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In late August I wrote that Chase was about to introduce their new Sapphire Banking product — but not to sign up right away because a bonus would be on its way that you should wait for. They’ve now shared what that bonus will be.
Chase has taken the Sapphire branding and put it onto a perk-rich checking account designed for new affluent customers who do not yet meet the target for Chase Private Client banking.
Customers who maintain $75,000 in qualifying deposits or investments receive:
- No fees on ATMs worldwide, including refunds on fees charged by non-Chase ATM owners
- No fees on everyday banking, including foreign exchange fees, outgoing wire transfers and stop payments
- Higher ATM withdrawal limits
- Commission-free stock and ETF trades (new You Invest platform)
- “Access to Sapphire lounges at concerts, sports and special events, early ticket sales and premium seats”
- “Advice from Chase’s specialists in banking, home lending and small business
In October there will be a bonus of 60,000 Ultimate Rewards points for customers who bring in $75,000 in qualifying deposits and investments and open or upgrade to a Sapphire Banking account. This will be available both online and in branch. The exact October date is not yet known.
Accounts that do not maintain a $75,000 average balance incur a $25 monthly fee. It’s not going to make sense to leave $75,000 or more sitting around in a low yielding account in order to get these benefits but it could make sense to consolidate investments in a Chase account in order to build this relationship.
Copyright: jetcityimage / 123RF Stock Photo
Chase is explicit, “this offer is stackable.” For instance you can sign up for a Chase Sapphire Preferred Card and earn a 50,000 point bonus (after $4000 spend within 3 months, $0 annual fee the first year then $95) and those points transfer to airline miles and hotel points — any other Chase points can be moved into that account and transferred as well.
Then in addition to the 60,000 points for Chase Sapphire Banking you can earn their current bonus of up to 75,000 points for a new mortgage (last year there was a 100,000 point offer stackable with a $595 credit). Incentivizing mortgages with points makes Chase twice as likely to get a mortgage from cardmembers..