July 3, 2019

Chase Sapphire Banking Review

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Sapphire Checking is now Chase's premier checking account. But the bonus comes at a cost. Read this review to see if Chase Sapphire Banking is worth it.

    Chase

    Chase Sapphire℠ Checking

    • Enjoy 60,000 Chase Ultimate Rewards bonus points when you join Sapphire℠ Banking. Within 45 days, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts, and maintain the balance for at least 90 days.
    • Enjoy a new kind of banking experience
    • No ATM fees worldwide - down the street or around the globe
    • Perks that add up - relationship rates, special access and help when you need it
    • Open online in minutes
    • Email my upgrade code
    • Available in: AZ, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KY, LA, MA, MD, MI, MS, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, TN, TX, UT, VA, WA, WI, WV

Chase's Sapphire Banking has replaced its Premier Platinum checking account. Keep reading to see what the new Chase Sapphire Banking checking account offers.

Account Features

The Sapphire Banking accounts has a $25 monthly service fee. The charge is waived if you maintain an average beginning day balance of $75,000 across a combination of qualifying deposit and investment accounts.

Qualifying accounts can include up to 9 personal accounts, including:

  • Chase savings accounts
  • Chase liquid cards
  • CDs, certain retirement CDs
  • Some Chase retirement money market accounts

Chase Private Client checking and savings accounts, Chase money purchase pension, and profit-sharing plans are not considered qualifying accounts. New money cannot be funded by accounts at J.P. Morgan or its affiliates.

Here's what Chase Sapphire Banking offers:

Introductory Bonus
Deposit $75,000 of qualifying new money for 60,000 points.

Here's how to claim the bonus:

  1. Open a Chase Sapphire Banking Account.

  2. Transfer $75,000 of qualifying new money to any combination of eligible accounts within 45 days.

  3. Maintain a $75,000 balance for at least 90 days from the date of funding (gains, losses, or market fluctuations will not be considered when determining your balance).

  4. Points are credited to your account within 45 days after balance has been maintained.

No ATM Fees Worldwide
Chase won't charge you for using their ATMs and you'll be automatically refunded for ATM fees charged elsewhere.

No Foreign Transaction Fees
You won't rack up fees when using your Sapphire Banking debit card abroad.

Check out some great travel rewards credit card options before your next overseas trip.

No Insufficient Funds or Returned Items Fees
You won't be charged for insufficient or returned funds (up to four times in a 12-month period).

No Wire Transfer Fees
Chase will cover the costs associated with incoming and outgoing wire transfers when you use their Sapphire Banking.

Commission-Free Online Stock and ETF Trades
Chase Sapphire Banking qualifies you for the Premier Pricing tier on J.P. Morgan's new You Invest platform. You'll receive unlimited commission-free online stock and ETF trades (other regulatory transaction fees may apply).

You Invest is a low-cost, app-based investment tool built into Chase's online and mobile banking platforms. It allows you to manage your investments by researching and trading stocks, bonds, mutual funds, and ETFs online.

Why We Like Sapphire Banking

Here are several reasons to sign up for Chase Sapphire Banking:

Premier Relationship Rates
Chase Sapphire Banking can boost your interest rates on linked savings accounts. To qualify, you must make at least 5 customer-initiated transactions during a monthly statement period using your linked checking account.

Entertainment Benefits
You'll have special access to sports and entertainment hospitality lounges. You can also take advantage of early ticket sales and special seating at sporting or other entertainment events.

Higher Withdrawal Limits and Purchase Limits
Your Sapphire Banking Debit Card will have a higher daily withdrawal limit at ATMs. Plus, the daily purchase limits are higher.

Reasons to Look Elsewhere

Steep Bonus Requirements
It's not always sensible to move $75,000 into a new bank, even if you have the funds available. You could give up better interest rates or incur fees for closing certain accounts.

High Minimum Balance Requirement
If you let your combined linked account balance (on qualified accounts) drop below $75,000, you'll pay a monthly maintenance fee of $25.

