Chase introduced the new Sapphire Banking account a couple of months ago. Then they started offering a 60,000 Ultimate Rewards bonus for new or upgraded accounts. However, that offer is only available for Freedom and Sapphire cardholders. But there’s hope for those who do not have those those Chase cards. There’s a new targeted offer for $750 in cash for current Chase customers who upgrade to the new Sapphire Banking account.
Chase Sapphire Banking $750 Offer
- Get a $750 Bonus when you upgrade to a Chase Sapphire Banking account AND
- Within 45 calendar days, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts, and maintain that balance for at least 90 days from the date of funding.
- You can only participate in one Sapphire Checking, Chase Private Client Checking or You Invest new money bonus in a 12 month period.
- Offer not available to existing Chase Sapphire Banking and Chase Private Client customers.
There is a $25 Monthly Service Fee for Chase Sapphire 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.
Other Chase bank bonuses require you to keep the account open for 6 months. But for this bonus, there’s no time limit mentioned. It could be worth checking before closing the account, or just keep it opened for 6 months until we see data points that show otherwise.
This Chase Sapphire Banking bonus is probably one of the best out there. $750 is a lot for a bank account But the 60,000 Ultimate Rewards points bonus could be better for some people. Those points are worth $900 if you have a Chase Sapphire Reserve card or $750 with a Chase Sapphire Preferred card. The latter is the same as the current cash bonus. Keep in mind that you need to deposit a large amount, $75,000, and keep it in there for 90 days. Investment and savings accounts are also eligible, so those could be better options than just a checking account.
Terms also state that the bonus may be reportable to you and the IRS on Form 1099-INT. We do not know what value they will attach to the points. You can read more here about what to do when tax time comes around.