Chase Sapphire Banking: A Checking Account That Rewards Like a Travel Credit Card

Rachel SmithSeptember 28, 2018
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The offer described on this page expired July 29, 2019. Visit our "Chase Checking Account Review" to learn more about Chase's checking account options.

How does a bonus of 60,000 Chase Ultimate Rewards® points sound?

Nice, right?

Well, you can nab it by opening up a Sapphire Banking℠ account — Chase's recently launched premium checking account — or by upgrading your current Chase bank account to a Sapphire Banking℠ account in person at a branch starting on Oct. 1, 2018.

This offer will be available online on Oct. 15, 2018.

Sapphire Banking℠ is the latest addition to the popular Sapphire family of travel credit cards: the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve®. To enjoy the perks, though, you will need to have $75,000 in qualifying investments and deposits that you can maintain.

Ouch.

The perks

This Sapphire Banking℠ offer is stackable: You can apply for a Chase Sapphire Reserve® and get its welcome offer: Earn 50K bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards® . You can then still earn the 60,000 Ultimate Rewards points with a new Sapphire Banking℠ account.

Some highlights of Sapphire Banking℠ even without its current special offer include:

  • No fees on Chase ATMs worldwide.

  • Refunds on fees charged by non-Chase ATMs.

  • No fees on everyday banking (including foreign exchange fees, outgoing wire transfers and stop payments).

  • Higher ATM limits with the Sapphire Banking℠ debit card.

  • Access to Sapphire Lounges at events, early ticket sales and premium seats.

  • Commission-free online stock and ETF trades with $0 account minimums with YouInvest by J.P. Morgan.

The big catch

The 60,000-points bonus is great, but you’ll need to have $75,000 in qualifying deposits and investments to get it. You will also need to maintain this $75,000 balance in combination with Sapphire Banking℠ and up to nine personal Chase accounts including savings, CDs and more. Failing to maintain this balance will result in a $25 monthly service fee.

The bottom line

The 60,000 Ultimate Rewards points are great, and the other perks are nice. But make sure you’re able to maintain the $75,000 balance or you'll just end up paying service fees that will eat away at your Ultimate Rewards points accrual.

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How to Maximize Your Rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2020, including those best for:

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