Chase Introduces Sapphire Banking: A Premium Checking Account
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.
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.