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Chase Bank now offers a premium Sapphire Banking account. This is the premier checking account offered by Chase. If you own a Sapphire credit card, should you park your cash at Chase too? Let’s break it down.
What is Sapphire Banking?
In mid-2018, Chase rebranded their Premier Platinum checking account into a Sapphire Banking Account. Of the three Chase checking account options, this is the highest-tier.
As a result, it has the best benefits of all three Chase checking accounts. But, you must also maintain a daily balance of at least $75,000 in savings, checking, and investments to avoid a $25 monthly fee.
If you can keep at least $75,000 combined in cash at Chase Bank and investments at J.P. Morgan, this can be a good checking account option for you.
Exclusive Sapphire Banking Account Benefits
In a world of online banking, brick-and-mortar banks don’t dominate the personal banking world like they used to. They have to offer some additional perks that online banks don’t.
Maybe you’re a current Sapphire Preferred or Sapphire Reserve credit card holder. If so, you might be able to earn bonus Ultimate Rewards points by switching banks. But, these bonuses come and go. Plus, they’re only one-time events.
Instead, you should focus on these recurring Sapphire Banking benefits instead.
No ATM Fees Worldwide
All Chase Bank customers already have free ATM access at any Chase Bank ATM. As a Sapphire Banking account, you don’t pay ATM fees at any ATM in the world. You won’t pay a foreign transaction fee on international ATMs either.
The mid-tier Chase Premier Plus Checking account waives the fees on non-Chase ATMs up to four times per statement period. If you use non-Chase ATMs at least 4 times per month, Sapphire Banking helps you save money.
Sapphire debit card lets you have higher daily withdrawal limits too.
Free Investing with J.P. Morgan
In addition to having your credit cards and savings at Chase, you can also keep their investments with them too.
You Invest by J.P. Morgan is Chase’s investing platform. As a Sapphire Banking customer, you enjoy unlimited free trades on U.S.-listed stocks and ETFs. Basically, you can buy shares of nearly any investment that’s currently in your portfolio for free.
With free trades, you save $2.95 per trade. As most online brokers charge $4.95 per trade, this is a nice discount even without the free benefit.
This free benefit extends to two retirement accounts and two personal accounts.
If you’re more of a “hands-off” investor, J.P. Morgan is rolling out a managed portfolio option in 2019. At this time, Chase hasn’t hinted if this option will be free to Sapphire Banking members yet.
Waived Chase Bank Fees
Owning a Sapphire Banking account also waives the fees on these products and services:
- Personal Chase Savings Accounts
- Up to 9 Chase Personal Accounts
- Free personal design checks
- No fees for counter checks, cashier’s checks, and money orders
- Overdraft fees are waived on the first four events every 12 months
Also, if you have to stop payment or wire money, these two services are free as well.
Special Relationship Rates
By linking your Chase Premier Savings account to your Sapphire checking account, you can also earn a higher interest rate. The relationship bonus is a tiered bonus and increases as your Premier Savings account balance is higher. You can earn more when you save more in more ways than one.
To earn the bonus rate, you must initiate at least five transactions each statement period from your checking account.
Access to Special Experiences
You can also enjoy special access to Chase special experiences. These benefits for sports and entertainment events include:
- Entertainment Events
- Sports Events
You can also get special access to sports and entertainment hospitality lodges.
Examples of past exclusive Sapphire events include going to the Emmys or attending the Sundance Film Festival.
Maybe you already enjoy similar benefits with a current rewards credit card. If not, you can access them with Sapphire Banking.
You Join Sapphire Banking, Now What?
As a Sapphire Banking member, you can also enjoy these Chase Bank perks:
- Physical branch access
- Chase QuickPay with Zelle
- Active account alerts
- Mobile check deposit
These benefits are available to all Chase checking and savings account holders.
Get a Sapphire Travel Rewards Credit Card
For you, the next step might be applying for a Chase Sapphire credit card, since you must be a Sapphire card member to be eligible for Sapphire banking. There are two Sapphire cards that can go with your Sapphire Banking account. Both of them are some of the most sought-after cards because of their valuable travel rewards perks.
The premium Chase Sapphire Reserve has a $300 annual travel credit and free Priority Pass airport lounge access. Plus, you earn 3 Ultimate Rewards points per $1 on all travel and dining purchases.
Or, you can go with the Chase Sapphire Preferred if you primarily want a travel credit card that makes it easy to earn and redeem points for travel. You earn 2 Ultimate Rewards points per $1 spent on travel and dining.
With either card, you can redeem your points for cash, gift cards, Amazon.com credit, or travel rewards. The most valuable redemption option is the travel rewards.
When you redeem your points for travel on the Chase travel portal, you get a redemption bonus. The base rate for all point redemptions is 1 cent per point. With this option, your points are worth 25% more (Sapphire Preferred) or 50% more (Sapphire Reserve) for any award travel.
Arguably, a more valuable benefit is the 1:1 point transfers to 13 airline and hotel partners. You can transfer points on a 1:1 basis to partners including Southwest Airlines, United Airlines, and World of Hyatt. With these travel partners, your points can be worth more than the 25% or 50% travel redemption bonus.
Before you book a flight or hotel night on Chase, see if you can get more mileage from your points by transferring them and booking directly from the carrier.
The Sapphire Banking account lets you bank for free with Chase. You can enjoy several benefits like free ATMs, commission-free investing, and other Chase Bank perks. If you can avoid the $25 monthly, you can benefit from Sapphire Banking.
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