Friday, January 14, 2011

Chase - $25 - Nationwide (Targeted)

We've got another great deal from Chase for you hot off the presses. Sadly it's not as big a deal as you'd expect from Big Bank Deals, however, it's certainly free money and who can say no to that? In addition, this one is totally YMMV. Basically, the trend we've noticed so far among our tipsters is that they are living in North-Western states and all of them seem to have a current Chase account of some sort (Checking, Credit) but no savings - in addition to which, none of them have went for the $100 bonus for keeping $10,000 with Chase Savings (we didn't blog about that one as the returns are fairly insignificant in retrospect).

With this particular bank deal, if the coupon code arrives for you in the mail or in your browser, requires a deposit of $500 into a Chase Savings account which must be maintained for 6 months (after which you are free to close it. The amount of the bonus is $25. To put it in perspective, with the $100 deal from Chase, you are receiving 1% returns on the money you're keeping with them. However, with a $25 bonus for only $500 - you're seeing returns of 5%! There's a lot more commitment involved here! If you want in on the offer, you'll need to act quick as it will expire 02/28/11. If you don't receive any  targeted letter - talk to your teller, they often have these lying around and many of them can be surprisingly helpful!

As with all bank deals, we urge you to fully understand any binding agreement you get yourself into and it would be even more appropriate with banks that will nickle and dime you (the days of WaMu are long gone). With this deal, if you close your account prior to the deadline (6 months) or don't maintain the recurring deposit or minimum balance requirements, it is possible that you will be charged a monthly fee. This monthly fee (for most states) is $4 and over 6 months, that means you could be down $24 of your $25 before you're even allowed to close the account. And if you are a resident of CA, FL, GA, ID, NV, OR, or WA - you'll be assessed a $5 fee which means you'll lose more than you got from the bonus in the first place! So play by their terms and good luck.