Chase $2,000 Bonus For Upgrading To Chase Private Client

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Update 1/18/21: Deal is back, but has been reduced to $2,000. Valid until 4/14/21.

Offer at a glance

  • Maximum bonus amount: $2,000
  • Availability: Nationwide in branch
  • Direct deposit required: None
  • Additional requirements: Deposit $250,000 and maintain for 90 days
  • Hard/soft pull: Soft
  • ChexSystems: No
  • Credit card funding: Cannot fund with debit or credit in branch.
  • Monthly fees: None
  • Early account termination fee: Bonus taken back if closed within six months
  • Household limit: None listed
  • Expiration date: April 23rd, 2019 June 15th, 2019 August 6th, 2019 September 28th, 2019 November 19th, 2019

The Offer

Direct link to offer

  • Meet with a Private Client Banker by April 15, 2021 to upgrade your Chase account to Chase Private Client and receive a bonus of up to $2,000 when you meet the following requirements:
    • Within 45 days transfer a total of $500,000 or more in new money to a combination of eligible check, savings and/or eligible investment accounts (deposit $250,000 for $2,000 bonus or $150,000 for $1,000 bonus)
    • Maintain that balance for at least 90 days

 

The Fine Print

  • Offer not available to existing Chase Private Client customers.
  • To receive the $1,250 bonus: 1) Meet with a Private Client Banker to upgrade your existing account to Chase Private Client CheckingSM account. 2) Within 45 calendar days, transfer a total of $250,000 or more in qualifying new money or securities to an eligible checking, savings and/or J.P. Morgan investment accounts (opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor or Financial Advisor).
  • Ineligible accounts: any You InvestSM accounts, Certificates of Deposit, insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts such as Traditional and Roth IRAs, Keogh, Simple IRAs, and 401(k) Plans.
  • The qualifying new money or securities must be transferred from non-Chase or J.P. Morgan accounts and cannot be funds or securities held by Chase or its affiliates. AND 3) Maintain at least a $250,000 balance for at least 90 days from the date of funding (gains and losses to qualifying investment balances from trading or market fluctuation will not be counted for purposes of meeting the balance requirements).
  • After you have completed all the above requirements, we will deposit the bonus in your existing Chase Private Client Checking account within 10 business days.
  • The Annual Percentage Yield (APY), for Chase Private Client Checking effective as of 01/22/19 is 0.01% for all balances in all states. Interest rates are variable and subject to change. Additionally, fees may reduce earnings on the account.
  • You can only participate in one Chase Private Client Checking, Sapphire Checking or You Invest new money bonus in a 12 month period.
  • Coupon is good for one time use. Bonuses are considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

As far as I know there is no monthly fee, but if you don’t maintain the $250,000 balance requirement they might downgrade your account to something else

Early Account Termination Fee

Bonus taken back if closed within six months

Our Verdict

You could sign up for a $600 checking/savings bonus and then wait six months and then do this $1,250 deal in branch. The fine print says you’re not eligible for this bonus if you’ve done any Sapphire Checking, Chase Private Client Checking or You Invest new money bonus in a 12 month period, rather than every two years on the regular Chase checking/savings bonus.

For most people this $2,000 Chase Private Client bonus isn’t worth considering because YouInvest balances do not qualify and Chase deposit accounts earn a very low APR and the other investment accounts have higher fees than other options. Because of that I wouldn’t recommend signing up for this deal.

Useful posts regarding bank bonuses:

Post history:

  • Update 11/22/20: Deal has been increased to a maximum $3,000 bonus. Hat tip to reader EW
  • Update 9/27/20: Deal extended until 11/23/20.
  • Update 8/10/20: Extended until 10/1/20.
  • Update 5/26/20: Deal might be better than we originally thought. Normally there is a 1.25% fee, YouInvest doesn’t have this fee but is excluded from counting for this bonus. They have another self directed account called “Full Service“, this has no management fee if your a Chase Private Client (CPC). There is an annual fee of $50, but this is waived if you are CPC or have $25,000 in investments.
  • Update 5/25/20: Deal is back and valid until 8/10/20. Hat tip to reader Don
  • Update 1/19/20: Deal has been extended until March 6th, 2020.
  • Update 11/20/19: Bonus has been extended until January 17th, 2020.
  • Update 11/8/19: Bonus has been increased to $2,000 (up from $1,250).
  • Update 8/15/19: Deal has been extended until September 28th, 2019. Hat tip to MtM
  • Update 6/17/19: Deal has been extended until August 6th, 2019.
  • Update 4/24/19: Deal has been extended until June 15th, 2019.





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