Customers looking to cash in on signup bonuses with a new savings account should heavily consider what Chase Bank has to offer. While many banks in the industry have drawn back their bonus offerings with the current economic climate, the Chase bonus is still alive and well.
The Chase savings account bonus gives customers the chance to earn up to $200 just by opening an account and maintaining the minimum balance for 90 days.
Chase bonus details
Customers can earn $200 with the Chase sign up bonus.
Customers who open a new Chase savings account and maintain the required minimum balance for 90 days can earn a $200 cash bonus added to their savings account. Additionally, you can piggyback the offer with the Chase sign up bonus for checking accounts, which is also $200. If you open both accounts simultaneously and meet both sets of requirements, you can get an extra $100 for a total reward of $500. The offer expires on October 1.
Separately, Chase is offering $150 when you open a Chase Savings account, deposit $10,000 in new money and maintain that balance for 90 days. The offer expires on October 14.
What’s the catch?
As you might expect with any welcome offer, there are some stipulations and requirements that you must meet to qualify. First, the offer is only good for new Chase savings accounts. You can be an existing customer with the bank, but you can’t have already opened a savings account.
The $200 account bonus requires a deposit of at least $15,000 within the first 20 days after opening the account. The funds can’t come from another Chase account or any account held with a Chase affiliate. Funds must come from an outside source. Once you deposit at least $15,000, you must keep above a $15,000 minimum balance in the account for the first 90 days.
After you’ve accomplished this, you’ll get $200 deposited into your Chase savings account within 10 business days.
One additional stipulation to be aware of is that the account can’t be closed within six months of opening. If you do close the account before this date, the bonus amount will be deducted from the withdrawal amount.
Once you reach the six-month mark, there are no additional requirements to protect your bonus.
Is this a good deal for you?
Currently, the options for savings account bonuses are somewhat limited across the personal banking marketplace. Because of this, it makes the Chase savings account bonus offer that much more attractive for all customers.
Ideally, the Chase bonus is best for people looking for a new account who have at least $10,000 that they can leave untouched for at least 90 days. While there’s no additional penalty for going under this amount, you will lose out on the complete bonus.
For customers looking for new accounts across the board, you might really like this offer as you can get up to $500 for opening qualifying checking and savings accounts simultaneously.
That all being said, there are some people that the Chase open account bonus might not be an ideal fit for. First, if you don’t have access to at least $10,000 you can leave untouched for three months (90 days), it’s not going to work for you. Additionally, if you do have access to that level of funds, but the money is currently held with Chase or an affiliate, you won’t be eligible for the offer. The money used to fund the account must come from an outside and unaffiliated source.
If you’re planning on depositing a much larger sum of money than the balance requirement, then you need to consider the Chase savings account rates. You don’t earn any extra sign up bonus money for a larger deposit.
While many banks and credit unions have pulled or lowered some of their bonus offerings as of late, Chase still offers a very lucrative option for new account customers.