Buzz
Chase is enticing wealthier millennial clients by offering 60,000 bonus points to Sapphire cardholders (Reserve or Preferred) who open a bank account. These points can be worth up to $900 for travel, according to CNBC.
There's a catch: account holders must deposit at least $75,000 in non-retirement assets to qualify for the bonus. The points will be credited 45 days after maintaining the balance for three months.
Launched last month, the new checking account replaces the Chase Premier Platinum Checking program. Key benefits include no fees at non-Chase ATMs worldwide, fee-free wire transfers, unlimited stock and ETF trades through You Invest (Chase’s upcoming investment platform), and access to lounges at entertainment and sports events along with early ticket sales.
If you're thinking of signing up for the Sapphire Reserve card (a top pick for frequent travelers), you can combine the 60,000 points from the account offer with the 50,000-point sign-up bonus for the credit card, making the deal even sweeter.
The Sapphire checking account currently offers a 0.01 percent interest rate, which is far less attractive compared to online savings accounts like Ally or Goldman Sachs, both offering 1.85 percent APY. However, if you leave your funds long enough to secure the 60,000-point bonus (with a $25 fee unless you maintain $75,000 in linked accounts), and make use of the free trading platform and other benefits, it could still be worthwhile.
