Free money. Sounds like a scam, right? Usually, it is. But when we’re talking about chase bank checking account promotions, it’s actually a legitimate way the biggest bank in America tries to buy your loyalty. They want your direct deposit. They want you in their ecosystem. And honestly, they're willing to pay a few hundred bucks to make it happen.
I’ve seen people mess this up. They open the account, think they’re getting $300, and then realize six months later that they missed a tiny line of text in the fine print. Suddenly, the bonus is gone and they’re paying $12 a month in fees. It’s annoying. But if you play the game right, it’s one of the easiest "wins" in personal finance.
The Chase Total Banking Bonus is the One Most People See
This is the flagship. The Chase Total Checking® offer usually hovers around $200 or $300. To get it, you basically just need to be a new customer. Chase defines a "new customer" as someone who hasn't had a checking account with them in the last 90 days and hasn't received a bonus in the last two years. If you closed an account three years ago, you're good. You're fresh meat again.
The catch? Direct deposit. You can't just Zelle yourself $500 from your Venmo or another bank and call it a day. Chase’s systems are smarter than that now. They are looking for an ACH deposit from your employer or a government entity like Social Security. Most people just go into their payroll portal at work, swap their banking info for a few months, and wait for the "qualifying deposit" to hit. It usually has to happen within 90 days of account opening.
What About the Chase Premier Plus or Sapphire Offers?
Sometimes Chase gets fancy. They’ll offer $400, $600, or even more if you’re willing to park a significant amount of cash in their accounts. The Chase Private Client or Sapphire Banking tiers are the "high roller" versions of chase bank checking account promotions.
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Here is the reality: unless you have $75,000 to $150,000 just sitting in a low-yield savings account or an investment brokerage you’re willing to move, these aren't for you. The interest you’d earn in a high-yield savings account (HYSA) often beats the one-time bonus anyway. For example, if an HYSA is paying 4.5% and Chase is paying 0.01% plus a $600 bonus, you have to do the math. If that $100k sits in Chase for six months to keep the bonus, you might actually lose money compared to keeping it in a dedicated high-yield account. Don't let the big shiny number distract you from the opportunity cost.
The "Six Month Rule" That Everyone Forgets
You got the money. It’s sitting there. You want to close the account and run back to your credit union.
Don't. Chase is very clear about this: if you close the account within six months of opening it, they will claw that bonus right back out of your balance. They’ve been doing this for years. It’s a standard clawback provision. You need to keep the account open and in good standing for at least 180 days.
How to Avoid the Dreaded Monthly Service Fee
If you’re doing this for the bonus, the last thing you want is to pay $12 every month for the privilege of holding the account. That eats into your profit. To waive the fee on a Total Checking account, you usually need one of three things:
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- Electronic deposits totaling $500 or more each month.
- A beginning daily balance of $1,500.
- An average daily balance of $5,000 across linked Chase accounts.
Most people go with the $500 direct deposit. It’s the easiest "set it and forget it" method.
Does it hurt your credit score?
Nope. Opening a checking account is a "soft pull" or an inquiry through ChexSystems, not a "hard pull" on your credit report. It won't affect your ability to get a mortgage or a car loan. It’s a bank account, not a line of credit. The only way it hurts you is if you overdraw the account, leave it negative, and let it go to collections. Just don't do that.
Why Chase Does This (The "Lifer" Strategy)
Banks aren't charities. They know that once you set up your direct deposit, link your Netflix subscription, and put your electric bill on autopay, you’re probably never leaving. Switching banks is a massive pain in the neck. They are betting $300 that you’ll be too lazy to switch again for the next ten years. They’ll make that $300 back ten times over in swipe fees from your debit card and interest if you ever take out a credit card or mortgage with them.
The Fine Print Nuances
You need a coupon code. You can't just walk into a branch or go to Chase.com and expect the bonus to appear magically. You usually have to enter an email address on their promotional page to get a unique code sent to you. Or, if you’re applying online, make sure the "Apply Now" button you click is directly attached to the offer page.
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Also, keep in mind that these bonuses are considered taxable income. Come January, Chase is going to send you a 1099-INT form. You will have to report that $300 (or whatever it was) as interest income on your taxes. If you’re in a 22% tax bracket, that $300 bonus is really a $234 bonus after Uncle Sam takes his cut. Still better than zero, but good to know so you aren't surprised during tax season.
Common "Fails" to Avoid
- Closing too early: We talked about this. Wait the 181 days.
- Missing the window: If you don't hit the direct deposit requirement within 90 days, you get nothing.
- Fake direct deposits: Using a "Person to Person" transfer like Venmo or PayPal rarely works anymore. Chase has flagged most of these "tricks" that used to work in 2018.
Actionable Steps to Secure Your Bonus
First, head over to the official Chase website or a reputable aggregator like Doctor of Credit to find the current highest offer. Don't settle for $200 if a $300 offer is active.
Second, check your payroll provider. If your job uses ADP, Workday, or a similar platform, make sure you know how to split your deposit. You don't have to send your entire paycheck to Chase—just enough to meet the $500 requirement.
Third, set a calendar reminder for 185 days from the date of account opening. That is your "safety date." Once you hit that mark, you can decide if you actually like the Chase app and branch access, or if you want to move your money elsewhere.
Keep your account active. If it sits at a $0 balance for too long, Chase might close it for inactivity before you even reach the bonus payout date. Use the debit card once or twice for a coffee just to show there's life in the account. The bonus usually posts within 15 days of meeting the requirements, so if it’s been a month and you see nothing, call their customer service or visit a branch with your coupon code in hand. They are generally pretty good about honoring it if you have the paper trail.