Chase Bank has a new $300 bonus for their new Premier Checking account. This is a separate bonus in addition to their Chase Total Checking $150 + Chase Savings $100 bonuses. Although the bonus for this product is higher, it comes with both higher fees and more features, so it won’t work out to be better for everyone.
Rules of the $300 bonus promotion:
- Open a new Chase Premier Plus Checking Account
- Deposit $25 or more at account opening
- Have your direct deposit made to this account within 60 days of account opening. Chase states that 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.
Offer not available to existing Chase checking customers, those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance. You can only receive one new checking account-related bonus per calendar year. Bonus is considered interest and will be reported on IRS Form 1099-INT. If the checking account is closed by the customer or Chase within six months after opening, we will deduct the bonus amount at closing.
Premier Checking offers these additional features above Total Checking:
- Get $300 when you open a new CHASE PREMIER PLUS CHECKINGSM account and set up direct deposit
- Access 15,500 Chase ATMs and 5,400 branches
- EXPLORE MORE OF THE WORLD AROUND YOU: with the convenience and ease of a Chase Premier Plus CheckingSM account
- Chase QuickDepositSM lets you deposit checks almost anytime, anywhere with the ease of taking a picture. Just point, snap, and deposit.
- Chase QuickPaySM lets you pay people without cash or checks. Use it to send money to virtually anyone who has an email address or mobile number.
- Earns interest
- No Chase fee on first four non-Chase ATM transactions
To avoid the $25 monthly service fee for Premier Checking, you must do at least one of the following:
- Keep an average daily balance of $15,000 or more in any combination of qualifying Chase checking, savings and other balances; OR,
- Have automatic payments to your qualifying linked Chase mortgage from your Chase account. Payments set up through Online Bill Pay do not qualify. Mortgages must be in good standing and be first mortgages with servicing retained by Chase.
The additional features of the Premier checking aren’t really worth very much due to the low interest rates offered. Maybe the ATM fee waivers are worth something, but that depends on the person. I would only consider this bonus if you can waive that $25 monthly fee as noted above (ideally, you already have a Chase mortgage). Otherwise, the incrementally higher $300 bonus would be offset by the service fees. In that case, I would look into the Chase Total Checking + Savings package instead.
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