Chase Introduces Sapphire Banking: A Premium Checking Account

Chase Introduces Sapphire Banking: A Premium Checking Account

September 13, 2018         Written By Bill Hardekopf

Today, Chase launched a new premium checking account called Sapphire Banking. The account is designed to build upon the Sapphire brand name.

This is not your ordinary checking account. Customers must maintain at least $75,000 in investments or deposits in the bank, or they will be charged a $25 monthly service fee.

Top Features :No annual fee; $150 statement credit after spending $1,200 in first 90 days; 0% on Purchases for 12 months

Accountholders receive access to Sapphire lounges at concerts and sporting events, even if they do not have a Sapphire credit card. However, cardholders who also have a Sapphire credit card can earn 60,000 Ultimate Rewards Points if they open or upgrade to a Sapphire Banking account (and maintain the $75,000 deposit/investment minimum). This is the equivalent of $900 in travel if the points are redeemed through the Chase’s Ultimate Rewards portal.

Sapphire Banking promises free ATM withdrawals worldwide. If the ATM owner charges a fee for a withdrawal, Chase will refund the account for the fee. There is no fee at Chase ATMs. The Sapphire Banking debit card has a “higher daily withdrawal limit” than standard Chase debit cards, though the bank did not specify how high the limits go.

The Sapphire Banking account falls in line with existing Sapphire products, such as the Reserve travel rewards card that offers a 50,000 point sign-on bonus for a $450 annual fee. Jennifer Piepszak, CEO of Chase Card Services, said, “We want to create similar value for a bank account under the Sapphire brand.”

Existing Chase banking customers can upgrade to a Sapphire Banking account through their local branch. New customers can apply for an account online or visit a local Chase branch.

The information contained within this article was accurate as of September 13, 2018. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Bill Hardekopf

Bill Hardekopf is the CEO of and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
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