Chase Checking Account Bonus?

[kudy]

Who's opened a Chase checking account to get the teaser bonus cash? I've done credit cards for bonuses in the past, but never a checking account.

They will give a $100 bonus if an account is kept open 6 months.  They also require a direct deposit into the account or a minimum balance of $1500 to avoid a $12 monthly fee.

Assuming I have the cash, the easiest thing to do is drop $1500 in the account for 6 months to earn the $100 - I think this would be equivalent to 6.66% interest for a 6 month investment ((100/1500) * 100 = 6.66).

The other option is to set up a direct deposit into the account... more of a headache from a paperwork standpoint, but doesn't tie up $1500 for 6 months.  Unless there's some other way to make them think I'm direct depositing $500, but not?

[rjack]

Does it cost anything to close the account after 6 months?

[arebelspy]

Yes, I have done this twice, once for $150, once for $300 (iirc?), last year.

Closed them after 6 months.  Just kept the minimum balance.  It worked out to like a 3% yield on that minimum balance, I believe, which isn't great, but for liquid cash isn't terrible these days.

Took about 20 minutes to open the accounts, 5 minutes to close them.

[spider1204]

I just moved to a new city, far away from my college credit union that offers ~3% on the checking account balance.  Since I had some paper checks to cash, I decided to do this and opened the checking account with Chase.  I've since set up direct deposit from work with them, and towards the end of each month I transfer all the money from the Chase account to the credit union so that it will receive the better interest rate.  Only been at it for a couple months, but I make the minimum direct deposits required and never had any issues so far.  I'm also actually pretty impressed with their cash back credit card rewards as well.

[jpo]

I got an email promising $200 yesterday for opening an account - I wonder if they make different offers based on what other business you have (I have a Chase Freedom card).

I am considering doing it, $200 profit for investing $1500 for 6 months comes out to some 26% annualized guaranteed gain if my math is correct.

[Chris]

I got an email promising $200 yesterday for opening an account - I wonder if they make different offers based on what other business you have (I have a Chase Freedom card).

Once I got a Chase card, I routinely get hit with sign-up promos for their checking account.

If you have a Chase Freedom and Chase Checking, you also get a 10% + 10 points boost on spending. Check out the Chase Exclusives program.

[kudy]

I dug around for a minute online and found a number of ways to request a $200 coupon (I'll post links later)... requested one, signed up last night.

I will play with some ach deposits and and see if any count as direct deposits... if they do, ill just transfer $500 a month (for a day), from an online savings.

[Angelfishtitan]

I dug around for a minute online and found a number of ways to request a $200 coupon (I'll post links later)... requested one, signed up last night.

I will play with some ach deposits and and see if any count as direct deposits... if they do, ill just transfer $500 a month (for a day), from an online savings.

Chase is very YMMV on allowing ACH count as direct deposit. I actually have a Chase account open right now that I got a $200 bonus on, I just do the $500 DD and pull it out that day. I am pretty big on opening accounts (checking, investment, CC) for bonuses, just because some of them are so good. Year to date I've gotten about $2,500 in bonuses and actually haven't gotten some of the even more lucrative ones yet (I stopped a bit ago due to trying to get mortgage preapproval).

[madage]

I also opened a Chase Checking account for a bonus (I think mine was $150) and decided to keep it because I use a Freedom card regularly, so the Exclusives bonuses are nice, and because my employer makes it very easy to add a $500 DD to my pay distributions. I also really enjoy using my wife's iPhone (Straight Talk) to deposit checks and envelope-less deposits at Chase ATMs.

I'm actually considering having my wife sign up for a separate Chase account for another bonus.

[kudy]

I dug around for a minute online and found a number of ways to request a $200 coupon (I'll post links later)... requested one, signed up last night.

These are the links I found - they all seem to lead to the same promotion, and they all trigger the coupon to be emailed to you (I have no idea why there are 3 different URLs, or who these links are affiliated with, if anyone, but I found them online while searching):

https://rewards.chase.com/PageLev2.aspx?page=2073&level=2&amp
https://rewards.chase.com/CHASE/200/p2073-l2
https://rewards.chase.com/XSell/150/p2063-l2

[kkbmustang]

Thanks for this. Gonna check it out.

[Will]

For anyone in the Pacific Northwest, Sterling Bank has an offer of $100 if you open a checking account with $100, and do 3 of the following:  direct deposit, electronic statements, 1 bill pay, and/or use the debit card once.  Since I'm happy with where my direct deposit is already going, I'm going with the last 3. 

Here's a link:  https://bankwithsterling.com/Promos/CheckingOffer.aspx

[dragoncar]

Did it for $250.  It was easy... no regrets.  I'm not going to turn down a free $40/mo.