Checking / Savings account sign up bonus offers


Dryer sheet aficionado
Sep 2, 2013
Received in the mail yesterday an offer from Chase for $300 bonus for opening a checking account (with direct deposit) and $200 for depositing $15K into a saving account for minimum 90 days (5.3% annualized return if I did the math right). Last year bout this time I opened up a CaptialOne 360 checking account (direct deposit also required) and got $400.

I am wondering about any negative ramifications for closing out the CaptialOne 360 account (only opened it to get the $400 bonus) and opening up the checking and savings at Chase (which I plant to close out after qualifying for the bonuses). I don't think it will affect my credit rating but are there other databases that it might negatively impact?

Also ethically what are your opinions about bouncing around and opening accounts just to get the bonus? I am a little uncomfortable, but heck they must know some people are going to do what I am doing.
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I don't see anything ethically at all. Heck, I sprung for Discover checking about a year ago for a measly sign up bonus $50 and 10 cents back for each check and debit purchase I make. :LOL:.

That said, are you signing up just for the bonus or another reason? For me, I didn't like getting hit each time which high check printing costs at my then current bank, so switching for me was a good [-] bribe [/-] offer I couldn't refuse. Now I get free check printing.
No adverse effects from doing it.
I have done it repeatedly as a long time customer, it bugs me that they will give bonuses to new business, instead of giving continuing customers a bonus for staying with them.

I plan on doing the $200 offer soon as well.
I've done a number of these. A couple were for bonus gifts, an iPod Nano and later an iPod Touch. Recently they have all been for cash bonuses. Both meant a 1099-INT at year end.

Carefully read the requirements and follow them to the letter. Some of mine have been as easy as 10 debit card transactions, another required a direct deposit of over $500 just one time. I usually do these just in my name for simplicity but for that one we had to do a joint account and move DHs pension deposit for one month.

For me the hardest part is going in to close the account after the required period. Some banks allow the teller to close it, others require that you see a customer service person and have a conversation. I'm always clear that I opened the account just for the bonus.

We did a nice one last summer with a checking and savings account for $250 that resulted in liking the new bank location and convenience so much that we dropped our bank of 30 years and moved everything to the new bank!

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Also ethically what are your opinions about bouncing around and opening accounts just to get the bonus? I am a little uncomfortable, but heck they must know some people are going to do what I am doing.

I have no problem taking an extremely legalistic approach to any agreement I enter into with any corporation. I'll abide by the letter of the agreement but will not impute any moral obligation over and above what is in writing. I expect no more or less from the other side of the agreement.
I am a little uncomfortable, but heck they must know some people are going to
do what I am doing.

Don't feel a bit uncomfortable.

You are participating in a marketing scheme that the bank feels will bring them more money (customers). It worked~you joined up. You can now take home your prize and close the account as soon as you receive the cash
Check brokerages, they routinely have deposit bonuses for accounts. I have bounced money around over the years and collected a good amount as a result.
I took the Chase $500 checking/savings offer last year. Still using their checking account but downgraded it to Total Checking to avoid any monthly fees. If their savings account interest rates were competitive with others I probably would have kept it but they aren't. Read the fine print about account fees if you make any changes after the promo period is over.
I did the Chase savings offer last fall-- couldn't do the checking part as I don't have any direct deposit options at the moment.

It took much longer to get the account set up than I thought it would, because they had to ask me all kinds of questions about my finances. And then they tried to sell me on private banking services. All told, I think I was in the branch for about 45 minutes. Closing it was easy -- just filled out a form and they issued me a cashiers check. So probably about an hour spent altogether, for $200. Not a bad use of my time.
Are there any sign up bonus offers out there today? I had gotten one for Discover some time ago, but did not act on it.
Yes - to clarify I am looking for Checking/Savings. Thank you for the link - that is what I was looking for.
Last week did Chase, in name of my trust. They identify trust as business, so they shifted it to personal id account. CS told me, it I could find another coupon my wife could also open bonus accounts in her name. Thanks REWahoo for the link.
I received $5,000 from my brokerage when I told them that Fidelity had offered me that amount to switch. Not only did I not feel guilty, they thanked me for letting them match the offer!:)
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