Chase Debuts Sapphire Banking, 60K Bonus Coming Soon
The new Chase Sapphire Banking has been rumored for a while. The bank has had tremendous success with its Sapphire Reserve card and is trying to carry over those customers to deposit accounts. The new checking account is now available and soon it will also offer a great bonus.
Credit card customers who open a new Sapphire bank account are eligible for a 60,000-point sign-on bonus. That’s worth up to $900 when redeemed for travel through the bank’s Ultimate Rewards portal. And possibly even more if you transfer the points to one of Ultimate Rewards’ travel partners.
Users have to bring at least $75,000 in deposits or investments and keep it at the bank for at least three months. With $75,000 in the account there’s no monthly fee. If you have less than that in any combination of this account and linked qualifyingeposits/investments, then you have to pay $25 every month.
The offer begins in October, but people who signed up for a Sapphire bank account when it was announced last month are still eligible if they are new or upgraded account holders. Points are awarded 45 days after a client maintains balances for 90 days. Those who were automatically switched into a Sapphire account because they already kept $75,000 or more at the bank won’t get the bonus.
- No ATM fees worldwide
- No foreign exchange rate adjustment fees on ATM withdrawals or debit card purchases made outside the U.S.
- Invest for free with You Invest by J.P. Morgan
- No wire transfer fees or stop payment fees
- No fees on the first four overdrafts within 12 months
Chase is trying to capitalize on the success of its Sapphire Reserve card and hopes to get those customers to open deposit accounts. A 60,000 points bonus will surely be enough to convince anyone to open a new account. It’s probably one of the best bonuses out there, topping even the $600 targeted bonus from Chase. But you need to have $75,000 total in deposit and investments and keep the amount with Chase for 3 months in order to receive the bonus.
Keep in mind that this is an account bonus and will likely be taxed.