Chase is offering a $500 bonus for opening up a checking and savings account. This is one of the best bank sign up bonuses available. I recommend you do this whenever you become eligible.
Chase $500 Checking + Savings Account Overview
Chase is offering a new promotion that pays you up to $500 in bonuses:
- Get $200 with a new checking account and another $200 with a new savings account with qualifying activities. Plus, get an extra $100 bonus when you do both!
It’s available online nationwide and I recommend for you to jump on this as soon as possible.
Although the expiration date is listed as January 15 for this Chase $500 bonus, they are known to end offers early and without warning, so I would get do this earlier than later if you’re interested.
Where do I enroll?
You can enroll directly at the promotion page Chase has set up for this special offer:
Ninja Update 4/24/21: The $500 is no longer available at any site. There is a $225 offer available. I’ll update this post when the higher bonus is back (which at this point is anyone’s guess). You can also see every single bank bonus on this page.
Ninja Update 1/15/21: Final day of the promotion.
Who qualifies for the Chase $500 bonus?
Everyone is eligible for one checking bonus and one savings account opening related bonus every 2 years from the time you last received a bonus from Chase.
That also means if you had a checking bonus from Chase in the last 2 years, but never opened a savings account, you can get the bonus for the savings (and vice versa).
- $600 Citizens Bank Checking and Savings Bonus
- $400 Wells Fargo Checking Account Bonus
- What Counts As A Direct Deposit When It Comes To Bank Sign Up Bonuses
What are the details?
Household Limit: None (everyone in your family can get the bonus!)
Direct Deposit Required: Yes, any amount for checking account (see what counts as a direct deposit)
Soft/Hard Pull: Soft
Early Account Termination Fee: Must keep the account open for 6 months or you will forfeit the bonus
The Chase $500 bonus is broken up as follows:
- Checking Account: Receive a bonus of $200 when you open a Chase Total checking account and have a direct deposit within 90 days of account opening
- Savings Account: Receive a bonus of $200 when you open a Chase savings account and deposit $15,000 or more within 20 days of account opening and maintain a balance of $15,000 for 90 days
- Extra Bonus: Receive an extra $100 bonus for completing both account bonuses
For the savings account bonus, I recommend depositing the $15,000 by writing a check out to yourself from a checking account you have at another bank. Then use mobile deposit or deposit the check at a physical Chase branch. It appears as though electronic bank transfers for an amount that large triggers a security alert with Chase and it’ll take a call to their customer service to clear warning – you can avoid the hassle with a check deposit.
For the checking account bonus, I recommend having a real direct deposit of any amount to trigger the bonus. In the past, there were many other transfers that counted as a direct deposit, but it seems like it hasn’t worked with Chase very recently.
You can either apply directly online, or enter your email address and Chase will send you a coupon which you bring with you to a Chase branch.
The checking account has a monthly fee of $12 and the savings account has a monthly fee of $5, but both can be waived if you do ONE of the following:
Chase Total Checking Account:
- Have monthly direct deposits totaling $500 or more made to this account; OR
- Keep a balance at the beginning of each day of $1,500 or more in your checking account; OR
- Keep an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances
Chase Savings Account:
- A balance at the beginning of each day of $300 or more in this account; OR
- Have $25 or more in total Autosave or other repeating automatic transfers from your personal Chase checking account or Chase Liquid Card (available only through chase.com or Chase Mobile); OR
- Have a Chase College Checking account linked to this account for Overdraft Protection; OR
- Have an account owner who is an individual younger than 18; OR
- Have a linked Chase Better Banking® Checking, Chase Premier Checking, Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking account
Terms & Conditions
Here’s the fine print. I covered all the relevant items you need to know in this post, but this is Chase’s legal language if you’re interested:
- Checking offer is not available to existing Chase checking customers.
- Savings offer is not available to existing Chase savings customers.
- Both offers are not available to those whose accounts have been closed within 90 days or closed with a negative balance.
- To receive the $200 checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposit made to this account within 90 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Chase Quickpay with Zelle) are not considered a direct deposit.
- After you have completed all the above checking requirements, we’ll deposit the bonus in your new account within 10 business days.
- To receive the $200 savings bonus: 1) Open a new Chase Savings account, which is subject to approval; 2) Deposit a total of $15,000 or more in new money into the new savings account within 20 business days of account opening; AND 3) Maintain at least a $15,000 balance for 90 days from the date of deposit.
- The new money cannot be funds held by you at Chase or its affiliates.
- After you have completed all the above savings requirements, we’ll deposit the bonus in your new account within 10 business days.
- To receive the extra $100 bonus: You must open the checking and savings account at the same time and complete all requirements above for BOTH the checking bonus and savings bonus.
- After you have completed all requirements, we will deposit the remaining bonus due in your new checking account within 10 business days.
- You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date and only one bonus per account.
- 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).
- If either the checking or savings account is closed by the customer or Chase within six months after opening, we will deduct the bonus amount for that account at closing.
The Bottom Line
Chase’s standard checking and savings account bonus is $600, but the latest offer for that amount has recently ended.
This is same exact offer pretty much, except the checking bonus is $200 instead of $300. This makes the overall bonus $500 compared to $600 previously offered.
All in all, it’s still a very generous sign up bonus that ranks at the top of the best banking bonuses currently available.
The savings account’s requirement of leaving $15,000 in there for 3 months may be difficult for some people to do, but everyone should at least be opening up a checking account. Getting $200 for having one direct deposit is easy breezy, lemon squeezy.