Got a call from a Chase Private Client Banker suggesting to me the below offer of earning $1000 when I deposit $150,000 and that it has to be there in the account for 90 days. https://account.chase.com/consumer/banking/FZ42333?jp_cmp=rb/banker_email_ecpn/ema/na/na (Link is available publicly in the Chase website) They also said that it has to be new money that is currently not in my account and it could be in the form of cash or stocks. Current brokerage account is with Merrill Lynch. So might need to transfer from ML to Chase in order to fulfill above offer. Is this worth it? Has anyone out there done this ? Thoughts? Would appreciate any guidance and insights into this.
We switched from Private Client to a basic SoFi account; the APY rate difference, .02% vs 3.5%, made it a no brainer for us.
Used to be good , they had all sorts of culture benefits , free admission to museums etc , now just get a small discount on a safety deposit box
Idk why, but these offers have been bait and switch the past year. You’ll find your account closed after you deposit the 150k since it’ll trigger a fraud flag due to a large sum transfer. Then, you won’t have access to your 150k for the next 90 days or until they finish their “investigation”
I Believe you're better off with Sofi or Wealthfront if all you care about is interest on the 150k
No fee at non chase ATMs. That's a good perk. But that only needs 75k to enter saphire tier. Their stock app and platform sucks. I do maintain saphire status with investments for the ATM benefit
You can get more than $1000 for 3 months on $150k by keeping it in Marcus saving accounts at 3.3%
It’s worth it for me. I use their mortgage so got a 0.125% mortgage discount. Doesn’t have to be cash, I just transferred stock from my robinhood account. No cons anyways. But if you have more than 2m in stocks, it might be better to use Charles Schwab, they have asset back loans with lowest rates.
Private client has asset based loans as well tied to LIBOR IIRC. +1 to the mortgage interest rate discount. Another perk is that you can extend to family as well so they can get the benefits without meeting the minimum. Did this for my wife and folks. But also +1 to Chase being a bad place to park cash in checking/savings. I keep a big chunk of my equity there and cash elsewhere.
IBKR better than Schwab for rates and no minimum draw
No. I am moving off it. No self service features and everything (updating address etc) needs your private banker to do it. As others said: no interest and limited options. Super painful
I have a couple hundred thousand dollar invested in ETFs on chase just to keep the private client status. I never touch that money. It is worth keeping it parked there for the lower fees and customer service in case you need access to a banker. The rest of my money is invested outside of chase.
Why would anyone have > $150000 in a checking account, earning 0% interest.
I wish I head 150k on checking account in January last year:( Now I have 80k in stocks
Have 500k in checking account, know it's dumb but too scared to invest in anything