Checking accounts are rarely the source of much excitement. If you aren’t careful, you may assume they’re all the same. But different accounts offer different features and perks, including the potential to earn a lucrative welcome bonus. For example, when shopping for a new checking account, you may want to consider Chase’s Total Checking® because of its generous new account bonus.
Read on to learn more about Chase’s Total Checking® new account offer, how you get it and what to consider before opening the account.
Chase’s Total Checking® account bonus details
Chase will give $300 as a new customer when you open a Chase Total Checking® account using a coupon code from its website by April 17, 2024. You can also have a coupon code emailed to you. Be sure to select “open a new account” when applying to start the bonus process.
As long as you’re a new Chase customer -- who hasn’t closed an account within 90 days or closed an account with a negative balance in the past three years -- you’re eligible to receive the free cash. But there is a string attached.
Before Chase hands over the bonus, you’ll need to receive $500 in direct deposits within the first 90 days of opening your new checking account and enrolling with the coupon code. Qualifying direct deposits include electronic transfers of paychecks, pensions and government benefits such as Social Security payments. As strings go, Chase’s requirements are pretty reasonable.
Once you’ve satisfied the requirements, Chase will deposit the $300 into your account within 15 business days. Plus, you’re not restricted from collecting any other Chase bonuses currently available.
More details about Chase Bank
Chase Bank is the consumer banking arm of New York-based JP Morgan Chase -- the largest US bank according to assets as ranked by the Federal Reserve for the past 20 years. The bank serves 66 million American households with an innovative mobile banking platform, more than 4,700 branches in 48 states and Washington, DC, a variety of banking products, and a popular credit card rewards program.
Chase is well-positioned to serve as your primary banking intuition. This well-known bank offers a savings account, three options for checking and certificates of deposit (CDs) with terms up to120 months. However, the bank isn’t known for offering competitive yields on its deposit accounts.
A $300 bonus can offset the fact that you won’t earn the annual percentage yields, or APYs, offered on the best checking accounts available. But if you plan to keep the Chase Total Checking account for more than a year, the interest-bearing comparisons evaporate. Your balances will languish in a Chase Total checking account earning 0% APY.
On top of zero ongoing yields, you’ll also pay a $12 monthly fee unless you maintain one of the following conditions:
- Receive at least $500 in monthly direct deposits from a qualified payment source
- Maintain a daily checking account balance of at least $1,500
- Maintain a combined average daily balance of at least $5,000 in your new account and any qualifying linked Chase accounts
How Chase’s Total Checking® compares to the competition
| Bank | APY | Features |
| Axos Rewards Checking | Up to 3.30% | $300 welcome bonus |
| NBKC Everything Account | 1.75% | Free checking and large ATM network |
| Quontic High Interest Checking | Up to 1.10% | Contactless wearable payment ring |
| SoFi | 0.50% | Up to $300 direct deposit bonus |
| Capital One 360 Checking | 0.10% | Capital One Cafes |
| Chase Total Checking® | 0% | $300 new account bonus |
What you should know about bank bonuses
Qualifying for a cash bonus is the cherry on top if you’re already searching for a new bank account. But there are other things you should consider before opening a new account.
- Read the fine print. Understand the offer terms so you’re sure you’ll qualify for the account bonus. Confirm that you’re eligible for the bonus, what steps you must complete to receive it, whether there’s a deadline and how long it’ll take to receive your bonus.
- Prepare to pay the taxes. The IRS considers bank account bonuses as interest income, so expect to receive a 1099-INT form from your bank. You need to report any bank account bonuses earned to the IRS.
- Pay attention to the fees. Earning a new account bonus might not be worth saddling yourself with monthly maintenance fees or high minimum balance requirements you can’t meet.
- Understand the account closure policy. You could be hit with early account closure fees if you plan to close an account soon after receiving the sign-up bonus. Review each policy closely as policies can vary based on the bank.
Is the Chase Total Checking® account bonus worth it?
If someone is giving away free money, it makes sense to consider whether it’s worthwhile. And Chase’s Total Checking® bonus is no different. If you’re already shopping around for a new checking account, a cash bonus can be the icing on the cake. But you should always weigh the potential downsides.
In this case, Chase imposes a significant fee -- $12 a month -- if you can’t maintain either $500 in monthly direct deposits, at least $1,500 a day in your checking account or $5,000 in linked accounts. Given that Chase’s yields on deposit accounts are much lower than you can find on other checking or savings accounts, you may need to maintain large balances in accounts that aren’t working very hard on your behalf.
If you can’t meet one of the aforementioned requirements and incur a monthly fee, then the benefits of a bonus begin to subside. The good news is that CNET maintains a regularly updated list of new account bonuses you can use to compare options and make the best decision for your needs.
Recommended Articles
