I’ve been a banking client of Chase for over 10 years, am a fan of Chase Sapphire Banking, and all the Chase credit cards. They are one of the largest, most reputable banks in America.
They have branches everywhere here in San Francisco, where I’ve lived since 2001. In addition to being a banking client, I use the Chase Ink Business Cash Credit Card for all my business expenses and the Chase Sapphire Reserve Credit Card for all my personal expenses because they offer some of the best rewards benefits today.
If you’re going to spend money anyway, you might as well get an incredible rewards credit card to rack up points and cash back credit for more free goodies.
I’ve used my Chase credit cards to earn free trips to Hawaii for my wife and I multiple times. We also love using our cash back rewards for statement credit to help pay off our credit card bill each month. It’s the responsible thing to do.
Chase really does have one of the best sign-up rewards programs around. If interested in getting free money as a banking client, take a look at Chase Sapphire Banking.
Chase Sapphire Banking
Chase bank, along with others, is looking to build sticky relationships with aspirational customers who will gradually build more and more wealth over time.
With more wealth, comes more revenue-earning products such as opening up an investment account, getting a new mortgage, refinancing an existing mortgage and so forth.
Sapphire Banking is a new brand extension of their popular Chase Sapphire line of credit cards. Although you don’t need to have one to open this account.
Chase Sapphire Banking Details
Chase Sapphire Banking is essentially a premium checking account for those that can keep $75,000 in deposits or investments in qualifying Chase accounts.
If you have less than $75k in assets, then a $25 monthly fee applies. Therefore, if you want to open up a Chase Sapphire Banking account, you should do so with over $75,000.
Sapphire Banking perks include:
- No ATM fees, including rebates on fees charged by non-Chase ATMs.
- There are also no fees for foreign exchange (ATM/debit), outgoing wire transfers, or stop payments.
- Plus no fees on the first four overdrafts within 12 months.
- Free online stock and ETF trades with You Invest by JP Morgan.
- Access to Sapphire lounges at concerts, sports and special events, early ticket sales and premium seats.
- $0 monthly service fee on a linked Chase Total Business Checking account.
Transferring To Chase Sapphire Banking
If you don’t have $75,000 in cash lying around to transfer, you can actually transfer over ETFs, mutual funds, and stocks that are worth $75,000 or greater.
To do so, simply perform an an in-kind ACAT transfer over to their discount brokerage firm You Invest. All of your tax basis information should also move over seamlessly these days.
There is a chance your old broker may charge you an outgoing ACAT fee about about $75, but unlikely. If you do get charged an ACAT fee, you should ask You Invest to reimburse you for this fee. After all, Chase Sapphire Banking wants your new business.
The good thing about transferring your investments instead of cash is that you planned to own and hold your investments anyway. You aren’t losing out on earning a 2% interest rate on your $75,000 cash elsewhere.
Therefore, if you are going to transfer investments, then you should transfer investments you planned to hold for at least 90 days.
Alternatively, you could move over some cash and then invest in something similar to cash, such as a 3-month Treasury bond that is paying ~1.5%. This way, you’re only losing out on roughly $93 in lost interest over 90 days on $75,000 instead.
Chase Sapphire Banking Sign Up Bonuses
Good news is Chase frequently has sign up offers for new customers. you also get a cash bonus if you open up a You Invest account.
For example at one time last year, you could get a $200 cash bonus if you fund between $25,000 – $99,999, a $300 cash bonus for $100,000 – $249,999, or a $625 cash for $250,000 or more.
They are offering a very large $750 bonus for qualifying new customers who fund a total of $75,000 or more in qualifying new money or securities to a combination of eligible personal checking, savings, and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain that balance for at least 90 days. ** This offer is set to expire 1/20/2021.
Chase Sapphire Banking Conclusion
The Chase Sapphire Banking is a premium checking account. Capital is highly transferable after all. So your main goal is to optimize your capital so you can earn the best return in a risk-adjusted manner.
I personally like to concentrate enough capital and accounts with one bank to be in their top tier. By having a savings account, a checking account, and a couple of the best Chase credit cards, I get better service and better terms.
Track Your Net Worth And Put Your Rewards To Good Use
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About the Author: Sam worked in investment banking for 13 years at GS and CS. He received his undergraduate degree in Economics from The College of William & Mary and got his MBA from UC Berkeley. In 2012, Sam was able to retire at the age of 34 largely due to his investments that now generate roughly $250,000 a year in passive income. He spends most of his time playing tennis and taking care of his family.
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