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$500.00? Yes!

March 17th, 2018 at 04:42 pm

I took advantage of the Chase $500 bonus on new checking and savings today. Was able to use the promo code and setup the account online. It's a bit of work to set up the external accounts and wait for them to be verified. I have to transfer $15,000 from Capital One to Chase for the savings requirement, which remains for 90 days. That earns me $200. (I'll be losing $56 in interest from Cap One but earning $200.) After that, I only need to keep $300 there. For checking, I must set up direct deposits from my employer of $500/month. I earn $300 for fulfilling the checking requirement. After 6 months I will close the accounts.

I'm excited, because once I receive the $500, I will add that to my Surgery fund for a new balance of $1,040.

5 Responses to “$500.00? Yes!”

  1. FrugalTexan75 Says:

    I wanted to do that offer, but Chase isn't in NE, so it was a no go for me. Great that you can do it!

  2. Amber Says:

    Sweet!

  3. PatientSaver Says:

    So will you keep your original checking account open so you can go back to it after 6 months?

    I've thought about doing this a few times...it's so tempting, but the whole process is a pain, as you pointed out, waiting for those test deposits to clear, and then being sure to change the bank account you use when paying any bills online. And then of course having to do it all over again after you close the new account and go back to your old one.

    Still, if you're willing to do all that, it's a nice bonus. Remember at tax time you'll be getting a 1099 on the savings account from Chase although you will have been with them very briefly.

  4. rob62521 Says:

    Sounds like a good deal. Glad you could take advantage of it.

  5. Sallyr70 Says:

    I still have my regular checking/savings (credit union) and Capital One Money Market. I will be giving up 1.5% interest on the $15k for 3 months but it's worth it. I'm glad I was able to set it up from home. The only inconvenience will be going into the branch to close the accounts.

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