Low APY
You can find a checking account with a higher yield than Chase.

Is Chase Sapphire Worth It?

While Chase Sapphire Banking has several great perks, keeping a large sum of money in a low-interest account usually isn't a great idea.

But the entire $75,000 doesn't have to be housed in the checking account in order to qualify for Chase's Sapphire Banking. You can spread that cash around to Chase's CDs and select retirement money market accounts, which will earn a higher interest rate than the checking account.

If you can make use of those products, and they have competitive earnings, then you can benefit from what Chase Sapphire Banking has to offer.

How to Open an Account

The application process is different based on whether you already have a Chase checking account or are completely new to Chase.

Exisiting Chase Customers:

  • You'll enter your email address to receive an upgrade code.

  • Bring that upgrade code to a branch in order to be upgraded.

Existing Chase checking customers must visit a local branch in order to upgrade their checking. If this isn't feasible for you, it might be worth calling Chase to see what arrangements can be made for you.

New Chase Checking Customers:

  • You can open an account online.

  • Answer general personal questions like date of birth, Social Security number, address, etc.

  • Or, visit a local branch to have a banker assist you with opening your new account.

How Chase Sapphire Banking Compares

© CreditDonkey

Read on to learn some of the other checking options available right now.

Chase

    Chase Total Checking® + Chase Savings℠

    • Enjoy up to $350 when you open a new Chase Total Checking® account with Direct Deposit and/or open a new Chase Savings℠ account, deposit $10,000 or more in new money and maintain a $10,000 balance for 90 days
    • Enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit
    • Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 days, and maintain a $10,000 balance for 90 days
    • Access to 16,000 Chase ATMs and nearly 5,000 branches
    • Apply online in minutes. Open your account online now.
    • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
    • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.

    Chase Premier Plus Checking℠

    • Enjoy $300 as a new Chase checking customer, when you open a Chase Premier Plus Checking℠ account and set up direct deposit.
    • Enjoy $300, more benefits, and earn interest on your new Chase checking account.
    • The $25 Monthly Service Fee is waived when you keep an average beginning day balance of $15,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances.
    • No Chase fee on first four non-Chase ATM transactions per statement period.
    • Earn interest on your checking account balance.
    • Access to 16,000 Chase ATMs and nearly 5,000 branches
    • Apply online in minutes. Open your account online now.
    • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.

    Chase Total Checking®

    • Enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit
    • Access to 16,000 Chase ATMs and nearly 5,000 branches
    • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
    • Apply online in minutes
    • Open your account online now
    • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.

    Chase College Checking℠

    • Get $100 as a new Chase checking customer when you open a Chase College Checking℠ account, enroll in paperless statements and complete 10 qualifying transactions within 60 days of account opening.
    • Access to 16,000 Chase ATMs and nearly 5,000 branches
    • No Monthly Service Fee for up to 5 years if you're a student between the ages of 17-24.
    • Deposit checks from virtually anywhere, anytime, just by taking a photo with the Chase Mobile® app.
    • Send and receive money in moments using Chase QuickPay® with Zelle®

    Chase Total Business Checking®

    • Get $200 as a new Chase business checking client, when you open a Chase Total Business Checking® account with qualifying activities
    • Access to 16,000 ATMs and nearly 5,000 Chase branches
    • Chase has business specialists at your local branch to help with your business needs
    • Account Alerts are a great way to stay on top of your account's activity and enhance security
    • Unlimited electronic deposits at no charge, including Chase QuickDeposit℠, ACH and ATM

Bank of America

    Business Advantage - $450 Bonus

    Earn the initial $100 by opening a new Bank of America Business Fundamentals Checking or Business Advantage Checking account online or over the phone. Make at least $1,000 in qualifying deposits into the new small business checking account within 60 days of account opening. To earn an additional $50, set up online bill pay from the new small business checking account within 60 days. To earn an additional $300, open a new small business credit card account and make at least $3000 in net purchases with your card that post to your checking account within 90 days from the credit card opening.

