How to Get a $300 Bonus from Chase Bank

Quick answer

• Open a new Chase checking account with qualifying direct deposits.
• Meet the minimum direct deposit requirement within a specified timeframe.
• Maintain the required balance for a set period.
• Ensure you haven’t had a Chase checking account within the last 12 months.
• Follow the specific offer terms and conditions carefully.
• The bonus is typically credited to your account after meeting all requirements.

Who this is for

• Individuals looking to switch to a new bank for potential savings or better services.
• Customers who can meet direct deposit requirements for a new checking account.
• Those who haven’t been a Chase checking customer in the past year and are eligible for new customer offers.

What to check first (before you act)

Goal and timeline

Before opening any new account, clarify your financial goals. Are you primarily seeking the bonus, or are you looking for a long-term banking relationship? Understand the offer’s timeline for opening the account, meeting requirements, and receiving the bonus. This will help you determine if the offer aligns with your immediate needs and long-term banking strategy.

Current cash flow

Assess your current income and spending habits. Can you reliably set up direct deposits from your employer or other income sources to meet the bonus offer’s requirements? Understanding your cash flow will ensure you can meet the minimum direct deposit thresholds without financial strain.

Emergency fund or safety buffer

Ensure you have a sufficient emergency fund before committing funds to a new account for bonus requirements. While meeting bonus criteria might involve maintaining a certain balance, your primary financial security should come from an accessible emergency fund that isn’t tied up in bonus-earning stipulations.

Debt and interest rates

Evaluate your current debts, especially high-interest ones. While a $300 bonus is appealing, it’s crucial to prioritize paying down expensive debt. If you have credit card debt with high interest rates, the money saved by paying it off will likely outweigh the bonus. Check the interest rates on any existing loans or credit cards to ensure you’re making the most financially sound decision.

Credit impact

Opening a new bank account typically involves a soft credit pull, which does not affect your credit score. However, if you are also applying for a credit card or other loan products from Chase simultaneously, this could involve a hard credit inquiry. Review your credit report to understand your current standing before applying for multiple financial products.

Step-by-step (simple workflow)

Step 1: Find a qualifying Chase checking account offer

• What to do: Visit the Chase website or a reputable financial news site that lists bank promotions. Look for checking account offers that include a $300 bonus.
• What “good” looks like: You’ve identified a specific Chase checking account offer with a clear $300 bonus and detailed terms.
• Common mistake: Not verifying the offer directly on Chase’s official website.
• How to avoid it: Always confirm the promotion’s details and eligibility on Chase.com before proceeding.

Step 2: Review the offer’s terms and conditions

• What to do: Carefully read all eligibility requirements, bonus payout timelines, and any ongoing account fees. Pay close attention to the “new checking customer” definition.
• What “good” looks like: You understand exactly what you need to do to earn the bonus and any potential downsides of the account.
• Common mistake: Skipping the fine print, leading to missed requirements.
• How to avoid it: Read every bullet point and paragraph; if anything is unclear, contact Chase customer service.

Step 3: Confirm your eligibility

• What to do: Ensure you meet Chase’s criteria for a “new checking customer,” which typically means you haven’t owned a Chase checking account in the last 12 months.
• What “good” looks like: You are confident you qualify as a new customer based on Chase’s definition.
• Common mistake: Assuming eligibility without checking the specific timeframe.
• How to avoid it: Double-check your past banking history with Chase.

Step 4: Open the new Chase checking account

• What to do: Apply online or visit a Chase branch to open the selected checking account. Have your personal identification and Social Security number ready.
• What “good” looks like: Your new account is successfully opened, and you have your account number.
• Common mistake: Providing incomplete or inaccurate information during the application.
• How to avoid it: Double-check all entered information for typos before submitting your application.

Step 5: Set up direct deposit

• What to do: Provide your employer or payroll provider with your new Chase account and routing numbers to have your paychecks directly deposited.
• What “good” looks like: Your direct deposit is set up and will begin within the offer’s specified timeframe.
• Common mistake: Waiting too long to initiate the direct deposit setup.
• How to avoid it: Start the direct deposit change process immediately after opening the account.

Step 6: Meet the direct deposit requirement

• What to do: Ensure you receive qualifying direct deposits totaling the amount specified in the offer within the given timeframe (e.g., $500 or $1,000 in total direct deposits within 90 days).
• What “good” looks like: Your account receives the required amount via direct deposit within the stipulated period.
• Common mistake: Not meeting the minimum direct deposit amount or timing.
• How to avoid it: Track your direct deposit amounts and dates carefully to ensure you meet the threshold.

Step 7: Maintain the required balance (if applicable)

• What to do: Some offers may require you to maintain a minimum balance in your account for a certain period after meeting the direct deposit requirement.
• What “good” looks like: You have kept the necessary funds in the account as per the offer’s terms.
• Common mistake: Withdrawing funds below the minimum required balance.
• How to avoid it: Set a reminder or use your banking app to monitor your balance and avoid dipping below the minimum.

Step 8: Wait for the bonus to be credited

• What to do: Allow Chase the specified number of days (often 10-14 business days after meeting all requirements) for the bonus to appear in your account.
• What “good” looks like: The $300 bonus is deposited into your new Chase checking account.
• Common mistake: Expecting the bonus immediately after meeting requirements.
• How to avoid it: Refer to the offer’s terms for the expected bonus payout timeline.

