Update 8/8/2018: The new service has an August 27th launch date.
The new banking experience is for high-worth individuals, but a lite version of Chase Private Client. Instead of $250k+, Chase Sapphire Banking will require between $100k and $250k. Deposits and investments all count toward the $100k or $250 threshold.
It looks like an upgrade of their existing Premier Platinum checking account. Those who have the account will be upgraded to Sapphire Checking on August 27th.
The latest updates do not mention a bonus for signing up for this new service. Initial surveys has a possible bonus of 50K UR bonus points when you deposit $75K within 10 days and maintain balance for 90 days. (HT: DoC)
Chase could be looking to offer a new premium banking product. Based on this survey posted on r/churning, the new product could be named Chase Reserve Banking or Chase Sapphire Banking. It looks to fit somewhere between regular checking accounts and Chase Preferred Client accounts.
The account will require a balance of $75,000 to waive the $25 monthly service fee. It will offer some perks that give this account a premium feel;
- 50K UR bonus points when you deposit $75K within 10 days and maintain balance for 90 days
- No ATM fee and no foreign exchange fee
- 500 free trades
- 10K UR bonus points annually for having a checking and credit card.
- Early ticket sales to concerts
- Entry to sports and entertainment hospitality lounges
This is just a rumor for now based on questionnaires. Seems interesting especially with the opening bonus, but probably not worth long term even with the 10K annual bonus. Chase has extremely low interest rates, so losing out even on 1.5% rates that are widely available, would be a big loss.
What do you think about this new product?