Chase Bank Promotions: What You Need To Know

chase bank promotions

Earn Between $200 and $2,000 When You Open a Chase Savings or Checking Account

As the second-largest bank in America, Chase knows how to retain and keep loyal customers. One way it attracts new customers is by offering Chase Bank promotions to new account holders on a continuous basis. Depending on the type of account you open, how much you deposit each month and your balance at the end of each month, you can receive anywhere between $200 and $2,000 in bonuses just for opening an account.

Current Chase Bank Promotions

Chase Bank promotions almost always offer promotions of one kind or another. They continually change, however, so keep an eye on them to snag the best offers when they’re available. As of November 2020, available offers are as follows:

  • Receive a $300 bonus when you sign up for Chase Business Complete Checking. You just deposit at least $2,000 within 20 days of opening the account and maintain an equivalent minimum daily balance for 60 days post deposit. There are also a few other, minor requirements to meet to be eligible for the bonus.
  • Sign up for Chase Total Checking® and receive a $200 bonus. Open a Chase Total Checking® account using a coupon code and make a direct deposit within 90 days to receive a $200 bonus. Though there is no minimum balance or ongoing direct deposit requirement, you can waive the maintenance fee by meeting one of three reasonable criteria.
  • Receive a $100 bonus as a Chase College Checking account holder. If you’re enrolled in school and choose to bank with Chase, you can receive a $100 bonus after completing 10 qualifying transactions within 60 days of opening your account.
  • Enroll in Chase Savings and get $150. Start your savings off right by using the $150 coupon when you enroll in Chase Savings. To qualify, you must deposit $10,000 within 20 days and maintain a minimum equivalent balance for 90 days.
  • Become a Chase Private Client to receive a $2,000 bonus. Transfer a total of $250,000 in new money or securities into a combination of Chase savings, checking and/or investment accounts within 45 days of becoming a Chase Private Client and enjoy a $2,000 bonus. You must maintain the balance for a total of 90 days.
  • Combine accounts to enjoy more rewards: Open a Chase Total Checking® and Chase Savings Account and complete qualifying activities to earn a $500 bonus.

If you can meet the minimum requirements, each of these promotions can help you get ahead financially and are worth exploring.

Chase Refer a Friend Promotions

Chase bonuses don’t have to stop with enrollment. As a Chase customer, you can receive up to $500 a year by referring friends to qualifying accounts. For each referral that signs up, you earn $50. You can earn up to $500 a year for every year that Chase Bank® runs the promotion.

Chase Banking Fees

While the bonus money you receive is enticing, don’t let it be the only factor that influences your decision. If you’re not careful, the cost of banking can quickly add up and surpass any bonus you stand to receive. For instance, monthly maintenance fees are between $5 and $15 a month, which can cost you anywhere from $60 to $180 a year if you don’t meet the minimum account requirements. There are also fees to consider, such as the following:

  • ATM Fees: If you use a non-Chase ATM, you will accrue a $2.50 non-refundable fee from Chase. The fee increases to $5 when you withdraw money outside of the U.S. or Puerto Rico. The Chase fee is in addition to ATM fees.
  • Overdraft Fees: Chase Bank has one of the highest overdraft fees, at $34. The bank may charge you this amount up to three times a day if you don’t bring your account to current.
  • Debit Card Replacement Fee: If you lose your debit card, you can request a new one, but expect to pay a $5 shipping fee.

These fees are not outrageous when compared with fees of other larger, national banks, but they can add up. It’s important to remember that the bonus is a one-time deal and that you will likely bank with Chase for years. If you don’t anticipate being able to avoid fees in the future, it may be worth your while to look into fee-free banking.

Other Considerations

Bonuses and fees aside, there are a few other considerations to make before becoming a Chase customer. The biggest is possible APY. To date, the best APY any Chase account has to offer is 0.01%, and that is on the Chase Savings account. Other institutions — many of which are online banks or credit unions — offer APYs between 0.60% and 0.70%. Some banks even offer checking accounts that build interest on balances. For instance, Axos Bank® Rewards Checking comes with an APY of 1.25%, while Consumers Credit Union offers Free Rewards Checking account customers 2.09% on available balances.

The Bottom Line

Chase Bank® promotions are both generous and enticing. However, before you enroll , do your research to make sure a Chase account is really right for you.