Chase's $400 Checking Bonus: A Solid Deal for New Customers

Hey there! If you've been thinking about switching banks or just want to pad your savings with a nice chunk of change, Chase has a pretty attractive offer on the table right now. They're giving out $400 to new customers who open a specific checking account and meet a couple of straightforward requirements. It's one of the more generous checking bonuses out there, and the timeline to complete it is reasonable. Let's break down whether this deal makes sense for your wallet.

How to Pocket That $400

The process is pretty standard for a bank bonus, but it's crucial to follow the steps in order. First, you need to be a new Chase checking customer. If you've had a Chase personal checking account in the past 90 days or currently have one, you won't qualify.

You'll start by opening a Chase Total Checking account. You can do this online or in a branch. Sometimes, you might need to use a specific offer code or link, so it's wise to start from their official promotions page.

Once your account is open, the clock starts ticking. You have 90 days to receive qualifying direct deposits that add up to at least $1,000. This could be from your employer, a government benefits payment, or other eligible electronic transfers. After you hit that target, Chase says you should see the $400 land in your account within 15 days. It's a nice, quick turnaround.

Keeping the Account Fee-Free

Let's talk about the monthly fee, because no one wants to give their bonus back in service charges. The Chase Total Checking account normally has a $15 monthly service fee. The good news? It's relatively easy to avoid.

You have a few options to get that fee waived each month. The simplest for most people is to have at least $500 in qualifying electronic deposits hit the account during the statement period. Since you need $1,000 in direct deposits for the bonus anyway, you'll likely waive the fee for at least your first couple of months automatically.

Other ways to avoid the fee include maintaining a $1,500 minimum daily balance, or a $5,000 average balance across linked Chase accounts. Pick the method that fits your financial flow.

A Few Practical Things to Consider

This is a strong offer, but it's not without a few fine-print details you should be aware of. First, the six-month rule. You must keep the account open for at least six months. If you close it before then—whether you decide to or Chase does—they will take the $400 bonus back. So, plan to keep this as your main account for a little while, or at least a funded placeholder.

Also, pay attention to what counts as a 'qualifying direct deposit.' While payroll and government benefits are almost always included, transfers from other banks or payment apps like PayPal or Venmo usually are not. When in doubt, check Chase's official terms or ask a banker.

On the plus side, opening this account uses a soft credit pull, so it won't ding your credit score. And as a Chase customer, you get access to their network of ATMs and branches, a highly-rated mobile app for depositing checks, and features like Chase Offers for extra cashback.

Is This Bonus Right for You?

If you're already banking with Chase, you're out of luck—this is strictly for new checking customers. But if you're new to Chase and were considering a big national bank anyway, this $400 is a fantastic welcome gift.

It's especially appealing if your regular direct deposit is over $500, as that will also handle the monthly fee waiver. The 90-day window to get $1,000 in deposits is generous, making it achievable even for folks with variable income or side gigs.

Just remember, this is a checking account, not a high-yield savings account. Don't park large sums of cash here expecting great interest. Its value is in the bonus, the convenience, and the access to Chase's ecosystem. If you need a reliable daily spending account and want a $400 head start, it's definitely worth a look.

Bottom Line

• A $400 bonus is a top-tier offer for a basic checking account.
• Plan to keep the account open for at least 6 months to keep the bonus.
• Use your regular direct deposit to easily meet the bonus requirement and waive the monthly fee.

Common Questions