Chase Launching 60,000 Point Offer for New Sapphire Banking

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In late August I wrote that Chase was about to introduce their new Sapphire Banking productbut 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..

About Gary Leff

Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel - a topic he has covered since 2002. Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »

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Comments

  1. Thanks, Gary! Any word on whether Private Client Checking customers will be permitted to open a Sapphire Banking account?

  2. ” 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.”

    Let this be a reminder that taking a mortgage with Chase for the points is probably a terrible idea if you can get even a slightly lower rate at another lender. In my own case this summer, Chase offered me a rate that was 0.1% higher than Wells Fargo. Over the course of the 30 years that would amount to an extra $22,000. Of course it will depend on your individual circumstances, but do the math before getting sucked into a 30 year relationship for ~$1,000 or so in points .

  3. I’m not sure which investments it makes sense to consolidate. The personal deposits only seem to include checking, savings and CDs. So not sure I would park $75k.

  4. Chase is currently offering $600 in bonuses to open up checking and savings accounts with $15,000 in deposits. No way this is worth the extra $60K cash sitting at Chase earning 0.01%.

  5. I am also interested if this offer is available for current private client customers, if they convert to sapphire banking?
    I stupidly accepted the chase private client offer 2 years ago, since I thought it would help me with credit card approvals. (nope, they changed that right after). It’s really done nothing for me since then…

  6. I may be wrong, but don’t Private Client customers get around 5/24, and if so, do you think Sapphire Banking customers will also be able to avoid 5/24 for card applications?

  7. So if I can put $75K into an account, for how long does it have to sit there to get the bonus? Any downside to doing that, other than lost opportunity cost for that period?

  8. how long do you have to maintain the account to get the bonus? in other words can i transfter 75k from wells fargo (my primary bank) into a new chase account and immediately close the account once the bonus is received? I have plenty of chase credit cards to use the points with.

  9. As of last year the 5/24 was not enforced for Chase PB clients such as myself, though I tend not to push the envelope like the aggressive churners/bloggers. That may have changed…

    Would like the answer to Jeff’s question on Sapphire Banking signup bonus for existing PB customers who already have free Chase PB accounts. Not terribly optimistic based on Palladium -> JPM-R conversion (no bonus)

  10. When I got a mortgage, all the big banks’ rates and even Costco’s mortgage partner were beaten by an independent mortgage broker. One big bank matched that rate and waived their bogus loan origination fee after I showed them that the mortgage broker didn’t even charge a fee to begin with. So just be sure to look beyond the banks to see what is out there and don’t get blinded by points. BTW that fee would have been $825, more than the value of the bonus points.

  11. This promotion is not mentioned on Chase official site. I talked the branch office and the guy told me he is NOT aware of it and but like to see the promotion code….
    Pls advise.

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