Chase does not give you cash for opening a checking or savings account
Chase stopped offering cash bonuses for new accounts several years ago. If you see an advertisement claiming Chase will deposit money into your account just for signing up, it is either outdated or not from Chase itself. Chase currently offers no direct monetary reward for opening a personal checking or savings account.
What Chase does offer instead are account features: no monthly fees on some checking accounts if you meet certain conditions, interest on savings accounts (though the rate is typically low), and access to their ATM network and mobile app. These are built into the account itself, not bonuses paid on top of it.
Key Takeaways
- Chase does not pay cash bonuses for opening checking or savings accounts at this time.
- Some Chase accounts waive monthly maintenance fees if you maintain a minimum balance or set up direct deposit.
- Chase occasionally runs promotions tied to credit cards rather than deposit accounts, and these change frequently.
- If you see a Chase bonus offer online, verify it directly on Chase.com or by calling Chase customer service before opening an account.
- Other banks do offer cash bonuses for new accounts, though they typically require you to deposit a minimum amount and keep the account open for a set period.
Why Chase stopped offering account opening bonuses
Chase historically offered cash bonuses—sometimes $100 to $300—for opening new checking or savings accounts. These promotions were common across the banking industry in the 2000s and early 2010s. Chase phased them out as competition for deposits shifted and the cost of acquiring new customers through other channels (like credit card offers and digital marketing) became more efficient.
The bank now focuses its promotional spending on credit card sign-up bonuses, which offer points or cash back rather than direct deposits. This strategy targets customers who carry balances or use credit frequently, which generates more revenue for the bank than a deposit account alone.
What you actually get with a Chase checking account
Chase's most common checking account is the Chase Total Checking account. It has no monthly service fee if you meet one of these conditions: maintain a $500 minimum daily balance, set up direct deposit, or link it to a Chase savings account with a $300 minimum balance. If you do not meet any of these, the fee is $12 per month.
The account includes unlimited debit card transactions, online bill pay, mobile check deposit, and access to Chase's ATM network (over 16,000 ATMs in the United States). You also get fraud protection on unauthorized transactions, though this is standard across banks and not unique to Chase.
Chase also offers Chase Sapphire Checking, which requires a higher minimum balance ($20,000) but waives fees and includes perks like higher interest on linked savings accounts and travel protections. This account is aimed at customers with more substantial deposits.
Chase credit card bonuses versus account bonuses
While Chase does not reward you for opening a deposit account, it does offer substantial bonuses for opening certain credit cards. The Chase Sapphire Preferred and Chase Sapphire Reserve cards, for example, offer sign-up bonuses worth hundreds of dollars in travel value if you spend a certain amount within the first few months. The Chase Freedom Unlimited card offers cash back bonuses.
These credit card bonuses are not the same as a deposit account bonus. You must may have access to for the credit card based on your credit score, and the bonus is paid in points or cash back, not as a lump sum deposit. Credit card bonuses also come with an annual fee on premium cards, whereas a checking account has no annual fee (if you meet the balance or direct deposit requirement).
If you are opening a Chase account specifically to receive money, a credit card may be a better option—but only if you can pay off the balance and meet the spending requirement without carrying debt.
How to verify if a Chase promotion is real
If you encounter an offer claiming Chase will pay you for opening an account, take these steps before acting on it:
- Go directly to Chase.com and log in or navigate to the accounts section. Look for any current promotions listed there.
- Call Chase customer service at 1-800-935-9935 and ask whether the promotion you saw is current and legitimate.
- Do not click links in emails or ads that claim to be from Chase. Scammers often impersonate banks to steal login information or personal data.
- Check the URL of any website offering the promotion. It should be chase.com or a subdomain of chase.com (like promotions.chase.com). If it is not, it is not from Chase.
Legitimate Chase promotions are always advertised on their official website and through their official social media accounts. If you are unsure, call the bank directly using the number on the back of a Chase card or on their official website.
Other banks that do offer account opening bonuses
If receiving money for opening an account is important to you, other banks currently offer these promotions. Banks like Capital One, Ally Bank, Marcus by Goldman Sachs, and regional banks often run checking or savings account bonuses ranging from $50 to $300. These typically require you to deposit a minimum amount (often $500 to $1,000) and keep the account open for a set period (usually 90 days to six months).
The catch is that the bonus is usually paid only if you meet all the conditions. If you close the account early or fail to maintain the minimum balance, you forfeit the bonus. Read the terms carefully before opening an account elsewhere.
Frequently Asked Questions
Did Chase ever give cash bonuses for opening accounts?
Yes. Chase offered cash bonuses ranging from $50 to $300 for new checking and savings accounts in the 2000s and early 2010s. These promotions ended as the bank shifted its marketing focus to credit card sign-up bonuses, which are more profitable.
Can I get a bonus by opening a Chase savings account instead of checking?
No. Chase does not offer cash bonuses for opening savings accounts either. The bank does offer interest on savings balances, but the rate is typically lower than online-only banks and changes based on market conditions.
What if I see a Chase bonus offer on social media or a third-party website?
Verify it on Chase.com or by calling Chase directly before opening an account. Many scams impersonate banks with fake promotions designed to steal personal information. If the offer is not on Chase's official website, it is not legitimate.
Are there any fees I can avoid on a Chase checking account?
Yes. The $12 monthly service fee on Chase Total Checking is waived if you maintain a $500 minimum daily balance, set up direct deposit, or link a Chase savings account with a $300 minimum balance. If none of these apply to you, the fee will be charged each month.
Should I open a Chase account if I want a bonus?
If a cash bonus is your main reason for opening an account, consider banks that currently offer them—though read the terms to ensure you can meet the requirements. If you want to bank with Chase for other reasons (branch access, customer service, or integration with existing accounts), the lack of a bonus should not be a deciding factor.