Chase Sapphire Members Can Earn 60,000 Points by Opening a Checking Account
In an effort to attract wealthier millennials, Chase is offering Sapphire cardholders (reserve or privileged) who open a bank account 60,000 bonus points worth up to $ 900, according to CNBC ‘s travel money reports.
This sounds like a great deal, but there is one rather big snag: account holders will need to bring at least $ 75,000 in deposits or non-retirement investments with them in order to close the deal. Customers will receive points 45 days after maintaining their balance of $ 75,000 within three months.
The checking account was launched last month, replacing the Chase Premier Platinum verification program. The main advantages are no fees for ATMs around the world, as well as no fees for bank transfers. Account holders will also receive unlimited stock and ETF trades through You Invest, the new Chase investment platform that is launching soon, as well as access to lounges for entertainment and sports events, and access to early ticket sales.
If you’ve been thinking about opening a Sapphire Reserve card (one of the best travel passes for frequent travelers), you can combine 60,000 account points with 50,000 credit card signup bonus points, making the deal more enjoyable.
Sapphire’s checking account interest rate is currently 0.01 percent , which means you won’t get as much bang for your buck as if you put that money into an online savings account at a place like Ally or Goldman Sachs (which currently offering 1.85 percent APY), or invested. However, if you deposit money long enough to receive a 60,000 points bonus ($ 25 commission charged if you don’t have $ 75,000 assets in linked bank accounts) and use the free trading platform and others benefits, it might be worth it.