Chase has a huge bonus offer of $2,000 for those who upgrade their accounts to Chase Private Client. This account needs a balance of $250,000 or more, so this is not a deal for everyone. Let’s look at the details and whether it makes sense.The Offer
Save time and money with better banking benefits and special services, plus a $2,000 Welcome Bonus. Hereʼs how to get started:Meet with a Private Client Banker by January 17, 2020 to upgrade your account to Chase Private Client.Within 45 calendar days, transfer a total of $250,000 or more in new money to a combination of eligible checking, savings and/or investment accounts (excludes any You Invest, J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.Your $2,000 will be deposited into your account within 10 business days.
The account has no fees, but you need to maintain the $250,000 balance. Otherwise, you will be downgraded to another Chase account.Key TermsOffer not available to existing Chase Private Client customers.Ineligible accounts: any You Invest accounts, Certificates of Deposit, insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts such as Traditional and Roth IRAs, Keogh, Simple IRAs, and 401(k) Plans.After you have completed all the above requirements, we will deposit the bonus in your existing Chase Private Client Checking account within 10 business days.You can only participate in one Chase Private Client Checking, Sapphire Checking or You Invest new money bonus in a 12 month period.Coupon is good for one time use.All bank account bonuses are treated as income/interest and as such you have to pay taxes on themAccount must be kept open for 6 months, otherwise bonus could be taken back.This bonus will be considered as interest, so you have to pay taxes.Conclusion
We saw an offer for $1,250 in the best. Now with with a $2,000 bonus it could make sense for those who have $250K laying around in other banks. You Invest accounts would have been a good option to meet the balance requirement, but are excluded in the terms.
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