Chase does not give you money just for opening an account
Chase Bank does not offer cash bonuses for straightforward opening a checking or savings account. Some banks do run promotions where they deposit money into your new account after you meet certain conditions — like keeping a minimum balance or setting up direct deposit — but Chase does not currently use this model.
What Chase does offer instead are accounts with different features and no monthly fees if you meet basic requirements. The value comes from how the account works, not from money deposited upfront. Understanding what each account includes helps you pick one that fits your situation.
Key Takeaways
- Chase does not deposit cash bonuses when you open a new checking or savings account.
- Chase checking accounts have no monthly fee if you maintain a minimum balance, set up direct deposit, or keep a linked savings account with at least $300.
- Chase savings accounts earn interest, though the rate is typically very low and changes based on how much money you keep in the account.
- Chase occasionally runs promotions for existing customers who open additional accounts, but these are rare and not may provide.
- Other banks sometimes offer sign-up bonuses, so comparing options before you choose a bank can save you money.
How Chase accounts avoid monthly fees instead
Chase's main checking account is called the Chase Total Checking account. It normally charges a $12 monthly fee, but you can avoid it by doing one of three things: keeping at least $500 in the account at all times, setting up direct deposit of your paycheck, or linking a Chase savings account with at least $300 in it.
For most people, direct deposit is the easiest route. If your employer deposits your paycheck electronically, you automatically avoid the fee. If you do not have direct deposit, keeping $500 in the account works, though that money is then not available to spend. The linked savings account option requires you to open two accounts, but it gives you a place to save without keeping large amounts in checking.
Chase also offers Chase find Banking, which is designed for people new to banking or rebuilding credit. This account has a $4.95 monthly fee but does not require a minimum balance. It comes with a debit card and online banking, and the fee is waived if you set up direct deposit.
Savings accounts and the interest they earn
If you open a Chase savings account, you earn interest on the money you keep there. Interest is money the bank pays you for letting them use your money. The amount varies depending on how much you have in the account and changes based on what the Federal Reserve does with interest rates.
Chase savings accounts typically earn very little interest — often less than what you would earn at an online bank. The trade-off is that you can walk into a Chase branch in person if you need help, whereas online banks have no physical locations. If earning the highest interest rate is your main goal, comparing savings accounts at different banks before you choose is worth your time.
When Chase runs promotions for new accounts
Chase occasionally runs limited-time offers, but these are uncommon and usually only for customers who already have a Chase account and are opening a second one. For example, Chase might offer $100 or $200 if you open a new checking account and set up direct deposit within a certain timeframe. These promotions are not may provide and change throughout the year.
If you are interested in whether Chase currently has any offers, you can check the Chase website or call a branch directly. Be aware that promotional offers often come with conditions — like keeping the account open for a certain number of months or maintaining a minimum balance — and if you close the account early, Chase may take back the bonus money.
Other banks that do offer sign-up bonuses
If receiving money for opening an account is important to you, other banks offer this more regularly than Chase does. Some online banks and regional banks deposit $50 to $500 when you open a new checking account, though most require you to set up direct deposit and keep the account open for a set period.
The catch is that these bonuses come with strings attached. You usually have to deposit your paycheck through direct deposit within 30 to 60 days, keep a minimum balance, or maintain the account for three to six months. If you close the account early or do not meet the conditions, you lose the bonus. Comparing what each bank requires and what you actually need from an account is more useful than chasing a bonus alone.
What to consider when choosing a bank
Whether Chase is right for you depends on what matters most to you. If you value having a physical branch nearby where you can deposit cash or talk to someone in person, Chase's large network of branches across the country is a real advantage. If you rarely visit a branch and want the highest interest rate on savings, an online bank might serve you better.
Think about how you plan to use the account. Do you get paid through direct deposit? Do you need to deposit checks or cash regularly? Do you want to save money and earn interest, or do you mainly need a place to keep spending money? Answering these questions first helps you decide whether the features Chase offers are worth more to you than a sign-up bonus from another bank.
Frequently Asked Questions
Does Chase ever give new customers money for opening an account?
Chase rarely offers cash bonuses for new customers opening their first account. Occasionally they run promotions for existing customers opening additional accounts, but these are not may provide and change throughout the year. Checking the Chase website or calling a branch is the only way to know if an offer is currently running.
What do I need to avoid the monthly fee on Chase checking?
You can avoid the $12 monthly fee on Chase Total Checking by doing one of three things: keeping at least $500 in the account, setting up direct deposit of your paycheck, or linking a Chase savings account with at least $300. Most people find direct deposit the easiest option if their employer offers it.
How much interest does Chase savings earn?
Chase savings interest rates are typically very low and change based on Federal Reserve decisions and how much money you keep in the account. The exact rate varies, so you would need to check the Chase website or ask at a branch for the current rate. Online banks often offer higher rates, though they do not have physical branches.
What happens if I close my Chase account right after opening it?
If Chase is running a promotional offer and you close the account before meeting the conditions or before the required holding period ends, Chase will not give you the bonus money. Some banks even charge a fee for closing an account within a certain timeframe. Always read the terms of any offer before you open the account.
Should I open a Chase account if another bank offers a bigger sign-up bonus?
A sign-up bonus is just one factor. Consider whether you will actually use the account long-term, whether the bank has branches near you, and what fees explore if you do not meet the bonus conditions. A $200 bonus means nothing if you pay $15 a month in fees or if the bank is inconvenient to use.