An opportunity to win free money
If you have been thinking about opening a new bank account, Chase has an offer that you might not be able to resist. The bank today is offering new account owners the chance to win a $300 cash reward. But the catch is that you have to act quickly because the deadline is soon coming.
This is one of the most competitive deals out there today, and the beauty of it is that it won’t cost a lot of money to be eligible. It can even be cut down to $5.55 a day, which is less than what most people spend on coffee or snacks.
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How to get the bonus
It is easy to receive the $300. All you need to do is:
- Open a Chase Total Checking account using the bonus offer page.
- Set up direct deposits of at least $500 within the first 90 days.
- Once you’ve completed these steps, Chase will deposit the $300 directly into your account. This usually happens within 15 days after meeting the requirements.
It’s simple: open the account, set up your paycheck or benefits to go into it, and wait for the bonus to arrive.
Don’t miss the deadline
The cut-off date to sign up for a new account with this offer is October 15. If you don’t act earlier, you’ll miss the free money.
So if you’ve been considering a bank switch or a second account, now’s the time to take action.
Watch out for fees
As with most bank transactions, there are some things to keep in mind. Chase charges a $12 monthly service charge on the Total Checking account if you don’t meet certain requirements.
The not-so-good news is that the fee can usually be avoided. For example, keeping a minimum balance or having your paycheck directly deposited into the account may let you avoid this fee. Always read the fine print thoroughly before signing up so you’ll know what to expect.
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Why this deal matters
Banks often have promotions to sign up new customers, but $300 is a decent reward compared to what else is available. That’s cash that you can use to pay bills, purchase groceries, or even save for something enjoyable.
Think about this: if someone offered you $300 just to open an account and have $500 in paychecks or deposits go into it, would you take it? For many Americans, that is a yes.
Additional bonus opportunities
Chase is not the only bank with promotions running. Wells Fargo, for example, is also offering bonuses to new account holders. They’re offering $325 to anyone who opens an Everyday Checking account by October 15.
To be eligible, new customers must make at least $1,000 in direct deposits within the first 90 days. Payments are typically made in 30 days or less after the eligibility date.
That is, if you’re open to switching or opening more than one account, you could potentially get several bonuses this fall.
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A note about overdraft fees
By the way, big banks like Chase and Wells Fargo have recently been in the news regarding overdraft fees as well. These fees usually cost around $35 per transaction when you’re spending larger sums of money than you actually have in your account.
There were negotiations bringing those fees as low as $5 at major banks starting in October. That rule was, though, undone earlier this year, so banks can still charge higher than that.
This isn’t lessening the offer of a $300 bonus, but it’s something to mention. Make sure to track your purchases so you don’t lose some of your bonus money to fees.
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