Chase Banking Offer

[corn18]

Chase sent me an offer to open a checking and savings account. For the checking account, I just have to open the account and deposit $100 and they give me $200. To avoid a monthly fee, I have to keep $1,500 in the account. For the savings account, I have to deposit $15,000 and keep it there for 90 days and then they give me $200. I have $16,500 cash just sitting in a savings account that has no real purpose right now so I'm thinking about opening the 2 accounts and holding the money there for 90 days to get $400. That's a 10% APR or 2.4% immediate ROI. With no risk of losing my initial investment. Seems like a good idea. What say you?

Tom

[jackmiller]

I went to Etrade (virtual bank) and love it. I think all of the traditional banks are desperate and will do gimmicks like this to try to entice you

[corn18]

I went to Etrade (virtual bank) and love it. I think all of the traditional banks are desperate and will do gimmicks like this to try to entice you

Is Etrade offering $400 to sign up? I don't want to bank at Chase, I just want the $400. I have been with USAA for nigh on 30 years now and have no desire to switch.

[cooliemae]

I do this sort of thing all the time...go for, just keep track of when you can close the account and do so...sounds like an easy $400!

[MonkeyMama]

Just read the fine print. To keep the checking bonus you have to keep the account open for 6 months. Maybe the same for the savings account? We just did two $200 checking bonuses. It was certainly worth it for 6 months.

[creditcardfree]

I agree. Read the fine print. But I'd go for it!

[pomala6]

I say you are all right. To keep the checking bonus after six months.

[corn18]

Just finished signing up and it's better than I thought. Since I am retired military, there's never any fees. And I get a free safety deposit box. And if I open a credit card and spend $500, I get $225 cash back. So I just made $625 and got a free safety deposit box. Way cool.

[krantcents]

You can grab the free money and run! Personally, I would rather (and have) negotiate with my bank to get a free account. I have a completely free interest bearing checking account. In addition, I get free American Express Traveler's Checks and a free safe deposit box. I have banked with my bank for 40+ years.

I accumulate miles for travel and open accounts for the bonus miles. I am careful about opening and closing accounts so I don't damage my credit. They sure make it enticing to open accounts, but you have to keep it in your control or they win.

[snafu]

My dumb, do they still sell traveller's cheques? They were such a hassle years ago and it's so easy to use an ATM 24/7.

tomhole, way to go, $ 625. + a safety deposit box! Do you diarize on cell's calendar to remind you that you've fulfilled your obligation to Chase ? Experiences of various SA participants suggest that those who conscientiously pay CC balances in full by due date are not negatively impacted by opening and closing bank accounts and CC in order to capture bonus benefits being offered by various financial institutions. Wish our more conservative system allowed benefits. I capture what's available by buying bank stock on downturns and enjoying truly outrageous dividends.

[corn18]

I'll probably just leave the money at Chase. It's my EF and there are never any fees since I am a veteran. And now my EF is in a local bank, which is nice if I need a boatload of cash for some odd reason. And I liked the guy that set up my accounts. I just got a great vibe from the whole process. I would never switch over to Chase completely, though. USAA us perfect for us overall.