Chase Bank is running an exciting new promotion where you can earn $600 when you open a new Chase Total Checking and Savings account. This is one of the highest sign-up bonuses available right now from a major national bank.
With interest rates rising, keeping your money in a basic savings account isn’t a great idea. You’ll miss out on higher returns over time. That’s why taking advantage of this Chase offer can be so beneficial. It essentially pays you to move your funds to an account that can earn you more money.
In this guide, we’ll explain everything you need to know about this $600 Chase bonus deal. You’ll learn about eligibility, how to qualify, the fine print, and more. We’ll also give you tips to maximize the value of the bonus.
Overview of the $600 Chase Checking and Savings Bonus
Here are the basic details of this hot new promotion from Chase:
- Bonus Amount: $600
- Eligible Accounts: Chase Total Checking + Chase Savings
- Requirements:
- Open a new Chase Total Checking account
- Open a new Chase Savings account
- Deposit $15,000 total in new money within 20 business days
- Ensure a minimum balance of $15,000 for a continuous 90-day period starting from the day you open your account.
- Expiration: Unknown
This offer has been around since late 2022 but could end at any time. Chase doesn’t publicly share expiration dates for their account bonuses. It’s best to act soon if you want a chance at earning the $600.
How Does the Bonus Work?
The Chase bonus process is straightforward.
First, you’ll need to open a new Total Checking account along with a new Chase Savings account. Both must be opened online to qualify.
Next, you’ll have 20 business days to fund the new accounts with $15,000 in new money. This can be deposited into checking, savings, or split however you’d like.
Chase requires you to keep at least a $15,000 combined balance in the accounts for 90 days. Do this, and they’ll deposit the $600 bonus within 10 business days after the 90-day period.
It’s an easy bonus to earn as long as you meet the requirements. The $15,000 minimum balance is high but doable.
Step-by-Step Guide to Earning the $600 Bonus
Follow our guide below to ensure you qualify for the $600 payout:
1. Open Your New Chase Accounts
First, you’ll need to open a new Chase Total Checking® account online. This is different from their regular checking account.
You can start the application process on Chase’s website. Make sure to have your driver’s license and social security number available.
Next, open a new Chase Savingsâ„ ̆ account. This is a basic savings account with no monthly service fees.
Complete both account applications online to qualify for the bonus. Accounts opened in the branch won’t make you eligible.
2. Fund the Accounts
Within 20 business days of account opening, you’ll need to deposit $15,000 in new money. This means money not already held by Chase.
You can fund the new checking and savings accounts by:
- Transferring money from an external bank account
- Mobile check deposit
- Wire transfer
- Depositing physical checks
Split the $15k however you want between checking and savings. Just make sure your total balance hits $15,000 within 20 days.
3. Maintain the Balance
After you deposit the initial $15,000, keep at least that amount in your new accounts for 90 days.
Chase will review your accounts on day 91 to confirm you maintained the balance. As long as you do, they’ll deposit the $600 bonus within 10 days.
Be sure to only spend money above the $15k amount during the first 3 months. Don’t dip below the minimum or you won’t get the bonus.
4. Claim Your $600
The $600 reward will be posted to your new checking account within 10 business days after the 90-day period. You’ll be able to use the bonus cash however you want.
Make sure to record the bonus on your taxes for the year it was received. Bank account bonuses are taxable income.
And remember, you must keep the accounts open for at least 6 months or Chase can take back the bonus. After that, you can close or downgrade the accounts if you wish.
Who is Eligible for the $600 Offer?
Chase has some rules in place for who can qualify for this $600 bonus:
- The offer is only available to new Chase checking and savings customers. You can’t have had either account open in the past 12 months.
- Anyone who has received a new checking/savings account bonus from Chase in the past 48 months is not eligible.
- You’ll need to be a resident of one of the following states:
- Arizona
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Idaho
- Illinois
- Indiana
- Kentucky
- Louisiana
- Maryland
- Michigan
- Minnesota
- Missouri
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- Tennessee
- Texas
- Utah
- Virginia
- Washington
- Washington DC
- Wisconsin
- West Virginia
- Wyoming
As long as you meet the above criteria, you should be eligible to earn the $600 reward. Just make sure you haven’t opened or closed a Chase Total Checking or Savings account in the 12 months prior to applying.
Maximizing the Value of the $600 Bonus
While $600 is the headline value of this bonus, you can actually get much more total value out of the deal. Here are some tips to maximize your rewards:
- Refer friends and family – You can earn $225 for each friend you refer who opens an account and gets the bonus. Refer 2 friends and you’ve almost doubled the value.
