Chase Business Checking Bonus: Up to $1,500 Without Direct Deposit

If you run a business and are looking for a hefty bank bonus, Chase has a new offer that could put up to $1,500 in your pocket. The best part? You don't need to set up direct deposit. But there are some hoops to jump through, and the clock is ticking. Let's break down what you need to know.

How the Chase Business Checking Bonus Works

Chase is dangling a tiered bonus for new business checking customers. Depending on how much you deposit, you can earn $400, $750, or even $1,500. The deposit tiers are $2,000, $20,000, and $100,000, respectively. But there's a special link that bumps the $2,000 deposit bonus to $500, so keep an eye out for that.

To qualify, you'll need to open a Chase Business Complete Checking, Chase Performance Business Checking, or Chase Platinum Business Checking account. Then, deposit your chosen amount within 30 days of enrolling in the offer. You must keep that balance for 60 days from enrollment. Also, you'll need to complete five qualifying transactions within 90 days of opening the account. These can be debit card purchases, Chase QuickDeposit, QuickAccept, ACH credits, or wires (credits or debits).

The Fine Print You Shouldn't Ignore

First off, this offer isn't for existing Chase business checking customers. If you've received a Chase business checking bonus in the past two years, you're out of luck. Also, the account must stay open for at least six months. Close it earlier, and Chase will claw back the bonus.

The bonus is considered interest, so you'll get a 1099-INT for tax purposes. And while there's no direct deposit requirement, you do need to complete those five transactions. They can't just be any transactions; they have to be qualifying ones like debit card purchases or ACH credits.

Avoiding the Monthly Fee

The Chase Business Complete Checking account comes with a $15 monthly service fee, but it's easy to avoid. You can waive it by maintaining a $2,000 minimum daily balance, spending $2,000 on a Chase Ink business card, depositing $2,000 from QuickAccept or other Chase Merchant Services transactions, or linking a Chase Private Client Checking account. Some reports suggest Chase waives the fee for the first couple of months anyway.

Is This Bonus Worth It?

The answer depends on your situation. If you have $100,000 sitting in a high-yield savings account earning 4-5%, moving it to Chase for 60 days means you'll miss out on about $500 in interest. But the $1,500 bonus more than makes up for that. For the lower tiers, the math is less compelling. The $500 bonus on a $2,000 deposit is a 25% return in about three months, which is excellent. The $750 bonus on $20,000 is a 3.75% return, which is decent but not spectacular.

Also, consider the hassle factor. Some business types may not be eligible to open an account online, requiring a branch visit. And if you've had a Chase business checking bonus recently, you can't get this one. But if you're eligible and can park the funds, it's a solid deal.

Bottom Line

• Earn up to $1,500 with a new Chase business checking account.
• No direct deposit required, but you must complete 5 qualifying transactions.
• Deposit $2,000 to $100,000 within 30 days and maintain balance for 60 days.
• Avoid the $15 monthly fee by keeping a $2,000 daily balance or other options.
• Bonus forfeited if account closed within 6 months.
• Not available if you've had a Chase business checking bonus in the last 2 years.

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