Brokerage firms and bonuses discussion

Brokerage firms and bonuses discussion
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#161

Chase is running a promotion for new accounts for Sapphire checking accounts. You need $75,000 in new money for 60,000 points. See https://www.uscreditcardguide.com/chase-sapphire-checking-account/

However, they now have a brokerage arm (You Invest), and funds with them count. To me, this makes it a brokerage offer.

You can transfer in positions from other firms for the $75,000 and also avoid also the monthly fees. The funds need stay only 90 days so this can be a good deal, but they can reclaim the bonus if the account is closed in less than 6 months (so significant assets of $75,000 will probably have to be left there to avoid the $25 monthly fees on the checking account or one might choose to pay the fee for a few months). It is not clear whether downgrading the account would be regarded as closing it,.

It appears you must have a Chase Freedom or Sapphire card to sign up without visiting a branch.

Some blog discussion suggests you may be able to take a smaller bonus for a new checking account and then upgrade in the branch after some months.

One review says the new brokerage option is poor quality without specially trained representatives, but the commissions are low at $2.95 or free (for most new customers using this offer).

You Invest also appears to have a $200 cash offer for bringing in $25,000. This is a relatively high percentage (.8%), and may be attractive to one with fewer assets.