Chase Total Checking $300 + Savings $200 Bonus ($500 Total)

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Here’s a Chase Bank Total Checking + Savings account promotion offering up to $500 total for new customers. The major catches are that you must switch over a “real” direct deposit to get the $300 checking bonus, and you’ll need a $15,000 deposit for 90 days to get the $200 savings bonus. Some of the language suggests you should reside near a physical Chase branch, but the link lets you apply online and it may still work (instant approval). If you already have a Chase credit card, the application can be pre-filled.

Chase Total Checking $300 Bonus details. Checking offer is not available to existing Chase checking customers, those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance. To receive the $300 checking bonus (taken directly from their offer page):

  1. Open a new Chase Total Checking account, which is subject to approval;
  2. Deposit $25 or more at account opening;
  3. Have your direct deposit made to this account within 60 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government.
  4. After you have completed all the above checking requirements, [Chase will] deposit the bonus in your new account within 10 business days.

Chase Total Checking has no monthly service fee when you do at least one of the following each statement period. Otherwise a $12 Monthly Service Fee will apply.

  • Have monthly direct deposits totaling $500 or more made to this account; OR
  • Keep a minimum daily balance of $1,500 or more in your checking account; OR,
  • Keep an average daily balance of $5,000 or more in any combination of qualifying Chase checking, savings and other balances.

Chase Savings $200 Bonus details. To receive the $200 savings bonus (taken directly from their offer page):

  1. Open a new Chase SavingsSM account, which is subject to approval.
  2. Deposit a total of $15,000 or more in new money into the new savings account within 10 business days of account opening;
  3. Maintain at least a $15,000 balance for 90 days from the date of deposit. The new money cannot be funds held by Chase or its affiliates.
  4. After you have completed all the above savings requirements, we’ll deposit the bonus in your new account within 10 business days.
  5. 0.01% effective APY as of 1/18/18. Interest rates are variable and subject to change.

Chase Savings has no monthly service fee when you do at least one of the following each statement period. Otherwise a $5 Monthly Service Fee will apply.

  • Keep a minimum daily balance of $300 or more in your savings account; OR,
  • Have at least one repeating automatic transfer from your Chase checking account of $25 or more. One-time transfers do not qualify; OR,
  • Have a linked Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking account.

With a total opening deposit of $15,025 in new money, you can open both accounts and avoid both monthly fees. You’ll still need to change your direct deposit (any amount). I have read no reports of a “hard” credit check, and did not experience one myself either this time around or from a previous Chase offer from a couple years ago. Looks like a “soft” check to confirm your identity only (which is all banks should do…).

As reader R. Dannewitz helpfully points out:

Account Closing: If either the checking or savings account is closed by the customer or Chase within six months after opening, we will deduct the bonus amount for that account at closing.

In order to avoid monthly fees while your accounts stay open, you could take the $15,000 out and just maintain a $500 direct deposit and a $25 auto-transfer from checking to savings. Alternatively, you could leave $1,500 in checking and $300 in savings for another 3 months and have no other activity.

Bottom line. If you can switch over your paycheck direct deposit, Chase is offering $300 to try out their checking account. If you can move over $15,000 for 90 days, Chase is offering another $200 to try out their savings account (that pays 0.01% APY?). Earning $500 on $15,000 in 90 days is the equivalent of 13.3% annualized return. Not bad. The bonuses are considered interest and will be reported on IRS Form 1099-INT.


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Chase Total Checking $300 + Savings $200 Bonus ($500 Total) from My Money Blog.


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