    Expires 12/31/2019

    Advantage Plus Banking Checking Account - $100 Bonus

    Open a new Bank of America Advantage Plus Banking checking account by August 31, 2019. Account must be opened online using the link on the offer page. Minimum opening deposit is $100. Set up and receive at least 2 qualifying deposits of $250 or more each to your new checking account within 90 days of account opening. The $100 cash bonus will be deposited into your account within 60 days of completing all requirements.

    Expires 8/31/2019

    Advantage Relationship Banking Checking Account - $100 Bonus

    Open a new Bank of America Advantage Relationship Banking checking account by August 31, 2019. Account must be opened online using the link on the offer page. Minimum opening deposit is $100. Set up and receive at least 2 qualifying direct deposits of $250 or more each to your new checking account within 90 days of account opening. The $100 cash bonus will be deposited into your account within 60 days of completing all requirements.

    Expires 8/31/2019

Wells Fargo

    Consumer Checking Account - $400 Bonus

    Open a new qualifying Consumer Checking account with a minimum opening deposit of $25. Within 150 days of account opening, receive a cumulative monthly total of $3,000 in qualifying direct deposits into your new account for 3 consecutive months. Your $400 bonus will be deposited to your account within 45 days after completing requirements.

    Expires 12/31/2019

    Consumer Checking Account - $400 Bonus

    Open an Everyday Checking account online or bring a bonus offer code to a participating Wells Fargo branch and open an eligible consumer checking account. Minimum deposit of $25. To qualify for the bonus, within 150 days of account opening, receive a cumulative monthly total of $3,000 or more in qualifying direct deposits each month to the checking account opened for this bonus offer for three consecutive months. Offer is only available in Dallas and Houston, TX, Denver, CO, Miami and Orlando, FL, Phoenix, AZ, Seattle, WA, Washington D.C.

    Expires 11/27/2019

    Everyday Checking Account - $400 Bonus

    Open a new Everyday Checking account with a minimum opening deposit of $25. Set up and receive a monthly cumulative total of $3,000 in qualifying direct deposits into your new account for 3 consecutive months. Your $400 bonus will be deposited to your account within 45 days after completing requirements. This is an exclusive, online-only offer and is not valid for branch or phone account opens.

    Expires in 3 days

Citibank

    Citi Account Package - $400 Bonus

    Open a new checking and savings account in the Citibank Account Package.

    Within 30 days of opening your account deposit $15,000 New-to-Citibank funds into the checking and/or savings account.

    Maintain a minimum balance of $15,000 in your eligible linked checking and/or savings account for 60 days.

    Expires 9/30/2019

    Citi Account Package - $500 Bonus

    Eligible customers must enroll in the "$400/$500 Checking and Savings Offer" promotion. Open a new qualifying Checking AND Savings Accounts. To get the $500 bonus, customer must make a deposit of $15,000 (multiple deposits allowed) within 30 days of account opening. Account must maintain a minimum balance of $15,000 for 60 consecutive calendar days following the date the $15,000 deposit was made. Complete one qualifying direct deposit into the eligible Checking Account each month for two consecutive months within 60 days of account opening.

    Expires 9/30/2019

    Citi Account Package - $600 Bonus

    Open a new checking and savings account in the Citibank Account Package.

    Within 30 days of opening your account deposit $50,000 New-to-Citibank funds into the checking and/or savings account.

    Maintain a minimum balance of $50,000 in your eligible linked checking and/or savings account for 60 days.

    Expires 9/30/2019

Bottom Line

A generous bonus offer and free investing options make Chase Sapphire Banking the right choice for certain customers. But you'll need $75,000 in eligible accounts to avoid the monthly service fees. Weigh the financial pros and cons to see if Sapphire Banking could be right for you.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Disclaimer: This content was first published on July 3, 2019. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

More from CreditDonkey:


Chase Bank Review


Chase Sapphire Reserve Review


Chase Sapphire Preferred Review

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