- Open with a coupon code – Use a coupon code from an affiliate link to earn an extra $200 when opening your accounts. Popular codes are CJNEWSFALL and HIFALL2022.
- Use account perks – The new checking account comes with some nice perks like no fees, no balance requirements, and free access to 16,000 ATMs and over 4,700 branches. Take advantage of things like online bill pay and mobile deposits.
- Earn interest – Interest rates are on the rise. Park your $15k in Chase’s top-tier savings to earn up to 2.00% APY during the first 3 months. That’s around $75 extra over the bonus period.
- Invest the bonus – Once you get the $600, put it to work! Invest in a Roth IRA, brokerage account, bonds, etc. Turn the bonus into even more money.
Adding up referral bonuses, coupon codes, interest earned, and investing the bonus can get you over $1,100+ in total value. Not bad at all!
Read Also: Up to $3,000 Chase Brokerage Account Bonus in 2023
What Are the Requirements to Get the Bonus?
Chase has laid out specific requirements you’ll need to complete to earn the $600 reward:
- Open a new Chase Total Checking account online
- Open a new Chase Savings account online
- Deposit $15,000 in new money into the new accounts within 20 business days
- Maintain at least a $15,000 balance for 90 days from account opening
- Be a new customer who hasn’t had these accounts in the past 12 months
- Redeem the bonus within 395 days of account opening
Assuming you meet all of the above stipulations, Chase will deposit $600 into your new checking account within 10 days after the 90-day holding period.
Some key things to note:
- Business days do not include weekends or federal holidays
- The $15k balance can be held across checking, savings, or both
- New money means funds not already on deposit with Chase
- There are no monthly service fees for these accounts
Chase will send you reminders as your account opening date approaches the 20-day funding deadline. They make it easy to meet all the requirements as long as you keep up with the timeline.
Common Questions about the $600 Offer
Let’s run through some frequently asked questions about unlocking this $600 bonus from Chase:
How long do I need to keep the accounts open?
The checking and savings accounts both must stay open for at least 6 months after earning the bonus. If you close an account early, Chase can debit the bonus amount back.
Where does the bonus post?
The $600 will be deposited into your new Chase Total Checking account within 10 business days after the 90-day holding period.
Can I fund the accounts with credit cards?
No. The $15,000 in new money cannot be withdrawn cash advances from a credit card. The funds must be new deposits from an external source.
What are the monthly fees?
There are no monthly service fees for the checking or savings account, so long as you maintain the minimum balances.
How many bonuses can I earn?
You can only earn one new checking/savings combo bonus every two years per customer. Each family member can take advantage separately though.
Is there a promo code or coupon?
Yes, you can find affiliate codes like CJNEWSFALL or HIFALL2022 that will give you a $200 coupon for opening your Chase accounts through special links.
What happens if I withdraw funds during the first 3 months?
Your balance can dip below $15k within 90 days but must be corrected promptly. Severely under-funding the accounts can cause your bonus to get denied.
Be sure to closely review all of Chase’s official terms and conditions to ensure you qualify and avoid any pitfalls when trying to earn the extra $600.
Is the $600 Chase Offer Worth It?
The question remains – is this new Chase bonus worth going after? Let’s weigh the pros and cons.
Reasons to Get the $600 Bonus
Here are some good reasons to open the new checking and savings accounts to earn the $600:
- $600 is a top bonus amount – This is one of the highest bonuses available nationwide right now. Most banks are in the $200-$400 range for this type of combined account offer.
- Interest rates are rising – Compared to a standard savings account, you can maximize interest by keeping your $15k deposit in Chase’s performance savings which earns up to a 2.00% APY. This will compound your rewards.
- No monthly fees – Unlike some competing bank account bonuses, there are no monthly service fees to worry about as long as you maintain the minimum balance.
- Chase has great perks – From online and mobile features to in-branch services, Chase offers convenience and technology that’s hard to beat.
- Easy to qualify – The requirements are straightforward compared to some other banks. Just fund $15k within 20 days of account opening and hold it for 90 days.
- Boost your value – Referral bonuses, using a coupon code, earning interest, and investing the reward can increase your earnings well above $600.
Reasons to Pass on the Offer
Here are a few drawbacks to going after the Chase bonus:
- High minimum balance – Having to deposit $15,000 in new money within 20 days is tough for many people. However, you can transfer from another bank account to qualify.
- 90-day holding period – If you need this money for other purposes in the next 3 months, you won’t want to tie up $15k with Chase for an extended period.
