JP Morgan Premium Deposit

[PatrickA5]

Anybody use JP Morgan Premium Deposit?

With all of the problems Fidelity has had lately, I decided to move my everyday checking back to Chase. In the past, I would use the JPM brokerage account as a place to hold cash (VG MMFs) and transfer as needed to my checking account. The only problem with that setup is I had to sell the MMF and wait until the next day to transfer to checking.

Chase has added what is essentially a high yield savings account (4%) that you "buy" in the brokerage account. It is FDIC insured. It requires a $50K initial purchase, but it appears there's no problem going under that by withdrawing funds. You can sell (withdraw) from this product and immediately transfer to checking. The main drawback is you have to do everything during normal banking hours.

Something to consider if you're a Chase customer and want a higher yield, immediate availability, and FDIC insurance on a portion of your savings. I consider it similar to back when I was at Ally and could move money from my money market account to checking.

 

[rk911]

Yup, we park excess cash in the JPM PDF.

 

[Luvtoride]

Not the same savings account you mentioned, but I just opened a Chase checking and savings account from an offer they have been advertising heavily. I opened a checking account (no opening balance required) and I just need to set up a monthly direct deposit into the account to receive a $300 bonus. I also opened a Chase savings account (not high yield and I know it pays just about nothing in interest) and deposit $15,000. Leave it in for 3 months and earn $200. Open both and meet these requirements and you get an additional $400 bonus. Total of $900 bonus with no further obligation after 90 days.

It seems like all the credit card and financial issuers are aggressively pitching these consumer bank accounts. I know it’s a game, but if you can play it with a small amount of effort the return can be fairly lucrative.

 

[PatrickA5]

Yup, I've done several of those checking offers over the last few years. Easiest was Capital One where DW and I opened savings and got $3,000 ($1,500x2).

 

[Texas Proud]

Heck, I hate Schwab making me buy their MM account to get a good rate... not willing to stash $50K to do it...

And I own a lot of JPM so do like that YOU are putting money there!!!