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Chase Sapphire Banking: A Checking Account That Rewards Like a Travel Credit Card With a 60K-Point Offer

Sept. 27, 2018
Loyalty Programs, Travel, Travel Credit Cards
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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

Attention Chase Sapphire® Card holders: How does a bonus of 60,000 Chase Ultimate Rewards® points sound?

Chase

at Chase,

Member, FDIC

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®. You must have a Chase Sapphire® Card to be eligible to open a Sapphire Banking℠ account, but that alone won’t be enough.

You also 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.

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.

NerdWallet does not guarantee promotions. They are subject to change or expiration.

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 2018, including those best for:

Planning a trip? Check out these articles for more inspiration and advice:
Fall 2018 hotel points promotions: Which ones are worth your time?
How to snag credit card rewards flights in peak season
NerdWallet’s best Chase credit cards of 2018

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