- Account limits – You can only open one new checking/savings combo and earn this bonus once every two years. Something to consider if you’ve gotten other Chase bonuses lately.
- No joint account option – For two people trying to earn this bonus together, you’ll each need to open individual accounts separately and fund them with $15k apiece.
Overall there are certainly more pros than cons, especially with today’s inflation. If you can leverage the high bonus amount and newly increased interest rates, the $600 reward is definitely worth pursuing.
Options Beyond the $600 Chase Offer
The Chase $600 deal should absolutely be on your radar. But if it’s not quite right for you, here are some alternative bank bonuses to look at:
- Citibank – Citibank has a $700 bonus offer available in some areas when you open a new checking and savings account with $60k+ combined balances. The accounts come with no monthly fees as long as certain requirements are met.
- TD Bank – Earn up to $300 by opening a TD Premier Checking or Beyond Checking account with TD Bank. $2,500 minimum balance and direct deposit enrollment are required. No savings account is needed.
- Wells Fargo – Wells Fargo frequently offers $200-$400 bonuses when opening new checking and savings accounts together. Bonus amounts and requirements vary, so check their latest promotions.
- Bank of America – Bank of America often has bonus offers on their core checking account when you set up a monthly direct deposit of $250 or more. Typical rewards are $100 – $200.
- Regional Banks – Check your local bank or credit union. Many offer $100-$500 bonuses for opening just a checking account with direct deposit enrollment and maintaining a low minimum balance.
Don’t limit yourself to only the big national players. Take some time to research all current new account promotions so you can maximize your bonus earnings this year.
Is Chase Reliable for Banking and Bonus Offers?
With over 5,000 branches and 16,000 ATMs, Chase Bank offers exceptional accessibility nationwide. They are one of the largest consumer banks in the U.S.
Chase is also extremely reliable when it comes to paying out bonuses quickly and as promised. Here are some factors that make them trustworthy:
- Clear bonus terms – Chase provides full details of any checking/savings offer upfront so you know exactly what to expect.
- Easy tracking – Your account dashboard shows progress towards qualifying bonuses. You’ll get reminders as deadline dates approach.
- Timely payouts – Chase has a reputation for paying bonuses on time within days of meeting all requirements. Many users report getting their full reward within a week of hitting the 90-day mark.
- Good customer service – Questions can be answered promptly via online messaging, phone support, and bank branches.
- FDIC insured – Your deposits with Chase accounts are insured by the FDIC for up to $250,000 per depositor.
Based on thousands of positive reviews and experiences, banking with Chase to earn bonuses is typically smooth and hassle-free. Just make sure to read all their terms closely so you don’t miss any important details or eligibility restrictions.
Read Also: How To Get the Chase Private Client $2000 Bonus in 2023
Is Now a Good Time to Switch Banks?
In today’s rising interest rate environment, switching banks to earn a lucrative bonus like Chase’s $600 offer can be very timely. Here are factors that make now a prime opportunity:
- Interest rates – The Federal Reserve has been aggressively raising interest rates, meaning APYs on savings accounts are ticking upward. You can maximize your returns on large deposits like the $15k required for this Chase bonus.
- Inflation – With inflation still running hot, cash bonuses go even further in real terms. $600 today will buy you more than it will in 6-12 months if inflation persists.
- Competition – Banks compete heavily on bonus offers. With possible recession worries, they are trying to lock in new customers now with incentives before economic conditions worsen.
- Account flexibility – Many top bank bonuses today come from basic checking/savings accounts with no monthly fees. This provides flexibility if you need to move money out in the future.
- Household savings – Americans have record levels of savings stockpiled. Take advantage by allocating some to a new account bonus.
Opening a new account like Chase’s to earn $600 makes the most sense when you can maximize perks like interest earnings, minimize fees, and claim bonuses during a period of economic uncertainty.
The Final Verdict on the Chase $600 Bonus
At the end of the day, this is an exceptional bonus that provides an easy opportunity to earn a large cash reward rate now. Whether you want to build your savings, consolidate funds, or earn more interest, the Chase $600 checking/savings bonus should be strongly considered.
Just be sure you can meet the $15,000 minimum balance requirement. Also, read and understand all of the related promotion terms on Chase’s website before you apply.
Provided you are eligible and able to keep the full $15k parked for 90 days, this is a bonus well worth chasing. The funds can be put to good use once you meet all of the simple requirements.
Between the high reward amount, a chance to earn interest, and Chase’s stellar reputation, this is undoubtedly one of the best bank account bonuses available today. Take advantage of it now before the offer expires!