Posted by Chuck on August 4, 2017
Bank Account Bonuses

Published on August 4th, 2017 | by Chuck


Chase Now Offers $50 Referral Bonus for Checking & Savings Accounts

The Offer

Direct Link (check if you are eligible to refer at this link)

Chase now offers a $50 referral bonus to banking customers who refer friends for their banking products. The bonus is only available to those who have a debit/ATM card with Chase, and only for referring friends who don’t currently have any checking or savings account with Chase.

  • Get $50 when referring a friend to Chase Total Checking or a new Chase Savings account

The new member will also get a bonus offer when using a referral:

  • $200 if they open a Chase Total Checking
  • $150 if they open a Chase Savings

The Fine Print

The terms for the new member’s bonus are the typical Chase checking and savings terms. You can find them in a previous post. 

Here are the $50 referral terms:

  • Referral bonus is available to eligible personal checking and savings account holders that hold EMV-enabled debit and ATM cards
  • To receive the $50 Refer-a-Friend bonus: 1) Refer your family and friends to open a New Chase Total Checking® and/or New Chase SavingsSM account; 2) Referred candidate must be a new Chase customer and open a Chase Total Checking® and/or Chase SavingsSM account using corresponding coupon; AND 3) After your referred family and friends have opened their Chase Total Checking® or Chase SavingsSM account, we’ll deposit the $50 bonus into your primary checking account within 10 business days
  • You can receive up to 10 referral bonus deposits (totaling $500) each calendar year
  • Bonuses are considered miscellaneous income, and may be reportable to you and the IRS on Form 1099-MISC (or Form 1042-S, if applicable)
  • Refer-a-Friend program is not available for the following customer or account types: Associates of JP Morgan Chase Bank, Legal Entities, Title Companies, Estates or Minor Children
  • By referring friends via email you agree to allow us to send an email on your behalf giving them the opportunity to open a qualifying Chase checking and/or savings account; Your friends’ email addresses will only be used for this offer and will not be used for any other marketing solicitations or sold to third parties; If your friend already has a Chase account, is on our email opt-out list, does not live in an area with access to Chase branches, has already received a coupon code or if the email address you provided is incorrect or no longer valid, your friend may not receive the email; Due to the confidential nature, we cannot disclose any information about qualifying accounts opened by the friends you invite

Our Verdict

Before referring friends to this offer, take note that the signup bonus earned by the new member is less than the top offer we’ve seen many times which is to get $300 for opening a Chase checking account and $200 for the savings.

Still, I can see a few scenarios where this offer can make sense:

  • Apparently, the coupon sent to the new member will work to open the new account online. A lot of people can’t get to a Chase branch or aren’t interested in doing so. They can’t typically get the $500 bonus and have to settle for these lower offers in the $350 range.
  • The Savings bonus only requires a $10,000 deposit versus the standard $200 savings bonus which requires a $15,000 deposit (though we have occasionally seen the $200 bonus with $10,000 deposit).
  • Someone who is doing a $200 Chase Savings bonus can instead have their spouse refer them for the $150 bonus and land up with the same $200 collectively, and even do it online, as noted above. (The $150 will be reported by Chase on a form 1099INT while the $50 might or might not be reported by Chase on a form 1099Misc.)
  • If you are referring someone outside of the hobby and there aren’t any good public offers or you don’t want to explain to them how to do these offers, it might be easier to just send a referral. Right now, for example, there aren’t any public $300 checking or $200 savings bonus offers. While you can buy them on eBay, that’s not for everyone.

Please don’t put your referral here in the comments. I don’t think too many readers will be using these links.

Hat tip to mirbachur on r/churning

46 Responses to Chase Now Offers $50 Referral Bonus for Checking & Savings Accounts

  1. Credit says:

    Should I tweet?

  2. Robert says:

    Would this offer be good for someone who does not get any direct deposit?

  3. Steven says:

    Chase Savings is 10k or 15k requirement?

    If 10k this is better than the current offer

    • Chuck says:

      Good point! I’ll add that.

      • Information Booth says:

        Hey Chuck. The fine print says that Chase will send out the referral code within 7 to 10 days. I’ll refer anybody that emails me. My email address can be found in the comments below. Thanks for all you do. Love in Christ.

  4. Jelena says:

    It seems according to the terms that even if I have a checking account, I can still get the savings account bonus. Does anyone have experience with this? I’d actually like a savings referral link since I live nowhere near a branch. Not sure if others feel the same way

  5. MoreSun says:

    Has anyone attempted Ally to trigger the DD req recently? I did a payroll deposit but also deposited money via Ally as a transfer to another bank around the same time and my statement lists total direct deposits as my Ally transfer plus my payroll DD.

  6. Information Booth says:

    Wells Fargo worked for me, too. Love in Christ.

  7. Cindy says:

    If you refer a friend to open both a checking and a savings account, do you get $100? or only $50?

  8. MoreSun says:

    Well darn, I know a couple people who in-branch opening isn’t an option for them and would be interested but Chase’s website says no offers available for you at this time. C’est la vie!

  9. Lc says:

    I don’t get it.. I have a chase debit card with the chip but I’m not targeted? Wonder if it’s live yet for anyone.

    • Chuck says:

      Yeah, seems it’s targeted. Works for some.

      • Information Booth says:

        I’ve been targeted for this promo. I’d be more than happy to refer any of my bonus friends. My email is [removed]

        • Information Booth says:

          BTW, I will need your first name and your email address. I’ll send you an email back to let you know I’ve done it.

        • Stop spamming your e-mail address. Once was more than enough. I’ve removed all your e-mails from this post, please do not repost it here and in the future be more mindful.

          • IB says:

            I apologize if my actions have offended you. That was never my intent. I was simply trying to help others and enrich the site. If you no longer wish me to participate I will never do so, again. I’m new to this and I was unaware that when I directly respond to an e-mail, that’s it was posting to the site. IP

          • No offence taken IB :), just don’t want to clutter the site with too many links. You’re definitely welcome to post again and post your referral link, just once per page though =)

    • Information Booth says:

      I was targeted. I’d be more than happy to send an email to anyone that would like to participate. Love in Christ.

  10. trifecta guy says:

    Code generated didn’t work online for me.

  11. Bruce robinson says:

    Anybody have a referrsl code?

    • Information Booth says:

      Sure. My email is listed above, and if you email me, I’ll send you a code and let you know right after I do. Love in Christ.

  12. Cindy says:

    How quickly are people receiving these referral codes? I “refered” my husband, but he still hasn’t received the email for the code. it has been 5 days.

    (in the FAQ, it does say “How quickly will my friend receive my email?
    Your eligible friends and family will receive your email within 7–10 days.”)

    • Information Booth says:

      When I referred others, the site said that Chase would send a code to people that were eligible for the promo. BTW, I sent a referral code to my mom. She has no prior relationship with Chase and she hasn’t received her code to date. I’ll report back if she does. Love in Christ.

  13. Justin says:

    Has anyone received a referral email?

    • Information Booth says:

      Hi everyone! The codes are starting to be emailed. My mom got hers today. My email address is posted above. If you have any questions or want a referral, I’d be happy to help. Love in Christ.

  14. Raj says:

    If the checking and savings accounts are opened at different times, does the referrer get the $50 bonus twice? How does Chase know/enforce the “Checking and/or Savings” condition?

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