Step 9: Decide on the account’s future

• What to do: After receiving the bonus, decide if you want to continue using the Chase account or close it. Be aware of any account closure fees or minimum balance requirements to avoid them.
• What “good” looks like: You have made an informed decision about keeping or closing the account, avoiding any penalties.
• Common mistake: Forgetting to check for account closure fees or minimum balance requirements.
• How to avoid it: Review the account’s fee schedule for closure policies before deciding to close it.

Common mistakes (and what happens if you ignore them)

Mistake	What it causes	Fix
Not reading offer terms and conditions	Missing a key requirement, leading to forfeiture of the bonus.	Read all fine print; if unsure, contact Chase directly.
Opening an account when ineligible	Bonus will not be awarded, and you may be marked as ineligible for future offers.	Verify your status as a “new checking customer” based on Chase’s definition.
Delaying direct deposit setup	Missing the required direct deposit timeframe for earning the bonus.	Initiate the direct deposit change with your employer immediately after opening the account.
Not meeting the minimum direct deposit amount	Failure to qualify for the bonus.	Track your direct deposits; ensure the total meets or exceeds the offer’s minimum requirement.
Withdrawing funds below a minimum balance	If a minimum balance is required, this can disqualify you for the bonus.	Monitor your account balance closely; set alerts if necessary.
Closing the account too soon	May result in forfeiture of the bonus or an early closure fee.	Wait until after the bonus is credited and check the account’s terms for closure policy.
Misunderstanding “direct deposit”	Using other types of deposits (e.g., transfers from other banks) that don’t count.	Confirm with Chase what constitutes a “qualifying direct deposit” for the specific offer.
Not receiving the bonus within the stated time	Frustration and uncertainty about whether you will receive the bonus.	Allow the full stated payout period to pass; then contact Chase customer service if it’s missing.
Not having the account open for the full period	If the bonus requires the account to be open for a certain duration.	Keep the account open for the minimum required period after meeting all other bonus conditions.

Decision rules (simple if/then)

• If you have not had a Chase checking account in the last 12 months, then you are likely eligible for a new customer bonus because Chase defines “new” based on recent account history.
• If your employer allows direct deposit, then you can likely meet the primary requirement for this bonus because it’s the most common way to fund a new account for promotions.
• If the offer requires a minimum balance to be maintained, then you must ensure you have sufficient funds to avoid dipping below that threshold to receive the bonus.
• If you are currently struggling with high-interest debt, then prioritize paying that down before opening a new account for a bonus because the interest saved will likely exceed the bonus amount.
• If you are unsure about what constitutes a “qualifying direct deposit,” then contact Chase customer service because different offers can have specific definitions for this requirement.
• If you need the money from the bonus immediately, then factor in the payout timeline because bonuses are typically not credited instantly after meeting requirements.
• If you are considering opening multiple accounts, then check Chase’s policy on new customer offers because there may be limitations on how many bonuses you can receive.
• If you are comfortable with managing a new bank account and its potential fees, then pursuing the bonus is a reasonable financial move because it’s essentially free money for meeting specific criteria.
• If you frequently transfer money between your own accounts, then be aware that these transfers may not count as qualifying direct deposits for the bonus because most offers specify payroll or government payments.
• If you have a history of closing bank accounts shortly after opening them, then consider if you want to commit to keeping the Chase account for at least a few months to avoid potential issues or fees.

FAQ

What is the current Chase $300 bonus offer?

Chase frequently offers bonuses for new checking accounts, with $300 being a common amount. The specific details and requirements can vary, so always check their official website for the most up-to-date promotion.

How long does it take to get the $300 bonus?

Typically, the bonus is credited to your account within 10-14 business days after you have successfully met all the offer’s requirements, including direct deposits and any balance maintenance periods.

What counts as a “qualifying direct deposit”?

Generally, a qualifying direct deposit is a single deposit of $500 or more from your employer or a government agency. Transfers between your own accounts or deposits from non-payroll sources usually do not qualify.

Can I get the bonus if I had a Chase checking account in the past?

Usually, Chase offers bonuses to “new checking customers,” meaning you haven’t had a Chase checking account within the last 12 months. If you closed an account more than a year ago, you might be eligible.

What happens if I close the account before receiving the bonus?

If you close the account before meeting all the requirements or before the bonus is credited, you will forfeit the bonus. Some offers may also have early closure fees.

Are there any monthly fees for the Chase checking account?

Many Chase checking accounts have monthly service fees that can be waived by meeting certain requirements, such as maintaining a minimum daily balance or setting up direct deposits. Check the specific account details for fee waiver options.

Do I need to maintain a minimum balance to get the bonus?

Some offers require you to maintain a minimum balance for a specified period after meeting the direct deposit requirement to qualify for the bonus. Always review the offer’s terms carefully.

What if I don’t receive the bonus after meeting the requirements?

If the bonus doesn’t appear within the stated timeframe, contact Chase customer service. Have your account information and details about meeting the offer requirements ready.

What this page does NOT cover (and where to go next)

• Specific account features and benefits: This article focuses on the bonus. To understand the day-to-day banking experience, research the specific features of the Chase checking account you’re considering.
• Chase savings account bonuses: Chase may offer separate bonuses for new savings accounts. These have different requirements and are not covered here.
• Investment products: This guide is about checking accounts. For information on investing with Chase, such as brokerage accounts or IRAs, you will need to consult their investment services.
• International banking services: Information on international wire transfers, currency exchange, or global account access is beyond the scope of this article.
• Credit card offers: Chase also offers credit card bonuses. These are separate promotions with distinct application processes and reward structures.