Chase Sapphire Banking is a new product that was introduced last month. Chase is trying to attract the millions of new customers who back in 2016 applied for the Sapphire Reserve card with a 100,000-point sign-on bonus. Both new customers and those who upgrade an existing Chase account are eligible.

New Chase Sapphire Banking Offer

Start with these three steps to get your 60,000 Chase Ultimate Rewards® Bonus Points:

• Open now or meet with a banker to open an account by 4/23/2019 6/15/2019 8/6/2019.
• 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.

Within 45 business days of completing Step 2, 60,000 bonus points with be deposited to your Chase Sapphire card with Ultimate Rewards.

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Chase Sapphire Banking Upgrade Offer

Start with these three steps to get your 60,000 Chase Ultimate Rewards® Bonus Points:

• Meet with a banker by 4/23/2019 6/15/2019 8/6/2019 to upgrade to a Chase Sapphire Checking account.
• 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.

Within 45 business days of completing Step 2, 60,000 bonus points with be deposited to your Chase Sapphire card with Ultimate Rewards.

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Eligibility

• You can only participate in one Sapphire Checking, Chase Private Client Checking or You Invest new money bonus in a 12 month period.
• Customers must have a Chase Sapphire^® or Chase Freedom^® credit card that is open and not in default at the time of enrollment and at points fulfillment, and be the primary cardmember on the account.
• Offer not available to existing Chase Sapphire Banking and Chase Private Client customers.

Fees

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.

Guru’s Wrap-Up

This Chase Sapphire Banking bonus is huge. 60,000 Ultimate Rewards points are worth $900 if you have a Chase Sapphire Reserve card or $750 with a Chase Sapphire Preferred card. But 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. The best way to go would be to get this $600 bonus first and then do the upgrade offer.

Terms also state that the bonus may be reportable to you and the IRS on Form 1099-INT. You can read more here about what to do when tax time comes around.

HT: DoC