Chase offers cash bonuses on certain checking accounts, but the bonus requires you to meet specific deposit or spending requirements within a set timeframe

Chase periodically runs promotions where opening a new checking account comes with a cash bonus — typically $200 to $500, though the exact amount changes. The catch is that you must complete certain actions within a defined window (usually 60 to 90 days) to receive it. These actions are almost always either depositing a minimum amount of money or making a minimum number of debit card transactions. If you don't meet the requirement, you don't get the bonus.

The bonus is deposited directly into your new account once Chase confirms you've met the terms. It's taxable income, so Chase will send you a 1099 form at tax time if the bonus is $600 or more. The account itself has no monthly fee if you maintain a minimum balance or set up direct deposit, depending on which checking product you choose.

Key Takeaways

  • Chase checking bonuses typically range from $200 to $500 and require you to deposit money or make debit transactions within 60 to 90 days of opening the account.
  • You must be a new customer to the specific account type and cannot have held that account in the past 90 days to be considered for the bonus.
  • The bonus is taxable income and will appear on a 1099 form if it exceeds $600.
  • Chase checking accounts have no monthly fee if you meet one of the account requirements, such as maintaining a minimum balance or receiving direct deposit.

What the current bonus requires

Chase's checking bonus offer changes throughout the year, so the exact requirement depends on when you open the account. Historically, Chase has required either a $500 to $1,500 deposit within 60 days, or 10 to 15 debit card transactions within the same window. Some promotions combine both — for example, deposit $500 AND make 10 transactions.

The deposit requirement typically means money that stays in the account for the full period. Transferring money in and then immediately moving it out usually does not count. Debit card transactions include purchases at stores, restaurants, gas stations, and online retailers — essentially any purchase you make with your Chase debit card.

You can find the current offer on Chase's website or by calling their customer service line. The terms are always spelled out in the promotion details before you open the account, so you'll know exactly what you need to do to earn the bonus.

Who can open a new account for the bonus

Chase restricts bonuses to customers who are new to that specific account type. If you've held a Chase Total Checking account in the past 90 days, you cannot receive a bonus on a new Total Checking account. However, you might be able to open a different Chase checking product — such as Chase Premier Plus Checking — and receive a bonus on that one instead.

You must also be opening the account for yourself, not as a joint account holder on someone else's existing account. Some promotions exclude customers who already have any Chase checking account, while others allow you to hold multiple accounts as long as each one is new to you. Read the fine print of the specific promotion to confirm.

How the bonus is paid and when to expect it

Once you meet the requirement, Chase typically deposits the bonus into your new account within 5 to 10 business days. You don't need to request it or submit proof — Chase's system tracks your deposits and transactions automatically. The bonus will appear as a credit in your account with a description like "Promotional Bonus" or "Chase Checking Bonus."

If you close the account before the bonus is deposited, you forfeit it. Some Chase promotions also require you to keep the account open for a minimum period after receiving the bonus (often 90 days) or Chase may claw back the money. Check the terms to see if there's a holding period.

Account fees and ongoing costs

Chase Total Checking, the most common account for these promotions, has no monthly maintenance 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 $500 minimum balance. If you don't meet any of these, the fee is $12 per month.

Other Chase checking products have different fee structures. Chase Premier Plus Checking, for example, has a $25 monthly fee unless you maintain a higher minimum balance or have may have access to direct deposit. The bonus you receive does not waive these ongoing fees — it's a one-time credit separate from the account's regular terms.

Comparing the bonus to other banks

Chase is not the only bank offering checking bonuses. Other major banks like Bank of America, Wells Fargo, and Ally Bank run similar promotions with comparable amounts and requirements. The bonus itself is usually not the main reason to choose a bank — you should also consider the account's fee structure, interest rate on savings, ATM network, and customer service.

If you're comparing bonuses across banks, calculate the true value by subtracting any monthly fees you'd pay if you don't meet the account requirements. A $300 bonus on an account with a $12 monthly fee is worth less if you plan to close it after 90 days than a $200 bonus on a fee-free account. Also consider whether you already bank with Chase — if you do, you may not be able to receive the new-customer bonus.

What happens if you don't meet the requirement

If you open the account but don't complete the deposit or transaction requirement within the timeframe, Chase simply does not deposit the bonus. There's no penalty or fee — you just don't receive the money. Your account remains open and functions normally, and you can still use it as a regular checking account.

Some people open a Chase account for the bonus, realize they won't meet the requirement, and then close the account. This is allowed, but it means you've gone through the application process and account opening for nothing. If you're unsure whether you can meet the requirement before opening, it's worth thinking through your spending and deposit habits first.

Frequently Asked Questions

Can I receive multiple Chase checking bonuses?

No, Chase limits you to one bonus per account type per customer within a set period, usually 90 days. However, if Chase offers bonuses on two different checking products at the same time, you may be able to open both accounts and receive both bonuses, as long as you meet each account's separate requirement.

Does the bonus count as income for taxes?

Yes. If the bonus is $600 or more, Chase will send you a 1099-INT or 1099-MISC form at tax time, and you'll owe income tax on it. Bonuses under $600 are still technically taxable income, but Chase may not issue a form. Consult a tax professional if you're unsure how to report it.

What if I transfer money in to meet the deposit requirement and then move it out?

Chase's terms typically require the deposit to remain in the account for the full promotional period. Transferring money in and immediately out usually does not count toward the requirement. If you're uncertain, contact Chase before opening the account to confirm what counts as a may have access to deposit.

Can I close the account after I receive the bonus?

You can close the account, but some promotions require you to keep it open for 90 days after the bonus is deposited, or Chase will take back the bonus money. Read your promotion's terms to see if there's a holding period. If there isn't one, you're free to close it once the bonus appears in your account.

Do I have to use direct deposit to get the bonus?

Not necessarily. Most Chase checking bonuses require either a deposit or debit card transactions, not direct deposit. However, direct deposit is one way to waive the monthly account fee, so it may be worth setting up if you receive a paycheck or other regular deposits.