augustus21

Having a long relationship with a bank helps. Any underwriter will look at how long you have been banking with Chase and factor that into their decision.

Most banks, including Chase, have a blacklist for checking/saving account customers that aren't worth keeping around and if you make it on to this list, you will have trouble getting a new account at another bank.

Not worth it.

Happy

It really has no difference than people churning credit cards.

Chase system is smart enough to prevent more than one bonus earned from each banking product per year. That started from at least 3 years ago when it finally took care of the loophole of 25K CO bonus miles to open a new checking account.

You only get one $125 or $150 however the amount is targeted in your area, for opening a new checking or saving account per Calendar year.

More over, you must NOT have the checking or saving account product in previous 90 days in order for you to open a new one to earn the bonus.

When you open an account using the bonus coupon, the system would verify your SSN and then spit out a confirmation of Tracking to enable the bonus to be deposited.

You also need to put the new money in the saving account for 6 months else the bonus would be clawed back. However there is no ill effect if you do this by their book every year.

yOyOYoo

I have churned the Chase Savings bonus 2x, coming up on 3rd time now without issue.

I'm happy to keep my Chase checking account as it's just convenient for me to have. There are many Chase banks around where I live, and many friends of mine use the Chase Quickpay system as a means for sending money quickly.

bribro

IMO, not worth the hassle, 1099, and possible red flag from Chase.

cardinalkid1891

I agree

dovergator

I've had a Chase checking account that paid me $100 for a signup bonus. Within like a year I cancelled it because I was doing no business with Chase. Then I got another offer for $150 and signed up for that account. I've kept the last account, but definitely had Chase bankers telling me to churn the accounts!

augustus21

lacuadra

All this trouble for $150.00 ???

One can get a better deal if one applies for foodstamps and disability ...I guess...

mia

Retail bank staff may have quotas or incentives for opening "new" accounts. This advice is probably in their best interest, but it may not be to your advantage to follow it, and they cannot help you if Chase decides to blacklist you.

coolfish1103

I didn't get my second $150 so it really depends on if they catch you or not.

Happy

Did you get a confirmation with tracking number when you open an account? That is the first verification whether you would get the bonus or not.

You only get it once a calendar year and your must not have the checking / saving account in prior 90 days.

In the case of saving account if you withdraw any of the $10K deposited before 6 months are up, they take away the bonus.

Either you have violated the rules for earning bonus, or your banker screwed up at account opening and did not properly generate a tracking number for you. When we opened our saving accounts (3rd year), the banker generated the tracking for me but did not remember to generate one for my husband's account. I had to remind her to get that print out for him. Bonuses posted within 3 days after the checks were deposited. Money would sit there till next May.

Frankly I dont see how Chase would not like people giving the bank $10K deposit for 6 months at 0.01% rate... when AMEX is giving 0.85% for a saving account without restriction and some CUs are giving much higher.rates.

kayjay

Assuming a six month $10K deposit earns a $150 bonus the effective yield on an annual basis (APR) is slightly over 3%.

Happy

Correct, but there are also other factors in play - it is more like a 6 months CD because you forfeit the yield if you withdraw it early. Enough CUs out there offer liquid Checking Accounts with 2 to 3% yield.

It also is capped at $10K principal. The AMEX HY does not have a cap. Even those high yield CU checking accounts have higher caps in 25 to 50K.

The $ coupon is used as a marketing tool to attract new customers otherwise would not be opening an account with Chase. Many people once open a checking account with a bank, tend to stay with the bank. Saving account though seems having a lot less "attachment".

wise2u

The terms on the savings account were $125 bonus (which they doubled on our joint account to 2 bonuses, I didn't ask why)...you can keep the bonus as long as the account stays open 6 months.
You only need to keep $300 in it to avoid monthly fees...so once the bonus posts you can withdraw most of it.
this makes the interest in our case $250 on $10k for a month and $300 for the other 5 or 6...great return.

We also recently got bonuses from capital one bank ($300 each for business accounts) and last year we got a bonus for a couple of personal accounts with them....I got $125 for opening a BB&T account it took forever for the bonus to post and I closed it at the 6 month mark. We have done chase personal and business multiple years with no problem.

Happy

Definitely NOT the terms in the fine print of the offer sent to us this year - it says the money must be in the account for 6 months. Last year the offers we had did not have this restriction and our banker said she had not seen many of such. By and large, she said the offer required the money stayed in the account for 6 months. She said people constantly came back to ask why their bonuses were taken away without realizing they had to leave their money in the accounts for 6 months. Even our coupons did not have such stipulation, she advised us to let the money sit there for 2 to 3 months just to be on the safe side. This year our coupons have the money must remain in the account for 6 months language.

So, one must read the fine print of the coupons they used to open their accounts. As our bank said, the majority of offers have the stipulation for money to remain in account for 6 months.

CapitalOne only has B&M branches in a few states - MD, VA, NY and NJ in the Northeast and Texas. But if you live in those states, definitely worth your while to check out their branch-only special offers. They offered a 1.0% guarantee rate for a checking account up to 100K for 12 months - only available at branch. We opened one account during a trip to DC back in May. It used to allow 2 such accounts in a household but they curtailed it because too many customers took advantage of such.

Have to check out BB&T which has opened branches in our area after taking over Colonial bank.