I’ve already covered rumors about the new Chase Sapphire Banking product. The account is now available and Chase has also confirmed the bonus structure, which will be a total of 60,000 Ultimate Rewards points.
Chase Sapphire Banking
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 yo transfer points to 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.
The Sapphire bank account comes with perks including access to events and members-only lounges as well as unlimited free trades on the bank’s recently announced brokerage app. Upcoming events where members can access an exclusive Chase lounge include concerts by Maroon 5 and Drake.
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
There is a $25 Monthly Service Fee for Chase SapphireSM Checking OR $0 when you have an average beginning day balance of $75,000 or more in any combination of this account and linked qualifying deposits/investments.
Chase is trying to capitalize on the success of its Sapphire Reserve card. More than half of those new customers are millennials, and the bank hopes to get them integrated even further into their banking system. As interest rates go up, it will be a fierce fight between banks for new deposit accounts. A 60,000 bonus will surely be enough to convince anyone to open a new account, but you need to have $75,000 (cash or investments) in order to get the bonus. You need to keep the amount with Chase for 3 months in order to receive the bonus. One downside is that this is an account bonus and should be taxed. We’ll have to see what valuation will give to these Ultimate Rewards points.