We love bank deposit offers. If you have some spare cash lying around, there is no simpler way to earn hundreds of dollars without doing any work.
If you aren’t familiar with these offers, here’s how it works. Banks in need of deposits will offer cold hard cash to open up an account with them. Usually you have to deposit a certain amount (or set up a direct deposit) and keep it with the bank for 3-6 months. Once you’ve met the requirements, your bonus amount is deposited in your account. In an era where most savings and checking accounts pay next to nothing, this is the best way around to actually make money on your cash without putting it at risk.
When we checked the mail today, we got the best cash bonus we’ve seen in several months. It comes from Chase, which has more than 5,000 branches across the United States. This offer is for up to $500.
Taking a look at the details, here’s how you can earn the bonus from the bank.
First, you can get $300 if you are a new Chase checking customer and open a Chase Total Checking account with direct deposit.
You can earn an additional $200 if you open a new Chase Savings account, make a $15,000 deposit within 10 days and maintain a balance of more than $15,000 for 90 days.
Combined, that comes to $500 on a $15,000 balance after just 90 days.
The Fine Print
Except for offers like these, we always bank with a local credit union. That’s because banks charge way too many fees and make you jump through hoops to avoid them. Chase is no different.
You’ll see fees on your new checking account unless you 1) have a monthly direct deposit of $500 or more or 2) keep a minimum balance of $1,500 or 3) keep an average daily balance of $5,000 or more in a combination of Chase checking, savings, and other accounts. Otherwise, you’ll be hit with a $12 monthly fee.
On the savings account, you’ll see $5 monthly fee unless you 1) keep a minimum balance of $300 or 2) have at least one repeating automatic transfer of $25 from your Chase checking account or 3) have a linked Premier Plus, Premier Platinum, or Private Client checking account.
This offer is only available to new customers (who haven’t had a Chase checking or savings account in the past 90 days).
How to Get This Offer
We heard of this offer through a special mailing. It came with a card (pictured below) that instructed us to bring into any branch to start an account. The code on the offer is KP2623437A6Q3ULG. It’s not clear if you need just the code or if you actually have to have the card. (This might also be a one-time use code.)
If you don’t get the card mailed to you directly, check in recycling bins where people check their mail in mass, like a post office of an apartment complex. We’re not above digging through discarded junk mail if it means finding $500.
Have you run across other deposit offers? Let us know in the comments below.