As had been previously rumored, Chase will be launching a 60,000 point bonus for those who sign up for or upgrade to a Sapphire bank account and move $75,000 in new deposits / investments to Chase and leave it there for at least 90 days. That will be too steep a requirement for some, but for those with cash or investments to move and a Sapphire Preferred or Reserve in their wallet, it could be worth the time and effort depending on how you use and value your points.
- Coming in October, Chase Sapphire cardholders who open or upgrade to a new Sapphire Banking account and move at least $75,000 in new deposits / investments to Chase will be able to earn a bonus of 60,000 Ultimate Rewards points.
- $75,000 must be new money to Chase (i.e. anything you currently have on deposit or invested with Chase will not count)
- Bonus will start in October
- You must maintain the required deposit / investment amount with Chase for 90 days and then points will be awarded within 45 days
- Chase Private Client members or those who were automatically upgraded because they have in excess of $75K in deposits / investments with Chase are not eligible
We often see bank account bonuses in the low hundreds of dollars for opening new checking accounts. If you are just looking at the 60K bonus as its $600 cash value or even $750 value when used towards travel with a Sapphire Preferred card or $900 when used for travel with a Sapphire Reserve card, I think this bonus isn’t all that compelling. You could probably open two or three accounts with a much lower deposit threshold and get the same kind of value if that’s your intent for the points.
On the other hand, if you primarily use Ultimate Rewards points for premium cabin international travel, you might have a different perspective on the bonus. For example, we wrote yesterday about excellent Iberia business class availability. Ths 60K bonus would be almost enough points for round trip flat bed business class between New York or Chicago and Madrid (which would cost 68K Iberia Avios, a Chase transfer partner). Iberia has run promos over the past couple of years where low-season business class flights can be had for as little as 25.5K each way. That’s just one example of many where you could potentially get enough value out of the points to make the account worthwhile.
This deal certainly won’t make sense for those who would find the deposit requirement to be a stretch, but those who can do it comfortably might find this to be an intriguing offer, especially if they would otherwise be locked out of Ultimate Rewards bonuses by 5/24.