What Is Considered New Money For Chase Bonus

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New bonus. Chase has a new $1,000 cash bonus offering if y'all upgrade to or open a new Sapphire Cyberbanking business relationship. To qualify, you must transfer a full of $75,000 or more in new coin or securities into eligible Hunt checking, savings and/or investment accounts. You must open up by xi/19/2019, complete the $75k transfer within 45 days of opening, and maintain that balance for at least 90 days from the date of funding. Hunt will deposit the bonus into your new account inside 10 business days after meeting the requirements.

Banks are trying to develop relationships with the "might exist rich in the future" oversupply instead of only courting the "actually rich". Okay, the official term is "mass affluent". Sapphire Banking is a new brand extension of their popular Chase Sapphire line of credit cards, although y'all don't need to have one to open up this account.

Sapphire Banking details. This is a "premium" checking account for those that can keep $75,000 in deposits or investments in qualifying Chase accounts. If you have less than $75k in assets, so a $25 monthly fee applies. Sapphire Banking perks include:

No ATM fees, including rebates on fees charged by non-Chase ATMs.
No fees for foreign exchange (ATM/debit), outgoing wire transfers, or finish payments.
No fees on the first 4 overdrafts within 12 months.
Free online stock and ETF trades with You Invest by JP Morgan.
Access to Sapphire lounges at concerts, sports and special events, early ticket sales and premium seats.
$0 monthly service fee on a linked Chase Total Business Checking account.

Moving over ETFs, common funds, and stocks. Since investments count towards the $75,000 requirement, if you have that much in ETFs, common funds, or stocks at some other banker, you lot could perform an in-kind ACAT transfer over to their discount brokerage house You lot Invest. All of your tax basis information should also move over seamlessly these days. Your old broker may charge you lot an outgoing ACAT fee about about $75, although you might inquire You Invest if they volition reimburse you for this fee. This would let you avoid parking $75,000 at Hunt earning nearly zero interest (okay, it's 0.01% APY). Losing out on ii% interest on $75k works out to a rate of $125 interest per month ($i,500 per yr).

Alternatively, you could move over some cash and then invest in something like to cash. I'k not sure if You Invest will let you purchase individual U.s.a. Treasury bills or brokered CDs. If not, you might likewise consider ultra-short bail ETFs similar MINT or Treasury Bill ETFs like BIL.

Bonus math. Permit's say they want you to keep your $75k there for 90 days and to be safety you keep it there for another 10 business days until you see the bonus. Let's make that 120 full days to exist conservative. Earning $1,000 over 120 days on a $75,000 balance is ~4% annualized. This is on height of whatsoever other return from your investments (T-Pecker interest, etc).

This is about the highest bonus that I have seen on this business relationship, which is good because y'all can only get it in one case per 12 month period. This includes the Yous Invest bonus, which would only give y'all $200 right now if y'all transferred in under $100,000. The bonus will be reported on a 1099-INT:

You can merely participate in one Hunt Private Client CheckingSM, Chase SapphireSM Checking or You InvestSM new coin bonus in a 12 calendar month flow. Coupon is adept for 1 time use and only one bonus per account. Bonus is considered interest and will be reported on IRS Course 1099-INT (or Form 1042-S, if applicative).

Lesser line. Chase Bank has a premium checking business relationship tier called Sapphire Banking, targeted at the "mass affluent". In that location is a new account bonus of $1,000 for both new and existing Chase bank customers if you move over $75,000 in cash and/or investment assets.

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