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When it comes to bank account bonuses, Chase is one of our bestest buddies around, running frequent incentives on both the personal and business side.
Last week, Chase launched a (widely-reported) public offer for new Business Checking enrollments. The public offer is for $300 for an initial deposit of $2000-$9999 and $500 for $10K+. However, there is also a concurrent, targeted offer for $750 back by depositing $20k+. I found this offer in the “Just for You” section on my Chase account, but there’s been numerous reports of it being sent to cardholders via e-mail as well.
The noteworthy part of this offer is that it is fairly easy: no direct deposit requirement and a very low activity threshold. But the trade-off is that the deposit requirements are a bit high. So should we do it?
- Chase is offering bonuses of $300/$500/($750 is targeted) after opening a new business checking account and making a qualified opening deposit. Offer Expires: 7/21/22
- Targeted offer via “Just for You” or e-mail of $750 after opening a new business checking account and making a qualified opening deposit. Offer Expires: 7/21/22
To receive the business checking bonus:
- Visit a branch or chase.com/business and open a new Chase Business Checking account.
- Deposit new money into your checking account within 30 days of offer enrollment and maintain this balance for 60 days from offer enrollment. The new money cannot be funds held by your business at Chase or its affiliates. Business checking bonus and new money requirements are as follows:
- Complete 5 qualifying transactions within 90 days of offer enrollment. Qualifying transactions are: debit card purchases, Chase QuickAcceptSM deposits, Chase QuickDepositSM, ACH (Credits), wires (credits and debits), Chase OnlineSM Bill Pay.
- After you have completed all the above checking requirements, we’ll deposit the bonus into your new account within 15 days. Offer is good for one-time use.
Key Terms and Conditions
- Checking offer is not available to existing Chase business checking customers, local, state or federal government entities or agencies, Not for Profit organizations, Political Action Committees, or those with campaign accounts, or whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years.
- You can receive only one new business checking account opening related bonus every two years from the last enrollment date and only one bonus per account.
- If the checking account is closed by the customer or Chase within six months after offer enrollment, we will deduct the bonus amount for that account at closing.
- Chase Business Complete Checking has a $15 Monthly Service Fee unless you maintain a linked Chase Private Client Checking account, are a current service member or veteran of our nation’s military with a valid military ID or proof of military service, OR fulfill at least one of the following qualifying activities for each Chase Business Complete Checking account: 1) Maintain a minimum daily balance of at least $2,000 in your account each day of the statement period. The Minimum Daily Balance must be maintained as of the beginning of the day for each day of the statement period. 2)Spend at least $2,000 using your Chase Ink® Business Card(s) on purchases. The business legal name on Chase Ink® Business Card(s) and Chase Business Complete Checking accounts must be the same. Qualifying activity will be based on aggregated spending (minus returns or refunds) on each Chase Ink Business Card, for the prior monthly card billing period(s). 3) Deposit at least $2,000 into your Chase Business Complete Checking account from one or more of the following: Chase QuickAcceptSM transactions, and/or transactions from eligible Chase Merchant Services, and/or eligible InstaMed products
Based on how I read the terms, you only have to leave the money in the bank for 35 days or so to get the bonus. This is because you have to deposit within 30 days and leave it for 60 days…both dated from enrollment. So, you could transfer the money in at day 25 or so and then transfer it back out at day 61 and still meet the terms. It’s also worth noting that sole proprietorships under an individual’s SSN are eligble as well.
The targeted $750 is ok, but not as good as the $750 Business Checking offer that we saw last year. That one offered $750 for maintaining a $10,000 balance for 2 months and completing 25 qualifying transactions. While the transaction threshold for this new offer is only 5, the balance necessary to get to the $750 bonus is doubled to $20,000.
The main public offer of $300 for a $2000 deposit or $500 for $10,000 is decent. The $2000 bonus effectively gives you 15% back for parking your $2k in Chase’s hands for 30-60 days. By the same rationale, the $10,000 bonus is paying 5% during the same period, the $20,000 bonus, 3.75%.
We would normally jump at this kind of return were it not for the largesse of the last couple of years, as well as current inflation rates. If you take away that first $10,000, the last $10K deposited will earn 2.5% over two months…this is a good return, even compared to the gaudy 9.6% rates on I-bonds, but not as lustrous as the 15% on that first $2000.
The nice thing about this set of offers is that it’s about as easy as a bank account bonus can be: no direct deposit requirement, only 5 transactions on the debit card to make it work and you can stay fee-free for six months by leaving the $2k in the account or by spending $2k/month on an associated Ink Card (which is no issue for many of us)…AND you can sign-up online.
I’ll probably take the plunge on one of these bonuses in the next week or two. I’m not expecting that $750/$10k bonus to return quickly and I don’t have a business checking account in the last 24 months associated with any of my Ink Cards. In my opinion, this is absolutely worth taking a look at, especially those wanting to dip their toes into the bank account bonus pool.