The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Simple1_2_3 on March 16, 2017, 12:04:12 PM
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We are getting the invitations from Chase bank in our neighborhood regularly
- $200 bonus for deposit $15K or more and keep a $15K balance for at least 90 days
and/or
-$300 bonus for open a chase checking acct and set up direct deposit
I don't want to think these are just free money for the taking. While we can do these, but there is no free lunch, right?
Would appreciate to hear other's experiences/input. Thank you in advance.
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Hi,
I have done the bank bonus for money game. google doctorofcredit.
I call it interest when you have to keep a minimum of 10 or 15 K, like in your cause it would be 4% interest x 4 months on 15K, for the 200$ bonus.
Currently I have 4 checking accounts and a few other accounts open, have to close some soon.
It is free money but a hassle sometimes to keep track and close, open, fund them, jump through hoops such as ten debit per month or direct deposit.
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I've done it a time or two. The biggest thing is to read all.the.fine.print. For example, the offer I have now will give me $200 bonus for a $15,000. savings account after 90 days. When you read the fine print, however, if you close the account within 6 months of opening you forfeit the bonus. The fine print will also tell you that you'll get a 1099 for the bonus...and you will.
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I haven't done the savings bonus - I don't think it's worth $200 to keep $15k out of the market for 3 months. I have done the checking bonus with Chase and Wells Fargo. It's really easy.
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As someone else mentioned, you just need to keep the account open for 6 months. To keep them fee free, leave at least $300 in savings and $1500 in checking.
You can get this bonus once per calendar year as long as it has been at least 90 days since you closed your previous accounts.
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After getting repeated offers in the mail, and reading about the Chase savings/checking bonus on this site, Bogleheads, and Dr. of Credit (http://www.doctorofcredit.com/best-bank-account-bonuses/), I finally signed up back in Jan.
Had to go into the branch to open the account, which took maybe 1 hr in total. Needed $25 to open the checking account, and a $15k check to deposit into the savings account (no electronic account linking for the $15k savings deposit).
Set up the direct deposit w/ my employer for the checking bonus, and the $300 bonus posted really quickly after it finally took effect with my employer. Savings bonus should post soon.
After 90 days and the savings bonus posts, I'll keep $300 in savings and $1500 in checking to avoid fees until 6 months are up.
Good luck if you decide to proceed!
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I have received both of these bonuses with no issues a few months ago. Easy $500
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I'm always tempted by these, but I'm really not interested in going to the branch. So, thus far, I've restricted myself to credit card bonuses.
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Would opening a checking account count towards the Chase 5/24 rule? Feels like a stupid question, I don't think they would but just checking!
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Would opening a checking account count towards the Chase 5/24 rule? Feels like a stupid question, I don't think they would but just checking!
Nope, checking accounts, car loans, mortgages, etc don't count. Just credit cards.
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We are getting the invitations from Chase bank in our neighborhood regularly
- $200 bonus for deposit $15K or more and keep a $15K balance for at least 90 days
and/or
-$300 bonus for open a chase checking acct and set up direct deposit
I don't want to think these are just free money for the taking. While we can do these, but there is no free lunch, right?
Would appreciate to hear other's experiences/input. Thank you in advance.
Go for it.
I did the Chase savings and checking bonus a couple of years ago. I did my part, and Chase did theirs. It was an easy $500. I also got a bonus from opening a Chase Freedom credit card with them. After I got the bonus, I closed the checking and savings. Chase checking, and especially their website is very good but I preferred to stay with my credit union.
I kept the Chase Freedom card, it has turned out to be my favorite cash back credit card.
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I think it is a completely moushachian thing to do. If you have a cash safety net that you have sitting that you want to keep liquid why not. It will return more than any online bank. I did it last year myself when they were offering $300. There is time associated with it though, it takes an hour or two out of your day to make an appointment, sit down with an associate that try's to sell you other crap, etc. All and all it's a great way to make $65 an hour after tax for those hours it takes.
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I used to use the savings deal every year while building a sinking fund to blow my mortgage up.
If you are HUNGRY for yield over six months are willing to do the work including reading and following the fine print: go for it!