bonus in a 12 month period.
- There is a $25 Monthly Service Fee for Chase Sapphire Checking OR $0 when you have an average beginning day balance of $75,000 or more in any combination of this account and linked qualifying deposits/investments.
Conclusion
This is a great bonus for a bank account, worth $900 if you have a Chase Sapphire Reserve card. But you need to deposit a large amount, $75,000, and keep it in there for 90 days. Investment and savings accounts are also eligible, so those could be better options than checking.
You also need that 75K balance in your account to avoid the $25 monthly fee. Other Chase bank bonuses require you to keep the account open for 6 months, but for this bonus it’s not stated in the terms. It could be worth checking before closing the account.
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Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
I actually had Chase through SM upgrade my account (existing checking) to the Sapphire checking. My coupon code was expiring in 2-3 days and a head cold had me knocked out. Long story short, they had someone call me and let me know they were able to apply the code and open it for me without going into a branch.
I had no issues with moving $75k from Ally to the Chase checking account in one lump sum. Waited until the next day and opened the You Invest (sucks no bonus but whatever). A business day later the $75k was moved from checking to YI. I parked all of it into Vanguards Prime Money Market Fund (VMMXX) which last time I checked was close to 2.5%. I know it’s not FDIC insured but I’ll take my chances.
I’m not sure if downgrading after 90 days is possible to avoid the fee (and withdraw the $75k)? After which point I’d wait the 12 months and then go after the You Invest bonus.
This is not a new bonus. It’s been available since October/November 2018.
@Mike Saint: A bonus earned from making a deposit or opening an account are sent 1099’s since it’s considered earned income like interest. A reward earned by a meeting a spending requirement is (typically) not sent a tax form since it’s considered a rebate.
Ah wow Mark. That’s good to know. I’ve never gotten any 1099’s for any bank bonuses. Important info. Thanks for sharing!
I was surprised to see it as well
60,000 points is still worth more than what you can earn in interest account. Plus it’s not taxed.
They have been sending out 1099’s for bank UR bonuses for 2018 at 1 cent a piece…article on that coming up later today.
Yes but moving 75K around not fun for few hundred bucks then you have to close account to avoid fees and you have to have a Chase reward card and with 5/24 I don’t see it is worth my effort.
75k for 3 months can earn decent interest from Ally or other banks and about the time you put in and take out may be 4 months not worth it Chase should add waiver 5/24 I would consider
Hey Danny. Strange question but I don’t have a Chase Ultimate rewards card of my own. I’m an authorized user on my son’s account. I have a FICO over 810 and excellent credit but I’ve been well over 5/24 for many years so I can’t get any Ultimate Rewards eligible cards for a while.
However, I do have a regular Chase checking and savings account. I got an email with an offer code to upgrade my checking account to a Sapphire for the 60,000 Ultimate Rewards points that you mention. I clicked on a link to upgrade my account and it upgraded it and now it says if I deposit $75,000 in new funds for 90 days I’ll get the 60,000 Ultimate Rewards points.
The problem is I don’t have an Ultimate Rewards card. Do you know if there is any way around this? I’ll try to call the branch near my house but was wondering if anyone has ever run into this situation. How do I become eligible for an Ultimate rewards account with being well over 5/24?
No Chase branches in my state. Doesn’t work for me. Unfortunately.